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Long Term Debt | 3 Months Ended
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Mar. 31, 2019
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% (March 31, 2019 – 6.0%; December 31, 2018 – 5.75%) 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 March 31, 2019 was $100,597 (December 31, 2018 - $150,895). Interest expense for the three months ended March 31, 2019 was $2,009 (2018 - $4,186). The final payment will be made in September 2019. The Company has committed to the following repayments:
2019 |  | $ | 100,597 |
(b) In October 2018, NanoChem Solutions Inc. signed a $4,100,000 term loan with Harris Bank with a rate of prime (March 31, 2019 – 5.5%; December 31, 2018 – 5.5%) 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. Interest expense for the three months ended March 31, 2019 was $54,958 (2018 - nil). The balance owing at March 31, 2018 was $3,855,952 (December 31, 2018 - $4,002,381). The Company has committed to the following repayments:
2019 |  | $ | 439,286 |
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 three months ended March 31, 2019 was $2,333 (2018 - $nil). The principal balance owing at March 31, 2019 is $171,556 (December 31, 2018 - $177,794). The Company has committed to the following repayments:
2019 |  | $ | 19,171 |
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 March 31, 2019 is $18,376 (December 31, 2018 - $20,673). The Company has committed to the following repayments:
2019 |  | $ | 6,891 |
2020 |  | $ | 9,188 |
2021 |  | $ | 2,297 |
As of March 31, 2019, Company was in compliance with all loan covenants.
Continuity |  | March 31, 2019 |  |  | December 31, 2018 |
Balance, January 1 |  | $ | 4,351,743 |  |  |  | 352,089 |
Plus: Proceeds from loans |  |  | - |  |  |  | 4,100,000 |
Plus: Acquisition of ENP (see Note 3) |  |  | - |  |  |  | 206,921 |
Less: Payments on loan |  |  | (205,262 | ) |  |  | (307,267 | )
Balance, end of period |  | $ | 4,146,481 |  |  | $ | 4,351,743 |
Outstanding balance |  | March 31, 2019 |  |  | December 31, 2018 |
a) Long term debt – Harris Bank |  | $ | 100,597 |  |  | $ | 150,895 |
b) Long term debt – Harris Bank |  |  | 3,855,952 |  |  |  | 4,002,381 |
c) Long term debt – Midland States Bank |  |  | 171,556 |  |  |  | 177,794 |
d) Long term debt – Ford Credit |  |  | 18,376 |  |  |  | 20,673 |
Long-term Debt |  | $ | 4,146,481 |  |  | $ | 4,351,743 |
Less: current portion |  |  | (721,370 | ) |  |  | (771,359 | )
|  | $ | 3,425,111 |  |  | $ | 3,580,384 |

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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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