v3.25.1
Vessels, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Vessels, Net
5.
Vessels, Net
The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:
 
    
Vessel cost
     
Accumulated
depreciation
     
Net book
value
  
Balance, January 1, 2023
   
 
39,394,125
 
   
 
(557,974
) 
   
 
38,836,151
 
  
 
 
     
 
 
     
 
 
  
Acquisitions and improvements
      40,430,000        —         40,430,000  
Depreciation for the year
      —         (4,104,720 )       (4,104,720 ) 
  
 
 
     
 
 
     
 
 
  
Balance, December 31, 2023
   
 
79,824,125
 
   
 
(4,662,694
) 
   
 
75,161,431
 
  
 
 
     
 
 
     
 
 
  
Acquisitions and improvements
      15,166,025        —         15,166,025  
Depreciation for the year
      —         (6,177,651 )       (6,177,651 ) 
  
 
 
     
 
 
     
 
 
  
Balance, December 31, 2024
   
 
94,990,150
 
   
 
(10,840,345
) 
   
 
84,149,805
 
  
 
 
     
 
 
     
 
 
  
The additions during the year ended December 31, 2023 relate to the acquisition of the vessel “Afrapearl II” (Note 3).
The additions during the year ended December 31, 2024 relate to the acquisition of the vessel “Eco Spitfire” (Note 3) as well as other capitalized costs related to the specific vessel.
At December 31, 2023 and 2024, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As of December 31, 2023 and 2024, as the undiscounted net operating cash flows, for the two and three vessels, respectively, whose fair value was below their carrying value, exceeded each vessel’s carrying value, no impairment was recorded.