Schedule of Governmental Loans and Note Payable |
Governmental
loans and note payable at August 31, 2022 and 2021 consisted of the following:
Schedule of Governmental Loans and Note Payable
| |
2022 | | |
2021 | |
Government loans issued under the Government of Canada’s Canada Emergency Business Account (“CEBA”) program (A). | |
| 91,526 | | |
| 63,336 | |
| |
| | | |
| | |
Note payable to the Small Business Administration (“SBA”). The note bears interest at 3.75% per annum, requires monthly payments of $190 after 12 months from funding 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) | |
| - | | |
| 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 2, 2028. | |
| 29,614 | | |
| 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. (On December 14, 2021, the note was paid in full.) | |
| - | | |
| 4,415,000 | |
Total government loans and notes payable | |
| 161,460 | | |
| 9,619,253 | |
Less current portion | |
| - | | |
| (4,485,649 | ) |
Long-term portion | |
$ | 161,460 | | |
$ | 5,133,604 | |
(A) |
The Government of Canada
launched the Canada Emergency Business Account (“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 a CAD$80,000 loan (US$61,017 at
August 31, 2022), which is unsecured, non-interest bearing and due on or before December 31, 2022. If the loan amount is paid on
or before December 31, 2022, 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, 2022, the Early Payment Credit will not apply and the lender will
automatically extend the term of the loan by three years until December 31, 2025 and will accrue on the outstanding amount of the
CEBA Loan at a fixed rate of 5% per year, calculated daily and compounded monthly. 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$30,509 at August 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
Years Ending August 31, | |
| |
2023 | |
$ | 6,362 | |
2024 | |
| 97,889 | |
2025 | |
| 6,362 | |
2026 | |
| 6,362 | |
2027 | |
| 6,362 | |
Thereafter | |
| 38,122 | |
Total | |
$ | 161,460 | |
|