LEASES

12 Months Ended

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.

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	$	-