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10. LONG TERM DEBT | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
10. 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% 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 December 31, 2016 was $553,282 (December 31, 2015 - $754,475). The Company has committed to the following repayments:
2017 |  | $ | 201,193 |
2018 |  | $ | 201,193 |
2019 |  | $ | 150,896 |
As of December 31, 2016, Company was in compliance with all loan covenants.
|  | December 31, 2016 |  |  | December 31, 2015 |
Continuity |  |  |  |  |  |
Balance, beginning of period |  | $ | 754,475 |  |  | $ | 1,112,689 |
Less: Payments on loan |  |  | 201,193 |  |  |  | 337,631 |
Effect of exchange rate |  |  | - |  |  |  | (20,583 | )
Balance, end of period |  | $ | 553,282 |  |  | $ | 754,475 |
Outstanding balance at: |  |  |  |  |  |
Long term debt – Harris |  |  | 553,282 |  |  |  | 754,475 |
Long term debt |  | $ | 553,282 |  |  | $ | 754,475 |
Less: current portion |  |  | (201,193 | ) |  |  | (201,193 | )
Balance |  | $ | 352,089 |  |  | $ | 553,282 |

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- 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 + Details
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