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REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 10. REVENUE

 

Net revenue by category:

 

   2026   2025 
   For the Six Months Ended June 30, 
   2026   2025 
Pre-owned boat sales  $72,810,289   $47,614,565 
New boats sales   12,167,677    9,280,707 
Finance income   1,285,865    1,245,504 
Service, parts & other sales   2,643,112    446,067 
Total  $88,906,943   $58,586,843 

 

As of June 30, 2026 and December 31, 2025, trade-in boats recorded as inventory totaled $4.2 million and $3.1 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized $6.3 million and $1.5 million, respectively, in revenue from the sale of trade-in boats.

 

Customer deposits are recorded as deferred revenue and recognized as revenue upon transfer of control to the customer, generally upon delivery or acceptance.

 

Of the customer deposits recorded as of June 30, 2026 and December 31, 2025, $1.2 million and $2.4 million, respectively, were recognized as revenue during the six months ended June 30, 2026 and 2025, respectively. Additional deposits received during the six months ended June 30, 2026 and 2025 were recognized as revenue in the respective periods received.

 

The movement in customer deposits is as follows:

 

   June 30, 2026   December 31, 2025 
Balance at Beginning of Period  $1,210,447   $2,350,219 
Decrease due to revenue recognized during the period   (71,739,622)   (61,972,660)
Increase from customer deposits received in advance of performance obligations   73,125,627    61,081,388 
Customer deposits assumed through business combination   286,383    - 
Others   (25,000)   - 
Refunds to customers   -    (248,500)
Balance at the End of Period  $2,857,835   $1,210,447