v3.25.2
Property and Equipment
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 4 – Property and Equipment

 

Property and equipment consist of the following:

 

          
   March 31,  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   (30,681)    (23,969) 
Property and Equipment, Net  $156,666   $163,378 

 

Depreciation expense was $6,712 and $5,850 for the three months ended March 31, 2024 and 2023. Depreciation expense for the three months ended March 31, 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.