v3.25.2
Leases (Tables)
 6 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Expenses Weighted Average Remaining Lease Terms and Discount Rate

The components of lease expenses for the six months ended December 31, 2024 and 2023 were as follows:

 

   For the
six months
ended
December 31,
2024		   For the
six months
ended
December 31,
2023		 
Fixed operating lease  $1,579,139   $1,579,139 
Variable operating lease   103,111    (305,033)
Total lease expense  $1,682,250   $1,274,106 

The weighted average remaining lease terms and discount rate for operating lease were as follows as of December 31, 2024 and June 30, 2024:

 

   As of
December 31,
2024		   As of
June 30,
2024		 
Remaining lease term and discount rate:        
Weighted average remaining lease term (years)   1 years    1.5 years 
Weighted average discount rate   4.16%   4.16%

The total amount of financing lease expense, including amortization and interest expenses recognized in the unaudited condensed combined and consolidated statements of income for the six months ended December 31, 2024 and 2023 were as follows:

 

   For the
six months
ended
December 31,
2024		   For the
six months
ended
December 31,
2023		 
Depreciation expenses  $1,352,424   $1,352,424 
Interest expenses-fixed   629,263    752,717 
Interest expenses-variable   277,905    193,179 
Total   2,259,592    2,298,320 

The weighted average remaining lease terms and discount rates for financing leases were as follows as of December 31, 2024:

 

Remaining lease term and discount rate:    
Weighted average remaining lease term (years)   3.84 years 
Weighted average discount rate   7.61%

 

The weighted average remaining lease terms and discount rates for financing leases were as follows as of June 30, 2024:

 

Remaining lease term and discount rate:    
Weighted average remaining lease term (years)   4.34 years 
Weighted average discount rate   7.61%
Schedule of Supplemental Balance Sheet Information Related to Operating Lease

Supplemental balance sheet information related to operating lease was as follows:

 

   As of
December 31,
2024		   As of
June 30,
2024		 
Right-of-use assets-operating lease, net  $3,089,271   $4,587,352 
Operating lease liabilities – current  $2,942,590   $3,026,234 
Operating lease liabilities – non-current   
—
    1,572,994 
Total operating lease liabilities  $2,942,590   $4,599,228 
Schedule of Maturities of Operating Lease Liabilities

The following is a schedule of maturities of operating lease liabilities (excluding variable payments) as of December 31, 2024:

 

For the period ending June 30,    
2025   1,419,847 
For the year ending June 30,     
2026  $1,591,749 
2027   
—
 
Total future minimum lease payments  $3,011,596 
Less: imputed interest   69,006 
Present value of lease liabilities  $2,942,590 
Schedule of Supplemental Balance Sheet Information Related to Financing Leases

Supplemental balance sheet information related to financing leases was as follows:

 

   As of
December 31,
2024		   As of
June 30,
2024		 
Right-of-use assets-financing lease, net (included in Vessels, net, see Note 3)  $37,420,835   $40,753,604 
Financing lease liabilities – current   3,263,573    3,256,190 
Financing lease liabilities – non-current   12,314,883    13,948,550 
Total financing lease liabilities  $15,578,456   $17,204,740 
Schedule of Maturities of Financing Lease Liabilities

The following is a schedule of maturities of financing lease liabilities (excluding variable payments) as of December 31, 2024:

 

For the period ending June 30,    
2025  $2,197,244 
For the year ending June 30,     
2026   4,219,574 
2027   3,986,356 
2028   3,753,139 
Thereafter   4,182,754 
Total future minimum lease payments  $18,339,067 
Less: imputed interest   2,760,611 
Present value of lease liabilities  $15,578,456