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Unaudited Condensed Consolidated Statements of Operations - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Time charter revenue $ 43,148,575 $ 27,952,803
Commissions (including $349,410 and $539,357, respectively, to related party) (1,878,833) (1,234,728)
Net revenue 41,269,742 26,718,075
Operating expenses    
Voyage expenses 1,290,792 737,952
Vessel operating expenses (including $113,662 and $240,764, respectively, to related party) 24,710,877 16,114,329
Dry-docking expenses 437,106 1,181,614
Vessel depreciation 5,001,837 2,687,550
Related party management fees 4,048,805 2,496,070
Net gain on sale of vessels (1,305,016)
General and administrative expenses (including $937,500 and $1,500,000, respectively, to related party) 2,274,205 1,913,764
Other operating income (2,687,205)
Loss on write-down of vessel held for sale 121,165
Total operating expenses 33,892,566 25,131,279
Operating income 7,377,176 1,586,796
Other income/(expenses)    
Interest and other financing costs (including $0 and $287,672, respectively, to related party) (3,320,074) (2,272,181)
Loss on debt extinguishment (328,291)
Loss on derivative, net (564,631) (2,885)
Foreign exchange gain / (loss) (42,538) 7,875
Interest income 16,191 91,141
Other expenses, net (3,911,052) (2,504,341)
Net (loss) / income 3,466,124 (917,545)
Dividend Series B Preferred shares (524,621) (1,110,467)
Preferred deemed dividend (504,577)
Earnings / Net (loss) / income attributable to common shareholders $ 2,941,503 $ (2,532,589)
Weighted average number of shares outstanding during the period, basic & diluted (in shares) 5,621,159 2,129,233
(Loss) / earnings per share attributable to the common shareholders, basic and diluted (in dollars per share) $ 0.52 $ (1.19)