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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities    
Net income $ 12,692,110 $ 17,048,868
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and amortization expense 17,055,271 18,529,476
Amortization of deferred financing costs 662,440 727,020
Amortization of prepaid rent 122,272 118,597
Unrealized loss (gain) on derivative instruments 156,019 (2,753,834)
Income from equity method investee (1,083,142) (156,137)
Earnings attributable to non-controlling interest recorded as interest expense 177,802 44,950
Provision for doubtful accounts 152,416 898,357
Loss on impairment of vessels 1,801,039 4,751,143
Loss on sales of vessels 730,065 4,584,796
Drydocking costs (5,858,960) (1,633,771)
Share-based compensation 2,314,940 1,737,315
Change in operating assets and liabilities:    
Accounts receivable (995,167) (725,972)
Bunker inventory 5,034,763 (2,425,497)
Advance hire, prepaid expenses and other current assets 338,022 (6,247,268)
Accounts payable, accrued expenses and other current liabilities (10,887,555) 10,301,367
Deferred revenue (1,576,833) (340,678)
Net cash provided by operating activities 20,835,502 44,458,732
Investing activities    
Purchase of vessels and vessel improvements (2,892,776) (41,350,536)
Proceeds from sale of vessels 11,666,507 10,388,723
Acquisition of non-controlling interest (15,000,000) 0
Deposits on newbuildings in-process (33,446) (15,357,189)
Purchase of building and equipment 0 (283,244)
Purchase of derivative instrument (628,000) 0
Net cash used in investing activities (6,887,715) (46,602,246)
Financing activities    
Payments on related party notes payable 0 (2,595,000)
Proceeds from long-term debt 18,000,000 14,000,000
Payments of financing and issuance costs (421,775) (2,960,899)
Payments of long-term debt (22,990,674) (20,627,742)
Proceeds from finance leases 0 25,600,000
Payments on finance lease obligation (12,548,938) (6,602,265)
Dividends paid to non-controlling interests 0 (4,666,665)
Common stock accrued dividends paid (535,153) (8,090,213)
Cash paid for incentive compensation shares relinquished (238,364) (179,279)
Contributions from non-controlling interests recorded as long-term liability 0 4,783,414
Contributions from non-controlling interests 322,750 422,519
Payments to non-controlling interest recorded as long-term liability (193,508) 0
Net cash used in financing activities (18,605,662) (916,130)
Net (decrease)/increase in cash, cash equivalents and restricted cash (4,657,875) (3,059,644)
Cash, cash equivalents and restricted cash at beginning of period 53,055,091 56,114,735
Cash, cash equivalents and restricted cash at end of period 48,397,216 53,055,091
Disclosure of noncash items    
Cash paid for interest 7,149,210 9,250,743
Deferred consideration related to acquisition of non-controlling interest $ 7,500,000 $ 0