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

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of right-of- use assets

Right-of-use assets at March 31, 2024 and December 31, 2023 are summarized below:

	March 31, 2024			December 31, 2023
Office lease	$	37,502		$	37,502
Less accumulated amortization		(11,682	)		(7,212	)
Right of use assets, net	$	25,820		$	30,290

Schedule of operating lease liabilities

Operating Lease liabilities are summarized below:

	March 31, 2024			December 31, 2023
Office lease	$	26,088		$	30,457
Less: current portion		(19,154	)		(18,483	)
Long term portion	$	6,934		$	11,974

Schedule of Maturity of lease liabilities

Maturity of lease liabilities are as follows:

Year ended December 31, 2024	$	15,495
Year ended December 31, 2025		12,261
Total future minimum lease payments		27,756
Less: Present value discount		(1,668	)
Lease liability	$	26,088

Schedule of Finance Right-Of-Use Assets

Finance right of use assets are summarized below:

	March 31,			December 31,
	2024			2023
Vehicle lease	$	53,100		$	53,100
Vessel lease		70,849			70,849
Sonar lease		18,987			18,987
		142,936			142,936
Less accumulated amortization		(33,960	)		(26,915	)
Finance right of use asset	$	108,976		$	116,021

Schedule of Finance Lease Liabilities

Finance lease liabilities are summarized below:

	March 31,			December 31,
	2024			2023
Vehicle lease	$	42,862		$	45,034
Vessel lease		57,187			60,085
Sonar lease		16,298			17,061
		116,347			122,180
Less: current portion		(25,150	)		(22,263	)
Long term portion	$	91,197		$	99,917

Schedule of Future minimum lease payments

Maturity of lease liabilities are as follows:

Year Ended December 31, 2024	$	28,319
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		146,007
Less imputed interest		(29,660	)
PV of payments	$	116,347

Schedule of Expenses with respect to Finance Leases

Expenses incurred with respect to the Company’s finance leases during the three months ended March 31, 2024 and 2023 which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations are set forth below.

	March 31,		March 31,
	2024		2023
Finance lease amortization	$	33,960	$	6,123
Finance lease interest		3,607		3,629
Total finance lease expense	$	37,567	$	9,752

Schedule of Weighted Average Remaining Lease Team and Average Discount on Finance Leases

The weighted average remaining lease term and the weighted average discount rate on the finance leases at March 31, 2024 and December 31, 2023 are set forth below.

	March 31,	December 31,
	2024	2023
Weighted average remaining lease term	3.87 years	4.75 years
Weighted average discount rate	12%	12%