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Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt [Abstract]

Terms and Conditions of Long-term Debt Outstanding

The current terms and conditions of long-term debt outstanding at December 31, 2020 and 2019, are as follows:

		Interest ‎rate		Monthly ‎repayment		Maturity ‎date		2020			2019
ACOA AIF grant		0%		Royalties		—		$	2,253,595		$	2,206,208
ACOA term loan#1		0%		C$3,120		Feb 2027			181,203			184,583
ACOA term loan#2		0%		C$4,630		Sept 2029			381,451			384,100
Kubota Canada Ltd		0%		C$1,142		Jan 2025			43,925			53,533
PEI Finance term loan		4%		C$16,313		Nov 2023			2,014,321			1,766,783
First Farmers Bank & Trust		5.375%		$ 56,832		Oct 2028			4,000,000			—
Total debt								$	8,874,495		$	4,595,207
less: debt issuance costs									(86,066)			—
less: current portion									(259,939)			(163,155)
Long-term debt								$	8,528,490		$	4,432,052

Principal Payments Due on Long-term Debt

Principal payments due on the long-term debt are as follows:

Year		AIF		ACOA		FPEI			Kubota			FFBT	Total
2021				72,977		76,915			10,757			116,675	277,324
2022				72,977		80,049			10,757			482,306	646,089
2023				72,977		1,857,357			10,757			509,256	2,450,347
2024				72,977		—			10,757			537,276	621,010
2025				72,977		—			897			567,735	641,609
Thereafter		2,253,595		197,769		—			—			1,786,752	4,238,116
Total		2,253,595		562,654		2,014,321			43,925			4,000,000	8,874,495

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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 maturity and sinking fund requirement for long-term debt.

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