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Investment In Unconsolidated Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investment in Unconsolidated Entities

The Company's investments in unconsolidated entities consisted of the following as of December 31, 2024 and 2023:

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

CIC Limited

 

$

5,003,449

 

 

$

4,514,618

 

Ocean Minerals, LLC

 

 

4,882,330

 

 

 

4,487,028

 

Chatham Rock Phosphate, Limited

 

 

—

 

 

 

—

 

Neptune Minerals, Inc.

 

 

—

 

 

 

—

 

Investment in unconsolidated entities

 

$

9,885,779

 

 

$

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, the Company’s equity method accounted investee, not adjusted for the percentage ownership of the Company, compiled from OML’s financial statements, reported on a three-month lag period with an estimate of the most recent quarter results.

 

 

Year Ended

 

 

 

December 31, 2024

 

Revenue

 

$

4,982,246

 

General expenses

 

 

(3,160,477

)

Payroll expenses

 

 

(1,852,828

)

Net Loss

 

$

(2,925,000

)

 

 

 

 

 

 

 

 

As of
December 31, 2024

 

Total Assets

 

$

37,328,006

 

Total Liabilities

 

$

11,329,642