Long Term Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long Term Debt

10. Long Term Debt

In September 2014, NanoChem Solutions Inc. signed a $1,005,967 promissory note with Harris Bank with a rate of prime plus 0.5% (June 30, 2018 – 5.5%; December 31, 2017 – 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 June 30, 2018 was $251,492 (December 31, 2017 - $352,089). The final payment will be made in September 2019.

The Company has committed to the following repayments:

2018	$	100,596
2019	$	150,896

As of June 30, 2018, the Company was in compliance with all loan covenants.

Continuity	June 30, 2018			December 31, 2017
Balance, beginning of year	$	352,089		$	553,282
Less: Payments on loan		100,597			201,193
Balance, end of year	$	251,492		$	352,089
Less: current portion		(201,193	)		(201,193	)
Long term balance	$	50,299		$	150,896