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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows (used in)/provided by Operating Activities:      
Net income/(loss) [1] $ (45,142) $ 1,051,403 $ 15,425,465
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:      
Depreciation and amortization 2,126,451 1,168,558 1,490,577
Gain on sale of vessel 0 0 (8,226,258)
Change in fair value of crypto assets-Bitcoin 1,148,600 0 0
Changes in operating assets and liabilities:      
Accounts receivable trade (204,382) 434,536 (173,545)
Inventories (101,770) (28,764) 154,488
Due from related parties 5,648,585 5,943,722 (14,497,622)
Prepaid expenses and other assets (316,410) 16,299 406,645
Accounts payable 259,876 (459,747) 110,244
Accrued liabilities 987,934 189,476 55,644
Deferred revenue 698,000 0 0
Dry-dock costs paid (31,451) (1,421,195) (1,088,386)
Net Cash (used in)/provided by Operating Activities 10,170,291 6,894,288 (6,342,748)
Cash flow (used in)/provided by Investing Activities:      
Vessel acquisitions and capitalized vessel improvements (38,090,000) (71,786) (766,887)
Net proceeds from sale of vessel 0 0 17,204,802
Purchase of crypto assets-Bitcoin (5,000,000) 0 0
Net cash provided by/(used in) Investing Activities (43,090,000) (71,786) 16,437,915
Cash flows (used in)/provided by Financing Activities:      
Net (decrease)/increase in Former Parent Company Investment 329,618 (6,822,484) (14,895,715)
Payment for repurchase of common shares (130,548) 0 0
Gross proceeds from issuance of common shares pursuant to registered equity offerings 32,773,860 0 0
Common share issuance expenses pursuant to registered direct offerings (3,722,958) 0 0
Payment of Dividend on Series A Preferred Shares (251,389) 0 0
Capital contribution from Former Parent Company due to spin off 10,356,450 0 0
Payments related to Spin-Off from Toro (786,001) 0 0
Net cash (used in)/provided by Financing Activities 38,569,032 (6,822,484) (14,895,715)
Net (decrease)/increase in cash and cash equivalents 5,649,323 18 (4,800,548)
Cash and cash equivalents at the beginning of the period 369 351 4,800,899
Cash and cash equivalents at the end of the period 5,649,692 369 351
SUPPLEMENTAL CASH FLOW INFORMATION      
Unpaid vessel improvement costs (included in Accounts payable and Accrued liabilities) 120,424 0 37,072
Unpaid capital issuance costs (included in Accounts payable and Accrued Liabilities) 75,478 0 0
Dividend on Series A preferred shares declared but unpaid 106,944 0 0
Excess of consideration over carrying value of acquired assets $ 3,091,542 $ 0 $ 0
[1] For the year ended December 31, 2023, “Gain on sale of vessel” amounting to $8,226,258 is included in the accompanying consolidated statements of comprehensive income/(loss).