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Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Material terms and conditions of outstanding debt

The current material terms and conditions of debt outstanding are as follows:

Original loan amount		Interest rate		Monthly repayment		Maturity date		June 30, 2018				December 31, 2017
ACOA AIF grant (C$2,871,919)		0%		Royalties		-		$	2,185,243			$	2,287,771
ACOA term loan (C$337,000)		0%		C$3,120		June 2026		225,562				251,056
Kubota Canada Ltd. (C$95,961)		0%		C$1,142		January 2025		68,670				—
Finance PEI term loan (C$717,093)		4%		C$4,333		July 2021		511,475				545,387
Total debt								$	2,990,950			$	3,084,214
less: current portion								(58,377		)		(49,794		)
Long-term debt								$	2,932,573			$	3,034,420

Estimated principal payments on loan debt

Estimated principal payments remaining on loan debt are as follows:

Year		AIF				ACOA				FPEI				Kubota				Total
2018		$	—			$	14,244			$	9,604			$	5,215			$	29,063
2019		—				28,488				19,851				10,431				58,770
2020		—				28,488				20,659				10,431				59,578
2021		—				28,488				461,361				10,431				500,280
2022		—				28,488				—				10,431				38,919
Thereafter		2,185,243				97,366				—				21,731				2,304,340
Total		$	2,185,243			$	225,562			$	511,475			$	68,670			$	2,990,950

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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