XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Operating activities          
Net income $ 27,486,740 $ 19,577,173 $ 49,934,635 $ 26,084,365  
Adjustments to reconcile net income to net cash provided by operations:          
Depreciation and amortization expense     14,594,852 9,287,824  
Amortization of deferred financing costs     499,703 477,263  
Amortization of prepaid rent     60,969 57,628  
Unrealized gain on derivative instruments 3,501,649 (6,303,776) (3,998,665) (8,326,148)  
Income (Loss) from Equity Method Investments     (218,438) (250,962)  
Earnings attributable to non-controlling interest recorded as other long term liability     3,543,007 449,745 $ 1,184,741
Provision for doubtful accounts     518,796 285,466  
Loss on impairment of vessels 0 0 3,007,809 0  
Loss on sale of vessel     318,032 0  
Drydocking costs     (4,858,510) (5,551,513)  
Share-based compensation     1,138,785 1,365,734  
Change in operating assets and liabilities:          
Accounts receivable     12,640,090 (1,894,649)  
Bunker inventory     (25,675,924) (7,217,311)  
Advance hire, prepaid expenses and other current assets     12,286,477 (10,482,310)  
Accounts payable, accrued expenses and other current liabilities     13,292,238 12,222,358  
Deferred revenue     (7,858,791) 3,026,377  
Net cash provided by operating activities     69,225,065 19,533,867  
Investing activities          
Purchase of vessels and vessel improvements     (18,501,875) (108,540,199)  
Purchase of fixed assets and equipment     (71,416) (112,196)  
Proceeds from sale of vessels     8,400,000 0  
Contributions to non-consolidated subsidiaries     (18,505) 0  
Net cash used in investing activities     (10,191,796) (108,652,395)  
Financing activities          
Proceeds from long-term debt     0 66,350,000  
Payments of financing fees and debt issuance costs     (331,317) (1,167,783)  
Payments of long-term debt     (9,010,117) (55,620,110)  
Proceeds from finance leases     15,000,000 77,084,500  
Payments of finance lease obligations     (7,808,388) (3,824,259)  
Dividends paid to non-controlling interests     (5,000,000) (3,333,334)  
Accrued common stock dividends paid     (5,629,329) (2,449,741)  
Cash paid for incentive compensation shares relinquished     (287,630) (129,190)  
Contributions from non-controlling interest recorded as long-term liability     0 4,621,398 9,182,425
Payments to non-controlling interest recorded as long-term liability     0 (195,597) (195,599)
Net cash (used in) provided by financing activities     (13,066,781) 81,335,884  
Net increase (decrease) in cash and cash equivalents     45,966,488 (7,782,644)  
Cash and cash equivalents at beginning of period     56,208,902 48,397,216 48,397,216
Cash and cash equivalents at end of period $ 102,175,390 $ 40,614,572 $ 102,175,390 $ 40,614,572 $ 56,208,902