| Summary of Analysis of Vessels, Net |
An analysis of vessels, net is as follows:
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| Balance as at January 1, 2024 |
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| Acquisitions and improvements |
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87,117,946 |
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— |
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87,117,946 |
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| Disposal |
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(43,043,220 |
) |
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299,940 |
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(42,743,280 |
) |
| Depreciation for the year |
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— |
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(16,991,900 |
) |
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(16,991,900 |
) |
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| Balance as at December 31, 2024 |
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| Acquisitions and improvements |
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153,107,320 |
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— |
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153,107,320 |
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| Depreciation for the year |
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— |
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(25,930,557 |
) |
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(25,930,557 |
) |
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| Balance as at December 31, 2025 |
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