XML 68 R15.htm IDEA: XBRL DOCUMENT
v2.4.1.9

9. LONG TERM DEBT | 12 Months Ended
--- | ---
Dec. 31, 2014
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$785,106) as of December 31, 2014 on an unsecured basis (2013 - CDN$910,801; US$856,335). The balance owing at December 31, 2014 was $182,160 in Canadian funds (US$157,021). The repayment schedule is as follows:
Amount Due (in CDN funds) | Payment Due Date
$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 as December 31, 2013 was $1,016,056 in Canadian funds (US$955,296). The Company had pledged the assets of the Taber, AB building, including equipment, inventory and accounts receivable as collateral, as well as signed a promissory note guaranteeing the amount of the loan. The Company repaid this loan in full in September 2014. (c) 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 AFSC debt and make the December 2014 payment on the AAFC loan. The balance owing at December 31, 2014 was US$955,668. The Company has committed to the following repayments:
2015 |  | $ | 201,193 |
2016 |  | $ | 201,193 |
2017 |  | $ | 201,193 |
2018 |  | $ | 201,193 |
2019 |  | $ | 150,895 |
As of December 31, 2014, Company was in compliance with all loan covenants.
Continuity |  | 2014 |  |  | 2013 |
Balance, January 1 |  | $ | 1,297,830 |  |  |  | 1,726,050 |
Plus: Proceeds from loans |  |  | 1,005,967 |  |  |  | - |
Less: Payments on loan |  |  | 982,973 |  |  |  | 307,833 |
Effect of exchange rate |  |  | (208,135 | ) |  |  | (120,387 | )
Balance, December 31 |  | $ | 1,112,689 |  |  | $ | 1,297,830 |
Outstanding balance at December 31, |  |  | 2014 |  |  |  | 2013 |
a) Long term debt - AAFC |  | $ | 157,021 |  |  | $ | 342,534 |
b) Long term debt - AFSC |  |  | - |  |  |  | 955,296 |
c) Long term debt - Harris |  |  | 955,668 |  |  |  | - |
Long-term Debt |  | $ | 1,112,689 |  |  | $ | 1,297,830 |
Less: current portion |  |  | (358,214 | ) |  |  | (304,556 | )
|  | $ | 754,475 |  |  | $ | 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 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration