RIGHT-OF-USE ASSETS AND OPERATING AND FINANCE LEASE LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Right-of-use Assets And Operating And Finance Lease Liabilities |
|
| Schedule of right-of-use assets |
Right-of-use
assets at June 30, 2026 and December 31, 2025 are summarized below:
Schedule of right-of-use assets
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Office lease | |
$ | 53,382 | | |
$ | 53,382 | |
| Less accumulated amortization | |
| (14,668 | ) | |
| (6,510 | ) |
| Right of use asset, net | |
$ | 38,714 | | |
$ | 46,872 | |
|
| Schedule of operating lease liabilities |
Operating
lease liabilities are summarized below:
Schedule of operating lease liabilities
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Office lease | |
$ | 39,448 | | |
$ | 47,206 | |
| Less: current portion | |
| (17,488 | ) | |
| (16,238 | ) |
| Long term portion | |
$ | 21,960 | | |
$ | 30,968 | |
|
| Schedule of Maturity of lease liabilities |
Maturity
of lease liabilities are as follows:
Schedule of Maturity of lease liabilities
| | | | |
| Remainder of Year Ended December 31, 2026 | |
$ | 10,207 | |
| Year Ended December 31, 2027 | |
| 20,884 | |
| Year Ended December 31, 2028 | |
| 12,462 | |
| Total future minimum lease payments | |
| 43,553 | |
| Less imputed interest | |
| (4,105 | ) |
| PV of payments | |
$ | 39,448 | |
|
| Schedule of Finance Right-Of-Use Assets |
Finance
right of use assets are summarized below:
Schedule of Finance Right-Of-Use Assets
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Vehicle lease | |
$ | 53,100 | | |
$ | 53,100 | |
| Vessel lease | |
| - | | |
| 70,849 | |
| Sonar lease | |
| 18,987 | | |
| 18,987 | |
| Finance right of use asset before Accumulated Amortization | |
| 72,087 | | |
| 142,936 | |
| Less accumulated amortization | |
| (48,586 | ) | |
| (83,277 | ) |
| Finance right of use asset | |
$ | 23,501 | | |
$ | 59,659 | |
|
| Schedule of Finance Lease Liabilities |
Finance
lease liabilities are summarized below:
Schedule of Finance Lease Liabilities
| | |
June 30, 2026 | | |
December 31, 2025 | |
| Vehicle lease | |
$ | 20,103 | | |
$ | 25,702 | |
| Vessel lease | |
| - | | |
| 34,291 | |
| Sonar lease | |
| 8,303 | | |
| 10,270 | |
| Total Lease Liabilities | |
| 28,406 | | |
| 70,263 | |
| Less: current portion | |
| (16,068 | ) | |
| (29,640 | ) |
| Long term portion | |
$ | 12,338 | | |
$ | 40,623 | |
|
| Schedule of Future minimum lease payments |
Maturity
of lease liabilities are as follows:
Schedule of Future minimum lease payments
| | |
| |
| Remainder of Year Ended December 31, 2026 | |
$ | 9,536 | |
| Year Ended December 31, 2027 | |
| 19,073 | |
| Year Ended December 31, 2028 | |
| 2,856 | |
| Total future minimum lease payments | |
| 31,465 | |
| Less imputed interest | |
| (3,059 | ) |
| PV of payments | |
$ | 28,406 | |
|
| Schedule of Expenses with respect to Finance Leases |
Expenses
incurred with respect to the Company’s finance leases during the six months ended June 30, 2026 and 2025 which are included
in general and administrative expenses on the unaudited condensed consolidated statements of operations are set forth below.
Schedule of Expenses with respect to Finance Leases
| | |
June 30, 2026 | | |
June 30, 2025 | |
| Finance lease amortization | |
$ | 7,122 | | |
$ | 14,090 | |
| Finance lease interest | |
| 1,972 | | |
| 5,538 | |
| Total finance lease expense | |
$ | 9,093 | | |
$ | 19,628 | |
Expenses
incurred with respect to the Company’s finance leases during the three months ended June 30, 2026 and 2025 which are included
in general and administrative expenses on the unaudited condensed consolidated statements of operations are set forth below.
| | |
June 30, 2026 | | |
June 30, 2025 | |
| Finance lease amortization | |
$ | 3,560 | | |
$ | 7,045 | |
| Finance lease interest | |
| 929 | | |
| 2,668 | |
| Total finance lease expense | |
$ | 4,489 | | |
$ | 9,731 | |
|
| 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 June 30, 2026 and December 31, 2025
are set forth below.
Schedule of Weighted Average Remaining Lease Team and Average Discount on Finance Leases
| |
|
June
30, |
|
December
31, |
| |
|
2026 |
|
2025 |
| Weighted
average remaining lease term |
|
1.62
years |
|
2.11
years |
| Weighted
average discount rate |
|
12% |
|
12% |
|