$HMR

Heidmar Maritime Holdings Corp.

CIK:0002029471|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 55,851,858	$ 28,949,873	$ 49,097,436
Expenses/ (income)
Voyage expenses	2,692,965	610,292	762,229
(Gain)/ loss on inventories (Note 12)	(48,630)	101,756
Gain on inventories, related parties (Notes 3 and 12)	(256,970)
Operating lease expenses (Note 8)	6,466,671	9,867,091	8,077,834
Operating lease expenses, related party (Notes 3 and 8)	7,824,362
Voyage and charter-in expenses (Note 8)	18,869,082	1,320,063	10,505,532
Voyage-in expenses, related party (Notes 3 and 8)	5,905,714
General and administrative expenses (Note 20)	19,259,585	12,899,599	10,099,716
Gain on disposal of subsidiary (Note 1)	(61,130)
Amortization of intangible asset (Note 14)	29,400	20,672
Depreciation (Note 4)	47,067	39,874	12,828
Total expenses, net	60,728,116	24,859,347	29,458,139
Operating (loss)/ income	(4,876,258)	4,090,526	19,639,297
Other income/(expenses)
Interest income, net	183,319	428,829	938,342
Interest income, related parties (Note 3)	5,060	77,308
Finance income/ (costs), net (Notes 9 and 11)	79,804	(1,832,995)	(1,368,613)
Finance costs, related party (Note 3 and 11)	0	(77,117)	(4,833)
Share of loss from joint venture (Note 15)	(227,221)	(859,400)
Other expenses (Note 14)	(3,917,767)
Other income, net		250,468
Foreign exchange gains/ (losses)	115,447	(164,168)	350,005
Other expenses, net	(3,761,358)	(2,177,075)	(85,099)
Net (loss)/ income from continuing operations	(8,637,616)	1,913,451	19,554,198
Net loss from discontinued operations	(13,923,516)
Net (loss)/ income	$ (22,561,132)	$ 1,913,451	$ 19,554,198
Net (loss)/ income from continuing operations per:
Net (loss)/ income from continuing operations per: common share, basic	$ (0.15)	$ 0.03	$ 0.34
Net (loss)/ income from continuing operations per: common share, diluted (Note 16)	(0.15)	0.03	0.34
Net loss from discontinued operations per:
Net loss from discontinued operations per: common share, basic (Note 16)	(0.24)
Net loss from discontinued operations per: common share, diluted (Note 16)	(0.24)
Net (loss)/ income per:
Common share, basic (Note 16)	(0.39)	0.03	0.34
Common share, diluted (Note 16)	$ (0.39)	$ 0.03	$ 0.34
Weighted-average shares outstanding
Common shares, basic	58,257,577	57,123,798	57,123,798
Common shares, diluted	58,257,577	57,123,798	57,123,798
Trade Revenues
Revenues
Total revenues	$ 4,422,106	$ 3,334,142	$ 4,930,274
Trade Revenues Related Parties
Revenues
Total revenues	7,909,617	9,764,800	13,788,955
Voyage and Time Charter Revenues
Revenues
Total revenues	$ 43,520,135	15,180,700	21,968,679
Syndication Income Related Party
Revenues
Total revenues		$ 670,231	$ 8,409,528

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income for the year	$ (22,561,132)	$ 1,913,451	$ 19,554,198
Less: Net loss from discontinued operations	(13,923,516)
Net (loss)/ income from continuing operations	(8,637,616)	1,913,451	19,554,198
Adjustments to reconcile net (loss)/ income from continuing operations to net cash provided by operating activities of continuing operations:
Depreciation	47,067	39,874	12,828
Amortization of intangible asset	29,400	20,672
Share of loss from joint venture	227,221	859,400
Noncash loss on inventories		91,243
Noncash lease expense	10,680,499	9,398,851	6,981,148
Gain on disposal of subsidiary	(61,130)
Fair value of the earnout shares to be issued	3,917,767
Stock-based compensation	4,962,819
Changes in assets and liabilities:
Receivables/payables from/to related parties	4,005,687	2,890,393	1,430,036
Payables to vessel owners	10,234,458	177,560	(6,112,140)
Guarantees	(5,578)	(7,472)	30,611
Other receivables	(905,306)	(334,977)	17,556
Inventories	609,715	499,513	(1,202,921)
Prepayments and other current assets	(940,700)	1,098,870	881,829
Accounts receivable, net	(1,239,750)
Accounts payable and accrued expenses	2,495,052	(10,307)	683,717
Payables to sharing partner and assignee	(371,009)	136,790	(54,566)
Payables to assignee, related party	(60,892)	56,059	4,833
Deferred revenue	(1,078,800)	(693,408)	(3,221,483)
Operating lease liabilities	(10,703,284)	(9,377,209)	(6,981,148)
Net cash provided by operating activities of continuing operations	13,205,620	6,759,303	12,024,498
Cash flows from investing activities of continuing operations
Disposal of cash due to sale of subsidiary	(5,092,943)
Proceeds from disposal of subsidiary	10,000
Payments for additions of property and equipment	(930)	(268,438)	(9,053)
Loan to the Non-consolidated pool subsidiaries		(930,000)
Return of loan to the Non-consolidated pool subsidiaries	930,000
Advances for vessel acquisition	(2,525,000)
Contributions to joint venture		(2,428,973)
Return of contributions from the joint venture	1,500,000
Advances to the joint venture	(157,648)
Cash consideration in business acquisition (Note 14)		(400,000)
Net cash used in investing activities of continuing operations	(5,336,521)	(4,027,411)	(9,053)
Cash flows from financing activities of continuing operations
Principal payments attributable to the acquisition installments payable	(193,641)	(122,951)
Proceeds from equity offering	279,347
Stock issuance costs	(279,347)
Repayments to sharing partner	(972,089)
Proceeds from assignee			623,215
Repayments to assignee		(623,215)
Repayments to assignee, related party		(779,019)
Proceeds from shareholder			5,239,219
Dividends paid	(8,000,000)		(25,000,000)
Net cash used in financing activities of continuing operations	(9,165,730)	(1,525,185)	(18,358,547)
Net (decrease)/ increase in cash and cash equivalents from continuing operations	(1,296,631)	1,206,707	(6,343,102)
Cashflows from discontinued operations
Operating activities	(883,550)	(0)	(0)
Investing activities	883,550	0	0
Net change in cash and cash equivalents from discontinued operations	0	0	0
Net (decrease)/ increase in cash and cash equivalents	(1,296,631)	1,206,707	(6,343,102)
Effect of exchange rate changes on cash and cash equivalents	(84,338)	(108,416)	66,109
Net (decrease)/increase in cash and cash equivalents	(1,380,969)	1,098,291	(6,276,993)
Cash and cash equivalents at the beginning of the year	20,029,506	18,931,215	25,208,208
Cash and cash equivalents at the end of the year	18,648,537	20,029,506	18,931,215
Supplemental cash flow information
Cash paid for interest	352,097	1,717,263	1,423,179
Non cash investing and financing activities
Acquisition of business		(347,656)
Disposal of discontinued operations' business	351,991
Payable to Assignee A
Cash flows from financing activities of continuing operations
Proceeds from assignee, related party			$ 779,019
Repayments to assignee, related party		(779,019)
Supplemental cash flow information
Cash paid for interest	$ 60,892	$ 21,058

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 18,648,537	$ 20,029,506
Receivables from related parties (Note 3)	4,315,002	8,313,623
Accounts receivable, net	1,239,750
Other receivables (Note 3)	1,835,687	930,381
Inventories (Note 12)	2,450	612,165
Prepayments and other current assets	1,158,022	366,100
Current assets of discontinued operations (Note 18)	182,128
Total current assets	27,381,576	30,251,775
Non-current assets
Right-of-use assets from operating leases (Note 8)	601,067	5,047,490
Right-of-use asset from operating lease, related party (Notes 3 and 8)	40,279,432
Property and equipment, net (Note 4)	268,468	317,510
Advances for vessel acquisition, related party (Note 3)	2,525,000
Guarantees	149,023	143,445
Goodwill (Note 14)	344,156	344,156
Intangible asset, net (Note 14)	390,928	420,328
Investment in joint venture (Note 15)		1,569,573
Other fixed assets	27,219	27,219
Non-current assets of discontinued operations (Note 18)	169,863
Total non-current assets	44,755,156	7,869,721
Total assets	72,136,732	38,121,496
Current liabilities
Payables to vessel owners (Note 5)	15,319,690	5,085,232
Accounts payable and accrued expenses (Note 13)	4,168,821	1,730,308
Payables to sharing partner and assignee (Note 9)		1,343,098
Payables to assignee, related party (Notes 3 and 9)		60,892
Payables to related party (Note 3)	937,066
Payables to shareholder (Note 3)		5,239,219
Acquisition installments payable, current portion (Note 14)	68,564	177,237
Deferred revenue	37,200	1,116,000
Operating lease liabilities, current portion (Note 8)	454,045	4,889,539
Operating lease liabilities, current portion, related party (Notes 3 and 8)	8,242,105
Total current liabilities	29,227,491	19,641,525
Non-current liabilities
Acquisition installments payable, net of current portion (Note 14)		84,968
Operating lease liabilities, non-current portion (Note 8)	162,928	179,593
Operating lease liabilities, non-current portion, related party (Notes 3 and 8)	32,037,327
Total non-current liabilities	32,200,255	264,561
Total liabilities	61,427,746	19,906,086
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock ($0.001 par value, 450,000,000 shares authorized and 58,409,823 issued and outstanding as of December 31, 2025, 100 shares authorized issued and outstanding as of December 31, 2024) (Notes 19 and 21)	58,410
Accumulated other comprehensive income	1,257,209	1,341,547
Additional paid-in capital	27,305,901	4,225,265
(Accumulated deficit)/ retained earnings	(17,912,534)	12,648,598
Total stockholders' equity	10,708,986	18,215,410
Total stockholders' equity and liabilities	$ 72,136,732	$ 38,121,496