| Balances with Related Parties |
As of December 31,
2024, and June 30, 2025, balances with related parties consisted of the following:
|
|
|
December 31,
2024
|
|
|
June 30,
2025
|
|
|
Assets:
|
|
|
|
|
|
|
|
Due from Castor Ships (a) – current
|
|
$ |
1,407,506 |
|
|
$ |
2,108,290 |
|
|
Due from Castor Ships (a) – non-current
|
|
|
3,504,667 |
|
|
|
2,893,839 |
|
|
Due from Pavimar (b) – current
|
|
|
1,405,049 |
|
|
|
440,030 |
|
|
Investment in Toro (c) – non-current
|
|
|
117,560,467 |
|
|
|
117,564,356 |
|
|
Due from related parties (MPC Capital) (g) - current
|
|
|
3,581,070 |
|
|
|
8,670,014 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Due to Toro (d) – current
|
|
|
687,500 |
|
|
|
1,104,166 |
|
|
Current portion of long‐term debt, related party, net (Toro) (e)
|
|
|
9,970,623 |
|
|
|
— |
|
|
Long‐term debt, related party, net (Toro) (e)
|
|
|
89,921,162 |
|
|
|
— |
|
|
Accrued interest (e)- current
|
|
|
364,205 |
|
|
|
— |
|
|
Due to related parties (MPC Capital) (g) - current
|
|
$
|
201,520 |
|
|
$
|
— |
|
|
| Related Party Long-Term Debt |
| |
|
Period Ended
|
|
|
Loan facilities
|
|
December 31,
2024
|
|
|
June 30,
2025
|
|
|
$100 million senior term loan facility
|
|
|
100,000,000
|
|
|
|
—
|
|
|
Total long-term debt, related
party
|
|
$
|
100,000,000
|
|
|
$
|
—
|
|
|
Less: Deferred financing
costs
|
|
|
(108,215
|
)
|
|
|
—
|
|
|
Total long-term debt, related
party, net of deferred finance costs
|
|
$
|
99,891,785
|
|
|
$
|
—
|
|
| |
|
|
|
|
|
|
|
|
|
Presented:
|
|
|
|
|
|
|
—
|
|
|
Current portion of long-term
debt, related party
|
|
$
|
10,000,000
|
|
|
$
|
—
|
|
|
Less: Current portion of
deferred finance costs
|
|
|
(29,377
|
)
|
|
|
—
|
|
|
Current portion of long-term
debt, related party, net of deferred finance costs
|
|
$
|
9,970,623
|
|
|
$
|
—
|
|
| |
|
|
|
|
|
|
—
|
|
|
Non-Current portion of
long-term debt, related party
|
|
$
|
90,000,000
|
|
|
$
|
—
|
|
|
Less: Non-Current portion of
deferred finance costs
|
|
|
(78,838
|
)
|
|
|
—
|
|
|
Non-Current portion of
long-term debt, related party, net of deferred finance costs
|
|
$
|
89,921,162
|
|
|
$
|
—
|
|
|
| Revenues from Services with Related Parties |
|
Revenues from services with related parties
|
|
Six months ended
June 30, 2025
|
|
|
MPC Container Ships ASA
|
|
$
|
4,203,908
|
|
|
MPC Caribbean Clean Energy Limited
|
|
|
450,060
|
|
|
MPC Energy Solutions NV
|
|
|
353,742
|
|
Other
|
|
|
271,312 |
|
|
Total
|
|
$
|
5,279,022
|
|
|