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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7. INTANGIBLE ASSETS

 

On April 25, 2025, the Company entered into a Stock Purchase Agreement with the shareholders of Boats and Buyers, Inc. (the “Acquiree”), pursuant to which the Company acquired 100% of the issued and outstanding shares of the Acquiree, including all related websites (including www.boatscollective.com) and intellectual property assets. The total consideration for the acquisition was $632,911, consisting of $150,000 in cash and 100,000 shares of the Company’s common stock valued at $3.50 per share. Included in the purchase price is a gross-up for the tax component which is equal to $132,911.

 

The transaction has been accounted for as an asset acquisition. As substantially all of the fair value of the gross assets acquired is concentrated in a group of similar identifiable assets—specifically, website and related intellectual property — the purchase price was allocated to intangible assets. As a result, an intangible asset of $632,911 was recognized. The common stock related to this acquisition has not been issued and therefore recorded as a Common Stock Payable on the consolidated balance sheet as of December 31, 2025.

 

  

Estimated

Useful Life

(years)

   December 31, 2025   December 31, 2024 
Website and intellectual property   5   $632,911   $- 
Software(1)        22,432    - 
Accumulated amortization   　    (94,937)   - 
Net book value       $560,406   $- 

 

(1)Software has not yet been placed in service and therefore is not subject to amortization

 

Amortization of the intangible asset during the years ended December 31, 2025 was $94,937. There were no intangible assets in 2024 and therefore there was no amortization expense. The future amortization of the intangible asset is as follows:

 

Calendar Year  Amount 
2026  $149,014 
2027   126,582 
2028   126,582 
2029   126,582 
2030   31,646 
Total Intangible Asset Amortization  $560,406