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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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