v3.26.1
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 10,660 $ 3,964
Prepayments and other receivables 361 788
Trade accounts receivable 328 1,024
Due from related parties (Note 5) $ 1,833 $ 1,078
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related Party [Member] Related Party [Member]
Inventories $ 260 $ 194
Total current assets 13,442 7,048
FIXED ASSETS:    
Vessels, net (Note 4) 104,100 106,189
Advances for vessels under construction (Note 4) 31,361 0
Total fixed assets 135,461 106,189
OTHER NON-CURRENT ASSETS:    
Advances for asset acquisitions to related party (Notes 1 and 5) 0 19,500
Deferred charges-related party (Notes 1 and 4) 0 432
Restricted cash 900 900
Total non-current assets 900 20,832
Total assets 149,803 134,069
CURRENT LIABILITIES:    
Current portion of long-term debt (Note 7) 4,347 4,345
Accounts payable 3,828 2,835
Accrued liabilities 1,633 736
Unearned revenue 2,031 2,088
Total current liabilities 11,839 10,004
NON-CURRENT LIABILITIES:    
Non-current portion of long-term debt (Note 7) 81,420 77,937
Accrued Interest- non-current (Note 7) 84 0
Unearned revenue, non-current 1,104 330
Total non-current liabilities 82,608 78,267
COMMITMENTS AND CONTINGENCIES (Note 8)
Total liabilities 94,447 88,271
MEZZANINE EQUITY:    
Preferred stock, $0.01 par value; 20,000,000 shares authorized; 0 and 4,236 issued and outstanding at December 31, 2025, and June 30, 2026 (Note 11) 4,871 0
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D Shares were outstanding at December 31, 2025 and June 30, 2026 respectively 1 1
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 1,542 and 605,012 shares issued and outstanding at December 31, 2025 and June 30, 2026 respectively (Note 9) 6 0
Additional paid-in capital 20,415 14,036
Accumulated Other Comprehensive Income 238 0
Retained earnings 29,825 31,761
Total Stockholders' equity 50,485 45,798
Total liabilities and equity $ 149,803 $ 134,069