Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of VIE's Assets and Liabilities |
Schedule
of VIE's Assets and Liabilities
| Drykon | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2025 | |
| Total current assets | |
$ | 1,723 | | |
$ | 1,045 | |
| Total fixed assets, net | |
| 26,730 | | |
| 25,385 | |
| Total assets: | |
$ | 28,453 | | |
$ | 26,430 | |
| | |
| | | |
| | |
| Total current liabilities | |
$ | 2,364 | | |
$ | 1,345 | |
| Total non-current liabilities | |
| 15,832 | | |
| 14,659 | |
| Total stockholders’ equity | |
| 10,257 | | |
| 10,426 | |
| Total liabilities and stockholders’ equity | |
$ | 28,453 | | |
$ | 26,430 | |
| Accuship | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2025 | |
| Total current assets | |
$ | 726 | | |
$ | 1,291 | |
| Total fixed assets, net | |
| 20,563 | | |
| 19,630 | |
| Total other non-current assets | |
| — | | |
| 580 | |
| Total assets: | |
$ | 21,289 | | |
$ | 21,501 | |
| | |
| | | |
| | |
| Total current liabilities | |
$ | 1,415 | | |
$ | 3,178 | |
| Total non-current liabilities | |
| 14,529 | | |
| 13,294 | |
| Total stockholders’ equity | |
| 5,345 | | |
| 5,029 | |
| Total liabilities and stockholders’ equity | |
$ | 21,289 | | |
$ | 21,501 | |
|
| Schedule of Revenue Disaggregated by Revenue Source |
The
following table presents the Company’s revenue disaggregated by revenue source, net of commissions, for the years ended December
31, 2023, 2024 and 2025:
Schedule of Revenue Disaggregated by Revenue Source
| | |
2023 | | |
2024 | | |
2025 | |
| | |
Year
ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| Revenues
derived from spot voyage charters, net | |
$ | 12,665 | | |
$ | 19,769 | | |
$ | 2,041 | |
| Revenues
derived from time charters, net | |
| 32,803 | | |
| 31,773 | | |
| 36,953 | |
| Revenues,
net | |
$ | 45,468 | | |
$ | 51,542 | | |
$ | 38,994 | |
|
| Summary of Revenue from Significant Charterers for 10% or More of Revenue |
Revenues
for the years ended December 31, 2023, 2024 and 2025, deriving from significant charterers individually accounting for 10% or more of
revenues (in percentages of total revenues), were as follows:
Summary of Revenue from Significant Charterers for 10% or More of Revenue
| | |
2023 | | |
2024 | | |
2025 | |
| Charterer | |
Year ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| A (*) | |
| 24 | % | |
| 31 | % | |
| — | |
| B (*) | |
| 43 | % | |
| 20 | % | |
| — | |
| C (*) | |
| — | | |
| 15 | % | |
| — | |
| D (*) | |
| 18 | % | |
| — | | |
| 20 | % |
| E (*) | |
| — | | |
| — | | |
| 22 | % |
| F (*) | |
| — | | |
| — | | |
| 11 | % |
| Total | |
| 85 | % | |
| 66 | % | |
| 53 | % |
|
| Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash |
The
following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying Consolidated
Balance Sheets that sum to the total of the same such amounts that are presented in the accompanying Consolidated Statements of Cash
Flows for the years ended December 31, 2023, 2024 and 2025.
Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash
| | |
2023 | | |
2024 | | |
2025 | |
| | |
As of December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| Cash and cash equivalents | |
$ | 34,539 | | |
$ | 21,243 | | |
$ | 35,555 | |
| Restricted cash, net of current portion | |
| 1,800 | | |
| 1,350 | | |
| 1,350 | |
| Total cash and cash equivalents and restricted cash | |
$ | 36,339 | | |
$ | 22,593 | | |
$ | 36,905 | |
|