Location in unaudited interim
condensed consolidated statements of
operations

Six-month period

ended June 30,
2024

Six-month period

ended June 30, 2025

Management fees

Management fees – related party

263,120

318,560

Brokerage commissions

Voyage expenses – related party

295,839

237,802

Superintendent fees

Vessels’ operating expenses – related party

18,000

6,500

Crew management fees

Vessels’ operating expenses – related party

49,167

60,000

Executive compensation

General and administrative expenses – related party

223,059

237,243

Rental expense

General and administrative expenses – related party

2,386

33,002

Commission – vessel purchased

Vessels, net

161,900

—

Interest expense

Interest expense – related parties

1,691,831

365,935