| Schedule of Governmental Loans and Note Payable |
Notes
payable at May 31, 2022 and August 31, 2021 consisted of the following:
Schedule of Governmental Loans and Note Payable
| | |
May 31, | | |
August 31, | |
| | |
2022 | | |
2021 | |
| Government loans issued under
the Government of Canada’s Canada Emergency Business Account (“CEBA”) program (A). | |
| 94,920 | | |
| 63,336 | |
| | |
| | | |
| | |
| Note payable to the Small Business Administration
(“SBA”). The note bears interest at 3.75% per annum, requires monthly payments of $190 and is due 30 years from the date
of issuance, and is secured by certain equipment of PRO-DIP. | |
| 40,320 | | |
| 40,320 | |
| | |
| | | |
| | |
| Note payable dated December 3, 2019; accrues
interest at 3% per annum; secured by land, building and personal property; due June 30, 2022. (On June 30, 2022, paid in full, see
Note 18.) | |
| 5,252,749 | | |
| 5,069,858 | |
| | |
| | | |
| | |
| Note payable dated December 3, 2018; accrues
interest at 4.53% per annum; unsecured; annual payments of approximately $4,000; due December 31, 2028 | |
| 30,712 | | |
| 30,739 | |
| | |
| | | |
| | |
| Note payable dated June
24, 2021; accrues interest at 9% per annum; secured by real property of Acenzia; lender at its sole discretion may require monthly
principal payments of $950,000 after December 24, 2021; any unpaid principal and interest due on June 24, 2022. This note was repaid
during the nine months ended May 31, 2022. | |
| - | | |
| 4,415,000 | |
| Total government loans and notes payable | |
| 5,418,701 | | |
| 9,619,253 | |
| Less current portion | |
| (5,260,056 | ) | |
| (4,485,649 | ) |
| Long-term portion | |
$ | 158,645 | | |
$ | 5,133,604 | |
| |
(A) |
The
Government of Canada launched CEBA loan to ensure that small businesses have access to the capital that they need during the current
challenges faced due to the COVID-19 virus. The Company obtained CAD$80,000 loan (US$63,280 at May 31, 2022), which is unsecured,
non-interest bearing and due on or before December 31, 2023. If the loan amount is paid on or before December 31, 2023, 25% of the
loan will be forgiven (“Early Payment Credit”). In the event that the Company does not repay 75% of such term debt on
or before December 31, 2023, the Early Payment Credit will not apply. In addition, with acquisition of Terragenx, the Company acquired
a CEBA loan in the amount of CAD$60,000 net of CAD$20,000 repayment (US$31,640 at May 31, 2022) under the same terms. |
|
| Schedule of Future Maturities Outstanding of Governmental Loans and Note Payable |
Future
scheduled maturities of outstanding government loans and notes payable are as follows:
Schedule of Future Maturities Outstanding of Governmental Loans and Note Payable
| Twelve Months
Ending May 31, | |
| |
| 2023 | |
$ | 5,260,056 | |
| 2024 | |
| 99,822 | |
| 2025 | |
| 5,343 | |
| 2026 | |
| 5,790 | |
| 2027 | |
| 6,244 | |
| Thereafter | |
| 41,446 | |
| Total | |
$ | 5,418,701 | |
|