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Debt | 3 Months Ended
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Mar. 31, 2022
Debt [Abstract] |
Debt | 7. Debt The current material terms and conditions of debt outstanding are as follows:
|  | Interest ‎rate |  | Monthly ‎repayment |  | Maturity ‎date |  | March 31, 2022 |  | December 31, 2021
ACOA AIF Grant |  | 0% |  | Royalties |  | - |  | $ | 2,296,099 |  | $ | 2,261,349
ACOA term loan #1 |  | 0% |  | C$3,120 |  | Feb 2027 |  |  | 147,204 |  |  | 152,346
ACOA term loan #2 |  | 0% |  | C$4,630 |  | Sep 2029 |  |  | 333,120 |  |  | 339,015
ACOA term loan #3 |  | 0% |  | C$6,945 |  | Dec 2025 |  |  | 199,875 |  |  | 196,850
Kubota Canada Ltd |  | 0% |  | C$1,142 |  | Jan 2025 |  |  | 31,054 |  |  | 33,283
DFO term loan |  | 0% |  | C$2,091 |  | Aug 2032 |  |  | 411,935 |  |  | 405,700
PEI Finance term loan |  | 4% |  | C$16,313 |  | Nov 2023 |  |  | 1,957,755 |  |  | 1,947,510
First Farmers Bank & Trust term loan |  | 5.375% |  | $56,832 |  | Oct 2028 |  |  | 3,764,506 |  |  | 3,883,325
Total debt |  |  |  |  |  |  |  | $ | 9,141,548 |  | $ | 9,219,378
less: debt issuance costs |  |  |  |  |  |  |  |  | (64,430) |  |  | (68,680)
less: current portion |  |  |  |  |  |  |  |  | (657,828) |  |  | (627,365)
Long-term debt, net |  |  |  |  |  |  |  | $ | 8,419,290 |  | $ | 8,523,333
Estimated principal payments remaining on loan debt are as follows:
| Total
2022 (remainder of the year) | $ | 486,634
2023 |  | 2,595,928
2024 |  | 732,581
2025 |  | 752,978
2026 |  | 717,174
Thereafter |  | 3,856,253
Total | $ | 9,141,548
In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with the Department of Fisheries and Ocean's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$1.9 million ($1.4 million) to finance new equipment for its Rollo Bay farm (the “DFO Term Loan”). O n April 6, 2022, the Canadian Subsidiary borrowed an additional C$53,456 ($42,241) under the DFO Term Loan. Borrowings are interest free and monthly repayments commence in March 2023, with maturity in August 2032. All funding requests must be submitted by August 22, 2022. In August 2020, the Indiana Subsidiary entered into a term loan agreement with First Farmers Bank and Trust (“FFBT”) in the amount of $4 million, which is secured by the assets of the Indiana subsidiary and a corporate guarantee. The agreement contains certain financial and non-financial covenants, which if not met, could result in an event of default pursuant to the terms of the loan. At March 31, 2022, the Indiana subsidiary was in non-compliance with one of its loan covenants. Subsequent to period-end, FFBT revised the covenant and the Indiana subsidiary returned to compliance. The Company recognized interest expense of $75 thousand and $79 thousand for the three months ended March 31, 2022 and 2021, respectively, on its interest-bearing debt.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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