v3.26.1
SCHEDULE OF GOODWILL (Details) - USD ($)
Jun. 30, 2026
May 22, 2026
May 01, 2026
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]        
Total $ 5,499,795     $ 570,000
Boat Center Inc [Member]        
Restructuring Cost and Reserve [Line Items]        
Total [1] 570,000     570,000
Apex Marine [Member]        
Restructuring Cost and Reserve [Line Items]        
Total 4,080,429 [2]   $ 4,080,429 [2]
Bellhart [Member]        
Restructuring Cost and Reserve [Line Items]        
Total $ 849,366 [3] $ 849,366   [3]
[1] On July 22, 2022, the Company acquired 100% of the outstanding shares of Boat Center, Inc. for total consideration of approximately $0.6 million. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill. The Company did not recognize any separately identifiable intangible assets as the amounts were not material.
[2] On May 1, 2026, the Company completed the acquisition of 100% of the equity interests of Apex Marine, LLC, Apex Marine Sales, LLC, and Apex Marine Stuart, LLC (collectively, “Apex Marine”), a premier South Florida marine service, storage, and sales organization with four operating facilities. The total consideration transferred was approximately $6,149,350, consisting of (i) $1,200,000 in cash, (ii) 679,008 shares of the Company’s common stock valued at $1,833,333, (iii) two promissory notes with aggregate principal amounts of approximately $2,966,667, and (iv) reimbursement of a deposit of $149,350.
[3] On May 22, 2026, the Company completed the acquisition of 100% of the equity interests of Bellhart Marine Group, LLC, along with its affiliated entities Bellhart Marine Services, LLC, Specialized Mechanical Services, LLC, and Specialized Mechanical Services, Inc. (collectively, “Bellhart”), a marine service, refit, and mechanical services platform. The aggregate purchase price was $750,000 in cash plus the assumption of specified seller liabilities of $170,000, for total consideration transferred of $920,000.