RIGHT-OF-USE ASSETS AND OPERATING AND FINANCE LEASE LIABILITIES (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Leases [Abstract] |
|
| Schedule of right-of- use assets |
Right-of-use
assets at December 31, 2025 and 2024 are summarized below:
Schedule of right-of- use assets
| | |
December 31, 2025 | | |
December 31, 2024 | |
| Office lease | |
$ | 90,884 | | |
$ | 37,502 | |
| Less accumulated amortization | |
| (44,012 | ) | |
| (25,762 | ) |
| Right of use assets, net | |
$ | 46,872 | | |
$ | 11,740 | |
|
| Schedule of operating lease liabilities |
Operating
Lease liabilities are summarized below:
Schedule of operating lease liabilities
| | |
December 31, 2025 | | |
December 31, 2024 | |
| Office lease | |
$ | 47,206 | | |
$ | 11,976 | |
| Less: current portion | |
| (16,238 | ) | |
| (11,976 | ) |
| Long term portion | |
$ | 30,968 | | |
$ | - | |
|
| Schedule of Maturity of lease liabilities |
Maturity
of lease liabilities are as follows:
Schedule of Maturity of lease liabilities
| |
| | |
| Year Ended December 31, 2026 | |
$ | 20,081 | |
| Year Ended December 31, 2027 | |
| 20,884 | |
| Thereafter | |
| 12,462 | |
| Total future minimum lease payments | |
| 53,427 | |
| Less imputed interest | |
| (6,221 | ) |
| PV of payments | |
$ | 47,206 | |
|
| Schedule of Finance Right-Of-Use Assets |
Finance
right of use assets are summarized below:
Schedule of Finance Right-Of-Use Assets
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Vehicle lease | |
$ | 53,100 | | |
$ | 53,100 | |
| Vessel lease | |
| 70,849 | | |
| 70,849 | |
| Sonar lease | |
| 18,987 | | |
| 18,987 | |
| Finance right of use asset before Accumulated Amortization | |
| 142,936 | | |
| 142,936 | |
| Less accumulated amortization | |
| (83,277 | ) | |
| (55,096 | ) |
| Finance right of use asset | |
$ | 59,659 | | |
$ | 87,840 | |
|
| Schedule of Finance Lease Liabilities |
Finance
lease liabilities are summarized below:
Schedule of Finance Lease Liabilities
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Vehicle lease | |
$ | 25,702 | | |
$ | 35,944 | |
| Vessel lease | |
| 34,291 | | |
| 47,957 | |
| Sonar lease | |
| 10,270 | | |
| 13,868 | |
| Total Lease Liabilities | |
| 70,263 | | |
| 97,769 | |
| Less: current portion | |
| (29,640 | ) | |
| (26,304 | ) |
| Long term portion | |
$ | 40,623 | | |
$ | 71,465 | |
|
| Schedule of Future minimum lease payments |
Maturity
of lease liabilities are as follows:
Schedule of Future minimum lease payments
| |
| | |
| Year Ended December 31, 2026 | |
$ | 37,758 | |
| Year Ended December 31, 2027 | |
| 37,758 | |
| Year Ended December 31, 2028 | |
| 4,414 | |
| Total future minimum lease payments | |
| 79,930 | |
| Less imputed interest | |
| (9,667 | ) |
| PV of payments | |
$ | 70,263 | |
|
| Schedule of Expenses with respect to Finance Leases |
Expenses
incurred with respect to the Company’s finance leases during the years ended December 31, 2025 and 2024 which are included
in general and administrative expenses on the consolidated statements of operations are set forth below.
Schedule of Expenses with respect to Finance Leases
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Finance lease amortization | |
$ | 28,181 | | |
$ | 28,180 | |
| Finance lease interest | |
| 10,253 | | |
| 13,348 | |
| Total finance lease expense | |
$ | 38,433 | | |
$ | 41,528 | |
|
| 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 December 31, 2025 and 2024 are set
forth below.
Schedule
of Weighted Average Remaining Lease Team and Average Discount on Finance Leases
| | |
December 31, | |
December 31, |
| | |
2025 | |
2024 |
| Weighted average remaining lease term | |
2.11 years | |
3.11 years |
| Weighted average discount rate | |
12% | |
12% |
|