Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS
The Company has related party transactions with companies that are owned or controlled by either Mr. Stavros Galanakis, the Vice-President and Chairman of the Board of Directors, and Mr. Konstantinos Galanakis, the CEO and Director.
The Company entered into an agreement in October 2020 with related party, Elvictor Crew Management Services Ltd in Cyprus to provide human resources services as well as to perform the running and management of the Company’s contracts with third parties and provide key personnel for these services. The agreement was terminated in the first quarter of 2022; a new agreement was signed in April 2025 for the provision of accounting and back-office services as well as general HR advisory and crewing support services. A total amount of $0 has been expensed for the related party, Elvictor Crew Management Services Ltd, as of March 31, 2026, for the cost of services sold, included in the Cost of Revenue- Related Party. As of March 31, 2026, the Company has other receivables - related party of $1,622,147 from Elvictor Crew Management Ltd Cyprus compared to $743,853 as of December 31, 2025. During the first three months of 2026, the Company secured nine new crew management contracts. In connection with the onboarding and commencement of these contracts, the Company advanced funds and assumed certain operating costs and liabilities on behalf of Elvictor Crew Management Services Ltd, through which those crew management services were delivered. These advances and assumed obligations, totaling $878,294, explain the increase to the receivable. Those amounts are expected to be recovered through intercompany settlements as the nine contracts generate revenue over the next 12 to 24 months.
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the period ended March 31, 2026, the latter provided manning services to the Company of $29,518 included in the Cost of Revenue – Related Party and Net Revenue, while as of March 31, 2026 the Company had a liability of $11,845 compared to a liability of $25,474 as of December 31, 2025.
On September 1, 2020, the Company signed an agreement with Qualiship Georgia Ltd for the latter to provide training of the qualified personnel. For the three months ended March 31, 2026, the Company incurred $34,767 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualiship Georgia Ltd as of March 31, 2026, was $216,240 included under Trade Accounts Payable – Related Party compared to an amount equal to $164,562 as of December 31, 2025.
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Odessa. During the period ended March 31, 2026, the latter provided manning services to the Company of $3,550, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of March 31, 2026, was $20 included under Trade Accounts Payable – Related Party compared to an amount equal to $0 as of December 31, 2025.
As disclosed in Note 4 above, the Company entered into an agreement with Seatrix Software Production Single Member S.A. to provide software development services. The Company has a balance of $10,156 due for the three months ended March 31, 2026, and as of December 31, 2025. |