Note 11 - Loans - Property and Equipment

9 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Loan Commitments [Text Block]

NOTE 11. LOANS - PROPERTY AND EQUIPMENT

As of March 31, 2023, Brigadier had an outstanding principal balance of CD$456,469 (approx. US$336,951 translated as of March 31, 2023) due to Bank of Montreal related to the purchase of its Saskatoon office land and building. The Condensed Consolidated Balance Sheets as of March 31, 2023 and June 30, 2022 include the amount of the principal balance which is due within twelve months as a current liability of US$14,854 and US$15,135, respectively, and a long-term liability of US$322,097 and US$350,293, respectively. Interest on the mortgage loan for the three months ended March 31, 2023 and 2022 was US$3,511 and US$3,865, respectively. Interest on the mortgage loan for the nine months ended March 31, 2023 was US$10,740 as compared to $11,884 for the nine months ended March 31, 2022. The loan matures and is due in full on June 30, 2024, prepayments are not allowed under terms of the loan agreement.

Included in loans related to property and equipment are the payments due under the solar energy system finance lease at Gourmet Foods. The Condensed Consolidated Balance Sheets as of March 31, 2023 and June 30, 2022 include the present value amount due within twelve months as a current liability of US$18,453 and US$18,360, respectively, and a long term liability of US$95,597 and US$108,885, respectively. For details on the solar energy system finance lease commitment, refer to Note 15 herein.