v3.26.1
Consolidated statements of cash flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income for the year $ 49,978,247 $ 50,157,772 $ 71,134,002 [1]
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 25,930,557 16,991,900 15,629,116
Amortization of deferred finance charges 0 0 474,039
Noncash lease expense 78,761 71,237 62,609
Shared based compensation 3,187,650 3,397,082 2,434,855
Impairment loss 0 0 8,996,023
Net gain on sale of vessel – related party 0 0 (8,182,777)
Net loss on sale of vessel 0 1,589,702 0
Unrealized foreign exchange (gain)/loss on time deposits (967,751) 1,983,810 (426,040)
Dividends income from related party 0 0 (404,167)
Changes in operating assets and liabilities:      
Trade and other receivables 52,528 42,730 (6,477,912)
Other current assets (455,187) (349,996) (62,771)
Claim receivables (479,488) 0 0
Inventories 2,585,483 (15,233) (1,908,513)
Changes in operating lease liabilities (78,761) (71,237) (62,609)
Advances and prepayments 5,548 (88,625) (181,990)
Due from related party (191,667) 2,206,821 (2,940,967)
Trade accounts payable 716,052 (2,173,926) 118,523
Due to related party (2,386,635) 3,091,759 0
Accrued liabilities 825,966 361,520 1,383,841
Deferred income 1,980,099 500,110 (54,903)
Net cash provided by operating activities 80,781,402 77,695,426 79,530,359
Cash flows from investing activities:      
Dividends income received 0 0 241,667
Proceeds from sale of vessel, net 0 41,153,578 3,865,890
Payments for acquisition and capitalized expenses of vessels (1,707,320) (74,672,266) (28,145,103)
Purchase of bank time deposits (318,126,975) (259,603,451) (167,501,480)
Maturity of bank time deposits 284,760,767 150,770,970 203,827,710
Proceeds from seller financing 0 35,700,000 0
Net cash provided by/(used in) investing activities (35,073,528) (106,651,169) 12,288,684
Cash flows from financing activities:      
Proceeds from issuance of Series B preferred shares 655,000 475,000 0
Proceeds from exercise of stock options 60,000,570 0 29,070,586
Proceeds from equity offerings 2,066,666 8,600,000 0
Stock issuance costs (4,000,721) 0 (1,492,817)
Issuance costs on warrants exercise 0 (22,178) 0
Stock repurchase 0 (2,504,498) (5,885,727)
Warrants repurchase 0 0 (1,521,738)
Dividends paid on preferred shares (1,736,415) (1,736,562) (2,130,254)
Loan repayments 0 0 (70,438,500)
Repayment of seller and capital expenditures financing (164,705,000) 0 0
Cash retained by C3is Inc. at spin off 0 0 (5,000,000)
Net cash (used in)/ provided by financing activities (107,719,900) 4,811,762 (57,398,450)
Net increase/(decrease) in cash, cash equivalents (62,012,026) (24,143,981) 34,420,593
Cash, cash equivalents at the beginning of the year 67,783,531 91,927,512 57,506,919
Cash, cash equivalents at the end of the year 5,771,505 67,783,531 91,927,512
Supplemental cash flow information:      
Interest paid 2,693,092 0 1,735,054
Non cash investing activity – Vessel improvements included in liabilities 0 0 859,320
Non cash investing and financing activity – Part payment of vessel acquisition through issuance of Series C Preferred Shares 0 0 10,000,000
Non cash investing activity – Dividend on Series A Perpetual Convertible Preferred shares included in investment in related party 354,167 162,500 162,500
Non cash investing activity – Vessel acquisition included in payable to related parties 0 13,305,000 0
Non cash financing activity – Dividend on Series A Preferred Shares included in payable to related parties 8,989 4,421 0
Distribution of net assets of C3is Inc. to shareholders and warrant holders 0 0 20,957,952
Non cash investing activity – Seller financing included in receivables from related party $ 0 $ 0 $ 35,700,000
[1] Adjusted to reflect the reverse stock split effect on April 28, 2023 (see Note 1 and 8)