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Derivatives and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following table presents information relating to the Company’s interest rate swap arrangements as of December 31, 2020 and 2021.

		Effective Date		Termination Date		Fixed Rate (Company pays)				Floating Rate (Company Receives)		Fair Value Asset/ (Liability) December 31, 2020				Notional Amount December 31, 2020				Fair Value Asset/ (Liability) December 31, 2021				Notional Amount December 31, 2021
Swap 1		November 4, 2015		August 4, 2021			1.52	%		3 month U.S. dollar LIBOR		$	(69,821	)		$	7,109,375				—				—
Swap 2		December 3, 2015		September 3, 2021			1.55	%		3 month U.S. dollar LIBOR		$	(71,626	)		$	7,109,375				—				—
Swap 3		August 16, 2017		May 16, 2025			2.12	%		3 month U.S. dollar LIBOR		$	(857,234	)		$	12,695,750			$	(358,988	)		$	11,680,250
Swap 4		March 12, 2018		December 11, 2022			2.74	%		3 month U.S. dollar LIBOR		$	(598,572	)		$	14,010,000				—				—
Swap 5		April 10, 2018		December 11, 2025			2.74	%		3 month U.S. dollar LIBOR		$	(2,682,391	)		$	27,452,000			$	(1,398,025	)		$	25,380,000
Swap 6		February 16, 2019		February 16, 2024			2.89	%		3 month U.S. dollar LIBOR		$	(961,267	)		$	12,695,750			$	(486,439	)		$	11,680,250
Swap 7		January 21, 2021		January 21, 2028			0.73	%		3 month U.S. dollar LIBOR			—				—			$	(293,862	)		$	13,210,750
Swap 8		January 21, 2021		January 21, 2028			0.73	%		3 month U.S. dollar LIBOR			—				—			$	(292,709	)		$	13,173,250
Swap 9		January 21, 2021		January 21, 2028			0.74	%		3 month U.S. dollar LIBOR			—				—			$	(321,857	)		$	14,347,975
Total												$	(5,240,911	)		$	81,072,250			$	(3,151,880	)		$	89,472,475

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Tabular disclosure of financial instruments is as follows:

Derivatives designated as hedging instruments		Balance Sheet Location		December 31,
				2020								2021
				Asset Derivatives				Liability Derivatives				Asset Derivatives				Liability Derivatives
Interest Rate Swap Agreements		Current liabilities — Fair value of derivatives			—				141,447				—				—
Interest Rate Swap Agreements		Non current liabilities — Fair value of derivatives			—				5,099,464				—				3,151,880
Total derivatives designated as hedging instruments					—				5,240,911				—				3,151,880

Schedule of Derivative Instruments, Gain (Loss)

The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2019, 2020 and 2021 is as follows:

Derivatives not designated as hedging instruments		Location of Gain/(Loss) Recognized		Year Ended December 31,
				2019				2020				2021
Interest Rate Swap — Reclassification from OCI		Loss on derivatives			84,966				60,954				265,610
Interest Rate Swap — Change in Fair Value		Loss on derivatives			(327,147	)			7,186				—
Interest Rate Swap — Realized income/(expense)		Loss on derivatives			134,631				(119,116	)			(25,457	)
Total loss/(gain) on derivatives					(107,550	)			(50,976	)			240,153

Derivatives designated as hedging instruments		Location of (Loss)/Gain Recognized		Year Ended December 31,
				2019				2020				2021
Interest Rate Swap — Realized Income/(Loss)		Interest and finance costs			67,424				(1,190,400	)			(2,183,187	)
Total loss on derivatives					67,424				(1,190,400	)			(2,183,187	)

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive loss included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges and are analyzed as follows:

		Unrealized Gain / (Loss) on cash flow hedges
Balance, January 1, 2019			673,979
Effective portion of changes in fair value of interest swap contracts			(2,848,056	)
Reclassification adjustment			(84,966	)
Balance, December 31, 2019			(2,259,043	)
Effective portion of changes in fair value of interest swap contracts			(2,632,826	)
Reclassification adjustment			(60,954	)
Balance, December 31, 2020			(4,952,823	)
Effective portion of changes in fair value of interest swap contracts			2,114,488
Reclassification adjustment			(265,610	)
Balance, December 31, 2021			(3,103,945	)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2020:

		Fair Value as of December 31, 2020				Fair Value Measurements Using
Description						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets/(Liabilities):
Interest Rate Swap Agreements			(5,240,911	)			—				(5,240,911	)			—
Total			(5,240,911	)			—				(5,240,911	)			—

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2021:

		Fair Value as of December 31, 2021				Fair Value Measurements Using
Description						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets/(Liabilities):
Interest Rate Swap Agreements			(3,151,880	)			—				(3,151,880	)			—
Total			(3,151,880	)			—				(3,151,880	)			—

Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis

The following tables present the fair values for assets measured on a non-recurring basis categorized into a Level based upon the lowest level of significant input to the valuations:

		Fair Value as of June 30, 2020				Fair Value Measurements Using
Description						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held and used			3,000,000				—				3,000,000				—				(305,607	)
Total			3,000,000				—				3,000,000				—				(305,607)

As a result of the impairment analysis performed as of June 30, 2020, one of the Company’s vessels (held and used) was written down to its estimated fair value as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $305,607. Depreciation amounting to $170,884 was recorded in the period from July 1, 2020 to December 31, 2020 and the vessel was presented at its new deemed cost less depreciation of $2,829,116 in the accompanying consolidated balance sheet as of December 31, 2020.

		Fair Value as of December 31, 2020				Fair Value Measurements Using
Description						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held and used			3,500,000				—				3,500,000				—				(714,895	)
Total			3,500,000				—				3,500,000				—				(714,895)

As a result of the impairment analysis performed as of December 31, 2020, one of the Company’s vessels (held and used) was written down to its estimated fair value as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $714,895.

		Fair Value as of June 30, 2021				Fair Value Measurements Using
Description						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held for sale			12,500,000				—				12,500,000				—				(1,125,243	)
Long-lived assets held and used			3,250,000				—				3,250,000				—				(49,977	)
Total			15,750,000				—				15,750,000				—				(1,175,220)

The vessel Gas Monarch (held and used) was written down to its estimated fair value of $3,250,000 as of June 30, 2021, as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $49,977. Depreciation amounting to $195,858 was recorded in the period from July 1, 2021 to December 31, 2021. As of December 31, 2021, the vessel was written down to its estimated fair value of $3,000,000, as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $54,142. On April 19, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Monarch” to an unaffiliated third party for $2,375,000, which sale remains subject to customary conditions. 

		Fair Value as of December 31, 2021				Fair Value Measurements Using
Description						Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held and used			12,650,000				—				12,650,000				—				(1,333,950	)
Total			12,650,000				—				12,650,000				—				(1,333,950)

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