| Information about Company's Reportable Segment |
The table below presents information about the Company’s reportable segment for the six months ended June 30, 2025, and 2026. The
accounting policies followed in the preparation of the reportable segment are the same as those followed in the preparation of the Company’s unaudited interim consolidated financial statements.
| |
|
Six months ended June 30, 2025
|
|
|
Six months ended June 30, 2026
|
|
|
|
|
| |
|
Tanker segment
|
|
|
Total
|
|
|
Tanker segment
|
|
|
LPG carrier
segment
|
|
|
Total
|
|
|
Pool revenues
|
|
$
|
3,598,828
|
|
|
$
|
3,598,828
|
|
|
$
|
3,725,158
|
|
|
$ |
— |
|
|
|
3,725,158
|
|
Time charter revenues
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,248,000 |
|
|
|
4,248,000 |
|
|
Total vessel revenues
|
|
$
|
3,598,828
|
|
|
$
|
3,598,828
|
|
|
$
|
3,725,158
|
|
|
$ |
4,248,000 |
|
|
$
|
7,973,158
|
|
|
Voyage expenses (including charges from related party)
|
|
|
(410,169
|
)
|
|
|
(410,169
|
)
|
|
|
(531,552
|
)
|
|
|
(215,491 |
) |
|
|
(747,043
|
)
|
|
Vessel operating expenses
|
|
|
(1,238,068
|
)
|
|
|
(1,238,068
|
)
|
|
|
(869,986
|
)
|
|
|
(1,862,204 |
) |
|
|
(2,732,190
|
)
|
|
Management fees to related party
|
|
|
(193,851
|
)
|
|
|
(193,851
|
)
|
|
|
(146,400
|
)
|
|
|
(398,200 |
) |
|
|
(544,600
|
)
|
|
Depreciation and amortization
|
|
|
(729,585
|
)
|
|
|
(729,585
|
)
|
|
|
(358,331
|
)
|
|
|
(1,078,802 |
) |
|
|
(1,437,133
|
)
|
Gain on sale of vessel
|
|
|
— |
|
|
|
— |
|
|
|
6,206,743 |
|
|
|
— |
|
|
|
6,206,743 |
|
|
Segments operating income
|
|
$
|
1,027,155
|
|
|
$
|
1,027,155
|
|
|
$
|
8,025,632
|
|
|
$ |
693,303 |
|
|
$
|
8,718,935
|
|
|
Finance costs
|
|
|
|
|
|
|
(6,022
|
)
|
|
|
|
|
|
|
|
|
|
|
(33,207
|
)
|
|
Interest income
|
|
|
|
|
|
|
169,895
|
|
|
|
|
|
|
|
|
|
|
|
261,085
|
|
Change in fair value of crypto assets-Bitcoin
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
(1,275,186 |
) |
|
Foreign exchange (losses)/gains
|
|
|
|
|
|
|
(822
|
)
|
|
|
|
|
|
|
|
|
|
|
2,702
|
|
|
Less: Unallocated corporate general and administrative expenses (including related party)
|
|
|
|
|
|
|
(756,423
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,574,630
|
)
|
|
Net income and comprehensive income, before taxes
|
|
|
|
|
|
$
|
433,783
|
|
|
|
|
|
|
|
|
|
|
$
|
6,099,699
|
|
|
| Reconciliation of Total Segment Assets to Total Assets |
A reconciliation of total segment assets to total assets presented in the accompanying
unaudited condensed consolidated balance sheets of December 31, 2025, and June 30, 2026, is as follows:
| |
|
As of
December 31,
2025
|
|
|
As of
June 30,
2026
|
|
|
Tanker segment
|
|
|
12,377,612
|
|
|
|
5,398,945
|
|
|
LPG carrier segment
|
|
|
36,570,846 |
|
|
|
34,788,280 |
|
|
Cash and cash equivalents(1)
|
|
|
5,648,644
|
|
|
|
35,738,462
|
|
|
Prepaid expenses and other assets(1)
|
|
|
4,352,011
|
|
|
|
2,787,807
|
|
|
Total assets
|
|
$
|
58,949,113
|
|
|
$
|
78,713,494
|
|
| (1) |
Refers to assets of other, non-vessel owning, entities included in the unaudited interim
condensed consolidated financial statements.
|
|