Leases

12 Months Ended

Dec. 31, 2021

Leases Disclosure [Abstract]

LEASES

NOTE 5 – LEASES

On July 10, 2020, the Company entered into a rental lease agreement with the wife of Mr. Stavros Galanakis for its subsidiary in Vari, Greece. The term of the lease is from July 10, 2020, to December 31, 2021, with a fixed monthly rental payment of €5,000. Then, on April 1, 2021, the rental lease agreement was modified with the new term beginning as of April 1, 2021, and ending on December 31, 2022, with a fixed monthly rental payment of €3,500.

On October 1, 2021 the Company entered into a second lease agreement with the wife of Mr. Stavros Galanakis for its new subsidiary in Vari, Greece, for Ultra Ship Management. The term of the lease is from October 1, 2021 to September 30, 2024 with a fixed monthly rental of €1,000.

Because we generally do not have access to the rate implicit in the lease, we utilize our incremental borrowing rate as the discount rate. As of December 31, 2021, the discount rate was 2.85%.

The Operating Lease Expense is as follows:  

	For the three months ended		For the year ended
	December 31, 2021		December 31, 2021
Operating Lease expense	$	14,441	$	58,144

The following table summarizes information related to the lease:

	For the three months ended		For the year ended
	December 31, 2021		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments	$	14,441	$	58,144