v3.26.3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows (used in)/provided by Operating Activities:    
Net income [1] $ 6,099,699 $ 433,783
Adjustments to reconcile net income to net cash provided by Operating activities:    
Depreciation and amortization 1,437,133 729,585
Change in fair value of crypto assets-Bitcoin 1,275,186 0
Gain on sale of vessel (6,206,743) 0
Changes in operating assets and liabilities:    
Accounts receivable trade (760,662) (303,922)
Inventories 59,656 (20,346)
Due from related party 1,903,596 12,201,784
Prepaid expenses and other assets 386,347 (124,791)
Accounts payable 365,416 (259,998)
Accrued liabilities 237,897 410,425
Deferred revenue 15,000 0
Dry-dock costs paid (16,259) 0
Net cash provided by Operating Activities 4,796,266 13,066,520
Cash flow (used in)/provided by Investing Activities:    
Capitalized vessel improvements (118,638) 0
Net proceeds from sale of vessel 12,328,880 0
Net cash provided by Investing Activities 12,210,242 0
Cash flows (used in)/provided by Financing Activities:    
Net increase in Former Parent Company Investment 0 329,618
Gross proceeds from issuance of common shares pursuant to registered direct offerings 0 17,157,000
Common share issuance expenses pursuant to registered equity offerings 0 (1,501,182)
Gross proceeds from issuance of common shares pursuant to at the Market offering agreement 17,050,366 0
Common share issuance expenses pursuant to at the Market offering agreement (681,938) 0
Payment for repurchase of common shares pursuant to self-tender offer (3,035,375) 0
Payment of Dividend on Series A Preferred Shares (250,000) (1,389)
Capital contribution from Former Parent Company due to Spin-Off 0 10,356,450
Net cash provided by Financing Activities 13,083,053 26,340,497
Net increase in cash and cash equivalents 30,089,561 39,407,017
Cash and cash equivalents at the beginning of the period 5,649,692 369
Cash and cash equivalents at the end of the period $ 35,739,253 $ 39,407,386
[1] For the six months ended June 30, 2026, “Gain on sale of vessel” amounting to $6,206,743 is included in the accompanying unaudited interim condensed consolidated statements of comprehensive income.