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LONG TERM DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LONG TERM DEBT | 11. LONG TERM DEBT (a) 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 nine months ended September 30, 2024 was $13,069 (2023 - $13,459). The balance owing at September 30, 2024 was $390,572 (December 31, 2023 - $399,269). To secure repayment of any amounts borrowed under the mortgage, the Company granted Stock Yards a security interest in the real property under the mortgage and all rents on this property. (b) 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 nine months ended September 30, 2024 was $29,492 (2023 - $53,176). The balance owing at September 30, 2024 was $513,078 (December 31, 2023 - $1,004,748). (c) 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 nine months ended September 30, 2024 was $90,096 (2023 - $92,304). The balance owing at September 30, 2024 was $2,678,581 (December 31, 2023 - $2,737,232). (d) 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 nine months ended September 30, 2024 was $10,237 (2023 - $10,447). The balance owing at September 30, 2024 was $245,570 (December 31, 2023 - $250,207). (e) 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 nine months ended September 30, 2024 was $81,693 (2023 - $50,361). The balance owing at September 30, 2024 was $1,680,424 (December 31, 2023 - $1,475,188). (f) 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 nine months ended September 30, 2024 was $132,712 (2023 - $47,450). The balance owing at September 30, 2024 was $2,236,386 (December 31, 2023 - $2,248,292). (g) In August 2024, NanoChem signed a five year loan for $1,637,600 with Stock Yards to be repaid over 5 years with monthly installment plus interest with an interest rate of 7%. The funds were used to buy new manufacturing equipment. Interest expense for the nine months ended September 30, 2024 was $9,871 (2023 - $nil). The balance owing at September 30, 2024 was $1,615,045 (December 31, 2023 - $nil). As of September 30, 2024, Company was in compliance with all loan covenants. SCHEDULE OF LOAN COVENANTS
Continuity |  | September 30, 2024 |  |  | December 31, 2023 |
Balance, January 1 |  | $ | 8,114,936 |  |  | $ | 6,154,077 |
Balance, beginning of period |  | $ | 8,114,936 |  |  | $ | 6,154,077 |
Plus: Proceeds from loans |  |  | 2,162,412 |  |  |  | 2,686,682 |
Less: Payments on loan |  |  | (917,692 | ) |  |  | (725,823 | )
Balance, end of period |  | $ | 9,359,656 |  |  | $ | 8,114,936 |
SCHEDULE OF OUTSTANDING BALANCE LOAN
Outstanding balance |  | September 30, 2024 |  |  | December 31, 2023 |
a) Long term debt – Stock Yards Bank & Trust |  | $ | 390,572 |  |  | $ | 399,269 |
b) Long term debt – Stock Yards Bank & Trust |  |  | 513,078 |  |  |  | 1,004,748 |
c) Long term debt – Stock Yards Bank & Trust |  |  | 2,678,581 |  |  |  | 2,737,232 |
d) Long term debt – Stock Yards Bank & Trust |  |  | 245,570 |  |  |  | 250,207 |
e) Long term debt – Stock Yards Bank & Trust |  |  | 1,680,424 |  |  |  | 1,475,188 |
f) Long term debt – Stock Yards Bank & Trust |  |  | 2,236,386 |  |  |  | 2,248,292 |
g) Long term debt – Stock Yards Bank & Trust |  |  | 1,615,045 |  |  |  | - |
Long-term debt |  |  | 9,359,656 |  |  |  | 8,114,936 |
Less: current portion |  |  | (2,306,674 | ) |  |  | (1,281,632 | )
Long-term debt non current |  | $ | 7,052,982 |  |  | $ | 6,833,304 |

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