Schedule of Governmental Loans and Note Payable |
Governmental
loans and note payable at August 31, 2023 and 2022 consisted of the following:
Schedule
of Governmental Loans and Note Payable
| |
2023 | | |
2022 | |
Government loans issued under the Government of Canada’s Canada Emergency Business
Account (“CEBA”) program (A). | |
| 88,680 | | |
| 91,526 | |
| |
| | | |
| | |
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, 2018; accrues interest at 4.53% per annum; unsecured; annual payments of approximately $4,000; due December 2, 2028. | |
| 28,693 | | |
| 29,614 | |
| |
| | | |
| | |
Note payable received May 25, 2023 accruing interest at 18%
per 3-months term, unsecured, with principal and interest due 3-month from loan issuance. The note was repaid on October 26,
2023. | |
| 73,900 | | |
| - | |
| |
| | | |
| | |
Note payable received May 10, 2023 accruing interest at 15%
per 4-months term, with a first priority security interest in all of Acenzia’s production equipment, with principal and interest due 4-month from loan issuance. The note
was repaid on October 23, 2023. | |
| 110,850 | | |
| - | |
Total government loans and notes payable | |
| 342,443 | | |
| 161,460 | |
Less current portion | |
| (277,405 | ) | |
| - | |
Long-term portion | |
$ | 65,038 | | |
$ | 161,460 | |
(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 ($59,120 at August 31, 2023), which is unsecured, non-interest bearing and due on or before January 18, 2024. If the loan amount
is paid on or before January 18, 2024, 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 January 18, 2024, the Early Payment Credit will not apply and the lender
will automatically extend the term of the loan 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 ($29,560 at August 31, 2022) under the same terms. |
|
Schedule of Future Maturities Outstanding of government Loans and Notes Payable |
Future
scheduled maturities of outstanding government loans and notes payable are as follows:
Schedule
of Future Maturities Outstanding of government Loans and Notes Payable
| | |
| |
Years Ending August 31, | | |
| |
2024 | | |
$ | 277,405 | |
2025 | | |
| 6,408 | |
2026 | | |
| 6,557 | |
2027 | | |
| 6,714 | |
2028 | | |
| 6,878 | |
Thereafter | | |
| 38,481 | |
Total | | |
$ | 342,443 | |
|