XML 18 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 31,304,151 $ 38,242,411
Receivables from related party 63,767  
Trade and other receivables 2,117,636 3,602,764
Other current assets 298,984 309,608
Claims receivable 62,652 120,547
Inventories 2,772,532 3,687,098
Advances and prepayments 637,881 782,125
Restricted cash 2,198,775 1,308,971
Vessel held for sale 12,250,000  
Total current assets 51,706,378 48,053,524
Non current assets    
Advances for vessel under construction 6,539,115
Operating lease right-of-use assets 104,168 0
Vessels, net 681,337,153 832,335,059
Other receivables   26,427
Restricted cash 12,197,611 13,488,820
Investments in joint ventures 53,323,032 43,177,657
Deferred finance charges   385,705
Total non current assets 746,961,964 895,952,783
Total assets 798,668,342 944,006,307
Current liabilities    
Payable to related parties 1,491,705 4,659,861
Trade accounts payable 8,592,124 9,974,751
Accrued liabilities 3,842,879 3,773,499
Operating lease liabilities 104,168  
Customer deposits   968,000
Deferred income 5,666,285 2,995,657
Fair value of derivatives   141,447
Current portion of long-term debt 31,836,619 40,547,892
Current portion of long-term debt associated with vessels held for sale 7,173,988  
Total current liabilities 58,707,768 63,061,107
Non current liabilities    
Fair value of derivatives 3,151,880 5,099,464
Deferred income 76,949  
Long-term debt 261,960,975 311,249,321
Total non current liabilities 265,189,804 316,348,785
Total liabilities 323,897,572 379,409,892
Commitments and contingencies
Stockholders' equity    
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 43,183,684 shares issued and 37,858,437 shares outstanding at December 31, 2020 and 43,527,428 shares issued and 38,202,181 shares outstanding at December 31, 2021 with a par value of $0.01 per share 435,274 431,836
Treasury stock, 5,325,247 at both December 31, 2020 and December 31, 2021 with a par value of $0.01 per share (25,373,380) (25,373,380)
Additional paid-in capital 443,009,334 499,564,087
Retained earnings 59,803,487 94,926,695
Accumulated other comprehensive loss (3,103,945) (4,952,823)
Total stockholders' equity 474,770,770 564,596,415
Total liabilities and stockholders' equity $ 798,668,342 $ 944,006,307