Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Long-term debt (Tables)

v3.19.1
Long-term debt (Tables)
12 Months Ended
Dec. 31, 2018
Borrowings [abstract]  
Schedule of Long-term debt
    2018 2017
    $ $
 

Atlantic Canada Opportunities Agency (“ACOA”) Atlantic Innovation Fund interest-free loan with a maximum contribution of $3,786. Annual repayments, commencing December 1, 2008, are calculated as a percentage of gross revenue for the preceding fiscal year, at 2% when gross revenues are less than $5,000 and 5% when gross revenues are greater than $5,000. As at December 31, 2018, the amount drawn down on the loan, net of repayments, is $3,744 (2017 - $3,747).

1,202 758

 

 

ACOA Atlantic Innovation Fund interest-free loan with a maximum contribution of $3,000. Annual repayments, commencing December 1, 2011, are calculated as a percentage of gross revenue for the preceding fiscal year, at 2% when gross revenues are less than $5,000 and 5% when gross revenues are greater than  $5,000. As at December 31, 2018, the amount drawn down on the loan is $2,995 (2017 - $2,997).

1,034 651

 

 

ACOA Business Development Program, interest-free loan with a maximum contribution of $395, repayable in monthly payments beginning October 2015 of $3 until October 2017 and $6 until September 2022. As at December 31, 2018, the amount drawn down on the loan, net of repayments, is $251 (2017 - $318).

238 294

 

 

ACOA Atlantic Innovation Fund interest-free loan with a maximum contribution of $2,944, annual repayments commencing September 1, 2014, are calculated as a percentage of gross revenue from specific product(s) for the preceding fiscal year, at 5% for the first 5 year period and 10%, thereafter. As at December 31, 2018, the amount drawn down on the loan is $2,944 (2017 - $2,944).

957 733

 

 

TNC 120-140 Eileen Stubbs Ltd. (the “Landlord”) loan, with a maximum contribution of $300,000, bearing interest a t 8% annum, is repayable in monthly payments beginning upon receipt of the final installment of the loan until May 31, 2028. The loan is made available in three equal installments based on the Corporation meeting certain milestones. As at December 31, 2018, the amount drawn down on the loan is $300 (2017 - $ nil).

300

 

Province of Nova Scotia “The Province” secured loan with a maximum contribution of $5,000, interest bearing at a rate equal to the Province’s cost of funds plus 1%, compounded semi-annually and payable monthly. The loan is made available in four equal installments based on the Corporation meeting certain milestones, and is repayable on the seventh anniversary date of the first disbursement. The Corporation and its subsidiary have provided a general security agreement granting a first security interest in favour of the Province of Nova Scotia in and to all the assets of the Corporation and its subsidiary, including the intellectual property. As at December 31, 2018, the amount drawn down on the loan is $5,000 (2017 - $5,000).

4,419   4,101  
    8,150 6,537
  Less: Current portion 81   61  
    8,069   6,476  
Schedule of Repayments of Long-term debt

The minimum annual principal repayments of long-term debt over the next five years, excluding the Atlantic Innovation Fund repayments for 2019 and beyond which are not determinable at this time, are as follows:

  $      
 
Year ending December 31, 2019 81      
2020 4,286      
2021 90      
2022 78      
2023 31      
  2018   2017  
  $   $  
Balance – Beginning of year 6,537   6,149  
Borrowings, net of $nil (2017 - $nil) allocated to government assistance 300    
Accreted interest 1,385   966  
Revaluation of long-term debt   (506 )
Repayment of debt (72 ) (72 )
Balance – End of year 8,150   6,537  
Less: Current portion 81   61  
Non-current portion 8,069   6,476