Long Term Debt

9 Months Ended

Sep. 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% (September 30, 2018 – 5.75%; 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 September 30, 2018 was $201,194 (December 31, 2017 - $352,089).

The Company has committed to the following repayments:

2018	$	50,299
2019	$	150,895

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

Continuity	September 30, 2018			December 31, 2017
Balance, beginning of year	$	352,089		$	553,282
Less: Payments on loan		150,895			201,193
Balance, end of year	$	201,194		$	352,089
Less: current portion		(201,194	)		(201,193	)
Long term balance	$	-		$	150,896