v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income for the period $ 13,183,829 $ 2,588,391
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,725,214 3,250,941
Share based compensation 62,233 228,518
Unrealized foreign exchange loss on time deposits 46,365 0
(Gain)/loss on warrants 2,030,240 (508,232)
Non-cash lease expense 24,751 33,002
Changes in operating assets and liabilities:    
(Increase)/decrease in Trade and other receivables (7,471,963) (2,866,717)
(Increase)/decrease in Other current assets 48,549 (27,891)
(Increase)/decrease in Inventories (1,905,142) (258,085)
(Increase)/decrease in Advances and prepayments 4,942 3,758
Increase/(Decrease) in Trade accounts payable 1,301,675 442,559
Increase/(Decrease) in Changes in operating lease liabilities (24,751) (33,002)
Increase/(Decrease) in Payable to related parties 1,769,249 189,723
Increase/(Decrease) in Accrued liabilities 190,961 (48,541)
Increase/(Decrease) in Deferred income (157,640) (46,441)
Net cash provided by operating activities 12,828,512 2,947,983
Cash flows from investing activities    
Payments for acquisition and capitalized expenses of vessel 0 (161,900)
Increase in bank time deposits (47,456,757) (1,600,000)
Maturity of bank time deposits 29,224,391 7,948,706
Net cash provided by/(used in) investing activities (18,232,366) 6,186,806
Cash flows from financing activities    
Proceeds from equity offering 2,632,693 0
Repayment of seller financing 0 (13,381,000)
Proceeds from exercise of warrants 3,564,962 660,806
Stock issuance costs (289,234) 0
Dividends paid on preferred shares (383,333) (379,167)
Net cash (used in)/provided by financing activities 5,525,088 (13,099,361)
Net (decrease)/increase in cash and cash equivalents 121,234 (3,964,572)
Cash and cash equivalents at beginning of period 616,640 4,640,343
Cash and cash equivalents at end of period 737,874 675,771
Supplemental Cash Flow Information    
Cash paid for interest in relation to seller financing 0 1,190,000
Non-cash Financing Activities    
Non cash financing activity - Cashless exercise of Class B2 and Class C2 warrants 712,166 0
Non cash investing activity - Vessel acquisition included in payable to related parties 22,329,000 0
Series A Preferred Stock [Member]    
Non-cash Financing Activities    
Non cash financing activity - Dividends on preferred shares Series A included in payable to related parties $ 347,917 $ 160,416