9. LONG TERM DEBT

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

9. LONG TERM DEBT

In September 2014, NanoChem Solutions Inc. signed a US$1,005,967 promissory note with Harris Bank with a rate of prime plus 0.5% to be repaid over 5 years with equal monthly installments plus interest.  This money was used to retire the previously issued and outstanding debt obligations.  The balance owing at March 31, 2016 was $704,177 (December 31, 2015 - US$754,475).

The Company has committed to the following repayments:

2016	$	150,895
2017	$	201,193
2018	$	201,193
2019	$	150,895

As of March 31, 2016, Company was in compliance with all loan covenants.

Continuity	March 31, 2016		December 31, 2015
Balance, beginning of period	$	754,475		$	1,112,689
Plus:  Proceeds from loans		--			-
Less:  Payments on loan		50,298			337,631
Effect of exchange rate		-			(20,583	)
Balance, end of period	$	704,177		$	754,475

Outstanding balance at:
c)   Long term debt – Harris		704,177			754,475
Long term debt	$	704,177		$	754,475
Less: current portion		(201,193	)		(201,193	)
Balance	$	502,984		$	553,282