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

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of right-of- use assets

Right-of-use assets at June 30, 2024 and December 31, 2023 are summarized below: 

	June 30, 2024			December 31, 2023
Office lease	$	37,502		$	37,502
Less accumulated amortization		(16,268	)		(7,212	)
Right of use assets, net	$	21,234		$	30,290

Schedule of operating lease liabilities

Operating Lease liabilities are summarized below:

	June 30, 2024			December 31, 2023
Office lease	$	21,609		$	30,457
Less: current portion		(19,856	)		(18,483	)
Long term portion	$	1,753		$	11,974

Schedule of Maturity of lease liabilities

Maturity of lease liabilities are as follows: 

Year ended December 31, 2024	$	10,442
Year ended December 31, 2025		12,262
Total future minimum lease payments		22,704
Less: Present value discount		(1,095	)
Lease liability	$	21,609

Finance right of use assets are summarized below:

Finance right of use assets are summarized below:

	As of			As of
	June 30,			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		(41,005	)		(26,915	)
Finance right of use asset	$	101,931		$	116,021

Schedule of Finance Lease Liabilities

Finance lease liabilities are summarized below: 

	As of			As of
	June 30,			December 31,
	2024			2023
Vehicle lease	$	40,625		$	45,034
Vessel lease		54,202			60,085
Sonar lease		15,511			17,061
		110,338			122,180
Less: current portion		(25,149	)		(22,263	)
Long term portion	$	85,189		$	99,917

Schedule of Future minimum lease payments

Maturity of lease liabilities are as follows:

Year Ended December 31, 2024	$	18,879
Year Ended December 31, 2025		37,758
Year Ended December 31, 2026		37,758
Year Ended December 31, 2027		37,758
Thereafter		4,413
Total future minimum lease payments		136,566
Less imputed interest		(26,228	)
PV of payments	$	110,338

Schedule of Expenses with respect to Finance Leases

Expenses incurred with respect to the Company’s finance leases during the three and six months ended June 30, 2024 and 2023 which are included in rent expense on the unaudited condensed consolidated statements of operations are set forth below.

	Three Months Ended
	June 30,		June 30,
	2024		2023
Finance lease amortization	$	7,045	$	6,729
Finance lease interest		3,431		3,973
Total finance lease expense	$	10,476	$	10,702

	Six Months Ended
	June 30,		June 30,
	2024		2023
Finance lease amortization	$	14,091	$	11,559
Finance lease interest		7,038		7,589
Total finance lease expense	$	21,129	$	19,148

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 June 30, 2024 and December 31, 2023 are set forth below. 

	June 30,		December 31,
	2024		2023
Weighted average remaining lease term		3.67 years		4.17 years
Weighted average discount rate		12%		12%