XML 40 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Revenues
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenues
16. Revenues
The amounts in the accompanying consolidated statements of operations are analyzed as follows:
 
    
Year ended December 31,
  
    
2018
     
2019
     
2020
  
Time charter revenues
      104,099,818        97,249,537        101,837,425  
Bareboat revenues
      24,646,311        21,764,102        16,876,956  
Voyage charter revenues
      34,266,082        24,018,198        25,161,401  
Other income
      1,317,991        1,227,475        1,127,239  
    
 
 
     
 
 
     
 
 
  
Total
   
 
164,330,202
 
   
 
144,259,312
 
   
 
145,003,021
 
    
 
 
     
 
 
     
 
 
  
The amount of revenue earned as demurrage relating to the Company’s voyage charters for the years ended December 31, 2018, 2019 and 2020 was $4.7
 
million,
 $2.0
million
 
and $2.4 million, respectively and is included within “Voyage charter revenues” in the above table.
As of December 31, 2019 and 2020, the Company recognized $118,246 and $309,608, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the consolidated balance sheets.
As of December 31, 2018, 2019 and 2020, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $821,577, $439,135 and $1,353,290, respectively. The Company recognized these amounts as revenues in the first quarters of 2019, 2020 and 2021, respectively.
Four of the time charters entered into in 2014, also grant the charterer an option to purchase the respective vessels during the time charter period, at stipulated prices, decreasing on a
pro-rated
basis by a fixed amount per year until the expiration of the time charters in 2022.