| Long-Term Debt |
The amount of
long-term debt shown in the accompanying unaudited interim consolidated balance sheets of December 31, 2024 and June 30, 2025, is analyzed as follows:
|
|
|
|
Period Ended
|
|
| Loan facilities |
Borrowers
|
|
December 31,
2024
|
|
|
June 30,
2025
|
|
|
5.0 Million Euro Term Loan
|
MPC Maritime Holding GmbH
|
|
|
3,657,056
|
|
|
|
5,272,155
|
|
|
Total long-term debt
|
|
|
$
|
3,657,056
|
|
|
$
|
5,272,155
|
|
|
Less: Deferred financing costs
|
|
|
|
—
|
|
|
|
—
|
|
|
Total long-term debt, net of deferred finance costs
|
|
|
$
|
3,657,056
|
|
|
$
|
5,272,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Presented:
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
1,053,156
|
|
|
$
|
1,171,590
|
|
|
Less: Current portion of deferred finance costs
|
|
|
|
—
|
|
|
|
—
|
|
|
Current portion of long-term debt, net of deferred finance costs
|
|
|
$
|
1,053,156
|
|
|
$
|
1,171,590
|
|
| |
|
|
|
|
|
|
|
|
|
|
Non-Current portion of long-term debt
|
|
|
|
2,603,900
|
|
|
|
4,100,565
|
|
|
Less: Non-Current portion of deferred finance costs
|
|
|
|
—
|
|
|
|
—
|
|
|
Non-Current portion of long-term debt, net of deferred finance costs
|
|
|
$
|
2,603,900
|
|
|
$
|
4,100,565
|
|
|
| Annual Principal Payments |
The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2025, required to be made after the balance
sheet date, are as follows:
|
Twelve-month period ending June 30,
|
|
Amount
|
|
|
2025
|
|
$
|
1,171,590
|
|
|
2026
|
|
|
1,171,590
|
|
|
2027
|
|
|
1,171,590
|
|
|
2028
|
|
|
1,171,590
|
|
|
2029
|
|
|
585,795 |
|
|
Total long-term debt
|
|
$
|
5,272,155
|
|
|