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10. LONG TERM DEBT
 12 Months Ended
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