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Long Term Debt | 6 Months Ended
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Jun. 30, 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% (June 30, 2019 – 6.0%; December 31, 2018 – 5.75%) to be repaid over 5 years with equal monthly installments plus interest. Loan proceeds were used to retire the previously issued and outstanding debt obligations. The balance owing at June 30, 2019 was $50,299 (December 31, 2018 - $150,895). Interest expense for the six months ended June 30, 2019 was $3,294 (2018 - $7,983). The final payment will be made in September 2019. The Company has committed to the following repayments:
2019 |  | $ | 50,299 |
(b) In October 2018, NanoChem Solutions Inc. signed a $4,100,000 term loan with Harris Bank with a rate of prime (June 30, 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 six months ended June 30, 2019 was $106,911 (2018 - nil). The balance owing at June 30, 2019 was $3,458,333 (December 31, 2018 - $4,002,381). The Company has committed to the following repayments:
2019 |  | $ | 292,857 |
2020 |  | $ | 585,714 |
2021 |  | $ | 585,714 |
2022 |  | $ | 585,714 |
2023 |  | $ | 585,714 |
(c) In April 2019, NanoChem Solutions Inc. signed a loan for up to $1,100,000 with Harris Bank with a rate of prime plus 0.5% (June 30, 2019 – 6.0%) for the purchase of new manufacturing equipment. An initial draw of $684,000 was made in April 2019. Interest expense for the six months ended June 30, 2019 was $6,840 (2018 – nil). The Company pays interest monthly until February 2020, when equal monthly installments of the principal and interest are due until January 2024.
2020 |  | $ | 252,083 |
2021 |  | $ | 275,000 |
2022 |  | $ | 275,000 |
2023 |  | $ | 275,000 |
(d) 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. Loan proceeds were used to purchase production equipment. Interest expense for the six months ended June 30, 2019 was $4,508 (2018 - $9,224). The principal balance owing at June 30, 2019 is $165,159 (December 31, 2018 - $177,794). The Company has committed to the following repayments:
2019 |  | $ | 12,781 |
2020 |  | $ | 25,562 |
2021 |  | $ | 25,562 |
2022 |  | $ | 25,562 |
2023 |  | $ | 25,562 |
(e) 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 June 30, 2019 is $16,079 (December 31, 2018 - $20,673). The Company has committed to the following repayments:
2019 |  | $ | 4,594 |
2020 |  | $ | 9,188 |
2021 |  | $ | 2,297 |
As of June 30, 2019, the Company was in compliance with all loan covenants.
Continuity |  | June 30, 2019 |  |  | December 31, 2018 |
Balance, beginning of year |  | $ | 4,351,743 |  |  |  | 352,089 |
Plus: Proceeds from loans |  |  | 684,000 |  |  |  | 4,100,000 |
Plus: Acquisition of ENP |  |  | - |  |  |  | 206,921 |
Less: Payments on loan |  |  | (661,873 | ) |  |  | (307,267 | )
Balance, end of period |  | $ | 4,373,870 |  |  | $ | 4,351,743 |
Outstanding balance |  | June 30, 2019 |  |  | December 31, 2018 |
a) Long term debt – Harris Bank |  | $ | 50,299 |  |  | $ | 150,895 |
b) Long term debt – Harris Bank |  |  | 3,458,333 |  |  |  | 4,002,381 |
c) Long term debt – Harris Bank |  |  | 684,000 |  |  |  |  |
d) Long term debt – Midland States Bank |  |  | 165,159 |  |  |  | 177,794 |
e) Long term debt – Ford Credit |  |  | 16,079 |  |  |  | 20,673 |
Long-term Debt |  | $ | 4,373,870 |  |  | $ | 4,351,743 |
Less: current portion |  |  | (671,341 | ) |  |  | (771,359 | )
|  | $ | 3,702,529 |  |  | $ | 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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