Debt

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



Original loan amount	Interest rate	Monthly repayment	Maturity date	March 31, 2019			December 31, 2018
ACOA AIF grant (C$2,871,919)	0%	Royalties	-	$	2,150,780		$	2,106,840
ACOA term loan (C$337,000)	0%	C$3,120	June 2026	200,975			203,735
ACOA term loan (C$500,000)	0%	C$4,630	November 2028	374,450			—
Kubota Canada Ltd. (C$95,961)	0%	C$1,142	January 2025	59,887			61,178
Finance PEI term loan (C$2,717,093)	4%	C$4,333	July 2021	1,245,118			1,219,681
Total debt				$	4,031,210		$	3,591,434
less: current portion				(90,200		)	(71,613		)
Long-term debt				$	3,941,010		$	3,519,821

Estimated principal payments remaining on loan debt are as follows:



Year	AIF		ACOA		FPEI		Kubota		Total
2019	$	—	$	21,029	$	30,964	$	7,700	$	59,693
2020	—		69,648		42,754		10,266		122,668
2021	—		69,648		44,496		10,266		124,410
2022	—		69,648		46,309		10,266		126,223
2023	—		69,648		1,080,595		10,266		1,160,509
Thereafter	2,150,780		275,804		—		11,123		2,437,707
Total	$	2,150,780	$	575,425	$	1,245,118	$	59,887	$	4,031,210

On March 7, 2019, the Canadian Subsidiary received C$500 thousand under a credit facility with the Atlantic Canada Opportunities Agency (“ACOA”). The proceeds of the loan are to be used to partially finance the renovations to the Rollo Bay site. The loan will be repaid over a term of nine years and has a zero interest rate.

Other than this loan, there have been no material changes to the Company’s debt arrangements as disclosed in our annual report on Form 10‑K for the year ended December 31, 2018.

The Company recognized interest expense of $12,337 and $5,331 for the three months ended March 31, 2019 and 2018, respectively, on its interest-bearing debt.