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0px; top: 0px;display:inline;">Basis of Presentation and General Information </span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">C3is Inc. (“C3is”) was formed by Imperial Petroleum Inc. (“the former Parent Company”) on July 25, 2022 under the laws of the Republic of the Marshall Islands. Initial share capital of C3is consisted of 500 common shares. Imperial Petroleum Inc. spun off its two Handysize drybulk carriers by contributing to C3is its interest in Drybulk International Trading and Shipping Inc. and in Raw Commodities &amp; Exports Inc. (“Initial Fleet”), each one owning one Handysize drybulk carrier, and $5,000,000 in cash for working capital purposes. The contribution was completed on June 20, 2023 in exchange for nil common shares and 600,000 5.00% Series A Perpetual Convertible Preferred Shares (the “Series A Preferred Shares”) in C3is. On June 21, 2023, Imperial Petroleum Inc., distributed its interests in C3is to the shareholders and warrant holders of Imperial Petroleum Inc. on a pro rata basis (the “Spin off”) and retained the 600,000 Series A Preferred Shares. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of C3is and its subsidiaries, (collectively, the “Company”). The Initial Fleet has been accounted for using the historical carrying costs of its assets and liabilities from their dates of incorporation. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles or U.S GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025 included in the Company’s Annual Report on Form <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">20-F</span> filed with the Securities and Exchange Commission on April 22, 2026 (the “2025 Consolidated Financial Statements”) and, in the opinion of management, reflect all adjustments which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period ended June 30, 2026 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2026. The reporting and functional currency of the Company is the United States Dollar. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the Company’s fleet was comprised of three Handysize drybulk carriers, one Aframax crude oil tanker and one MR product tanker providing worldwide marine transportation services under long, medium or short-term charters. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company’s vessels are managed by Brave Maritime Corporation S.A., a company controlled by members of the family of the Company’s <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-Executive</span> Director and former Parent Company’s Chief Executive Officer, since June 21, 2023. Brave Maritime Corporation S.A. is incorporated in Liberia and registered in Greece under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. Brave Maritime Corporation S.A. is herein referred to as the “Manager”. </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the subsidiaries included in the Company’s unaudited interim condensed consolidated financial statements were: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 50%;"></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Company</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Date of</span></span><br/> <span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Incorporation</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Name of Vessel</span></span><br/> <span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Owned by <br/> Subsidiary</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Dead Weight<br/> Tonnage <br/> (“dwt”)</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Acquisition</span></span><br/> <span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Date</span></span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Drybulk International Trading and Shipping Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926971;display:inline;">04/07/2022</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Eco Bushfire</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">32,000</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927025;display:inline;">21/09/2022</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Raw Commodities &amp; Exports Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926972;display:inline;">04/07/2022</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Eco Angelbay</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">32,000</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927026;display:inline;">19/10/2022</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Crude Oil Services International Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926973;display:inline;">06/07/2023</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Afrapearl II</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">115,804</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927027;display:inline;">14/07/2023</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Spitfire Dragon Transport Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926974;display:inline;">10/4/2024</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Eco Spitfire</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">33,664</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927028;display:inline;">10/05/2024</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furious Petroleum Transport Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926976;display:inline;">15/01/2026</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Clean Fury</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">47,203</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927029;display:inline;">03/04/2026</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Magnificent Hydrocarbons Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926975;display:inline;">18/12/2025</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Clean Reaper (ex.<br/> San Remo)</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">50,760</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927030;display:inline;">06/08/2026</span></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">On April 12, 2024, on December 31, 2024, on April 3, 2025, on January 26, 2026, on April 27, 2026 and on August 19, 2026, the Company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">effected a 1-for-100, a 1-for-2.5,</div></div></div></div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">a 1-for-</div></div> 6, a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">1-for-20,</div></div> <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">1-for-7</div></div> and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space: nowrap;display:inline;">1-for-40 reverse stock</div></div> splits, of its shares of common stock (collectively referred to as “RSS”). </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">All share and per share amounts disclosed in these unaudited interim condensed consolidated financial statements give effect to the RSS, retroactively, for all periods presented. The par value and other terms of the Company’s shares of common stock were not affected by the reverse stock splits. </div></div> Imperial Petroleum Inc 2022-07-25 500 5000000 0 600000 0.05 600000 <div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the subsidiaries included in the Company’s unaudited interim condensed consolidated financial statements were: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 50%;"></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Company</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Date of</span></span><br/> <span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Incorporation</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Name of Vessel</span></span><br/> <span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Owned by <br/> Subsidiary</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Dead Weight<br/> Tonnage <br/> (“dwt”)</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Acquisition</span></span><br/> <span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Date</span></span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Drybulk International Trading and Shipping Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926971;display:inline;">04/07/2022</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Eco Bushfire</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">32,000</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927025;display:inline;">21/09/2022</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Raw Commodities &amp; Exports Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926972;display:inline;">04/07/2022</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Eco Angelbay</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">32,000</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927026;display:inline;">19/10/2022</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Crude Oil Services International Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926973;display:inline;">06/07/2023</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Afrapearl II</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">115,804</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927027;display:inline;">14/07/2023</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Spitfire Dragon Transport Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926974;display:inline;">10/4/2024</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Eco Spitfire</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">33,664</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927028;display:inline;">10/05/2024</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Furious Petroleum Transport Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926976;display:inline;">15/01/2026</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Clean Fury</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">47,203</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927029;display:inline;">03/04/2026</span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Magnificent Hydrocarbons Inc.</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171926975;display:inline;">18/12/2025</span></td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">Clean Reaper (ex.<br/> San Remo)</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">50,760</td> <td style="vertical-align: bottom;">  </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"><span style="-sec-ix-hidden:hidden171927030;display:inline;">06/08/2026</span></td></tr></table> Eco Bushfire 32000 Eco Angelbay 32000 Afrapearl II 115804 Eco Spitfire 33664 Clean Fury 47203 Clean Reaper (ex. San Remo) 50760 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">2.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Significant Accounting Policies </span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">A discussion of the Company’s significant accounting policies can be found in the 2025 Consolidated Financial Statements. There have been no material changes to these policies or pronouncements in the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period ended June 30, 2026. </div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Transactions with Related Parties </span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Manager provides the vessels with a wide range of shipping services <span style="display:inline;">such </span>as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440, as per the management agreement between the Manager and the Company. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Based on the management agreement between the Manager and the Company, the Manager also receives a brokerage commission of 1.25% on freight, hire and demurrage per vessel. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve-month period, an amount of $500 is charged for each additional day (the “Superintendent fees”). </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased (“Commissions – vessel purchased”) are capitalized to the cost of the vessels as incurred, and are included in “Vessels, net” in the unaudited interim condensed consolidated balance sheets. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Manager also provides crew management services to the vessels. These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. The Company pays to the Manager a fixed monthly fee of $2,500 per vessel for these services (the “Crew management fees”) and the related expense is included in “Operating expenses – related party” in the unaudited interim condensed consolidated statements of comprehensive income. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the “Executive compensation”). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the “Rental Expense”). The related expenses are included in “General and administrative expenses – related party” in the unaudited interim condensed consolidated statements of comprehensive income. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current account balance with the Manager at December 31, 2025 and June 30, 2026 was a liability of $27,612 and $817,099, respectively. The liability as at December 31, 2025 and June 30, 2026 mainly represents payments made by the Manager on behalf of the Company. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On April 10, 2024, the Company entered into a memorandum of agreement with Transamerica Logistics Inc., a company affiliated with members of the family of the Company’s <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-Executive</span> Chairman for the acquisition of the vessel “Eco Spitfire” for an aggregate consideration of $16,190,000. The vessel was delivered to the Company on May 10, 2024. 10% of the total consideration i.e. $1,619,000 was paid in cash, upon delivery, while the remaining amount of $14,571,000 was paid in April 2025 and had no stated interest. The vessel was recorded at its fair value of $15,000,000 as determined by an independent broker and the liability was recorded at $13,381,000 (the “Remaining purchase price”) on May 10, 2024. Since the payment of the remaining amount of $14,571,000 depended only on the passage of time, this arrangement has been accounted for as seller financing and the financing component amounting to $1,190,000, being the difference between the Remaining purchase price and the amount of $14,571,000 paid in April 2025, was accounted for as interest over the life of the liability i.e. until April 2025. The interest expense amounting to $365,935 and nil, for the period from January 1, 2025 to April 10, 2025, and <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period ended June 30, 2026, respectively, was included in “Interest and finance costs-related parties” in the unaudited interim condensed consolidated statements of comprehensive income. </div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">On December 15, 2025, the Company entered into a memorandum of agreement with Perfect Storm Inc., a company affiliated with members of the family of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-Executive</div> Chairman for the acquisition of the vessel “Clean Reaper (ex. San Remo)” for a consideration of $16,880,000. No deposit was paid as of June 30, 2026. The vessel was delivered to the Company on August 6, 2026 (Note 14). </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">On January 16, 2026, the Company entered into a memorandum of agreement with Furioza Trading Desk Overseas Inc., a company affiliated with members of the family of the Company’s <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Non-Executive</div> Chairman for the acquisition of the vessel “Clean Fury” for an aggregate consideration of $22,900,000. The vessel was delivered to the Company on April 3, 2026. The total consideration is payable in January 2027 and has no stated interest. The vessel was recorded at its fair value of $22,100,000 as determined by an independent broker and the liability was recorded at $22,100,000 (the “Purchase price”) on April 3, 2026. Since the payment of the remaining amount of $22,900,000 depended only on the passage of time, this arrangement has been accounted for as seller financing and the financing component amounting to $800,000, being the difference between the Purchase price and the amount of $22,900,000 which is payable in January 2027, will be accounted for as interest over the life of the liability i.e. until January 2027. The interest expense amounting to nil and $241,411, for the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</div> period ended June 30, 2025 and period from April 3, 2026 to June 30, 2026, respectively, was included in “Interest and finance costs-related parties” in the unaudited interim condensed consolidated statements of comprehensive income. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The current account balance with Imperial Petroleum Inc. as of June 30, 2026 was a liability of $347,917 (December 31, 2025: $354,167). The liability for both periods related to the accrued dividend payable on Series A Preferred Shares. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The current account balance with Furioza Trading Desk Overseas Inc., the company affiliated with members of the family of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Company’s Non-Executive</div> Chairman, as of June 30, 2026 was $23,308,762. This liability related to the outstanding amount for the acquisition of the vessel “Clean Fury” which included the Purchase price, accrued interest of $241,411 and payables of $967,351 relating to inventory on board the vessel. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts charged by the Company’s related parties comprised the following: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 36%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 7%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 31%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 7%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 7%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Location in unaudited interim<br/> condensed consolidated statement of<br/> comprehensive income</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month period</span><br/> ended June 30, 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month</span> period<br/> ended June 30, 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management fees</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Management fees – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">318,560</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">357,720</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Brokerage commissions</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Voyage expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">237,802</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">428,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Superintendent fees</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Vessels’ operating expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Crew management fees</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Vessels’ operating expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">60,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">67,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Executive compensation</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">General and administrative expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">237,243</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">262,310</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rental expense</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">General and administrative expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">33,002</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">24,751</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; white-space: nowrap;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; white-space: nowrap;display:inline;">Commission – vessel purchased</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Vessels, net</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">229,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Interest and finance costs – related parties</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">365,935</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">241,411</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 440 0.0125 0.01 2500 27612 817099 16190000 0.10 1619000 14571000 0 15000000 13381000 14571000 1190000 the difference between the Remaining purchase price and the amount of $14,571,000 14571000 365935 0 16880000 22900000 0 22100000 22100000 22900000 800000 the difference between the Purchase price and the amount of $22,900,000 22900000 241411 347917 354167 23308762 241411 967351 <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts charged by the Company’s related parties comprised the following: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 36%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 7%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 31%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 7%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 7%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Location in unaudited interim<br/> condensed consolidated statement of<br/> comprehensive income</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month period</span><br/> ended June 30, 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month</span> period<br/> ended June 30, 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Management fees</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Management fees – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">318,560</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">357,720</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Brokerage commissions</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Voyage expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">237,802</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">428,948</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Superintendent fees</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Vessels’ operating expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">6,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Crew management fees</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Vessels’ operating expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">60,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">67,500</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Executive compensation</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">General and administrative expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">237,243</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">262,310</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Rental expense</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">General and administrative expenses – related party</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">33,002</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">24,751</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top; white-space: nowrap;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal; white-space: nowrap;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; white-space: nowrap;display:inline;">Commission – vessel purchased</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Vessels, net</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">—  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">229,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Interest expense</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;">Interest and finance costs – related parties</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">365,935</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">241,411</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 318560 357720 237802 428948 6500 15500 60000 67500 237243 262310 33002 24751 0 229000 365935 241411 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">4.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Inventories </span></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bunkers</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,026,545</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,750,958</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lubricants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">285,517</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">466,246</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1,312,062</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3,217,204</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 3%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Bunkers</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,026,545</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,750,958</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Lubricants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">285,517</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">466,246</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1,312,062</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3,217,204</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table> 1026545 2750958 285517 466246 1312062 3217204 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">5.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Vessels, Net </span></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 63%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Vessel cost</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Accumulated<br/> depreciation</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Net book<br/> value</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, December 31, 2025</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">94,990,150</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(17,342,229</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">) </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">77,647,921</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Depreciation for the period</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(3,725,214</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(3,725,214</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Acquisition and improvements</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">22,329,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">22,329,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, June 30, 2026</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">117,319,150</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(21,067,443</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">) </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">96,251,707</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of June 30, 2026, the Company performed an impairment review of its vessels since the book values of two ves<span style="letter-spacing: 0px; top: 0px;display:inline;">se</span>ls were substantially higher than their market values. As a result of the impairment review, undiscounted net operating cash flows exceeded <span style="letter-spacing: 0px; top: 0px;display:inline;">ea</span>ch vessel’s carrying value and no impairment loss was recognized for the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period ended June 30, 2026. </div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 84%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 63%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Vessel cost</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Accumulated<br/> depreciation</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Net book<br/> value</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, December 31, 2025</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">94,990,150</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(17,342,229</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">) </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">77,647,921</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Depreciation for the period</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(3,725,214</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(3,725,214</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Acquisition and improvements</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">22,329,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">22,329,000</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance, June 30, 2026</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">117,319,150</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">(21,067,443</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">) </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">96,251,707</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table> 94990150 17342229 77647921 3725214 -3725214 22329000 22329000 117319150 21067443 96251707 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">6.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Accrued and Other Liabilities </span></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Vessel operating and voyage expenses</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">637,355</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">966,673</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Administrative expenses</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">273,846</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">135,489</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">911,201</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1,102,162</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr></table> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts shown in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 74%;"></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 4%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">December 31,<br/> 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">June 30,<br/> 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Vessel operating and voyage expenses</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">637,355</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">966,673</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Administrative expenses</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">273,846</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">135,489</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">911,201</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1,102,162</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr></table> 637355 966673 273846 135489 911201 1102162 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">7.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fair Value of Financial Instruments and Concentration of Credit Risk </span></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, time deposits, trade and other receivables, balances with related parties, trade accounts payable and accrued and other liabilities and warrant liability. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. </span></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-style:italic;display:inline;">Fair Value Disclosures:</span></span></span></span> The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows: </div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 1: Quoted market prices in active markets for identical assets or liabilities. </span></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. </span></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Level 3: Unobservable inputs that are not corroborated by market data. </span></div><div style="text-indent: 4%; font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The carrying values of cash and cash equivalents, time deposits, balances with related parties, trade and other receivables, trade accounts payable and accrued and other liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and time deposits are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of the Class B1, Class B2, Class C1 and Class C2 warrant liability is measured at each reporting period end and at each settlement date using the Black &amp; Scholes model and is considered Level 3 item as it is derived by using significant unobservable inputs such as historical volatility. </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">8.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Stockholders’ equity </span></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Details of the Company’s common stock and preferred stock are discussed in Note 8 of the 2025 Consolidated Financial Statements. </span></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common stock and warrants: </div></div><div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%;"> </td> <td style="width: 5%; text-align: left; vertical-align: top;">i)</td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equity Offerings </div></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In February 2026, the Company entered into an “At The Market” sales agreement with Aegis Capital Corporation, covering the registration of common shares with an aggregate amount of up to $98,000,000. As of June 30, 2026, the Company sold 15,113 common shares, with net proceeds, after discounts and commissions and other issuance costs, of $2,343,459. The above number of shares reflects the proportionate adjustment following the RSS (Note 1). </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, 2,040 common shares were issued upon the exercise of Class E warrants for net proceeds of $114 and 760 common shares were issued upon the cashless exercise of Class E warrants. As of June 30, 2026, the exercise price of the Class E warrants was $0.056 per share and the number of common shares that can potentially be issued was 1 common share. The above exercise price and number of shares issuable upon exercise of Class E warrants reflect the proportionate adjustment following the RSS (Note 1). </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of June 30, 2026, the exercise price of the Class D warrants was $83.66 per share, subject to adjustment to the exercise price based on the lowest daily VWAP during a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">five-day</div> adjustment period after each <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</div> anniversary from December 12, 2025, the original issuance date of the Class D warrants. The number of shares issuable upon exercise of the outstanding Class D warrants was 4,672. The above exercise price and number of shares issuable upon exercise of Class D warrants reflect the proportionate adjustment following the RSS (Note 1). </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of June 30, 2026, the exercise price of the outstanding Class B1, Class B2, Class C1 and Class C2 warrants was $3.0032, based on the lowest daily VWAP for the Company’s common stock during the adjustment period commencing five consecutive trading days immediately preceding and the five consecutive trading days following the reverse stock split effective on April 27, 2026 (Note 1) and the number of shares issuable upon exercise of the warrants, is presented below, pursuant to the terms of the warrants, such that the aggregate exercise price of such warrants as of their original issuance date will remain unchanged. Following the reverse stock split effective on August 19, 2026 (Note 1), the exercise price of Class B1, Class B2, Class C1 and Class C2 warrants was decreased to $2.4444, based on the lowest daily VWAP for the Company’s common stock during the adjustment period commencing five consecutive trading days immediately preceding and the five consecutive trading days following the reverse stock split effective on August 19, 2026 (Note 1) and the number of shares issuable upon exercise of the warrants were adjusted, as presented below, pursuant to the terms of the warrants, such that the aggregate exercise price of such warrants as of their original issuance date will remain unchanged. During the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</div> period ended June 30, 2026, 4,290 common shares were issued upon the exercise of Class B2 warrants with fair value $86,447 for net proceeds of $666,975 and 14,131 common shares were issued upon the exercise of Class C2 warrants with fair value $625,719 for net proceeds of $2,897,873. </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 30%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 25%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 25%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Warrant</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">Shares to be issued upon exercise of remaining<br/> warrants based on the exercise price of $3.0032<br/> as of June 30, 2026</td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">Shares to be issued upon exercise<br/> of remaining warrants that exist as of<br/> June 30, 2026 based on the exercise<br/> price $2.4444 as of September 29,<br/> 2026</td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class B1</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">53,142</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">65,291</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class B2</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,122,317</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,607,488</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class C1</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">12,801</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,728</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class C2</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,473,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,810,926</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3,662,230</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">4,499,433</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of June 30, 2026, the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Company re-valued</div> the outstanding warrants classified as liabilities. For the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</div> period ended June 30, 2026, the Company recognized a loss of $2,030,240 (June 30, 2025: gain of $508,232) resulting from the change in the fair value of the liability for the unexercised warrants. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The value of the outstanding warrants as of June 30, 2026, was $1,347,235 (December 31, 2025: $29,161) and were presented under ‘Warrant liability” in the accompanying unaudited interim condensed balance sheets. The Company values its warrants classified as liabilities using Level 3 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements, as they are derived by using significant unobservable inputs such as historical volatility. The Company uses the Black &amp; Scholes model for the valuation of the warrants at each settlement and at each measurement date, under the following assumptions (a) expected volatility (b) risk free rate (c) market value of common stock of, which was the current market price as of the date of each fair value measurement. </div></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">For the valuation as of June 30, 2026, the Company used a volatility of 56.21%, a risk-free rate of 4.23% and a market value of common stock of $1.66. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the changes in the warrant liability during the period: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 68%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 87%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance as of December 31, 2025</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">29,161</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Change in fair value of warrants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,030,240</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exercise of warrants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(712,166</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance as of June 30, 2026</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1,347,235</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; font-weight: bold; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Preferred shares: </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the conversion price of Series A Preferred shares was $3.0032, as adjusted, after the RSS effective on April 27, 2026 (Note 1). Pursuant to ASC 260, Earnings per Share, the Company recorded a deemed dividend for the down round adjustment of $5,118,000 which reduced income available to common shareholders in the Company’s earnings per share calculation (Note 9). </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">Aggregate dividends of $0.4 million were paid on the Company’s Series A Preferred Shares during the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</div> period ended June 30, 2026. </div> 98000000 15113 2343459 2040 114 760 0.056 1 83.66 4672 3.0032 2.4444 4290 86447 666975 14131 625719 2897873 <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 30%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 25%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 25%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Warrant</span></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">Shares to be issued upon exercise of remaining<br/> warrants based on the exercise price of $3.0032<br/> as of June 30, 2026</td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;">Shares to be issued upon exercise<br/> of remaining warrants that exist as of<br/> June 30, 2026 based on the exercise<br/> price $2.4444 as of September 29,<br/> 2026</td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class B1</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">53,142</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">65,291</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class B2</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,122,317</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,607,488</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class C1</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">12,801</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,728</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Class C2</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,473,970</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,810,926</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3,662,230</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">4,499,433</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 3px double rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table> 3.0032 2.4444 53142 65291 2122317 2607488 12801 15728 1473970 1810926 3662230 4499433 2030240 -508232 1347235 29161 0.5621 0.0423 1.66 <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table presents the changes in the warrant liability during the period: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 68%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 87%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance as of December 31, 2025</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">29,161</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Change in fair value of warrants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,030,240</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Exercise of warrants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(712,166</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Balance as of June 30, 2026</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1,347,235</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr></table> 29161 2030240 -712166 1347235 3.0032 5118000 400000 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">9.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Earnings/(loss) per share </span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">All of the Company’s shares (including <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</span> restricted stock issued under the Company’s equity compensation plans) participate equally in dividend distributions and in undistributed earnings. The Company applies the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-class</span> method of computing earnings/(loss) per share (“EPS”) as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</span> restricted stock as well as undistributed earnings allocated to <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</span> stock are deducted from net income for the purpose of the computation of basic earnings/(loss) per share in accordance with the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">two-class</span> method. The denominator of the basic earnings per common share excludes any <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</span> shares as such they are not considered outstanding until the time-based vesting restriction has elapsed. The denominator of the basic earnings per common share includes the total shares issuable upon the cashless exercise of the Class B1, Class C1 and Class E warrants, as the exercise of the warrants is considered virtually certain taking into account that the holder of such warrants may elect to exercise them for no consideration. Dilution is computed by either the treasury stock method or the two–class method, whichever results in the more dilutive effect. The Company calculates basic and diluted earnings/(loss) per share as follows: </div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 59%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">For the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period<br/> ended June 30, 2025</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">For the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period<br/> ended June 30, 2026</span></span></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Basic EPS</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Diluted EPS</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Basic EPS</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Diluted EPS</span></span></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Numerator</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net income</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,588,391</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,588,391</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">13,183,829</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">13,183,829</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Less: Cumulative dividends on Series A Perpetual Convertible Preferred Shares</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1,818,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1,818,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(5,118,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(5,118,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Less: Undistributed earnings allocated to <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</span> shares</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(11,654</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(11,654</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(967</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(967</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Perpetual Convertible Preferred Shares</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,495,083</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Change in fair value of warrants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(523,582</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net income/(loss) attributable to common shareholders, basic and diluted</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">381,654</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(141,928</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">7,687,779</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">13,182,862</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="font-size: 10pt; margin-top: 1.67em; margin-bottom: 1.67em;font-weight: bold;"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 70%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Denominator</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted average number of shares outstanding, basic</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,904</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,904</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Perpetual Convertible Preferred Shares (Note 8)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">65,175</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Warrants (Note 8)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">981</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Effect of dilutive shares</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">981</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">65,175</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted average number of shares outstanding, diluted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,112</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">81,079</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Earnings/(loss) per share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,913.39</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(127.62</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">483.39</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">162.59</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of June 30, 2026, the most dilutive method was the treasury stock method and the diluted earnings per share reflects the potential dilution from the conversion of the outstanding Series A Preferred Shares calculated with the “if converted” method which resulted in 65,175 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares resulting from the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</div> restricted share awards and options and any incremental shares resulting for the exercise of the unexercised Class B2, Class C2 and Class D warrants that were out of the money as of the reporting date, calculated using the treasury stock method. As of June 30, 2026, the aggregate number of common shares that can potentially be issued under the outstanding Class B2, Class C2 and Class D warrants was 3,600,959 common shares (Note 8) and the aggregate number of unvested restricted shares was 2 and the aggregate number of options to purchase common shares was 2. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">As of June 30, 2025, the most dilutive method was the treasury stock method and the diluted loss per share reflects the potential dilution from the conversion of Class B2 and C2 warrants that are in the money as of the reporting date calculated using the treasury stock method which resulted in 981 incremental shares. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares resulting from the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</div> restricted share awards and options and any incremental shares resulting for the exercise of the unexercised Class A Warrants that were out of the money as of the reporting date, calculated using the treasury stock method, as well as the 602 common shares issuable upon the conversion of the outstanding Series A Preferred Shares calculated with the “if converted” method. As of June 30, 2025, the number of common shares that can potentially be issued under the outstanding Class A warrants was 1 common share, the aggregate number of unvested restricted shares was 4 and the aggregate number of options to purchase common shares was 2. </div><div style="font-size: 18pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 18pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> The Company calculates basic and diluted earnings/(loss) per share as follows: <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 59%;"></td> <td style="width: 2%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 1%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">For the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period<br/> ended June 30, 2025</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="6" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">For the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period<br/> ended June 30, 2026</span></span></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Basic EPS</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Diluted EPS</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Basic EPS</span></span></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Diluted EPS</span></span></td> <td style="vertical-align: bottom;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Numerator</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net income</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,588,391</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,588,391</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">13,183,829</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">13,183,829</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Less: Cumulative dividends on Series A Perpetual Convertible Preferred Shares</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(377,083</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Less: Down round deemed dividend on Series A Perpetual Convertible Preferred Shares</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1,818,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(1,818,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(5,118,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(5,118,000</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;">Less: Undistributed earnings allocated to <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-vested</span> shares</div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(11,654</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(11,654</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(967</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(967</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Perpetual Convertible Preferred Shares</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">5,495,083</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Change in fair value of warrants</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(523,582</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Net income/(loss) attributable to common shareholders, basic and diluted</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">381,654</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(141,928</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">7,687,779</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">13,182,862</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div><div style="font-size: 10pt; margin-top: 1.67em; margin-bottom: 1.67em;font-weight: bold;"></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 92%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 70%; font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 1%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="width: 2%; vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td> <td style="font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Denominator</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted average number of shares outstanding, basic</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">131</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,904</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">15,904</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Series A Perpetual Convertible Preferred Shares (Note 8)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">65,175</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Warrants (Note 8)</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">981</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Effect of dilutive shares</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">981</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">65,175</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Weighted average number of shares outstanding, diluted</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">1,112</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">— </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">81,079</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Earnings/(loss) per share</div></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,913.39</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">(127.62</td> <td style="vertical-align: bottom; white-space: nowrap;">) </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">483.39</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">162.59</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr></table> 2588391 2588391 13183829 13183829 -377083 -377083 -377083 -377083 -1818000 -1818000 -5118000 -5118000 -11654 -11654 -967 -967 5495083 -523582 381654 -141928 7687779 13182862 131 131 15904 15904 65175 981 981 65175 1112 81079 2913.39 -127.62 483.39 162.59 65175 3600959 2 2 981 602 1 4 2 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">10.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Revenues </span></div></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 62%;"></td> <td style="width: 8%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 8%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month</span> period<br/> ended June 30, 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month</span> period<br/> ended June 30, 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Time charter revenues</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,462,503</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">8,181,935</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Voyage charter revenues</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">14,087,390</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,186,729</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other income</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">858,112</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,251,739</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">19,408,005</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">35,620,403</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr></table><div style="clear:both;max-height:0pt;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company generates its revenues from time charters and voyage charters. A significant portion of the voyage hire is typically paid upon the completion of the voyage. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The amount of revenue earned as demurrage relating to the Company’s voyage charters for the <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">six-month</span> period ended June 30, 2026 was $4,659,783 and is included within “Voyage charter revenues” in the above table, while for the time charters hire is payable in advance. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of December 31, 2025 and June 30, 2026, receivables from the Company’s voyage charters amounted to $3,077,724 and $9,594,901, respectively. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of December 31, 2025 and June 30, 2026, the Company recognized $282,992 and $234,443, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the unaudited interim condensed consolidated balance sheets. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of December 31, 2025 and June 30, 2026, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $3,490,200 and $3,305,568, respectively. The Company recognized the undelivered performance obligation as of December 31, 2025 as revenues in the first quarter of 2026. The Company will recognize the undelivered performance obligation as of June 30, 2026 as revenues in the third quarter of 2026. </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company’s time charters have a duration of up to 2 months. As of June 30, 2026, the time charters under which the Company’s vessels were employed had a remaining term of less than 2 months. </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The amounts in the accompanying unaudited interim condensed consolidated statements of comprehensive income are analyzed as follows: </span></div><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; margin: 0px auto; width: 76%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;"> <tr> <td style="width: 62%;"></td> <td style="width: 8%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td> <td style="width: 8%; vertical-align: bottom;"></td> <td></td> <td></td> <td></td></tr> <tr style="font-family: Times New Roman; font-size: 8pt; page-break-inside: avoid;"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month</span> period<br/> ended June 30, 2025</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"><span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">Six-month</span> period<br/> ended June 30, 2026</span></span></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Time charter revenues</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">4,462,503</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">8,181,935</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Voyage charter revenues</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">14,087,390</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">25,186,729</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid; background-color: rgb(204, 238, 255);"> <td style="vertical-align: top;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Other income</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">858,112</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">2,251,739</td> <td style="vertical-align: bottom; white-space: nowrap;"> </td></tr> <tr style="font-size: 1px;"> <td style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;;"></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td style="vertical-align: bottom;"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"><span style="letter-spacing: 0px; top: 0px;display:inline;"> </span></div></td> <td> </td></tr> <tr style="font-family: Times New Roman; font-size: 10pt; page-break-inside: avoid;"> <td style="vertical-align: bottom;"><div style="text-indent: -1em; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Total</span></div></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">19,408,005</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td> <td style="text-align: right; vertical-align: bottom;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">35,620,403</span></span></td> <td style="vertical-align: bottom; white-space: nowrap;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></td></tr></table> 4462503 8181935 14087390 25186729 858112 2251739 19408005 35620403 4659783 3077724 9594901 282992 234443 3490200 3305568 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">11.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Equity Compensation Plan </span></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Details of the Company’s equity compensation plan (the “Plan”) are discussed in Note 14 of the 2025 Consolidated Financial Statements. </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">12.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Income Taxes </span></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Company is incorporated in the Marshall Islands where the laws do not impose tax on international shipping income. However, the Company is subject to registration and tonnage taxes in the country in which the vessel is registered and managed from, which have been included in vessel operating expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive income. </span></div> <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">13.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Commitments and Contingencies </span></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;">Future minimum contractual charter revenues, gross of commissions, based on vessels committed to <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">non-cancellable,</span> time charter contracts as of June 30, 2026, amount to $1,167,600 during <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">the 12-month period</span> ending June 30, 2027. </div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">As of June 30, 2026, the Company had total obligations under memoranda of agreement (Note 3) for the acquisitions of the product tanker vessels “Clean Reaper (ex. San Remo)” and “Clean Fury”, of $16,880,000 and $22,900,000, respectively, with both payments due in January 2027. </span></div> 1167600 16880000 22900000 <table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: Times New Roman; font-size: 10pt; border-collapse: collapse; border-spacing: 0;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; text-align: left; vertical-align: top;"><span style="letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">14.</span></span></td> <td style="text-align: left; vertical-align: top;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Subsequent Events </span></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In July 2026, the Company paid dividends of $377,083 on its outstanding Series A preferred shares to Imperial Petroleum Inc. </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In July 2026, the Company completed a public offering of 288,375 units with each unit consisting of one common share and one Class F Warrant to purchase one common share, all of which were issued, resulting in gross proceeds of $6.0 million. The above number of shares reflects the proportionate adjustment following the reverse stock split effective on August 19, 2026 (Note 1). </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">On August 6, 2026, the Company took delivery of the vessel “Clean Reaper (ex. San Remo)” (Note 3). </span></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;">Effective as of August 19, 2026, the Company <span style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><span style="white-space: nowrap;display:inline;">effected a 1-for-40 reverse stock</span></span> split of its shares of common stock (Note 1).</div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;text-indent: 0px;"><span style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">In August and September 2026, the Company, under the terms of the “At The Market” sales agreement with Aegis Capital Corporation, issued 2.0 million shares of common stock, resulting in net proceeds of $4.3 million. </span></div> 377083 288375 6000000 1-for-40 2000000 4300000