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Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash and cash equivalents reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:

			June 30, 2022						December 31, 2021
			(unaudited)
Money market accounts – cash equivalents			$	42,754,278					$	35,193,025
Cash (1)			59,421,112						21,015,877
Total cash and cash equivalents			$	102,175,390					$	56,208,902

(1) Consists of cash deposits at various major banks.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Advance hire, prepaid expenses and other current assets were comprised of the following: 

						June 30, 2022						December 31, 2021
						(unaudited)
Advance hire						$	9,799,745					$	12,014,451
Prepaid expenses						5,897,012						5,956,195
Accrued receivables						12,356,868						17,009,957
Margin deposit						(25,652)						5,464,379
Derivative assets						7,884,772						3,886,107
Other current assets						2,151,130						2,016,598
						$	38,063,875					$	46,347,687

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable, accrued expenses and other current liabilities were comprised of the following:

						June 30, 2022						December 31, 2021
						(unaudited)
Accounts payable						$	25,950,765					$	21,090,717
Accrued expenses						21,541,388						16,254,253
Bunkers supplies						12,343,555						9,260,262
Note Payable - Note 8						5,156,245						2,549,207
Other accrued liabilities						312,677						—
						$	65,304,630					$	49,154,439

Equity Method Investments

Other non-current assets were comprised of the following:

						June 30, 2022						December 31, 2021
Name						(unaudited)
Investment in Seamar Management						$	756,230					$	428,572
Investment in Pangaea Logistics Solutions (US) LLC						435,775						507,270
Investment in Bay Stevedoring LLC						3,006,761						3,025,981
						$	4,198,766					$	3,961,823

X

- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
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- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

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Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
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