| Information about Company's Reportable Segments |
The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2024, and 2025. The
accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated
based on income from operations.
| |
|
Six months ended June 30, 2024
|
|
|
Six months ended June 30, 2025
|
|
| |
|
Dry bulk
segment
|
|
|
Containership
segment
|
|
|
Total
|
|
|
Dry bulk
segment
|
|
|
Containership
segment
|
|
|
Asset management
segment
|
|
|
Total
|
|
|
- Vessel revenues
|
|
$
|
30,244,797
|
|
|
$
|
6,424,979
|
|
|
$
|
36,669,776
|
|
|
$
|
15,312,143
|
|
|
$
|
6,170,124
|
|
|
$
|
— |
|
|
$
|
21,482,267
|
|
- Revenue from services
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,803,545 |
|
|
|
16,803,545 |
|
|
Total revenues
|
|
$
|
30,244,797
|
|
|
$
|
6,424,979
|
|
|
$
|
36,669,776
|
|
|
$
|
15,312,143
|
|
|
$
|
6,170,124
|
|
|
$
|
16,803,545 |
|
|
$ |
38,285,812
|
|
|
Voyage expenses (including charges from related party)
|
|
|
(1,701,922
|
)
|
|
|
(310,852
|
)
|
|
|
(2,012,774
|
)
|
|
|
(1,341,234
|
)
|
|
|
(435,583
|
)
|
|
|
— |
|
|
|
(1,776,817
|
)
|
|
Vessel operating expenses
|
|
|
(12,379,672
|
)
|
|
|
(2,277,979
|
)
|
|
|
(14,657,651
|
)
|
|
|
(8,387,369
|
)
|
|
|
(1,857,355
|
)
|
|
|
— |
|
|
|
(10,244,724
|
)
|
|
Cost of revenue from services (exclusive of depreciation and amortization shown separately below)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,504,581 |
) |
|
|
(10,504,581 |
) |
|
Management fees to related parties
|
|
|
(2,127,788
|
)
|
|
|
(358,904
|
)
|
|
|
(2,486,692
|
)
|
|
|
(1,953,033
|
)
|
|
|
(335,610
|
)
|
|
|
— |
|
|
|
(2,288,643
|
)
|
|
Depreciation and amortization
|
|
|
(4,630,403
|
)
|
|
|
(2,757,452
|
)
|
|
|
(7,387,855
|
)
|
|
|
(4,778,984
|
)
|
|
|
(724,256
|
)
|
|
|
(1,149,915 |
) |
|
|
(6,653,155
|
)
|
|
Provision for doubtful accounts
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,459) |
|
|
|
(15,459 |
) |
|
Net gain / (loss) on sale of vessels
|
|
|
19,307,595
|
|
|
|
—
|
|
|
|
19,307,595
|
|
|
|
(2,082,412
|
)
|
|
|
80,766
|
|
|
|
— |
|
|
|
(2,001,646
|
)
|
|
Loss on vessels held for sale
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,554,777) |
|
|
|
— |
|
|
|
— |
|
|
|
(5,554,777 |
) |
|
Gain from a claim
|
|
|
1,411,356 |
|
|
|
— |
|
|
|
1,411,356 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net gain on disposal of assets
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
410,099 |
|
|
|
410,099 |
|
|
Net gain from equity method investments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
441,493 |
|
|
|
441,493 |
|
|
Net loss from equity method investments measured at fair value
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,430,461 |
) |
|
|
(25,430,461 |
) |
|
Segments operating income/(loss)
|
|
$
|
30,123,963
|
|
|
$
|
719,792
|
|
|
$
|
30,843,755
|
|
|
$
|
(8,785,666
|
)
|
|
$
|
2,898,086
|
|
|
$
|
(19,445,279 |
) |
|
$
|
(25,332,859
|
)
|
|
Interest and finance costs
|
|
|
|
|
|
|
|
|
|
|
(3,580,372
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(431,125
|
)
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
1,950,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
587,209
|
|
|
Foreign exchange losses
|
|
|
|
|
|
|
|
|
|
|
(10,599
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,301,795
|
)
|
|
Less: Unallocated corporate general and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
(3,387,071
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,547,735
|
)
|
|
Less: Corporate Interest and finance costs
|
|
|
|
|
|
|
|
|
|
|
(424,322
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,762,996
|
)
|
|
Less: Corporate Interest income
|
|
|
|
|
|
|
|
|
|
|
1,376,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
422,238
|
|
|
Less: Corporate exchange (losses)/ gains
|
|
|
|
|
|
|
|
|
|
|
(75,059
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,197
|
|
|
Corporate: Net gain from equity method investments measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
615,812 |
|
|
Dividend income on equity securities
|
|
|
|
|
|
|
|
|
|
|
2,853,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,196,716
|
|
|
Dividend income from related party
|
|
|
|
|
|
|
|
|
|
|
707,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
703,889
|
|
|
Dividend income from equity method investments measured at fair value (related party)
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,610,587 |
|
|
Gains on equity securities
|
|
|
|
|
|
|
|
|
|
|
15,025,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,457,774
|
|
Other net
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,213,634 |
|
|
Net income / (loss), before taxes
|
|
|
|
|
|
|
|
|
|
$
|
45,279,966
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(16,406,454
|
)
|
|
| Reconciliation of Total Segment Assets to Total Assets |
A reconciliation of total segment assets to total assets presented in the accompanying unaudited interim consolidated balance sheets of
December 31, 2024 and June 30, 2025, is as follows:
| |
|
As of
December 31,
2024
|
|
|
As of
June 30,
2025
|
|
|
Dry bulk segment
|
|
$
|
194,561,173
|
|
|
$
|
159,207,459
|
|
|
Containership segment
|
|
|
54,030,862
|
|
|
|
17,739,238
|
|
Asset management segment
|
|
|
308,393,047 |
|
|
|
313,840,644 |
|
|
Cash and cash equivalents (1)
|
|
|
53,677,612
|
|
|
|
19,331,794
|
|
|
Prepaid expenses and other assets (1)
|
|
|
186,714,227
|
|
|
|
192,690,362
|
|
|
Total consolidated assets
|
|
$
|
797,376,921
|
|
|
$
|
702,809,497
|
|
| (1) |
Refers
to assets of other, non-vessel owning, entities included in the unaudited interim consolidated financial statements.
|
|