XML 32 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 114,549,279 $ 106,244,916 $ 42,963,660
Adjustments to reconcile net income to net cash provided by operating activities:      
Vessel depreciation (22,835,469) (18,522,217) (7,203,198)
Asset Impairment Charges 13,832,716 0 0
Amortization and write off of deferred charges 475,511 342,861 223,492
Net loss / (gain) on sale of vessel (5,158,370) 0 9,417
Amortization of fair value of below market time charters acquired (11,368,879) (10,827,595) (230,112)
Gain on time charter agreements termination (15,984,253) 0 0
Share-based compensation 1,083,414 951,385 182,324
Unrealized (gain) / loss on derivatives 4,036,107 (4,223,839) (153,835)
Changes in operating assets and liabilities: (Increase) / decrease in:      
Trade accounts receivable (1,464,979) 701,768 738,294
Prepaid expenses (152,627) 32,523 (138,414)
Other receivables 3,239,195 (3,792,426) 143,739
Inventories 178,138 (31,723) (612,032)
Due from related company 32,146 (32,146) 0
Increase / (decrease) in:      
Due to related company 1,298,941 (309,970) 285,898
Trade accounts payable (1,079,404) 2,014,706 (740,664)
Accrued expenses 109,232 53,458 393,352
Deferred revenues 3,545,489 4,436,436 2,344,622
Net cash provided by operating activities 130,007,125 114,082,571 52,612,939
Cash flows from investing activities:      
Cash paid for vessels under construction (111,475,509) (50,866,784) (7,615,958)
Cash paid for vessel acquisitions including attached time charter agreements and vessel improvements (817,740) (39,822,933) (66,474,058)
Net proceeds and advances from sale of vessels 10,100,598 3,556,641 (9,417)
Net cash used in investing activities (102,192,651) (87,133,076) (74,099,433)
Cash flows from financing activities:      
Redemption of Series B preferred shares 0 0 (2,000,000)
Proceeds from issuance of common stock, net of commissions paid 0 0 743,553
Cash paid for share repurchase (3,145,435) (5,026,746) 0
Preferred dividends paid 0 0 (424,000)
Dividends paid (13,982,351) (10,804,879) 0
Offering expenses paid (102,896) (27,633) (123,167)
Loan arrangement fees paid (731,000) (115,500) (758,000)
Proceeds from long-term bank loans 92,000,000 19,250,000 75,500,000
Repayment of long-term bank loans (68,975,000) (30,284,460) (23,791,840)
Repayment of related party loan 0 0 (2,500,000)
Net cash provided by / (used in) financing activities 5,063,318 (27,009,218) 46,646,546
Net increase / (decrease) in cash, cash equivalents and restricted cash 32,877,792 (59,723) 25,160,052
Cash, cash equivalents and restricted cash at beginning of year 31,438,506 31,498,229 6,338,177
Cash, cash equivalents and restricted cash at end of year 64,316,298 31,438,506 31,498,229
Cash breakdown      
Cash and cash equivalents 58,613,304 25,845,333 26,530,944
Restricted cash, current 2,994 2,193,173 167,285
Restricted cash, long term 5,700,000 3,400,000 4,800,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 64,316,298 31,438,506 31,498,229
Supplemental cash flow information      
Cash paid for interest, net of capitalized expenses 5,788,025 5,100,982 2,447,089
Financing, and investing activities fees:      
Offering expenses accrued 0 56,877 84,510
Capital expenditures and improvements for vessels under construction included in liabilities 2,371,700 648,979 690,481
Conversion of Stock, Amount Issued 0 0 6,365,264
Dividends declared but not paid $ 105,250 $ 66,375 $ 0