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Leases - The Company as Lessee | 12 Months Ended
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Dec. 31, 2022
Time charterin contracts [Abstract] |
Leases - The Company as Lessee | 18. Leases – The Company as Lessee Time charter-in contracts For the year ended December 31, 2020, the Company chartered in vessels to supplement its own fleet and employed them both on time charters and voyage charters. The time charter-in contracts ranged in lease terms from 1 year to 5 years. No charter-in contracts were entered into during the years ended December 31, 2021 and 2022. The Company had one time charter-in contract with a monthly charter hire of $130,000 relating to the vessel Gas Cathar, which was greater than 12 months at January 1, 2019 i.e. the date of adoption of ASC 842. This contract expired in March 2020. Lease payments relating to this charter amounted to $318,606 for the year ended December 31, 2020 and are included in Charter hire expenses in the consolidated statements of operations. Office lease In January 2019, the Company renewed its contract to lease office space from a related party for a period until December 2020 at an amount of EUR 6,500 ($7,345) per month. In January 2021, the Company entered into a new agreement to lease office space from a related party for a period until December 2022 at an amount of EUR 7,000 ($8,279) per month. The Company determined these office leases to be operating leases and recorded the related right-of-use-assets within operating lease right-of-use-assets and the lease liabilities within operating lease liabilities in the accompanying consolidated balance sheets and the lease expense within General and administrative expenses in the accompanying consolidated statement of operations (Note 3). Lease Disclosures Under ASC 842 Operating lease right-of-use assets and lease liabilities as of December 31, 2021 and 2022 as follows:
Description |  | Location in balance sheet |  | December 31, 2021 |  |  | December 31, 2022 |
Non current assets: |  |  |  |  |  |  |  |  |  |
Office leases |  | Operating lease right-of-use assets |  | $ | 104,168 |  |  |  | — |
|  |  |  | $ | 104,168 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Office leases |  | Current portion of operating lease liabilities |  | $ | 104,168 |  |  |  | — |
Lease liabilities – current portion |  |  |  | $ | 104,168 |  |  |  | — |
The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months:
Description |  | Location in statement of operations |  | 2020 |  |  | 2021 |  |  | 2022 |
Lease expense for chartered-in contracts greater than 12 months |  | Charter hire expenses |  |  | 318,606 |  |  |  | — |  |  |  | — |
|  | Total charter hire expenses |  |  | 318,606 |  |  |  | — |  |  |  | — |
Lease expense for office leases |  | General and administrative expenses |  |  | 90,121 |  |  |  | 97,726 |  |  |  | 88,326 |
Sub lease income from chartered-in contracts greater than 12 months * |  | Revenues |  |  | 860,227 |  |  |  | — |  |  |  | — |
* | The sub-lease income represents time charter revenue earned on the chartered-in contracts greater than 12 months.
The cash paid for operating leases with terms greater than 12 months for the years ended December 31, 2020, 2021 and 2022 amounted to $408,727, $97,726 and $88,326, respectively. The table below provides the total amount of lease payments on an undiscounted basis on our office lease greater than 12 months as of December 31, 2021:
Year |  | Office leases |  |  | Total Operating leases |
Discount rate upon adoption |  |  | 5.6 | % |  |  | 5.6 | %
2022 (undiscounted lease payments) |  | $ | 107,520 |  |  | $ | 107,520 |
|  | $ | 107,520 |  |  | $ | 107,520 |
Present value of lease liability |  |  | 104,168 |  |  |  | 104,168 |
Lease liabilities - short term |  |  | 104,168 |  |  |  | 104,168 |
Total lease liabilities |  |  | 104,168 |  |  |  | 104,168 |
Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) |  | $ | 3,352 |  |  | $ | 3,352 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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