INTELLECTUAL PROPERTY TRANSFER |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Property, Plant, and Equipment [Abstract] | |
| INTELLECTUAL PROPERTY TRANSFER | NOTE 4 – INTELLECTUAL PROPERTY TRANSFER
On June 25, 2026, Hydrenesis, a related party under common control, granted the Company a perpetual, worldwide, exclusive and sublicensable license to use and commercialize licensed technology in aquaculture and related fields (“IP”). In exchange for the transferred IP, the Company agreed to issue Series P preferred stock and series P-2 preferred stock to Mr. Antelo and Hydrenesis, respectively. Additional preferred stock may be earned by both Mr. Antelo and Hydrenesis upon achievement of certain milestones outlined in the agreement. No preferred shares were issued as of June 30, 2026.
In accordance with ASC 805-50, the Company recognized the perpetual license at its carrying amount in the accounts of the transferring entity at the date of transfer. As the transferor had recognized all costs related to developing the IP as research and development expense, the Company did not recognize as asset related to the transferred IP. Further, as the preferred shares were not yet authorized or issued, the Company has not presented them on the face of their balance sheet. Once the preferred shares are issued, the Company plans to recognize the shares at a $0 value on the face of its balance sheet and classify them in permanent equity.
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