XML 60 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

9. LONG TERM DEBT | 3 Months Ended
--- | ---
Mar. 31, 2014
Notes to Financial Statements |
Note 9. LONG TERM DEBT | 9. Long Term Debt (a) Flexible Solutions Ltd. has received a non-interest bearing, unsecured 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 $910,801in Canadian funds (US$823,911) as of March 31, 2014 on an unsecured basis (December 31, 2013 – CDN$910,801; US$856,335). The balance owing at March 31, 2014 was $364,320 in Canadian funds (US$329,564); (December 31, 2013 - $364,320CDN; 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 funds. 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 at March 31, 2014 was $980,956 in Canadian funds (US$887,373). The borrowing balance at December 31, 2013 was $1,016,056 in Canadian funds (US$955,296). The Company has pledged the assets of the Taber, AB building, including equipment, inventory and accounts receivable (see Notes 3 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:
2013 |  | $ | 128,867 |
2014 |  | $ | 71,593 |
As of March 31, 2014, the Company was in compliance with all loan covenants.
|  | March 31, 2014 |  |  | December 31, 2013 |
Continuity |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,297,830 |  |  |  | 1,726,050 |
Less: Payments on loan |  |  | 31,804 |  |  |  | 307,833 |
Effect of exchange rate |  |  | (49,089 | ) |  |  | (120,387 | )
Balance, end of period |  | $ | 1,216,937 |  |  | $ | 1,297,830 |
Outstanding balance at: |  |  |  |  |  |
a) Long term debt – AAFC |  | $ | 329,564 |  |  | $ | 342,534 |
b) Long term debt – AFSC |  |  | 887,373 |  |  |  | 955,296 |
Long term debt |  | $ | 1,216,937 |  |  | $ | 1,297,830 |
Less: current portion |  |  | (294,612 | ) |  |  | (304,556 | )
Balance |  | $ | 922,325 |  |  | $ | 993,274 |

X
- Details
Name: | FSI_NotesToFinancialStatementsAbstract
Namespace Prefix: | FSI_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration