Note C - Acquisition of Endurance Exploration Group Llc Membership Interests

3 Months Ended

Mar. 31, 2016

Notes

Note C - Acquisition of Endurance Exploration Group Llc Membership Interests

NOTE C – ACQUISITION OF ENDURANCE EXPLORATION GROUP LLC MEMBERSHIP INTERESTS

On December 31, 2013, the Company acquired 100% of the membership interests of Endurance Exploration Group, LLC, a Florida limited liability company (“Endurance LLC”) by issuing 20,550,539 shares of its common stock.

The majority shareholders of the Company also held a majority interest in Endurance LLC, and maintained controlling interests in both entities both before and after the transaction.  Accordingly, the acquisition has been accounted for as a corporate reorganization because of the common control.  The book value of Endurance LLC at the time of the acquisition was as follows:

Cash		$              1,940
Fixed assets - net		448,980
Other assets		3,805
	Total assets	$         454,725
Accounts payable assumed		$              8,927
Accrued expenses assumed		4,625
Shareholder loans assumed		60,000
Equity acquired		381,173
	Total liabilities and equity	$         454,725