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9. LONG TERM DEBT | 12 Months Ended
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Dec. 31, 2013
Notes to Financial Statements |
Note 9. LONG TERM DEBT | (a) Flexible Solutions Ltd. has received a non-interest bearing loan from the Department of Agriculture and Agri-Food Canada (“AAFC”). Eligible for up to $1,000,000 in Canadian funds, the Company had borrowed $910,801 in Canadian funds (US$856,335) as of December 31, 2013 on an unsecured basis (2012 - CDN$910,801; US$915,446). The balance owing at December 31, 2013 was $364,320 in Canadian funds (US$342,534). The repayment schedule is as follows:
Amount Due (in CDN funds) |  | Payment Due Date
$182,160 |  | December 31, 2014
$182,160 |  | December 31, 2015
(b) Flexible Solutions Ltd. has also received a 5% simple interest loan from Agriculture Financial Services Corp. (“AFSC”). Eligible for up to $2,000,000 in Canadian funds, the Company had originally borrowed $1,491,000 in Canadian dollars. The Company was required to make interest payments until May 1, 2010 and then started to pay down the principal in equal payments until April 1, 2015. The borrowing balance as December 31, 2013 was $1,016,056 in Canadian funds ($955,296US). The borrowing balance as December 31, 2012 was $1,170,811 in Canadian funds ($1,176,782US). The Company has pledged the assets of the Taber, AB building, including equipment, inventory and accounts receivable (see Notes 3, 4 and 5) as collateral, as well as signed a promissory note guaranteeing the amount of the loan. The Company has committed to the following repayments:
2014 |  | $ | 180,996 |
2015 |  | $ | 75,415 |
As of December 31, 2013, Company was in compliance with all loan covenants.
Continuity |  | 2013 |  |  | 2012 |
Balance, January 1 |  | $ | 1,726,050 |  |  |  | 1,976,992 |
Less: Payments on loan |  |  | 307,833 |  |  |  | 310,384 |
Effect of exchange rate |  |  | (120,387 | ) |  |  | 59,512 |
Balance, December 31 |  | $ | 1,297,830 |  |  | $ | 1,726,050 |
Outstanding balance at December 31, |  |  | 2013 |  |  |  | 2012 |
a) Long term debt - AAFC |  | $ | 342,534 |  |  | $ | 549,268 |
b) Long term debt - AFSC |  |  | 955,296 |  |  |  | 1,176,782 |
Long-term Debt |  | $ | 1,297,830 |  |  | $ | 1,726,050 |
Less: current portion |  |  | (304,556 | ) |  |  | (318,644 | )
|  | $ | 993,274 |  |  | $ | 1,407,406 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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