v3.26.3
Vessels, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant and Equipment [Abstract]  
Vessels, Net
5.
Vessels, Net
The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:
 
     Vessel cost      Accumulated
depreciation		      Net book
value		  
Balance, December 31, 2025
      94,990,150        (17,342,229 )       77,647,921  
  
 
 
     
 
 
     
 
 
  
Depreciation for the period
      —         (3,725,214 )       (3,725,214 ) 
  
 
 
     
 
 
     
 
 
  
Acquisition and improvements
      22,329,000        —         22,329,000  
  
 
 
     
 
 
     
 
 
  
Balance, June 30, 2026
      117,319,150        (21,067,443 )       96,251,707  
  
 
 
     
 
 
     
 
 
  
As of June 30, 2026, the Company performed an impairment review of its vessels since the book values of two vessels were substantially higher than their market values. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value and no impairment loss was recognized for the six-month period ended June 30, 2026.