v3.26.3
Unaudited interim condensed consolidated balance sheets - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 7,518,702 $ 5,771,505
Time deposits 237,712,000 173,282,440
Trade and other receivables 18,666,099 13,403,555
Other current assets (Note 9) 1,239,819 1,107,956
Claims receivable 909,813 479,488
Inventories 10,422,022 4,720,873
Advances and prepayments 671,496 245,014
Total current assets 277,139,951 199,010,831
Non current assets    
Operating lease right-of-use asset 263,445 0
Vessels, net (Note 4) 354,689,276 335,406,781
Investment in related party (Note 3) 12,983,917 12,990,167
Total non current assets 367,936,638 348,396,948
Total assets 645,076,589 547,407,779
Current liabilities    
Trade accounts payable 13,859,897 5,959,924
Payable to related parties (Notes 3) 35,151,918 3,038,447
Accrued liabilities $ 6,373,316 $ 4,195,986
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Operating lease liability, current portion $ 100,985 $ 0
Deferred income 2,653,956 3,399,325
Total current liabilities 58,140,072 16,593,682
Non current liabilities    
Operating lease liability, non-current portion 162,460 0
Total non-current liabilities 162,460 0
Total liabilities 58,302,532 16,593,682
Commitments and contingencies (Note 11)
Stockholders' equity    
Common stock, 2,000,000,000 shares authorized at December 31, 2025 and June 30, 2026, 48,900,620 shares issued and 44,648,737 outstanding at December 31, 2025 and 50,440,620 shares issued and 44,475,268 outstanding at June 30, 2026 504,406 489,006
Treasury stock 4,251,883 shares at December 31, 2025 and 5,965,352 shares at June 30, 2026 (19,020,716) (8,390,225)
Additional paid-in capital 349,111,027 344,445,271
Retained earnings 256,171,221 194,261,926
Total stockholders' equity 586,774,057 530,814,097
Total liabilities and stockholders' equity 645,076,589 547,407,779
Series A Preferred Stock [Member]    
Stockholders' equity    
Preferred stock 7,959 7,959
Series B Preferred Stock [Member]    
Stockholders' equity    
Preferred stock $ 160 $ 160