Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 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 has 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. However, this agreement was terminated in the first quarter of 2022 since the formation of the new wholly owned Cypriot subsidiary. A total amount of $167,000 has been expensed for the related party, Elvictor Crew Management Services Ltd, as of June 30, 2026, for the cost of services sold, included in the Cost of Revenue- Related Party. As of June 30, 2026, the Company has other receivables - related party of $1,599,708 from Elvictor Crew Management Ltd Cyprus compared to $743,853 as of December 31, 2025.
On September 11, 2020, the Company entered into a Manning Agency Agreement with Elvictor Crew Management Service Ltd in Georgia. During the period ended June 30, 2026, the latter provided manning services to the Company of $61,214 included in the Cost of Revenue – Related Party and Net Revenue, while as of June 30, 2026 the Company had a liability of $12,866 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 six months ended June 30, 2026, the Company incurred $52,689 in Cost of Goods Sold that offset Net Revenue, and the amount due to Qualiship Georgia Ltd as of June 30, 2026, was $250,968 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 June 30, 2026, the latter provided manning services to the Company of $6,610, included in the Cost of Revenue – Related Party and Net Revenue, and amount due to Elvictor Odessa as of June 30, 2026, was $3,433 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 six months ended June 30, 2026, and as of December 31, 2025. |