| Discontinued Operations |
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3.
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Discontinued operations:
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Following the sale of the M/T Wonder Sirius (Note
1), the Company no longer has any Aframax/LR2 vessels. The Company has determined that the disposal of all of its Aframax/LR2 vessels constituted a disposal of an entity’s segment that will have a major effect on the Company’s operations and
financial results. In this respect, the results of operations and cash flows of the Aframax/LR2 segment, as well as its assets and liabilities, are reported as discontinued operations for all periods presented in the accompanying unaudited interim
condensed consolidated financial statements. The comparative figures in these consolidated financial statements have been adjusted on the basis of presenting separately the discontinued operations’ figures.
The components of assets and liabilities of discontinued operations in the unaudited
condensed consolidated balance sheet at December 31, 2024 and June 30, 2025 consisted of the following:
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December 31,
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June 30,
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2024
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2025
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CURRENT ASSETS:
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|
|
|
|
|
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Cash and cash equivalents
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$
|
4,836
|
|
|
$
|
3,770
|
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|
Due from related parties, current
|
|
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467,701
|
|
|
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444,684
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Prepaid expenses and other assets
|
|
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22,466
|
|
|
|
1,353
|
|
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Total current assets of discontinued operations
|
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495,003
|
|
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449,807
|
|
|
|
|
|
|
|
|
|
|
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NON-CURRENT ASSETS:
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|
|
|
|
|
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Total non-current assets of discontinued operations
|
|
|
—
|
|
|
|
—
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|
|
|
|
|
|
|
|
|
|
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CURRENT LIABILITIES:
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|
|
|
|
|
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Accounts payable
|
|
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65,117
|
|
|
|
687
|
|
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Accrued liabilities
|
|
|
1,554,646
|
|
|
|
1,569,084
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Total current liabilities of discontinued operations
|
|
|
1,619,763
|
|
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1,569,771
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|
|
|
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|
|
|
|
|
|
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NON-CURRENT LIABILITIES:
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|
|
|
|
|
|
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Total non-current liabilities of discontinued operations
|
|
|
—
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|
|
|
—
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The components of the income from discontinued operations for the six months ended June 30, 2024 and 2025 in the unaudited interim condensed consolidated statements of comprehensive income consisted of the following:
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Six Months Ended
June 30,
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Six Months Ended
June 30,
|
|
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2024
|
|
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2025
|
|
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REVENUES:
|
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|
|
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Time charter revenues
|
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|
1,355
|
|
|
|
—
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Pool revenues
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629,825
|
|
|
|
—
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Total vessel revenues
|
|
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631,180
|
|
|
|
—
|
|
|
|
|
|
|
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EXPENSES:
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|
|
|
|
|
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|
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Voyage expenses (including $8,007 and $0 to related party for the six months ended June 30, 2024 and 2025, respectively)
|
|
|
(23,741
|
)
|
|
|
117,732
|
|
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Vessel operating expenses
|
|
|
(352,940
|
)
|
|
|
(12,241
|
)
|
|
Management fees to related parties
|
|
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(24,936
|
)
|
|
|
—
|
|
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Depreciation and amortization
|
|
|
(35,305
|
)
|
|
|
—
|
|
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Gain on sale of vessel
|
|
|
19,559,432
|
|
|
|
—
|
|
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Total expenses
|
|
|
19,122,510
|
|
|
|
105,491
|
|
|
|
|
|
|
|
|
|
|
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Operating income
|
|
|
19,753,690
|
|
|
|
105,491
|
|
|
|
|
|
|
|
|
|
|
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OTHER INCOME/(EXPENSES):
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|
|
|
|
|
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Interest and finance costs
|
|
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(80,853
|
)
|
|
|
(4,747
|
)
|
|
Interest income
|
|
|
40,134
|
|
|
|
—
|
|
|
Foreign exchange gains
|
|
|
1,123
|
|
|
|
22
|
|
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Total other expenses, net
|
|
|
(39,596
|
)
|
|
|
(4,725
|
)
|
|
|
|
|
|
|
|
|
|
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Net income and comprehensive income from discontinued operations, before and net of taxes
|
|
$
|
19,714,094
|
|
|
$
|
100,766
|
|
|