v3.26.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 30 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Dec. 31, 2025
Cash flows from operating activities:        
Net loss $ 7,355,417 $ (7,112,768)    
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:        
Vessel depreciation 5,798,940 6,430,572    
Gain on sale of vessel 0      
Amortization and write off of deferred charges 134,148 140,013    
Share-based compensation 473,214 494,250    
Unrealized loss on derivatives 436,570 182,625    
Changes in operating assets and liabilities (1,711,071) 2,336,593    
Net cash provided by operating activities 12,487,218 387,689    
Cash flows from investing activities:        
Cash paid for vessel acquisitions and capitalized expenses (224,955) (88,023)    
(Expenses paid for vessels sale) / Net proceeds from vessels sale 0 4,819,195    
Cash paid for vessel sale expenses (68,048) 0    
Cash paid for vessels under construction (7,105) (703) $ (14,400,000)  
Net cash used in investing activities (300,108) 4,730,469    
Cash flows from financing activities:        
Cash paid for share repurchases (501,142) 0    
Contributions made by non-controlling shareholders 0 390,000    
Distributions made to non-controlling shareholders (390,000) 0    
Repayment of long-term bank loans (5,625,000) (6,045,000)    
Net cash used in financing activities (6,516,142) (5,655,000)    
Net (decrease) / increase in cash and cash equivalents and restricted cash 5,670,968 (536,842)    
Cash, cash equivalents and restricted cash at beginning of period 25,672,454 11,908,595    
Cash, cash equivalents and restricted cash at end of period 31,343,422 11,371,753 31,343,422  
Cash breakdown        
Cash and cash equivalents 25,617,371 6,206,706 25,617,371 $ 20,315,532
Restricted cash 2,826,051 1,615,047 2,826,051 2,156,922
Restricted cash, long term 2,900,000 3,550,000 2,900,000 3,200,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 31,343,422 11,371,753 $ 31,343,422 $ 25,672,454
Nonrelated Party [Member]        
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:        
Gain on sale of vessel   $ (2,083,596)