LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases

SUMMARY OF RIGHT-OF-USE ASSET AND LEASE LIABILITY

In March 2024, the Company consolidated NanoChem operations into the Peril, 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 March 31, 2024 and December 31, 2023.

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 March 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 March 31, 2024	$	-