v3.26.1
Transactions with Related Parties (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Summary of Amounts Charged By The Company's Related Parties
The amounts charged by the Company’s related parties comprised the following:
 
       
Year ended December 31,
  
   
Location in statement of comprehensive income
  
2023
    
2024
    
2025
  
Management fees
   Management fees – related party     1,606,440     1,672,440       2,574,440  
Brokerage commissions
   Voyage expenses – related party     2,253,979       1,856,361       1,973,331  
Superintendent fees
   Vessels’ operating expenses – related party     57,000       18,000       43,000  
Crew management fees
   Vessels’ operating expenses – related party     289,583       310,000       480,000  
Executive compensation
   General and administrative expenses     400,072       412,470       412,021  
Commissions – vessels purchased
   Vessels, net     355,000       865,000       1,523,500  
Commissions – vessels sold
  
Net gain on sale of vessel – related party /
Net loss on sale of vessel
     430,000       420,000       —   
Rental expense
   General and administrative expenses     65,104       77,584       78,761  
Summary of Valuation Methodology and the Significant Other Observable Inputs The valuation methodology and the significant other observable inputs used for each component are set out below:
 
   
Valuation technique
  
Significant other observable input
  
Values
“Straight” Preferred Stock component
   Discounted Cash Flow Model  
-  Weighted average cost of capital
   13%
Embedded Option component
   Black & Scholes  
-  Volatility
-  Risk-free rate
-  Weighted average cost of capital
-  Strike price
-  Share price (based on the first 5 trading days volume weighted average)
   78%
4%
13%
$3.50
$2.33
Control Premium Component
   Discounted Cash Flow Model  
-  Control premium
 
-  Weighted average cost of capital
   12%
 
13%