v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ 1,913,451 $ 19,554,198 $ 16,180,949
Adjustments to reconcile net loss to net cash used in operating activities:      
Inventory obsolescence impairment 91,243    
Depreciation expenses 39,874 12,828 21,099
Amortization of intangible asset 20,672    
Share of loss from joint venture 859,400    
Loss on sale of vehicle     8,332
Noncash lease expense 9,398,851 6,981,148 3,717,439
Net changes in operating assets & liabilities:      
Receivables/payables from/to related parties 2,890,393 1,430,036 (11,402,661)
Payables to vessel owners 177,560 (6,112,140) 6,438,284
Guarantees (7,472) 30,611  
Other receivables (334,977) 17,556 (406,183)
Inventory 499,513 (1,202,921)  
Prepaid expenses 1,098,870 881,829 (2,244,925)
Other fixed assets     (4,314)
Accounts payable and accrued liabilities (10,307) 683,717 794,142
Accrued interest payable to sharing partner and assignee 136,790 (54,566) 288,785
Accrued interest payable to assignee, related party 56,059 4,833  
Other long-term liabilities     (50,309)
Deferred revenue (693,408) (3,221,483) 5,030,891
Operating lease liabilities (9,377,209) (6,981,148) (3,717,439)
Net cash used in operating activities 6,759,303 12,024,498 14,654,090
Cash flows from investing activities:      
Purchases of property, plant, and equipment (268,438) (9,053)  
Loan to the Non-consolidated pool subsidiaries (930,000)    
Contributions to joint venture (2,428,973)    
Proceeds from sale of property and equipment     24,173
Cash consideration in business acquisition (Note 15) (400,000)    
Net cash used in investing activities (4,027,411) (9,053) 24,173
Cash flows from financing activities:      
Capital contributions     2,000,000
Principal payments attributable to the acquisition installments payable (122,951)    
Proceeds from sharing partner     972,089
Proceeds from assignee   623,215  
Repayments to assignee (623,215)    
Repayments to assignee, related party (779,019)    
Proceeds from Shareholder   5,239,219  
Dividends paid   (25,000,000)  
Net cash provided by financing activities (1,525,185) (18,358,547) 2,972,089
Effect of exchange rate changes on cash and cash equivalents (108,416) 66,109 (292,218)
Net increase/ (decrease) in cash and cash equivalents 1,098,291 (6,276,993) 17,358,134
Cash and cash equivalents at the beginning of the year 18,931,215 25,208,208 7,850,074
Cash and cash equivalents at end of period 20,029,506 18,931,215 25,208,208
Supplemental disclosure of cash flow information      
Cash paid for interest 1,717,263 1,423,179 $ 462,646
Non-cash financing activities      
Deferred consideration related to business acquisition included in liabilities 252,898    
Payable to Assignee A      
Cash flows from financing activities:      
Proceeds from assignee, related party   $ 779,019  
Repayments to assignee, related party 779,019    
Supplemental disclosure of cash flow information      
Cash paid for interest $ 21,058