$USEA
United Maritime Corp

2023 Q4 Form 20-F Financial Statement

#000114036124017280 Filed on April 02, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $11.55M $36.07M
YoY Change -22.63% 58.3%
Cost Of Revenue $5.650M $23.45M
YoY Change -8.29% 124.91%
Gross Profit $5.903M $12.62M
YoY Change -32.7% 2.12%
Gross Profit Margin 51.09% 35.0%
Selling, General & Admin $1.323M $7.984M
YoY Change -75.4% 31.97%
% of Gross Profit 22.41% 63.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.153M $9.363M
YoY Change 229.47% 392.01%
% of Gross Profit 53.41% 74.18%
Operating Expenses $4.476M $17.35M
YoY Change -29.33% 118.12%
Operating Profit $1.427M -$4.725M
YoY Change -41.44% -207.22%
Interest Expense -$1.904M -$6.641M
YoY Change 29.88% 175.22%
% of Operating Profit -133.43%
Other Income/Expense, Net -$144.0K -$132.0K
YoY Change 1209.09% 2100.0%
Pretax Income -$726.0K $221.0K
YoY Change -101.99% -99.41%
Income Tax
% Of Pretax Income
Net Earnings -$726.0K $126.0K
YoY Change -102.21% -99.64%
Net Earnings / Revenue -6.28% 0.35%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share -$0.08 $0.02
COMMON SHARES
Basic Shares Outstanding 8.359M
Diluted Shares Outstanding 8.359M

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.50M $14.50M
YoY Change -79.26% -79.26%
Cash & Equivalents $14.50M $14.50M
Short-Term Investments
Other Short-Term Assets $4.231M $4.231M
YoY Change 31.93% 0.83%
Inventory $664.0K $664.0K
Prepaid Expenses $546.0K
Receivables $252.0K $252.0K
Other Receivables $142.0K $142.0K
Total Short-Term Assets $14.50M $14.50M
YoY Change -79.26% -79.26%
LONG-TERM ASSETS
Property, Plant & Equipment $152.5M $152.5M
YoY Change 203.84% 203.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.779M $7.779M
YoY Change 40.82% 40.82%
Total Long-Term Assets $160.3M $160.3M
YoY Change 187.68% 187.68%
TOTAL ASSETS
Total Short-Term Assets $14.50M $14.50M
Total Long-Term Assets $160.3M $160.3M
Total Assets $174.8M $174.8M
YoY Change 39.12% 39.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.308M $3.308M
YoY Change 9.61% 9.61%
Accrued Expenses $8.045M $8.045M
YoY Change 46.41% 46.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $40.11M $40.11M
YoY Change 436.75% 436.75%
Total Short-Term Liabilities $53.09M $53.09M
YoY Change 110.56% 110.56%
LONG-TERM LIABILITIES
Long-Term Debt $95.95M $95.95M
YoY Change 125.21% 125.21%
Other Long-Term Liabilities $12.98M $12.98M
YoY Change -29.75% -29.75%
Total Long-Term Liabilities $108.9M $108.9M
YoY Change 78.33% 78.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.09M $53.09M
Total Long-Term Liabilities $108.9M $108.9M
Total Liabilities $108.9M $108.9M
YoY Change 78.33% 78.33%
SHAREHOLDERS EQUITY
Retained Earnings $26.95M
YoY Change -8.25%
Common Stock $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.87M $65.87M
YoY Change
Total Liabilities & Shareholders Equity $174.8M $174.8M
YoY Change 39.12% 39.12%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$726.0K $126.0K
YoY Change -102.21% -99.64%
Depreciation, Depletion And Amortization $3.153M $9.363M
YoY Change 229.47% 392.01%
Cash From Operating Activities $823.0K -$6.228M
YoY Change -86.24% -179.09%
INVESTING ACTIVITIES
Capital Expenditures $81.75M
YoY Change -12.59%
Acquisitions
YoY Change
Other Investing Activities -$734.0K $22.61M
YoY Change -102.81% -77.39%
Cash From Investing Activities -$734.0K -$59.14M
YoY Change -102.81% -1011.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 72.00K 9.935M
YoY Change -99.57% -82.12%
NET CHANGE
Cash From Operating Activities 823.0K -6.228M
Cash From Investing Activities -734.0K -59.14M
Cash From Financing Activities 72.00K 9.935M
Net Change In Cash 161.0K -55.43M
YoY Change -99.67% -179.26%
FREE CASH FLOW
Cash From Operating Activities $823.0K -$6.228M
Capital Expenditures $81.75M
Free Cash Flow -$87.98M
YoY Change 2.72%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
252000
CY2023Q4 us-gaap Inventory Net
InventoryNet
664000
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
546000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
3685000
CY2023Q4 us-gaap Assets Current
AssetsCurrent
19090000
CY2023Q4 usea Advances For Vessels Acquisitions From Related Parties
AdvancesForVesselsAcquisitionsFromRelatedParties
0
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
700000
CY2023Q4 us-gaap Investments And Other Noncurrent Assets
InvestmentsAndOtherNoncurrentAssets
2490000
CY2023Q4 us-gaap Assets
Assets
174805000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
8691000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3308000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8045000
CY2023Q4 us-gaap Deferred Income Current
DeferredIncomeCurrent
527000
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
652000
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
53093000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
55843000
CY2023Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0
CY2023Q4 us-gaap Liabilities
Liabilities
108936000
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
40000
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
40000
CY2023Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Value
CommonStockValue
1000
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
38916000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
26952000
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
65869000
CY2023Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
174805000
CY2023 us-gaap Revenues
Revenues
36067000
CY2023 usea Voyage Expenses
VoyageExpenses
3107000
CY2023 usea Vessel Operating Expenses
VesselOperatingExpenses
20338000
CY2023 usea Management Fees
ManagementFees
545000
CY2023 usea Related Party Transaction Management Fees
RelatedPartyTransactionManagementFees
1421000
CY2023 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6018000
CY2023 us-gaap Depreciation
Depreciation
9078000
CY2023 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
11804000
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
7079000
CY2023 us-gaap Interest Expense
InterestExpense
7183000
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-85000
CY2023 usea Investment Income Interest And Other Income
InvestmentIncomeInterestAndOtherIncome
542000
CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-132000
CY2023 us-gaap Net Income Loss
NetIncomeLoss
221000
CY2023 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
126000
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8359487
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8359487
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(b)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Use of Estimates</div> </td> </tr> </table> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives and determination of vessels’ impairment.</div>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(d)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Concentration of Credit Risk</div> </td> </tr> </table> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and accounts receivable trade. The Company places its cash and cash equivalents and restricted cash, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and generally does not require collateral for its accounts receivable.</div>
CY2023 us-gaap Revenue Recognition Leases Operating
RevenueRecognitionLeasesOperating
<div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;"> </span> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;">(p)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;">Revenue Recognition</div> </td> </tr> </table> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;"> </span></div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;"><br/> </span> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;">Revenues are generated from time charters and spot charters. Revenues generated from time charter agreements contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers.<br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; font-weight: normal;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Time charter revenue is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel’s off hire days due to major repairs, dry dockings or special or intermediate surveys. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. The Company, as lessor, has elected not to separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Vessels are employed on short to medium-term time charter contracts, which provide flexibility in responding to market developments. For dry bulk vessels, rental income on the Company’s time charters is calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index and Baltic Panamax Index. Under the terms of our dry bulk vessels’ time charter agreements, the Company has the option to convert the floating index linked rate into a fixed charter rate based on the prevailing forward freight agreement curves.</span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <br/> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo. Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured.  For voyage charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements</span>.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Pool revenue for each vessel is determined in accordance with the profit-sharing mechanism specified within each pool agreement. In particular, the Company’s pool managers aggregate the revenues and expenses of all of the pool participants and distribute the net earnings to participants, as applicable:</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">based on the pool points attributed to each vessel (which are determined by vessel attributes such as cargo carrying capacity, speed, fuel consumption, and construction and other characteristics); or</div> </td> </tr> </table> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">by making adjustments to account for the cost performance, the bunkering fees and the trading capabilities of each vessel; and</div> </td> </tr> </table> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"> <div><br/> </div> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">the number of days the vessel participated in the pool in the period (excluding off-hire days).</div> </td> </tr> </table> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company records revenue generated from the pools in accordance with ASC 842, Leases, since it assesses that a vessel pool arrangement is a variable time charter with the variable lease payments recorded as income in profit or loss in the period in which the changes in facts and circumstances on which the variable lease payments are based occur.</div>
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CY2023 dei Entity Registrant Name
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United Maritime Corp
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1T
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154 Vouliagmenis Avenue
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166 74
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Glyfada
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GR
CY2023 dei Security12b Title
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Shares of common stock, par value $0.0001, including the Preferred Stock Purchase Rights
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USEA
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NASDAQ
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Ernst & Young (Hellas) Certified Auditors Accountants S.A.
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