XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

LONG TERM DEBT | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
LONG TERM DEBT | 12. LONG TERM DEBT (a) In October 2020, NanoChem signed a loan for $1,980,947 with Midland States Bank (“Midland”) with a rate of 3.85% to be repaid over 5 years with equal monthly payments including interest. The money was used to retire the debt at BMO Harris Bank (“Harris”) related to the loan to purchase a 65% interest in ENP Investments. In June 2022, the loan was paid in full with funds from Stock Yards. Interest expense for the year ended December 31, 2023 was $nil (2022 - $30,334). The balance owing at December 31, 2023 was $nil (2022 - $nil). (b) In October 2020, NanoChem signed a loan for $894,253 with Midland with an interest rate 3.85% to be repaid over two years with equal monthly payments including interest. The funds were used to replace the loan at Harris for the purchase of new manufacturing equipment. In June 2022, the loan was paid in full with funds from Stock Yards. Interest expense for the year ended December 31, 2023 was $nil (2022 - $5,816). The balance owing at December 31, 2023 was $nil (2022 - $nil) (c) In January 2020, ENP Mendota refinanced its mortgage and signed a loan for $450,000 with Stock Yards to be repaid over 10 years with monthly installments plus interest. Interest for the first five years is at 4.35% and it will be adjusted for the last five years to the Cincinnati Federal Home Bank Loan 5 year fixed index plus 4.5%. Interest expense for the year ended December 31, 2023 was $17,911 (2022 - $17,107). The balance owing at December 31, 2023 was $399,269 (2022 - $415,430). To secure repayment of any amounts borrowed under the mortgage, the Company granted Stock Yards a security interest in real property under the mortgage and all rents on said property. (d) In June 2022, NanoChem signed a loan for $1,935,000 with Stock Yards with an interest rate of 4.90% to be repaid over three years with equal monthly payments including interest. The funds were used to replace the loans at Midland for the purchase of the 65% interest in ENP Investments and the new manufacturing equipment. Interest expense for the year ended December 31, 2023 was $66,957 (2022 - $45,113). The balance owing at December 31, 2023 was $1,004,747 (2022 - $1,632,672). (e) In January 2020 ENP Peru signed a $3,000,000 loan with an interest rate 4.35% to be repaid over ten years with equal monthly payments including interest. Upon the purchase of the remainder of ENP Peru in June 2022, the Company assumed the first mortgage at Stock Yards with a balance of $2,849,500. Interest expense for the year ended December 31, 2023 was $122,544 (2022 - $62,679). The balance owing at December 31, 2023 was $2,737,232 (2022 - $2,813,015). (f) In June 2022, ENP Peru obtained a second mortgage for $259,000 with Stock Yards to be repaid over 10 years with monthly installments plus interest with an interest rate of 5.4%. Interest expense for the year ended December 31, 2023 was $13,877 (2022 - $7,077). The balance owing at December 31, 2023 was $250,207 (2022 - $256,162). (g) In December 2022, NanoChem signed a three year loan for up to $2,000,000 with Stock Yards with an interest rate of 6.5%. Interest only payments are required for the first 18 months with interest and principal being paid in the last 18 months. The funds are being used to purchase new manufacturing equipment. Interest expense for the year ended December 31, 2023 was $67,397 (2022 - $23,632). The balance owing at December 31, 2023 was $1,475,188 (2022 - $1,036,798). (h) In June 2023, 317 Mendota signed a five year loan for up to $3,240,000 with Stock Yards to purchase a building and any necessary renovations. Interest only payments are required for the first 12 months with interest and principal being paid the remaining four years and a lump sum due in June 2028. Interest expense for the year ended December 31, 2023 was $95,396 (2022 - $nil). The balance owing at December 31, 2023 was $2,248,292 (2022 - $nil). As of December 31, 2023, Company was in compliance with all loan covenants. SCHEDULE OF LOAN COVENANTS
Continuity |  | December 31, 2023 |  |  | December 31, 2022 |
Balance, January 1 |  | $ | 6,154,077 |  |  | $ | 2,366,598 |
Balance, beginning of period |  | $ | 6,154,077 |  |  | $ | 2,366,598 |
Plus: Proceeds from loans |  |  | 2,686,682 |  |  |  | 3,230,798 |
Plus: Loan acquired with acquisition of ENP Peru |  |  | - |  |  |  | 2,849,500 |
Less: Payments on loan |  |  | (725,823 | ) |  |  | (2,292,819 | )
Balance, end of period |  | $ | 8,114,936 |  |  | $ | 6,154,077 |
SCHEDULE OF OUTSTANDING BALANCE LOAN
Outstanding balance at December 31, |  | December 31, 2023 |  |  | December 31, 2022 |
a) Long term debt – Midland States Bank |  | $ | - |  |  | $ | - |
b) Long term debt – Midland States Bank |  |  | - |  |  |  | - |
c) Long term debt – Stock Yards Bank & Trust |  |  | 399,269 |  |  |  | 415,430 |
d) Long term debt – Stock Yards Bank & Trust |  |  | 1,004,748 |  |  |  | 1,632,672 |
e) Long term debt – Stock Yards Bank & Trust |  |  | 2,737,232 |  |  |  | 2,813,015 |
f) Long term debt – Stock Yards Bank & Trust |  |  | 250,207 |  |  |  | 256,162 |
g) Long term debt – Stock Yards Bank & Trust |  |  | 1,475,188 |  |  |  | 1,036,798 |
h) Long term debt – Stock Yards Bank & Trust |  |  | 2,248,292 |  |  |  | — |
Long-term debt |  |  | 8,114,936 |  |  |  | 6,154,077 |
Less: current portion |  |  | (1,281,632 | ) |  |  | (717,612 | )
Long-term debt non current |  | $ | 6,833,304 |  |  | $ | 5,436,465 |

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 -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration