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Long Term Debt | 9 Months Ended
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Sep. 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% (September 30, 2019 – 5.75%; 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 final payment was made in September 2019 (balance owing December 31, 2018 - $150,895). Interest expense for the six months ended September 30, 2019 was $3,294 (2018 - $7,983). (b) In October 2018, NanoChem Solutions Inc. signed a $4,100,000 term loan with Harris Bank with a rate of prime (September 30, 2019 – 5.0%; 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 nine months ended September 30, 2019 was $152,005 (2018 - nil). The balance owing at September 30, 2019 was $3,263,095 (December 31, 2018 - $4,002,381). The Company has committed to the following repayments:
2019 |  | $ | 146,429 |
2020 |  | $ | 585,714 |
2021 |  | $ | 585,714 |
2022 |  | $ | 585,714 |
2023 |  | $ | 585,714 |
(c) In April 2019, NanoChem Solutions Inc. signed a loan for $1,100,000 with Harris Bank with a rate of prime plus 0.5% (September 30, 2019 – 5.75%) for the purchase of new manufacturing equipment. Interest expense for the nine months ended September 30, 2019 was $21,399 (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. This money was used to purchase production equipment. Interest expense for the six months ended September 30, 2019 was $6,770 (2018 - $6,780). The principal balance owing at September 30, 2019 is $158,849 (December 31, 2018 - $177,794). The Company has committed to the following repayments:
2019 |  | $ | 6,391 |
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 September 30, 2019 is $13,782 (December 31, 2018 - $20,673). The Company has committed to the following repayments:
2019 |  | $ | 2,297 |
2020 |  | $ | 9,188 |
2021 |  | $ | 2,297 |
Continuity |  | September 30, 2019 |  |  | December 31, 2018 |
Balance, beginning of year |  | $ | 4,351,743 |  |  |  | 352,089 |
Plus: Proceeds from loans |  |  | 1,100,000 |  |  |  | 4,100,000 |
Plus: Acquisition of ENP |  |  | - |  |  |  | 206,921 |
Less: Payments on loan |  |  | (916,017 | ) |  |  | (307,267 | )
Balance, end of period |  | $ | 4,535,726 |  |  | $ | 4,351,743 |
Outstanding balance |  |  | September 30, 2019 |  |  |  | December 31, 2018 |
a) Long term debt – Harris Bank |  | $ | - |  |  | $ | 150,895 |
b) Long term debt – Harris Bank |  |  | 3,263,095 |  |  |  | 4,002,381 |
c) Long term debt – Harris Bank |  |  | 1,100,000 |  |  |  | - |
d) Long term debt – Midland States Bank |  |  | 158,849 |  |  |  | 177,794 |
e) Long term debt – Ford Credit |  |  | 13,782 |  |  |  | 20,673 |
Long-term Debt |  | $ | 4,535,726 |  |  | $ | 4,351,743 |
Less: current portion |  |  | (621,556 | ) |  |  | (771,359 | )
|  | $ | 3,914,170 |  |  | $ | 3,580,384 |
As of September 30, 2019, Company was in compliance with all loan covenants.

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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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