Long-term debt

12 Months Ended

Dec. 31, 2022

Long-term debt

Long-term Debt

11. Long-term debt

On May 26, 2021, the Company received $1,000,000 from the Business Development Bank of Canada’s (“BDC”) Highly Affected Sectors Credit Availability Program (“HASCAP Loan”), funded by the Royal Bank of Canada. The HASCAP Loan is a $1,000,000 non-revolving ten year term credit facility with an interest rate of 4%. Repayment terms were interest only until May 26, 2022, and monthly principal plus interest payments for the remaining nine years. The HASCAP Loan is secured by a general security agreement and is guaranteed by BDC.

Repayment of principal and interest:
2023	$	146,481
2024		142,037
2025		137,593
2026		133,148
2027		128,704
2028 to 2031		406,204
Total principal and interest payments		1,094,167
Less interest		(158,982	)
Total principal remaining		935,185
Current portion of long-term debt		111,111
Non-current portion of long-term debt		824,074