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Debt (Tables)

3 Months Ended

Mar. 31, 2019

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		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 on loan debt

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

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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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