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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 4,952,773 $ 26,530,944
Trade accounts receivable, net 436,297 1,274,729
Other receivables 1,056,763 1,722,885
Inventories 2,425,346 2,274,454
Restricted cash 175,234 167,285
Prepaid expenses 685,848 382,729
Derivatives 984,547 540,753
Total current assets 10,716,808 32,893,779
Long-term assets:    
Vessels, net 233,602,546 176,111,486
Advances for vessels under construction 37,796,368 7,615,958
Restricted cash 5,400,000 4,800,000
Derivatives 1,014,196 0
Total assets 288,529,918 221,421,223
Current liabilities    
Long-term bank loans, current portion 39,637,129 29,034,049
Trade accounts payable 3,228,537 2,804,194
Accrued expenses 1,720,132 1,702,925
Accrued dividends 31,675 0
Deferred revenues 2,336,057 3,293,986
Due to related company 100,564 309,970
Total current liabilities 47,054,094 37,145,124
Long-term liabilities    
Long-term bank loans, net of current portion 64,797,943 89,004,951
Derivatives 0 952,666
Fair value of below market time charters acquired 42,697,246 17,461,586
Total long-term liabilities 107,495,189 107,419,203
Total liabilities 154,549,283 144,564,327
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 7,294,541 and 7,279,939, issued and outstanding) 218,398 218,836
Additional paid-in capital 264,694,337 264,609,233
Accumulated deficit (130,932,100) (187,971,173)
Total shareholders’ equity 133,980,635 76,856,896
Total liabilities and shareholders’ equity $ 288,529,918 $ 221,421,223