Debt

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



Original loan amount	Interest rate	Monthly repayment	Maturity date	March 31, 2020			December 31, 2019
ACOA AIF grant (C$2,871,919)	0%	Royalties	-	$	2,026,426		$	2,206,208
ACOA term loan (C$337,000)	0%	C$3,120	June 2026	162,937			184,583
ACOA term loan (C$500,000)	0%	C$4,630	November 2028	342,999			384,100
Kubota Canada Ltd. (C$95,961)	0%	C$1,142	January 2025	46,752			53,533
Finance PEI term loan (C$2,717,093)	4%	C$16,313	November 2023	1,604,360			1,766,783
Total debt				$	4,183,474		$	4,595,207
less: current portion				(150,730		)	(163,155		)
Long-term debt				$	4,032,744		$	4,432,052

Estimated principal payments remaining on loan debt are as follows:



Year	AIF		ACOA		FPEI		Kubota		Total
2020	$	—	$	49,215	$	56,116	$	7,255	$	112,586
2021	—		65,621		77,609		9,673		152,903
2022	—		65,621		80,771		9,673		156,065
2023	—		65,621		1,389,864		9,673		1,465,158
2024	—		65,621		—		9,673		75,294
Thereafter	2,026,426		194,237		—		805		2,221,468
Total	$	2,026,426	$	505,936	$	1,604,360	$	46,752	$	4,183,474

In response to the COVID-19 pandemic, the Company was informed by Atlantic Canada Opportunities Agency on March 19, 2020, that all payments to the government would be deferred for three months, commencing April 1, 2020.

The Company recognized interest expense of $17 thousand and $12 thousand for the three months ended March 31, 2020 and 2019, respectively, on its interest-bearing debt.