v3.25.1
Property and equipment, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and equipment, net

Note 6 – Property and equipment, net

 

Property and equipment, net consist of the following:

 

   2024   2023 
   As of December 31, 
   2024   2023 
At Cost:          
Dry-docking expenditures  $14,342,245   $10,511,691 
Furniture and fixtures   58,174    62,362 
Motor vehicles   252,916    245,090 
Real property   784,966    808,459 
Renovation and improvements   185,072    193,118 
Tools and equipment   1,498,228    711,322 
Vessels   34,399,919    35,304,935 
Total, at cost   51,521,520    47,836,977 
Less: Accumulated depreciation   (19,388,059)   (14,663,651)
Total, net  $32,133,461   $33,173,326 

 

Depreciation expense, including the depreciation expense of assets under finance leases was $4,758,014, $4,257,189 and $2,974,083 for the years ended December 31, 2024, 2023 and 2022, respectively.