| Schedule of Components of Lease Expenses Weighted Average Remaining Lease Terms and Discount Rate |
The
components of lease expenses for the six months ended December 31, 2025 and 2024 were as follows:
| | |
For
the
six months
ended
December 31,
2025 | | |
For
the
six months
ended
December 31,
2024 | |
| Fixed
operating lease | |
$ | 1,579,139 | | |
$ | 1,579,139 | |
| Variable
operating lease | |
| 129,241 | | |
| 103,111 | |
| Total
lease expense | |
$ | 1,708,380 | | |
$ | 1,682,250 | |
Supplemental
balance sheet information related to operating lease was as follows:
| | |
As
of December
31, 2025 | | |
As
of
June 30,
2025 | |
| Right-of-use assets-operating
lease, net | |
$ | — | | |
$ | 1,560,385 | |
| | |
| | | |
| | |
| Operating lease liabilities – current | |
$ | — | | |
$ | 1,437,353 | |
The
weighted average remaining lease terms and discount rate for operating lease were as follows as of December 31, 2025 and June 30, 2025:
| | | As of December 31, 2025 | | | As of
June 30,
2025 | | | Remaining lease term and discount rate: | | | | | | | | Weighted average remaining lease term (years) | | | — | | | | 0.5 years | | | Weighted average discount rate | | | — | % | | | 4.16 | % | The
total amount of financing lease expense, including amortization and interest expenses recognized in the unaudited condensed consolidated
statements of income for the six months ended December 31, 2025 and 2024 were as follows:
| | |
For
the six
months ended
December
31, 2025 | | |
For
the six
months ended
December
31, 2024 | |
| Depreciation expenses | |
$ | 1,160,698 | | |
$ | 1,352,424 | |
| Interest expenses-fixed | |
| 505,272 | | |
| 629,263 | |
| Interest
expenses-variable | |
| 134,236 | | |
| 277,905 | |
| Total | |
$ | 1,800,206 | | |
$ | 2,259,592 | |
Supplemental
balance sheet information related to financing leases was as follows:
| | |
As
of December
31, 2025 | | |
As
of
June 30,
2025 | |
| Right-of-use
assets-financing lease, net (included in Vessels, net, see Note 4) | |
$ | 36,701,714 | | |
$ | 38,118,961 | |
| Financing lease liabilities – current | |
$ | 3,279,203 | | |
$ | 3,338,390 | |
| Financing
lease liabilities – non-current | |
| 9,035,680 | | |
| 10,677,310 | |
| Total
financing lease liabilities | |
$ | 12,314,883 | | |
$ | 14,015,700 | |
The
weighted average remaining lease terms and discount rates for financing leases were as follows as of December 31, 2025 and June 30,
2025:
| | | As of
December 31,
2025 | | | As of
June 30,
2025 | | | Remaining lease term and discount rate: | | | | | | | | Weighted average remaining lease term (years) | | | 2.84 years | | | | 3.34 years | | | Weighted average discount rate | | | 7.61 | % | | | 7.61 | % |
|
| Schedule of Maturities of Financing Lease Liabilities |
The
following is a schedule of maturities of financing lease liabilities (excluding variable payments) as of December 31, 2025:
| For the period ending June 30, | |
| |
| 2026 | |
$ | 2,080,635 | |
| For
the year ending June 30, | |
| | |
| 2027 | |
| 3,986,356 | |
| 2028 | |
| 3,753,139 | |
| Thereafter | |
| 4,182,754 | |
| Total
future minimum lease payments | |
$ | 14,002,884 | |
| Less:
imputed interest | |
| 1,688,001 | |
| Present
value of lease liabilities | |
$ | 12,314,883 | |
|