XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.20.2

Long Term Debt | 6 Months Ended
--- | ---
Jun. 30, 2020
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%) 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 final payment was made in September 2019. Interest expense for the six months ended June 30, 2019 was $3,294. (b) In October 2018, NanoChem Solutions Inc. signed a $4,100,000 term loan with Harris Bank with a rate of prime (June 30, 2020 – 3.25%; December 31, 2019 – 4.75%) to be repaid over 7 years with equal monthly installments plus interest along with 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, 2020 was $50,590 (2019 - $106,911). The balance owing at June 30, 2020 was $2,523,810 (December 31, 2019 - $3,116,667). The Company has committed to the following repayments:
2020 |  | $ | 885,714 |
2021 |  | $ | 585,714 |
2022 |  | $ | 585,714 |
2023 |  | $ | 585,714 |
2024 |  | $ | 473,811 |
(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, 2020 – 3.75%; December 31, 2019 – 5.25%) for the purchase of new manufacturing equipment. The Company paid interest only payments until February 2020, when equally monthly installments of the principal and interest are due until January 2024. Interest expense for the six months ended June 30, 2020 was $24,119 (2019 – $6,840). The balance owing at June 30, 2020 was $985,417 (December 31, 2019 - $1,100,000).
2020 |  | $ | 252,083 |
2021 |  | $ | 275,000 |
2022 |  | $ | 275,000 |
2023 |  | $ | 275,000 |
2024 |  | $ | 22,917 |
(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 June 30, 2020 was $3,905 (2019 - $4,508). The principal balance owing at June 30, 2020 was $139,003 (December 31, 2019 - $152,241). The Company has committed to the following repayments:
2020 |  | $ | 25,562 |
2021 |  | $ | 25,562 |
2022 |  | $ | 25,562 |
2023 |  | $ | 25,562 |
2024 |  | $ | 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, 2020 is $6,891 (December 31, 2019 - $11,485). The Company has committed to the following repayments:
2020 |  | $ | 9,188 |
2021 |  | $ | 2,297 |
(f) In April 2020, NanoChem Solutions Inc. received a two year loan of $322,000 through the Paycheck Protection Program with a rate of 1%. Management expects the full amount of the loan to be forgiven but at this time, it cannot be proven and has chosen to list the loan as a long term debt. Eighteen equal installments of principal and interest are due starting November 2020 if the loan amount is not forgiven in full. (g) In April 2020, EnP Investments, LLC. received a two year loan of $215,960 through the Paycheck Protection Program with a rate of 1%. Management expects the full amount of the loan to be forgiven but at this time, it cannot be proven and has chosen to list the loan as a long term debt. Eighteen equal installments of principal and interest are due starting November 2020 if the loan amount is not forgiven in full. As of June 30, 2020, the Company was in compliance with all loan covenants.
Continuity |  | June 30, 2020 |  |  | December 31, 2019 |
Balance, January 1 |  | $ | 4,380,393 |  |  |  | 4,351,743 |
Plus: Proceeds from loans |  |  | 537,960 |  |  |  | 1,100,000 |
Less: Payments on loan |  |  | (725,272 | ) |  |  | (1,071,350 | )
Balance, end of period |  | $ | 4,193,081 |  |  | $ | 4,380,393 |
Outstanding balance |  | June 30, 2020 |  |  | December 31, 2019 |
a) Long term debt – Harris Bank |  | $ | - |  |  | $ | - |
b) Long term debt – Harris Bank |  |  | 2,523,810 |  |  |  | 3,116,667 |
c) Long term debt – Harris Bank |  |  | 985,417 |  |  |  | 1,100,000 |
d) Long term debt – Midland States Bank |  |  | 139,003 |  |  |  | 152,241 |
e) Long term debt – Ford Credit |  |  | 6,891 |  |  |  | 11,485 |
f) Long term debt – PPP |  |  | 322,000 |  |  |  | - |
g) Long term debt – PPP |  |  | 215,960 |  |  |  | - |
Long-term Debt |  | $ | 4,193,081 |  |  | $ | 4,380,393 |
Less: current portion |  |  | (990,083 | ) |  |  | (1,196,722 | )
|  | $ | 3,202,998 |  |  | $ | 3,183,671 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration