v3.25.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting
19.
Segment Reporting

The Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), receives financial information and evaluates the Company’s operations by total revenues and not by type of business activity. The CODM does not use discrete financial information to evaluate the operating results for each business activity but is instead regularly provided with the consolidated expenses as noted on the face of the consolidated statements of income and an analysis of general and administrative expenses per office location. Although revenue can be identified for each business activity, management cannot and does not identify expenses, profitability, or other financial information for these various types of business activities. As a result, the CODM reviews operating results by total profitability and the CODM assesses performance of the Company and decides how to allocate resources based on consolidated net income. Thus, the Company has determined that it operates under one reportable segment.

The CODM regularly reviews general and administrative expenses by geographic region and by category to monitor actual spending against internal budgets. The following table presents significant general and administrative expense categories on the same basis provided to the CODM.

For the year ended December 31, 2024:

 

General & Administrative Expense Category

Greece office

 

Singapore Office

 

Dubai Office

 

Hong-Kong office

 

UK office

 

Total

 

Employee remuneration

 

4,360,185

 

 

1,224,812

 

 

835,185

 

 

663,132

 

 

1,966,132

 

 

9,049,446

 

IT expenses

 

629,900

 

 

9,456

 

 

172

 

 

7,083

 

 

5,988

 

 

652,599

 

Professional fees

 

1,246,513

 

 

8,491

 

 

31,770

 

 

18,452

 

 

36,938

 

 

1,342,164

 

Travel, marketing and communication expenses

 

301,019

 

 

61,718

 

 

37,859

 

 

34,240

 

 

131,774

 

 

566,610

 

Office expenses

 

733,744

 

 

16,010

 

 

72,179

 

 

29,842

 

 

194,660

 

 

1,046,435

 

Other expenses

 

59,033

 

 

38,361

 

 

57,326

 

 

57,406

 

 

30,219

 

 

242,345

 

Total

 

7,330,394

 

 

1,358,848

 

 

1,034,491

 

 

810,155

 

 

2,365,711

 

 

12,899,599

 

 

19.
Segment Reporting - Continued

 

For the year ended December 31, 2023:

 

General & Administrative Expense Category

Greece office

 

Singapore Office

 

Dubai Office

 

Hong-Kong office

 

UK office

 

Total

 

Employee remuneration

 

3,334,028

 

 

1,476,590

 

 

768,993

 

 

-

 

 

1,599,675

 

 

7,179,286

 

IT expenses

 

256,465

 

 

15,585

 

 

1,647

 

 

-

 

 

17,488

 

 

291,185

 

Professional fees

 

977,727

 

 

20,891

 

 

63,970

 

 

-

 

 

39,814

 

 

1,102,402

 

Travel, marketing and communication expenses

 

247,215

 

 

128,171

 

 

56,789

 

 

-

 

 

122,418

 

 

554,593

 

Office expenses

 

558,891

 

 

8,538

 

 

8,052

 

 

-

 

 

144,903

 

 

720,384

 

Other expenses

 

132,549

 

 

65,545

 

 

18,785

 

 

-

 

 

34,987

 

 

251,866

 

Total

 

5,506,875

 

 

1,715,320

 

 

918,236

 

 

-

 

 

1,959,285

 

 

10,099,716

 

 

For the year ended December 31, 2022:

 

General & Administrative Expense Category

Greece office

 

Singapore Office

 

Dubai Office

 

Hong-Kong office

 

UK office

 

Total

 

Employee remuneration

 

1,767,418

 

 

882,323

 

 

-

 

 

-

 

 

1,383,409

 

 

4,033,150

 

IT expenses

 

191,819

 

 

51,203

 

 

-

 

 

-

 

 

19,473

 

 

262,495

 

Professional fees

 

123,649

 

 

14,839

 

 

-

 

 

-

 

 

44,985

 

 

183,473

 

Travel, marketing and communication expenses

 

125,961

 

 

53,688

 

 

-

 

 

-

 

 

119,067

 

 

298,716

 

Office expenses

 

119,312

 

 

5,625

 

 

-

 

 

-

 

 

3,070

 

 

128,007

 

Other expenses

 

98,801

 

 

26,346

 

 

-

 

 

-

 

 

29,157

 

 

154,304

 

Total

 

2,426,960

 

 

1,034,024

 

 

-

 

 

-

 

 

1,599,161

 

 

5,060,145

 

 

The total general and administrative expenses of $12,899,599, $10,099,716 and $5,060,145 for the years ended December 31, 2024, 2023 and 2022, respectively, as disaggregated by geography above, reconcile in full to the consolidated amounts of general and administrative expenses presented in the accompanying consolidated statements of income.

The Company discloses in the table below the geographical information of revenues in accordance with ASC 280. Revenues are attributed to individual countries based on the location of the customer, which is determined by the customer's country of domicile as specified in the charter party agreements or other commercial arrangements. During the years ended December 31, 2024, 2023 and 2022, countries that individually represent more than 10% of total revenues are disclosed separately, while revenues from all other countries are aggregated and presented under "Other."

 

 

Year ended December 31,

 

Country

 

2024

 

 

2023

 

 

2022

 

Singapore

 

 

13,741,100

 

 

 

21,991,563

 

 

 

6,075,922

 

Marshall Islands

 

 

10,855,355

 

 

 

23,470,371

 

 

 

17,405,139

 

United Arab Emirates

 

 

-

 

 

 

-

 

 

 

3,648,873

 

Other

 

 

4,353,418

 

 

 

3,635,502

 

 

 

2,933,944

 

Total revenues

 

 

28,949,873

 

 

 

49,097,436

 

 

 

30,063,878

 

 

During the years ended December 31, 2024, 2023 and 2022 three customers, accounted for 10% or more of the Company’s revenues.

 

 

Year ended December 31,

 

Customer

 

2024

 

 

2023

 

 

2022

 

A (Singapore)

 

 

45

%

 

 

22

%

 

 

-

 

B (Marshall Islands)

 

 

13

%

 

 

-

 

 

 

-

 

C (Marshall Islands)

 

 

13

%

 

 

11

%

 

 

14

%

D (Marshall Islands)

 

 

-

 

 

 

17

%

 

 

21

%

E (United Arab Emirates)

 

 

-

 

 

 

-

 

 

 

12

%