| Information about Company's Reportable Segment |
The table below presents information about the Company’s reportable segment for the six months ended June 30, 2024, and 2025. The accounting policies followed in the preparation of the reportable segment are the same as those followed in the
preparation of the Company’s unaudited interim consolidated financial statements. Segment results are evaluated based on income from operations.
| |
|
Six months ended June 30, 2024
|
|
|
Six months ended June 30, 2025
|
|
| |
|
Tanker segment
|
|
|
Total
|
|
|
Tanker segment
|
|
|
Total
|
|
|
- Pool revenues
|
|
$
|
4,019,697
|
|
|
$
|
4,019,697
|
|
|
$
|
3,598,828
|
|
|
|
3,598,828
|
|
|
Total vessel revenues
|
|
$
|
4,019,697
|
|
|
$
|
4,019,697
|
|
|
$
|
3,598,828
|
|
|
$
|
3,598,828
|
|
|
Voyage expenses (including charges from related parties)
|
|
|
(156,626
|
)
|
|
|
(156,626
|
)
|
|
|
(410,169
|
)
|
|
|
(410,169
|
)
|
|
Vessel operating expenses
|
|
|
(1,135,874
|
)
|
|
|
(1,135,874
|
)
|
|
|
(1,238,068
|
)
|
|
|
(1,238,068
|
)
|
|
Management fees to related parties
|
|
|
(189,098
|
)
|
|
|
(189,098
|
)
|
|
|
(193,851
|
)
|
|
|
(193,851
|
)
|
|
Depreciation and amortization
|
|
|
(463,714
|
)
|
|
|
(463,714
|
)
|
|
|
(729,585
|
)
|
|
|
(729,585
|
)
|
|
Segments operating loss
|
|
$
|
2,074,385
|
|
|
$
|
2,074,385
|
|
|
$
|
(2,571,673
|
)
|
|
$
|
(2,571,673
|
)
|
|
Interest and finance costs
|
|
|
|
|
|
|
(8,132
|
)
|
|
|
|
|
|
|
(6,022
|
)
|
|
Interest income
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
169,895
|
|
|
Foreign exchange gains/(losses)
|
|
|
|
|
|
|
89
|
|
|
|
|
|
|
|
(822
|
)
|
|
Less: Unallocated corporate general and administrative expenses (including related parties)
|
|
|
|
|
|
|
(681,605
|
)
|
|
|
|
|
|
|
(756,423
|
)
|
|
Net income and comprehensive income, before taxes
|
|
|
|
|
|
$
|
1,384,737
|
|
|
|
|
|
|
$
|
433,783
|
|
|
| Reconciliation of Total Segment Assets to Total Assets |
A reconciliation of total segment assets to total assets presented in the accompanying unaudited condensed consolidated balance sheets
of December 31, 2024, and June 30, 2025, is as follows:
| |
|
As of
December 31,
2024
|
|
|
As of
June 30,
2025
|
|
|
Tanker segment
|
|
|
21,581,980
|
|
|
|
22,272,041
|
|
|
Cash and cash equivalents(1)
|
|
|
—
|
|
|
|
26,219,805
|
|
|
Prepaid expenses and other assets(1)
|
|
|
—
|
|
|
|
103,390
|
|
|
Total assets
|
|
$
|
21,581,980
|
|
|
$
|
48,595,236
|
|
| (1) |
Refers to assets of other, non-vessel owning, entities included in the unaudited interim condensed
consolidated financial statements.
|
|