Schedule of Outstanding Long Term Debt |
The balance of the outstanding long term debt is as follows:
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
$ |
|
|
$ |
|
|
Sustainable Chemistry Alliance: |
|
|
|
|
|
|
|
|
|
Face value (CAD $440,519) |
|
|
327,835 |
|
|
|
342,618 |
|
|
Less: debt discount |
|
|
(180,032 |
) |
|
|
(174,493 |
) |
|
Amortization of debt discount |
|
|
130,774 |
|
|
|
106,312 |
|
|
Less: short-term portion of debt |
|
|
(74,420 |
) |
|
|
(72,130 |
) |
|
|
|
|
204,157 |
|
|
|
202,307 |
|
|
|
|
|
|
|
|
|
|
|
|
Sustainable Jobs and Investment Fund: |
|
|
|
|
|
|
|
|
|
Face value (CAD $15,000,000) |
|
|
11,163,000 |
|
|
|
10,819,500 |
|
|
Less: debt discount |
|
|
(5,114,190 |
) |
|
|
(4,956,820 |
) |
|
Amortization of debt discount |
|
|
1,846,954 |
|
|
|
912,491 |
|
|
|
|
|
7,895,764 |
|
|
|
6,775,171 |
|
|
|
|
|
|
|
|
|
|
|
|
Federal Economic Development Agency: |
|
|
|
|
|
|
|
|
|
Face value (CAD $9,000,000) |
|
|
6,697,800 |
|
|
|
8,222,820 |
|
|
Less: debt discount |
|
|
(3,169,163 |
) |
|
|
(3,071,644 |
) |
|
Less: short-term portion of debt |
|
|
(1,786,080 |
) |
|
|
(1,731,120 |
) |
|
Gain on debt extinguishment |
|
|
(601,616 |
) |
|
|
(583,103 |
) |
|
Amortization of debt discount |
|
|
2,313,885 |
|
|
|
1,489,949 |
|
|
|
|
|
3,454,826 |
|
|
|
4,326,902 |
|
|
|
|
|
|
|
|
|
|
|
|
Minister of Agriculture and Agri-Food Canada: |
|
|
|
|
|
|
|
|
|
Face value (CAD $9,250,000) |
|
|
6,883,850 |
|
|
|
7,213,000 |
|
|
Less: debt discount |
|
|
(3,532,065 |
) |
|
|
(3,423,379 |
) |
|
Amortization of debt discount |
|
|
836,234 |
|
|
|
504,531 |
|
|
Less: short-term portion of debt |
|
|
(744,200 |
) |
|
|
(661,743 |
) |
|
|
|
|
3,443,819 |
|
|
|
3,632,409 |
|
|
|
|
|
|
|
|
|
|
|
|
Tennenbaum Capital Partners, LLC : |
|
|
|
|
|
|
|
|
|
Face value, including end of term charge |
|
|
— |
|
|
|
10,514,780 |
|
|
Less: debt discount, net of amortization (1) |
|
|
— |
|
|
|
(656,895 |
) |
|
Less: short-term portion of debt |
|
|
— |
|
|
|
(5,058,318 |
) |
|
|
|
|
— |
|
|
|
4,799,567 |
|
|
|
|
|
|
|
|
|
|
|
|
EDC: |
|
|
|
|
|
|
|
|
|
Face value (CAD $15,384,615) |
|
|
11,449,231 |
|
|
|
13,871,154 |
|
|
Less: debt discount (2) |
|
|
(2,863,751 |
) |
|
|
(2,775,630 |
) |
|
Amortization of debt discount (2) |
|
|
1,006,724 |
|
|
|
433,900 |
|
|
Less: short-term portion of debt |
|
|
(2,289,846 |
) |
|
|
(2,774,231 |
) |
|
|
|
|
7,302,358 |
|
|
|
8,755,193 |
|
|
|
|
|
|
|
|
|
|
|
|
BDC: |
|
|
|
|
|
|
|
|
|
Face value (CAD $10,000,000) |
|
|
7,442,000 |
|
|
|
— |
|
|
Less: debt discount |
|
|
(368,403 |
) |
|
|
— |
|
|
Amortization of debt discount |
|
|
25,945 |
|
|
|
— |
|
|
Less: short-term portion of debt |
|
|
(368,379 |
) |
|
|
— |
|
|
|
|
|
6,731,163 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Bridging: |
|
|
|
|
|
|
|
|
|
Face value (CAD $25,000,000) |
|
|
18,605,000 |
|
|
|
— |
|
|
Less: debt issuance cost |
|
|
(627,069 |
) |
|
|
— |
|
|
Amortization of debt issuance cost |
|
|
58,542 |
|
|
|
— |
|
|
Less: short-term portion of debt |
|
|
(18,036,473 |
) |
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
Long-term debt, net |
|
|
29,032,087 |
|
|
|
28,491,549 |
|
|
|
|
|
[1] |
|
Includes deferred debt financings costs of $425,000 as of December 31, 2015, and amortization of debt financing costs of $101,437, as a result of the retrospective adoption of Accounting Standard Update (ASU) 2015-03 on January 1, 2016. Prior to the ASU adoption, deferred debt issuance costs were presented in deferred financing costs. |
|
[2] |
|
Includes deferred debt financings costs of $1,082,853 as of December 31, 2015, and amortization of debt financing costs of $106,428, as a result of the retrospective adoption of Accounting Standard Update (ASU) 2015-03 on January 1,2016. Prior to the ASU adoption, deferred debt issuance costs were presented in deferred financing costs. |
|
Principal Repayments of Outstanding Loans Payable |
The principal repayments of the outstanding loans payable are as follows:
|
|
SCA |
|
|
SJIF |
|
|
FEDDEV |
|
|
AAFC |
|
|
EDC |
|
|
BDC |
|
|
Bridging |
|
|
Total |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
January 2017 - December 2017 |
|
74,420 |
|
|
|
— |
|
|
|
1,786,080 |
|
|
|
744,200 |
|
|
|
2,289,846 |
|
|
|
368,379 |
|
|
|
18,605,000 |
|
|
|
23,867,925 |
|
|
January 2018 - December 2018 |
|
74,420 |
|
|
|
— |
|
|
|
1,786,080 |
|
|
|
744,200 |
|
|
|
2,289,846 |
|
|
|
1,473,516 |
|
|
|
— |
|
|
|
6,368,062 |
|
|
January 2019 - December 2019 |
|
74,420 |
|
|
|
2,232,600 |
|
|
|
1,786,080 |
|
|
|
744,200 |
|
|
|
2,289,846 |
|
|
|
1,473,516 |
|
|
|
— |
|
|
|
8,600,662 |
|
|
January 2020 - December 2020 |
|
104,575 |
|
|
|
2,232,600 |
|
|
|
1,339,560 |
|
|
|
744,200 |
|
|
|
2,289,846 |
|
|
|
1,473,516 |
|
|
|
— |
|
|
|
8,184,297 |
|
|
January 2021 and thereafter |
|
— |
|
|
|
6,697,800 |
|
|
|
— |
|
|
|
3,907,050 |
|
|
|
2,289,847 |
|
|
|
2,653,073 |
|
|
|
— |
|
|
|
15,547,770 |
|
|
Total |
|
327,835 |
|
|
|
11,163,000 |
|
|
|
6,697,800 |
|
|
|
6,883,850 |
|
|
|
11,449,231 |
|
|
|
7,442,000 |
|
|
|
18,605,000 |
|
|
|
62,568,716 |
|
|