Note 11 - Loans - Property and Equipment

12 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Loan Commitments [Text Block]

NOTE 11. LOANS - PROPERTY AND EQUIPMENT

As of June 30, 2023, Brigadier had an outstanding principal balance of CD$451,500 (approx. US$340,849 translated as of June 30, 2023) due to Bank of Montreal related to the purchase of its Saskatoon office land and building. The Consolidated Balance Sheets as of June 30, 2023 reflect the amount of the principal which is due within twelve months as a current liability of US$340,849 as compared to US$15,135 in current liabilities and US$350,293 in long term liabilities translated as of June 30, 2022. Interest on the mortgage loan for the years ended June 30, 2023 and 2022 was US$14,231 and US$15,742, respectively.

In addition to the loan due by Brigadier, our subsidiary, Gourmet Foods, has a finance lease liability related to a solar energy system. Total lease liabilities under the lease for the years ended June 30, 2023 and 2022 were NZ$174,405 (approximately US$106,469 translated as of June 30, 2023) as compared to NZ$203,814 (approximately US$124,422 translated as of June 30, 2023), respectively, and are included under loans-property and equipment on our Consolidated Balance Sheets.