| Summary of Long-Term Debt and Long-Term Debt Due to Related Parties |
(a) |
Long-term debt and long-term debt due to related parties consists of the following: |
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Term loan from SLR Credit Solutions, bearing interest at an annual rate of CORRA plus a CORRA adjustment of 7.75 %, repayable at maturity in December 2026, secured by the assets of the Company (net of deferred financing costs of $ 458 and $ 140 ,respectively). Refer to Notes 7 and 19 for additional information. |
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$ |
25,542 |
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$ |
12,360 |
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$ 10 million term loan from Investissement Québec, bearing interest at an annual rate of 3.14 %, repayable in 60 equal payments beginning in July 2021 (net of deferred financing costs of $ nil and $ nil , respectively) |
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833 |
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2,833 |
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$ 0.4 million term loan from Business Development Bank of Canada, bearing interest at an annual rate of 8.3 % repayable in 72 monthly payments beginning in |
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89 |
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160 |
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| U.S. $1.5 million cash advance owing to the Company’s controlling shareholder, Montel, bearing interest at an annual rate of 11%, net of withholding taxes (Note 17 (c)) |
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2,081 |
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2,146 |
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$3.75 million loan owing to the Company’s controlling shareholder, Mangrove, bearing interest at an annual rate of 15%, repayable in full in December 2026 (net of deferred financing costs of $25 and $ nil ,respectively) (Note 17 (h)). Refer to Note 19 for additional information. |
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3,725 |
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— |
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Obligations under finance leases , at annual interest rates between 0.6 % and 14 %, secured by leasehold improvements, furniture, and equipment, maturing at various dates to August 2030 (net of deferred financing costs of $ 5 and $ 25 , respectively) |
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1,984 |
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4,510 |
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Eligible borrowing amount of up to $ 4.3 million loan from Investissement Québec, bearing interest at an annual rate of 1.41 %, repayable in 60 equal payments beginning in June 2027 (net of deferred financing costs of $ 65 and $ 76 , respectively) |
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4,235 |
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4,225 |
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38,489 |
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26,234 |
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| Less current portion of long-term debt |
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(2,697 |
) |
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(4,860 |
) |
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$ |
35,792 |
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$ |
21,374 |
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| Summary of Principal Payment on Long Term Debt Including Obligation Under Finance Lease |
| (g) |
Principal payments on long-term debt required in the following five years and thereafter, including obligations under finance leases, are as follows (in thousands): |
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| Year ending March: |
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| 2027 |
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$ |
2,697 |
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| 2028 |
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|
794 |
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| 2029 |
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1,167 |
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| 2030 |
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1,160 |
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| 2031 |
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1,140 |
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| Thereafter |
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32,085 |
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$ |
39,043 |
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