XML 72 R47.htm IDEA: XBRL DOCUMENT v3.25.3
Vessels, Net - Schedule of Vessels, Net (Details) - USD ($)
12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Total Vessels    
Cost, Balance at beginning $ 70,250,772 $ 68,191,736
Accumulated Depreciation, Balance at beginning (17,027,154) (13,377,069)
Net Book Value, Balance at beginning 53,223,618 54,814,667
Cost, Additions 198,124 2,059,036
Accumulated Depreciation, Additions (3,699,314) (3,650,085)
Net Book Value, Additions (3,501,190) (1,591,049)
Cost, Balance at Ending 70,448,896 70,250,772
Accumulated Depreciation, Balance at Ending (20,726,468) (17,027,154)
Net Book Value, Balance at Ending 49,722,428 53,223,618
Owned Vessel*    
Owned Vessel Cost, Balance at beginning [1] 14,094,790 14,094,790
Owned Vessel Accumulated Depreciation, Balance at beginning [1] (1,624,776) (758,229)
Owned Vessel Net Book Value, Balance at beginning [1] 12,470,014 13,336,561
Owned Vessel Cost, Additions [1]
Owned Vessel Accumulated Depreciation, Additions [1] (866,547) (866,547)
Owned Vessel Net Book Value, Additions [1] (866,547) (866,547)
Owned Vessel Cost, Balance at Ending 14,094,790 14,094,790 [1]
Accumulated Depreciation, Balance at Ending (2,491,323) (1,624,776) [1]
Net Book Value, Balance at Ending 11,603,467 12,470,014 [1]
Right-of-use assets under finance lease**    
Right-of-use assets under finance lease Cost, Balance at beginning [2] 56,155,982 54,096,946
Right-of-use assets under finance lease Accumulated Depreciation, Balance at beginning [2] (15,402,378) (12,618,840)
Right-of-use assets under finance lease Net Book Value, Balance at beginning [2] 40,753,604 41,478,106
Right-of-use assets under finance lease Cost, Additions [2] 198,124 2,059,036
Right-of-use assets under finance lease Accumulated Depreciation, Additions [2] (2,832,767) (2,783,538)
Right-of-use assets under finance lease Net Book Value, Additions [2] (2,634,643) (724,502)
Right-of-use assets under finance lease Cost, Balance at Ending [2] 56,354,106 56,155,982
Right-of-use assets under finance lease Accumulated Depreciation, Balance at Ending [2] (18,235,145) (15,402,378)
Right-of-use assets under finance lease Net Book Value, Balance at Ending [2] $ 38,118,961 $ 40,753,604
[1] Owned Vessel: On August 14, 2022, the Group took delivery of the Top Brilliance, a 2008-built vessel of 56,823 dwt (Deadweight Tonnage), from an unrelated third party, for an acquisition cost of $14,094,790. Depreciation expense amounted to $866,547, $866,547 and $758,229 for the years ended June 30, 2025, 2024 and 2023, respectively.
[2] Right-of-use assets under finance lease: In September, 2018, the Group took delivery of Top Diligence, a 2018-built Dry Cargo vessel of 48,500 dwt, for a 10-year bareboat charter-in agreement. The bareboat charter-in provides for purchase obligation with a bargain purchase price at the end of 10-year charter period. The Group accounted for the vessel as finance lease and recorded right-of-use assets of $26,821,639 and financing lease liabilities of $17,710,000 on the lease beginning date. (see Note 8) In January, 2019, the Group took delivery of Top Elegance, a 2019-built Dry Cargo vessel of 48,500 dwt, for a 10-year bareboat charter-in agreement. The bareboat charter-in provides for purchase obligation with a bargain purchase price at the end of 10-year charter period. The Group accounted for the vessel as finance lease and recorded right-of-use assets of $27,275,307 and financing lease liabilities of $17,710,000 on the lease beginning date. (see Note 8) During the year ended June 30, 2024, the Group completed the installation of desulfurizing towers on Top Diligence and Top Elegance. The original value of $2,059,036 is depreciated during the useful life. Depreciation expense for the vessels under finance lease was $2,832,767, $2,783,538 and $2,704,847 for the years ended June 30, 2025, 2024 and 2023, respectively.