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Investment In Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investment in Unconsolidated Entities

 

 

September 30, 2024

 

 

December 31, 2023

 

CIC Limited

 

$

4,890,949

 

 

$

4,514,618

 

Ocean Minerals, LLC

 

 

5,034,005

 

 

 

4,487,028

 

Chatham Rock Phosphate, Limited

 

 

—

 

 

 

—

 

Neptune Minerals, Inc.

 

 

—

 

 

 

—

 

Investment in unconsolidated entities

 

$

9,924,954

 

 

$

9,001,646

 

 
Schedule of Initial Closing Consideration

The Company determined that the initial Closing Consideration is as follows:

Cash consideration

 

 

 

$

1,000,000

 

Fair value of Odyssey Retriever, Inc.

 

 

 

 

3,280,261

 

Fair value of the Second Closing

 

 

 

 

676,921

 

Fair value of the Third Closing

 

 

 

 

769,875

 

Fair value of the Equity Exchange Agreement

 

 

 

 

4,516,007

 

Transaction costs

 

 

 

 

49,988

 

Initial closing consideration

 

 

 

$

10,293,052

 
Schedule Of Financial Information

The following tables provide summarized financial information for OML, its equity method accounted investee, not adjusted for the percentage ownership of the Company, compiled from its financial statements, reported on a one-quarter lag.

 

 

 

June 30, 2024

 

 

 

Three Months Ended

 

 

Six Months Ended

 

Revenue

 

$

2,089,827

 

 

$

4,179,655

 

General expenses

 

 

(1,036,754

)

 

 

(2,073,508

)

Payroll expenses

 

 

(609,812

)

 

 

(1,219,624

)

Net Loss

 

$

(461,542

)

 

$

(923,085

)

 

 

 

As of

 

 

 

June 30, 2024

 

Total Assets

 

$

39,400,310

 

Total Liabilities

 

$

12,427,228