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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Cash, Cash Equivalents and Restricted Cash | 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:
| December 31, 2022 |  | December 31, 2021
Money market accounts – cash equivalents | $ | 33,689,361 |  |  | $ | 35,193,025 |
Time deposit accounts - cash equivalents | 46,000,000 |  |  | — |
Cash (1) | 48,695,245 |  |  | 21,015,877 |
Total cash and cash equivalents | $ | 128,384,606 |  |  | $ | 56,208,902 |
(1) Consists of cash deposits at various major banks.
Advance Hire, Prepaid Expenses | At December 31, advance hire, prepaid expenses and other current assets were comprised of the following:
|  | 2022 |  | 2021
Advance hire |  | $ | 3,491,835 |  |  | $ | 12,014,451 |
Prepaid expenses |  | 4,777,648 |  |  | 5,956,195 |
Accrued receivables |  | 7,721,500 |  |  | 17,009,957 |
Margin Deposit |  | 3,239,947 |  |  | 5,464,379 |
Other current assets |  | 9,035,901 |  |  | 5,902,705 |
Total |  | $ | 28,266,831 |  |  | $ | 46,347,687 |
Components of Net Debt Issuance Costs and Bank Fees | The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows:
|  | December 31,
|  | 2022 |  | 2021
Debt issuance costs and bank fees paid to financial institutions |  | $ | 7,627,351 |  |  | $ | 7,160,807 |
Less: accumulated amortization |  | (3,162,492) |  |  | (2,157,005) |
Unamortized debt issuance costs and bank fees |  | $ | 4,464,859 |  |  | $ | 5,003,802 |
Amortization included in interest expense |  | $ | 1,005,487 |  |  | $ | 920,995 |
Components of Accounts Payable and Accrued Expenses | The components of accounts payable and accrued expenses are as follows:
|  | December 31,
|  | 2022 |  | 2021
Accounts payable |  | $ | 9,979,451 |  |  | $ | 7,029,861 |
Accrued expenses |  | 11,795,973 |  |  | 16,254,253 |
Bunkers suppliers |  | 6,526,725 |  |  | 9,260,262 |
Charter hire payable |  | 9,337,941 |  |  | 14,060,856 |
Note Payable |  | — |  |  | 2,549,207 |
Other accrued liabilities |  | 914,041 |  |  | — |
Total |  | $ | 38,554,131 |  |  | $ | 49,154,439 |
Summary of Fair Value, by Balance Sheet Grouping | The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows:
|  | December 31,
|  | 2022 |  | 2021
Carrying amount of fixed rate long-term debt |  | $ | 113,589,539 |  |  | $ | 105,109,129 |
Fair value of fixed rate long-term debt |  | $ | 103,455,979 |  |  | $ | 107,624,096 |
Schedule of Other Assets, Noncurrent | At December 31, other non-current assets were comprised of the following:
Name |  | 2022 |  | 2021
Investment in Seamar Managements S.A. |  | $ | 598,725 |  |  | $ | 428,572 |
Investment in Pangaea Logistics Solutions (US) LLC |  | 3,954,605 |  |  | 3,533,251 |
Investment in Narragansett Bulk Carriers (US) Corp |  | 234,141 |  |  | — |
Other investments |  | 496,656 |  |  | — |
Total |  | $ | 5,284,127 |  |  | $ | 3,961,823 |

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