v3.25.2
Property and Equipment
9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 4 – Property and Equipment

 

Property and equipment consist of the following: 

 

          
  September 30,  December 31,
  2024  2023
Marine Equipment  $181,675   $181,675 
Furniture and Fixtures   5,672    5,672 
Total Property and Equipment   187,347    187,347 
Less: Accumulated Depreciation   (44,103)   (23,969)
Property and Equipment, Net  $143,244   $163,378 

 

Depreciation expense was $20,134 and $17,552 for the nine months ended September 30, 2024 and 2023, and was $6,711 and $5,851 for the three months ended September 30, 2024 and 2023. Depreciation expense for the three and nine months ended September 30, 2024 and 2023 is included in operating expenses on the Consolidated Statements of Operations.

 

Marine equipment is subject to an operating lease agreement ending on December 31, 2025. See Note 6 for more information.