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

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of right-of- use assets

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

	September 30, 2024			December 31, 2023
Office lease	$	37,502		$	37,502
Less accumulated amortization		(20,951	)		(7,212	)
Right of use assets, net	$	16,551		$	30,290

Schedule of operating lease liabilities

Operating Lease liabilities are summarized below:

	September 30, 2024			December 31, 2023
Office lease	$	16,893		$	30,457
Less: current portion		(16,893	)		(18,483	)
Long term portion	$	-		$	11,974

Schedule of Maturity of lease liabilities

Maturity of lease liabilities are as follows:  

Year ended December 31, 2024	$	5,255
Year ended December 31, 2025		12,262
Total future minimum lease payments		17,516
Less: Present value discount		(623	)
Lease liability	$	16,893

Schedule of Right Of Use Assets Finance Lease

Finance right of use assets are summarized below:

	As of			As of
	September 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		(48,051	)		(26,915	)
Finance right of use asset	$	94,885		$	116,021

Schedule of Finance Lease Liabilities

Finance lease liabilities are summarized below: 

	As of			As of
	September 30,			December 31,
	2024			2023
Vehicle lease	$	38,319		$	45,034
Vessel lease		51,126			60,085
Sonar lease		14,702			17,061
		104,147			122,180
Less: current portion		(25,150	)		(22,263	)
Long term portion	$	78,997		$	99,917

Schedule of Future minimum lease payments

Maturity of lease liabilities are as follows:

Year Ended December 31, 2024	$	9,440
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		127,128
Less imputed interest		(22,981	)
PV of payments	$	104,147

Schedule of Expenses with respect to Finance Leases

Expenses incurred with respect to the Company’s finance leases during the three and nine months ended September 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
	September 30,		September 30,
	2024		2023
Finance lease amortization	$	7,045	$	7,073
Finance lease interest		3,431		3,898
Total finance lease expense	$	10,476	$	10,971

	Nine  Months Ended
	September 30,		September 30,
	2024		2023
Finance lease amortization	$	21,136	$	19,952
Finance lease interest		10,287		11,395
Total finance lease expense	$	31,423	$	31,347

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

	September 30,			December 31,
	2024			2023
Weighted average remaining lease term		3.42 years			4.17 years
Weighted average discount rate		12	%		12	%