Long-Term Debt (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Long-Term Debt [Abstract] |
|
| Long-Term Debt |
The amount of long-term debt shown in the accompanying
unaudited condensed consolidated balance sheets of December 31, 2025 and June 30, 2026, is analyzed as follows:
|
|
|
Period Ended
|
|
| Loan facilities |
|
December 31,
2025
|
|
|
June 30,
2026
|
|
| $50.0 Million Term Loan Facility (a) |
|
|
50,000,000 |
|
|
|
25,800,000 |
|
| €5.0 Million Term Loan |
|
|
4,705,240 |
|
|
|
3,992,380 |
|
| €16.2 Million Term Loan |
|
|
15,155,723 |
|
|
|
14,302,977 |
|
| €1.72
Million Term Loan |
|
|
1,736,708 |
|
|
|
1,636,714 |
|
|
Total long-term debt
|
|
$
|
71,597,671
|
|
|
$
|
45,732,071
|
|
|
Less: Deferred financing costs
|
|
|
(967,454
|
)
|
|
|
(451,183
|
)
|
|
Total long-term debt, net of deferred finance costs
|
|
$
|
70,630,217
|
|
|
$
|
45,280,888
|
|
|
|
|
|
|
|
|
|
|
|
|
Presented:
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
$
|
5,886,012
|
|
|
$
|
4,058,990
|
|
|
Less: Current portion of deferred finance costs
|
|
|
(248,392
|
)
|
|
|
(131,682
|
)
|
|
Current portion of long-term debt, net of deferred finance costs
|
|
$
|
5,637,620
|
|
|
$
|
3,927,308
|
|
| |
|
|
|
|
|
|
|
|
|
Non-Current portion of long-term debt
|
|
|
65,711,659
|
|
|
|
41,673,081
|
|
|
Less: Non-Current portion of deferred finance costs
|
|
|
(719,062
|
)
|
|
|
(319,501
|
)
|
|
Non-Current portion of long-term debt, net of deferred finance costs
|
|
$
|
64,992,597
|
|
|
$
|
41,353,580
|
|
|
| Annual Principal Payments |
The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2026, required to be made after the balance
sheet date, are as follows:
|
Twelve-month period ending June 30,
|
|
Amount
|
|
|
2027
|
|
$
|
4,313,054
|
|
|
2028
|
|
|
4,313,054
|
|
|
2029
|
|
|
4,313,054
|
|
|
2030
|
|
|
3,742,714 |
|
|
2031 and thereafter
|
|
|
30,769,519 |
|
|
Total long-term debt
|
|
$
|
47,451,395
|
|
Less: unamortized debt discount
|
|
|
(1,719,324 |
) |
Less: current portion of long-term debt
|
|
|
(4,058,990 |
) |
Long-term debt, non-current
|
|
$ |
41,673,081 |
|
|
| Schedule of Financial Liabilities |
The amount of financial liabilities shown in the accompanying unaudited
condensed consolidated balance sheets of December 31, 2025 and June 30, 2026, is analyzed as follows:
| |
|
Period Ended
|
|
|
Financial Liabilities
|
|
December 31,
2025
|
|
|
June 30,
2026
|
|
|
M/V Magic Thunder Sale and Leaseback
|
|
$
|
13,981,920
|
|
|
$
|
13,150,180
|
|
|
M/V Magic Perseus Sale and Leaseback
|
|
|
—
|
|
|
|
14,896,634
|
|
|
Total long-term financial liabilities
|
|
$
|
13,981,920
|
|
|
$
|
28,046,814
|
|
|
Less: Deferred financing costs
|
|
|
(386,160
|
)
|
|
|
(754,371
|
)
|
|
Total long‐term financial liabilities, net of deferred finance costs
|
|
$
|
13,595,760
|
|
|
$
|
27,292,443
|
|
| |
|
|
|
|
|
|
|
|
|
Presented:
|
|
|
|
|
|
|
|
|
|
Current portion of long-term financial liabilities
|
|
$
|
1,668,050
|
|
|
$
|
3,086,440
|
|
|
Less: Current portion of deferred finance costs
|
|
|
(119,060
|
)
|
|
|
(217,901
|
)
|
|
Current portion of long‐term financial liabilities, net of deferred finance costs
|
|
$
|
1,548,990
|
|
|
$
|
2,868,539
|
|
| |
|
|
|
|
|
|
|
|
|
Non-Current portion of long‐term financial liabilities
|
|
|
12,313,870
|
|
|
|
24,960,374
|
|
|
Less: Non-Current portion of deferred finance costs
|
|
|
(267,100
|
)
|
|
|
(536,470
|
)
|
|
Non-Current portion of long‐term financial liabilities, net of deferred finance costs
|
|
$
|
12,046,770
|
|
|
$
|
24,423,904
|
|
|
| Annual Financial Liabilities |
As of June 30, 2026, and throughout the term of the leases, the Company has annual financial liabilities as shown in
the table below:
|
Twelve-month period ending June 30,
|
|
Amount
|
|
|
2027
|
|
$
|
3,086,440
|
|
|
2028
|
|
|
3,094,896
|
|
|
2029
|
|
|
3,086,440
|
|
|
2030
|
|
|
3,086,440
|
|
|
2031 and thereafter
|
|
|
15,692,598
|
|
|
Total long-term financial liabilities
|
|
$
|
28,046,814
|
|
|