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Long Term Debt | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Long Term Debt |
12. | Long Term Debt
(a) In September 2014, NanoChem Solutions Inc. signed a $1,005,967 promissory note with Harris Bank with a rate of prime plus 0.5% (December 31, 2018 – 5.75%; December 31, 2017 – 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, 2018 was $150,895 (December 31, 2017 - $352,089). Interest expense for the year ended December 31, 2018 was $13,123 (December 31, 2017 - $44,125). The final payment will be made in September 2019. The Company has committed to the following repayments:
2019 |  | $ | 150,895 |
(b) In October 2018, NanoChem Solutions Inc. signed a $4,100,000 term loan with Harris Bank with a rate of prime (December 31, 2018 – 5.5%; December 31, 2017 - nil) to be repaid over 7 years with equal monthly installments plus interest along two payments consisting of 25% prior year cash flow recapture, capped at $300,000, due May 31, 2019 and 2020. The money was used to purchase a 65% interest in EnP Investments LLC. The balance owing at December 31, 2018 was $4,002,381. The Company has committed to the following repayments:
2019 |  | $ | 585,714 |
2020 |  | $ | 585,714 |
2021 |  | $ | 585,714 |
2022 |  | $ | 585,714 |
2023 |  | $ | 585,714 |
(c) In January, 2018, EnP Investments, LLC signed a $200,000 promissory note with Midland States Bank with a rate of 5.250% to be repaid over 7 years with equal monthly installments plus interest. This money was used to purchase production equipment. Interest expense for the year ended December 31, 2018 was $2,415 (December 31, 2017 - $nil). The principal balance owing at December 31, 2018 is $177,794. The Company has committed to the following repayments:
2019 |  | $ | 25,562 |
2020 |  | $ | 25,562 |
2021 |  | $ | 25,562 |
2022 |  | $ | 25,562 |
2023 |  | $ | 25,562 |
(d) In March, 2016, EnP Investments, LLC signed a $45,941 promissory note with Ford Motor Credit Company with a rate of 0.00% interest to be repaid over 5 years with equal monthly installments. The balance owing at December 31, 2018 is $20,673 (December 31, 2017 - $29,861). The Company has committed to the following repayments:
2019 |  | $ | 9,188 |
2020 |  | $ | 9,188 |
2021 |  | $ | 2,297 |
As of December 31, 2018, Company was in compliance with all loan covenants.
Continuity |  | 2018 |  |  | 2017 |
Balance, January 1 |  | $ | 352,089 |  |  |  | 553,282 |
Plus: Proceeds from loans |  |  | 4,100,000 |  |  |  | - |
Plus: Acquisition of ENP (see Note 3) |  |  | 206,921 |  |  |  |  |
Less: Payments on loan |  |  | (307,267 | ) |  |  | (201,193 | )
Balance, December 31 |  | $ | 4,351,743 |  |  | $ | 352,089 |
Outstanding balance at December 31, |  | 2018 |  |  | 2017 |
a) Long term debt – Harris Bank |  | $ | 150,895 |  |  | $ | 352,089 |
b) Long term debt – Harris Bank |  |  | 4,002,381 |  |  |  | - |
c) Long term debt – Midland States Bank |  |  | 177,794 |  |  |  | - |
d) Long term debt – Ford Credit |  |  | 20,673 |  |  |  | - |
Long-term Debt |  | $ | 4,351,743 |  |  | $ | 352,089 |
Less: current portion |  |  | (771,359 | ) |  |  | (201,194 | )
|  | $ | 3,580,384 |  |  | $ | 150,895 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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