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Debt (Tables)

3 Months Ended

Mar. 31, 2020

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, 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 on loan debt

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

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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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