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Debt
 3 Months Ended
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”). On 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.