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LEASES | 9 Months Ended
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Sep. 30, 2024
Leases |
LEASES | 3. LEASES Leases are evaluated and classified as either operating or finance leases by the lessee and as either operating, sales-type or direct financing leases by the lessor. For leases with terms greater than 12 months, the Company records the related right-of-use (“ROU”) asset and lease obligation at the present value of lease payments over the term. Leases may include fixed rental escalation clauses, renewal options and / or termination options that are factored into the determination of lease payments when appropriate. The Company’s operating leases are included in ROU assets, lease liabilities-current portion and lease liability-long term portion in the accompanying consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company’s leases do not usually provide a readily determinable implicit rate; therefore, an estimate of the Company’s incremental borrowing rate is used to discount the lease payments based on information available at the lease commencement date. The discount rate used was 5.5%. In March 2024, the Company consolidated NanoChem operations into the Peru, IL locations and terminated the lease in Naperville, IL. The Company had to pay a penalty of $35,910 and forfeited the $5,440 security deposit to terminate the lease early and incurred a loss of $41,350 on early termination of the lease. The table below summarizes the right-of-use asset and lease liability for the periods ended September 30, 2024 and December 31, 2023. SUMMARY OF RIGHT-OF-USE ASSET AND LEASE LIABILITY
Right of Use Assets |  |  |  |
Balance at December 31, 2022 |  | $ | 167,222 |
Depreciation |  |  | (51,929 | )
Balance at December 31, 2023 |  | $ | 115,293 |
Depreciation |  |  | (13,694 | )
Early termination of lease |  |  | (101,599 | )
Balance at September 30, 2024 |  | $ | - |
Lease Liability |  |  |  |
Balance at December 31, 2022 |  | $ | 167,222 |
Lease interest expense |  |  | 6,151 |
Payments |  |  | (58,080 | )
Balance at December 31, 2023 |  | $ | 115,293 |
Lease interest expense |  |  | 1,186 |
Payments |  |  | (14,880 | )
Early termination of lease |  |  | (101,599 | )
Balance at September 30, 2024 |  | $ | - |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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