RIGHT-OF-USE ASSETS AND OPERATING AND FINANCE LEASE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of right-of- use assets

Right-of-use assets at March 31, 2023 and December 31, 2022 are summarized below:

	March 31, 2023			December 31, 2022
Office lease	$	48,957		$	48,957
Less accumulated amortization		(42,901	)		(38,493	)
Right of use assets, net	$	6,056		$	10,464

Schedule of operating lease liabilities

Operating Lease liabilities are summarized below:

	March 31, 2023			December 31, 2022
Office lease	$	6,272		$	10,807
Less: current portion		(6,272	)		(10,807	)
Long term portion	$	-		$	-

Schedule of Maturity of lease liabilities

Maturity of lease liabilities are as follows:

Year ended December 31, 2023	$	6,352
Total future minimum lease payments		6,352
Less: Present value discount		(80	)
Lease liability	$	6,272

Finance right of use assets

Finance right of use assets are summarized below:

	As of			As of
	March 31,			December 31,
	2023			2022
Vehicle lease	$	52,464		$	-
Vessel lease		70,000			-
		122,464			-
Less accumulated amortization		(6,123	)		-
Finance right of use asset	$	116,341		$	-

Schedule of Finance Lease Liabilities

Finance lease liabilities are summarized below:

	As of			As of
	March 31,			December 31,
	2023			2022
Vehicle lease	$	50,518		$	-
Vessel lease		67,402			-
	117,920			-
Less: current portion		(17,870	)		-
Long term portion	$	100,050		$	-

Schedule of Future minimum lease payments

	Total
Year Ended December 31, 2023	$	21,792
Year Ended December 31, 2024		32,690
Year Ended December 31, 2025		32,690
Year Ended December 31, 2026		32,690
Year Ended December 31, 2027		32,690
Year Ended December 31, 2028		2,724
Total future minimum lease payments		155,276
Less imputed interest		(37,356	)
PV of payments	$	117,920

Expenses incurred with respect to the Company’s finance leases

Expenses incurred with respect to the Company’s finance leases during the three months ended March 31, 2023 and 2022 which are included in general and administrative expenses on the consolidated statements of operations are set forth below.

	March 31,		March 31,
	2023		2022
Finance lease amortization	$	6,123	$	-
Finance lease interest		3,629		-
Total finance lease expense	$	9,752	$	-

weighted average remaining lease term and the weighted average discount rate

The weighted average remaining lease term and the weighted average discount rate on the finance leases at March 31, 2023 and 2022 are set forth below.

	March 31,		March 31,
	2023		2022
Weighted average remaining lease term		4.75 years		-
Weighted average discount rate		12%		-