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IMPAIRMENT OF ASSET
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
IMPAIRMENT OF ASSET

NOTE 6 – IMPAIRMENT OF ASSET

 

During 2022, the Company entered into an agreement with a corporation to lease a boat for use in its operations. Under the agreement the Company agreed to pay the owner of the boat $2,000 per month until a total of $85,000 was paid, at which point title of the boat would be transferred to the Company. The boat was damaged while in use and the Company has agreed to pay the boat’s owner the full value of the contractual agreement for the lease purchase of the boat. The Company has estimated a full loss on the boat during the nine month period ended September 30, 2022 and wrote off the contractual value of the boat, $85,000, which is included in the consolidated statements of operations as a loss on sale of asset. The amount due as of September 30, 2022 of $85,000 has been included in the accompanying consolidated balance sheets in accounts payable and accrued expenses.