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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases |
LEASES | 3. LEASES In January 2016, NanoChem Solutions Inc. leased a space in Naperville, IL for office and research and development. The lease was for an initial five years and renewable every five years for a further five years. 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 that is shown on the consolidated statement of income and comprehensive income as a part of non-operating income (loss). The table below summarizes the right-of-use asset and lease liability for the periods ended December 31, 2024 and 2023. SUMMARY OF RIGHT-OF-USE ASSET AND LEASE LIABILITY
Right of Use Assets |  |  |
Balance at December 31, 2022 |  | $ | 167,222 |
Amortization |  |  | (51,929 | )
Balance at December 31, 2023 |  | $ | 115,293 |
Amortization |  |  | (13,694 | )
Early termination of lease |  |  | (101,599 | )
Balance at December 31, 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 December 31, 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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