v3.25.2
Operating Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information [Line Items]  
Operating Segment Reporting

17. 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 unaudited interim condensed consolidated statements of operations 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 six months ended June 30, 2025:

General & Administrative Expense Category

Greece office

 

Singapore Office

 

Dubai Office

 

Hong-Kong office

 

UK office

 

US office

           Total

 

Employee remuneration

 

3,062,456

 

 

1,230,794

 

 

382,437

 

 

454,073

 

 

2,263,585

 

143,138

 

7,536,483

 

IT expenses

 

224,678

 

 

774

 

 

-

 

 

740

 

 

1,734

 

-

 

227,926

 

Professional fees

 

1,647,250

 

 

83,652

 

 

11,873

 

 

2,005

 

 

5,088

 

-

 

1,749,868

 

Travel, marketing and communication expenses

 

127,253

 

 

20,534

 

 

42,200

 

 

8,164

 

 

55,401

 

-

 

253,552

 

Office expenses

 

367,846

 

 

15,024

 

 

29,315

 

 

15,763

 

 

98,681

 

-

 

526,629

 

Other expenses

 

59,496

 

 

13,761

 

 

14,556

 

 

22,313

 

 

22,564

 

9,637

 

142,327

 

Total

 

5,488,979

 

 

1,364,539

 

 

480,381

 

 

503,058

 

 

2,447,053

 

152,775

 

10,436,785

 

 

For the six months ended June 30, 2024:

General & Administrative Expense Category

Greece office

 

Singapore Office

 

Dubai Office

 

Hong-Kong office

 

UK office

 

Total

 

Employee remuneration

 

2,617,725

 

 

565,438

 

 

803,280

 

 

200,613

 

 

1,124,458

 

 

5,311,514

 

IT expenses

 

345,530

 

 

7,452

 

 

2,500

 

 

3,863

 

 

2,707

 

 

362,052

 

Professional fees

 

199,140

 

 

13,179

 

 

7,706

 

 

2,128

 

 

29,177

 

 

251,330

 

Travel, marketing and communication expenses

 

109,371

 

 

31,312

 

 

10,195

 

 

5,970

 

 

57,833

 

 

214,681

 

Office expenses

 

383,619

 

 

6,045

 

 

39,616

 

 

4,202

 

 

96,569

 

 

530,051

 

Other expenses

 

39,126

 

 

26,921

 

 

18,925

 

 

26,404

 

 

24,995

 

 

136,371

 

Total

 

3,694,511

 

 

650,347

 

 

882,222

 

 

243,180

 

 

1,335,739

 

 

6,805,999

 

 

The total general and administrative expenses of $10,436,785 and $6,805,999 for the six-months ended June 30, 2025 and June 30, 2024 respectively, as disaggregated unaudited interim condensed by geography above, reconcile in full to the consolidated amounts of general and administrative expenses presented in the accompanying unaudited interim condensed consolidated statements of operations.

The table below discloses the Company’s 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 six months period ended June 30, 2025 and June 30, 2024 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".

 

 

Six Months Period Ended June 30,

 

Country

 

2025

 

 

2024

 

 

Singapore

 

 

4,424,536

 

 

 

7,171,848

 

 

Marshall Islands

 

 

3,837,121

 

 

 

6,451,652

 

 

Germany

 

 

2,373,047

 

 

 

-

 

 

Switzerland

 

 

2,670,776

 

 

 

1,439,600

 

 

Other

 

 

1,846,342

 

 

 

1,380,708

 

 

Total revenues

 

 

15,151,822

 

 

 

16,443,808

 

 

 

 

During the six-month periods ended June 30, 2025 and June 30, 2024 three and four customers, respectively, accounted for 10% or more of the Company’s revenues.

 

 

 

Six Months Period Ended June 30,

 

 

Customer

 

2025

 

 

2024

 

 

A (Singapore)

 

 

29 %

 

 

 

44 %

 

 

B (Marshall Islands)

 

 

 -

 

 

 

15 %

 

 

C (Marshall Islands)

 

 

 -

 

 

 

13 %

 

 

D (Germany)

 

 

16 %

 

 

 -

 

 

E (Switzerland)

 

 

18 %

 

 

 

9 %