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

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of right-of- use assets

Right-of-use assets at September 30, 2023 and December 31, 2022 are summarized below:

	September 30, 2023			December 31, 2022
Office lease	$	37,502		$	48,957
Less accumulated amortization		(2,849	)		(38,493	)
Right of use assets, net	$	34,653		$	10,464

Schedule of operating lease liabilities

Operating Lease liabilities are summarized below:

	September 30, 2023			December 31, 2022
Office lease	$	34,719		$	10,807
Less: current portion		(17,828	)		(10,807	)
Long term portion	$	16,891		$	-

Schedule of Maturity of lease liabilities

Maturity of lease liabilities are as follows:

Year ended December 31, 2023	$	5,053
Year ended December 31, 2024		20,548
Year ended December 31, 2025		12,261
Total future minimum lease payments		37,862
Less: Present value discount		(3,143	)
Lease liability	$	34,719

Finance right of use assets

Finance right of use assets are summarized below:

	As of			As of
	September 30,			December 31,
	2023			2022
Vehicle lease	$	53,100		$	-
Vessel lease		70,849			-
Sonar lease		18,987			-
		142,936			-
Less accumulated amortization		(19,952	)		-
Finance right of use asset	$	122,984		$	-

Schedule of Finance Lease Liabilities

Finance lease liabilities are summarized below:

	As of			As of
	September 30,			December 31,
	2023			2022
Vehicle lease	$	47,142		$	-
Vessel lease		62,969			-
Sonar lease		17,801			-
		127,702			-
Less: current portion		(23,281	)		-
Long term portion	$	104,421		$	-

Schedule of Future minimum lease payments

Maturity of lease liabilities are as follows:

Year Ended December 31, 2023	$	9,438
Year Ended December 31, 2024		37,758
Year Ended December 31, 2025		37,758
Year Ended December 31, 2026		37,758
Year Ended December 31, 2027		37,758
Thereafter		4,414
Total future minimum lease payments		164,884
Less imputed interest		(37,182	)
PV of payments	$	127,702

Expenses incurred with respect to the Company’s finance leases

Expenses incurred with respect to the Company’s finance leases during the three and nine months ended September 30, 2023 and 2022 which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations are set forth below.

	September 30,		September 30,
Three Month Ended	2023		2022
Finance lease amortization	$	7,073	$	-
Finance lease interest		3,898		-
Total finance lease expense	$	10,971	$	-

	September 30,		September 30,
Nine Month Ended	2023		2022
Finance lease amortization	$	19,952	$	-
Finance lease interest		11,395		-
Total finance lease expense	$	31,347	$	-

weighted average remaining lease term and the weighted average discount rate on the finance leases

The weighted average remaining lease term and the weighted average discount rate on the finance leases at September 30, 2023 and 2022 are set forth below.

	September 30,		September 30,
	2023		2022
Weighted average remaining lease term		4.36 years		-
Weighted average discount rate		12%		-