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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 58,613,304 $ 25,845,333
Restricted cash 2,994 2,193,173
Trade accounts receivable, net 2,037,940 572,961
Other receivables 2,276,116 5,515,311
Inventories 2,538,342 2,306,177
Prepaid expenses 502,833 350,206
Derivatives 0 1,142,682
Asset held for sale 0 8,909,172
Total current assets 65,971,529 46,867,161
Long-term assets:    
Vessels, net 267,626,155 216,570,426
Balance 85,375,650 59,083,594
Restricted cash 5,700,000 3,400,000
Derivatives 0 2,669,244
Total assets 424,673,334 328,590,425
Current liabilities    
Long-term bank loans, current portion 30,839,541 55,419,815
Trade accounts payable 5,746,510 5,160,068
Accrued expenses 1,865,615 1,756,383
Liability associated with asset held for sale 0 3,556,641
Accrued dividends 105,250 66,375
Interest rate swap contracts, current liability 56,042 0
Deferred revenues 11,275,911 7,730,422
Total current liabilities 51,187,810 73,689,704
Long-term liabilities    
Long-term bank loans, net of current portion 99,161,871 51,812,086
Derivatives 168,138 0
Fair value of below market time charters acquired 7,580,306 34,933,438
Total long-term liabilities 106,910,315 86,745,524
Total liabilities 158,098,125 160,435,228
Commitments and contingencies
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 7,116,206 and 7,014,331 issued and outstanding, respectively 210,430 213,486
Additional paid-in capital 258,434,237 260,539,222
(Accumulated deficit) / Retained earnings 7,930,542 (92,597,511)
Total shareholders’ equity 266,575,209 168,155,197
Total liabilities and shareholders’ equity 424,673,334 328,590,425
Related Party [Member]    
Current assets    
Trade accounts receivable, net 0 32,146
Current liabilities    
Trade accounts payable $ 1,298,941 $ 0