10. LONG TERM DEBT

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

10. LONG TERM DEBT

10.         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 prior outstanding debt obligations. The balance owing at March 31, 2017 was $502,984 (December 31, 2016 - US$553,282).

The Company has committed to the following repayments:

2017	$	150,896
2018	$	201,193
2019	$	150,895

As of March 31, 2017, Company was in compliance with all loan covenants.

	March 31, 2017		December 31, 2016
Continuity
Balance, beginning of period	$	553,282	$	754,475
Plus: Proceeds from loans		--		-
Less: Payments on loan		50,298		201,193
Balance, end of period	$	502,984	$	553,282

	March 31, 2017			December 31, 2016
Outstanding balance at:
Long term debt – Harris		502,984			553,282
Long term debt	$	502,984		$	553,282
Less: current portion		(201,193	)		(201,193	)
Balance	$	301,791		$	352,089