| 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 |
% |
|
The components of lease expenses for the years ended June 30, 2025 and 2024 were as follows:
|
|
|
For the years ended June 30,
|
|
2025
|
|
2024
|
|
2023
|
|
Fixed operating lease
|
|
$
|
3,158,279 |
|
|
$
|
3,158,279 |
|
|
$
|
3,158,279 |
|
Variable operating lease
|
|
|
(528,027 |
)
|
|
|
(237,779 |
)
|
|
|
439,004 |
|
Total lease expense
|
|
$
|
2,630,252 |
|
|
$
|
2,920,500 |
|
|
$
|
3,597,283 |
Supplemental balance sheet information related to operating lease was as follows:
|
|
|
As of
June 30,
2025
|
|
As of
June 30,
2024
|
|
Right-of-use assets-operating lease, net
|
|
$
|
1,560,385 |
|
$
|
4,587,352 |
| |
|
|
|
|
|
|
|
Operating lease liabilities – current
|
|
|
1,437,353 |
|
|
3,026,234 |
|
Operating lease liabilities – non-current
|
|
|
—
|
|
|
1,572,994 |
|
Total operating lease liabilities
|
|
$
|
1,437,353 |
|
$
|
4,599,228 |
The weighted average remaining lease terms and discount rate for operating lease were as follows as of June 30, 2025 and 2024:
|
|
|
As of
June 30,
2025
|
|
As of
June 30,
2024
|
|
Remaining lease term and discount rate:
|
|
|
|
|
|
|
|
Weighted average remaining lease term (years)
|
|
0.5 years |
|
|
1.5 years |
|
|
Weighted average discount rate
|
|
4.16 |
% |
|
4.16 |
% |
The total amount of financing lease expense, including amortization and interest expenses recognized in the combined and consolidated statements of income for the years ended June 30, 2025, 2024 and 2023 were as follows:
|
|
|
For the years ended June 30,
|
|
2025
|
|
2024
|
|
2023
|
|
Depreciation expenses
|
|
$
|
2,704,847 |
|
$
|
2,704,848 |
|
$
|
2,704,847 |
|
Interest expenses-fixed
|
|
|
1,196,602 |
|
|
1,443,772 |
|
|
1,689,926 |
|
Interest expenses-variable
|
|
|
238,965 |
|
|
496,612 |
|
|
300,761 |
|
Total
|
|
$
|
4,140,414 |
|
$
|
4,645,232 |
|
$
|
4,695,534 |
Supplemental balance sheet information related to financing leases was as follows:
|
|
|
As of
June 30,
2025
|
|
As of
June 30,
2024
|
|
Right-of-use assets-financing lease, net (included in Vessels, net, see Note 4)
|
|
$
|
38,118,961 |
|
$
|
40,753,604 |
|
Financing lease liabilities – current
|
|
$
|
3,338,390 |
|
$
|
3,256,190 |
|
Financing lease liabilities – non-current
|
|
|
10,677,310 |
|
|
13,948,550 |
|
Total financing lease liabilities
|
|
$
|
14,015,700 |
|
$
|
17,204,740 |
The weighted average remaining lease terms and discount rates for financing leases were as follows as of June 30, 2025 and 2024:
|
|
|
As of
June 30,
2025
|
|
As of
June 30,
2024
|
|
Remaining lease term and discount rate:
|
|
|
|
|
|
|
|
Weighted average remaining lease term (years)
|
|
3.34 years |
|
|
4.34 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 |
|
The following is a schedule of maturities of financing lease liabilities (excluding variable payments) as of June 30, 2025:
|
Twelve months ending June 30,
|
|
|
|
|
2026
|
|
$
|
4,286,724 |
|
2027
|
|
|
3,986,356 |
|
2028
|
|
|
3,753,139 |
|
Thereafter
|
|
|
4,182,754 |
|
Total future minimum lease payments
|
|
$
|
16,208,973 |
|
Less: imputed interest
|
|
|
2,193,273 |
|
Present value of lease liabilities
|
|
$
|
14,015,700 |
|