9. LONG TERM DEBT

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

9. LONG TERM DEBT

In September 2014, NanoChem Solutions Inc. signed a $1,005,967 promissory note with

Harris Bank with a rate of prime plus 0.5% 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 balance owing at September 30, 2016 was $603,580 (December 31, 2015 - $754,475).

The Company has committed to the following repayments:

2016	$	50,299
2017	$	201,193
2018	$	201,193
2019	$	150,895

As of September 30, 2016, Company was in compliance with all loan covenants.

Continuity	September 30, 2016		December 31, 2015
Balance, beginning of period	$	754,475	$	1,112,689
Less: Payments on loan		150,895		337,631
Effect of exchange rate		-		(20,583	)
Balance, end of period	$	603,580	$	754,475

Outstanding balance at:
Long term debt – Harris		603,580			754,475
Long term debt	$	603,580		$	754,475
Less: current portion		(201,193	)		(201,193	)
Balance	$	402,387		$	553,282