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Consolidated Statements of Cash Flows
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities      
Net income/(loss) for the year $ (35,123,208) $ 11,984,485 $ 2,093,124
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:      
Depreciation 37,125,903 37,455,093 37,693,733
Amortization of deferred finance charges 1,157,804 698,364 885,191
Amortization of operating lease right-of-use assets 89,638 473,132 1,572,943
Share based compensation 610,788 0 611,644
Change in fair value of derivatives (240,153) (38,561) 255,650
Equity earnings in joint ventures (8,326,701) (2,709,984) (486,695)
Impairment loss 44,616,214 3,857,307 993,916
Net loss on sale of vessels 304,210 1,134,854 485,516
Gain on deconsolidation of subsidiaries 0 0 (145,000)
(Increase)/decrease in      
Trade and other receivables (977,005) 874,825 (1,506,590)
Other current assets 10,624 (191,362) 16,055
Claims receivable 57,895 193,670 (1,307,763)
Inventories 644,079 (1,239,395) 617,468
Changes in operating lease liabilities (89,638) (473,132) (1,572,943)
Advances and prepayments (100,482) (32,444) 339,858
Increase/(decrease) in      
Balances with related parties (3,231,923) 1,617,032 (5,845,771)
Trade accounts payable 262,569 761,193 (1,316,668)
Accrued liabilities 557,086 (2,403,644) (217,409)
Deferred income 3,690,981 151,663 (2,347,660)
Net cash provided by operating activities 41,038,681 52,113,096 30,818,599
Cash flows from investing activities      
Insurance proceeds 0 0 993,546
Proceeds from sale of interests in subsidiaries 0 0 20,720,975
Vessels' acquisitions and advances for vessels under construction (25,224,746) (48,121,422) (2,988,903)
Proceeds from sale of vessels, net 7,795,790 5,264,768 18,721,123
Investment in joint ventures (3,348,675) (41,998,500) (11,322,600)
Return of investments from joint ventures 1,530,000 26,781,000 7,363,147
Advances to joint ventures 0 (29,245) (5,083,919)
Advances from joint ventures 0 29,245 5,083,919
Net cash provided by/(used in) investing activities (19,247,631) (58,074,154) 33,487,288
Cash flows from financing activities      
Stock repurchase 0 (3,880,930) (1,837,617)
Deferred finance charges paid (1,463,766) (538,004) (477,201)
Advances from joint ventures 0 1,841,380 4,958,250
Advances to joint ventures 0 (5,841,672)  
Customer deposits paid (600,000) 0 (368,000)
Loan repayments (173,012,428) (41,804,846) (97,371,978)
Proceeds from long-term debt 150,650,000 27,105,000 33,480,000
Cash retained by Imperial at spin-off (4,704,521)    
Net cash used in financing activities (29,130,715) (23,119,072) (61,616,546)
Net increase/(decrease) in cash and cash equivalents (7,339,665) (29,080,130) 2,689,341
Cash and cash equivalents and restricted cash at beginning of year 53,040,202 82,120,332 79,430,991
Cash and cash equivalents and restricted cash at end of year 45,700,537 53,040,202 82,120,332
Cash breakdown      
Cash and cash equivalents 31,304,151 38,242,411 68,465,342
Restricted cash, current 2,198,775 1,308,971 1,589,768
Restricted cash, non-current 12,197,611 13,488,820 12,065,222
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 45,700,537 53,040,202 82,120,332
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 8,607,590 12,905,065 20,768,672
Non cash investing activity – Vessels 217,570 387,220 $ 63,752
Non cash financing activity – Deferred finance charges 0 $ 32,464  
Distribution of net assets of Imperial Petroleum Inc. to stockholders (Note 1) $ 57,162,103