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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 |  | December 31, 2022
Money market accounts – cash equivalents | $ | 38,556,005 |  |  | $ | 33,689,361 |
Time deposit accounts - cash equivalents (1) | 10,206,500 |  |  | 46,000,000 |
Cash (2) | 50,275,361 |  |  | 48,695,245 |
Total cash and cash equivalents | $ | 99,037,866 |  |  | $ | 128,384,606 |
(1) It consists of cash deposits at various major banks with interest rates ranging from 5.48% to 5.69%. (2) It 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:
|  | 2023 |  | 2022
Advance hire |  | $ | 2,509,313 |  |  | $ | 3,491,835 |
Prepaid expenses |  | 7,072,634 |  |  | 4,777,648 |
Accrued receivables |  | 5,777,596 |  |  | 7,721,500 |
Cash margin on deposit |  | 3,751,257 |  |  | 3,239,947 |
Derivative assets |  | 3,384,137 |  |  | 4,892,144 |
Other current assets |  | 5,845,309 |  |  | 4,143,757 |
Total |  | $ | 28,340,246 |  |  | $ | 28,266,831 |
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,
|  | 2023 |  | 2022
Debt issuance costs and bank fees paid to financial institutions |  | $ | 7,599,543 |  |  | $ | 7,627,351 |
Less: accumulated amortization |  | (4,109,086) |  |  | (3,162,492) |
Unamortized debt issuance costs and bank fees |  | $ | 3,490,457 |  |  | $ | 4,464,859 |
Amortization included in interest expense |  | $ | 946,593 |  |  | $ | 1,005,487 |
Components of Accounts Payable and Accrued Expenses | The components of accounts payable and accrued expenses are as follows:
|  | December 31,
|  | 2023 |  | 2022
Accounts payable |  | $ | 6,277,693 |  |  | $ | 9,979,451 |
Accrued expenses |  | 14,038,418 |  |  | 11,795,973 |
Bunkers suppliers |  | 4,393,533 |  |  | 6,526,725 |
Charter hire payable |  | 8,112,701 |  |  | 9,337,941 |
Other accrued liabilities |  | 3,013,917 |  |  | 914,041 |
Total |  | $ | 35,836,262 |  |  | $ | 38,554,131 |
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,
|  | 2023 |  | 2022
Carrying amount of fixed rate long-term debt |  | $ | 100,251,477 |  |  | $ | 113,589,539 |
Fair value of fixed rate long-term debt |  | $ | 92,792,065 |  |  | $ | 103,455,979 |
Schedule of Other Assets, Noncurrent | At December 31, other non-current assets were comprised of the following:
Name |  | 2023 |  | 2022
Intangible Assets - Note 15: Acquisitions |  | $ | 1,777,063 |  |  | $ | — |
Investment in Seamar Managements S.A. |  | 706,655 |  |  | 598,725 |
Investment in Pangaea Logistics Solutions (US) LLC |  | 1,667,093 |  |  | 3,954,605 |
Investment in Narragansett Bulk Carriers (US) Corp |  | 519,975 |  |  | 234,141 |
Other investments |  | 919,509 |  |  | 496,656 |
Total |  | $ | 5,590,295 |  |  | $ | 5,284,127 |

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