Details of each of the Company’s joint ventures at December 31, 2021 and 2022 are as follows:


		Proportion of ownership interest held by the Company
Name of joint venture	Principal activity	December 31, 2021			December 31, 2022
Spacegas Inc.	Ownership and operation of the vessel “Gas Defiance”		50.1	%		50.1	%
Financial Power Inc.	Ownership and operation of the vessel “Gas Shuriken”		50.1	%		50.1	%
Cannes View Inc	Ownership and operation of the vessel “Gas Haralambos”		50.1	%		50.1	%
Colorado Oil and Gas Inc.	Ownership and operation of the vessel “Eco Lucidity”		50.1	%		50.1	%
Frost Investments Corp. Inc.	Ownership and operation of the vessel “Eco Nebula”*		50.1	%		50.1	%
MGC Agressive Holdings Inc.	Ownership and operation of the vessels “Gaschem Hamburg”, “Eco Evoluzione”* and “Gaschem Bremen” and one LPG vessel under construction		51.0	%		51.0	%

*	The vessel “Eco Nebula” was sold to an unrelated party on August 9, 2022

**	The vessel “Gaschem Hamburg” was sold to an unrelated party on May 10, 2021

***	The vessel Eco Evoluzione was sold to an unrelated party on March 29, 2023

The Company’s exposure is limited to its share of the net assets of Spacegas Inc., Financial Power Inc., Cannes View Inc., Colorado Oil and Gas Inc., Frost Investments Corp. Inc. and MGC Agressive Holdings Inc. (collectively “the joint venture entities”) proportionate to its equity interest in these companies and to any losses that may arise in connection with the loan agreements guaranteed by the Company (Note 17). The Company shares the profits and losses, cash flows and other matters relating to its investments in the joint venture entities in accordance with its ownership percentage. The Company accounts for investments in joint ventures using the equity method since it has joint control over the joint venture entities. The Company does not consolidate the joint venture entities because it does not have a controlling financial interest. The significant factors considered and judgments made in determining that the power to direct the activities of the joint venture entities that most significantly impact their economic performance are shared, are that all significant business decisions over operating and financial policies of the joint venture entities, require consent from each joint venture investor.

Below is a table of equity investment activity:


	Year Ended December 31,
	2021			2022
Beginning balance	$	43,177,656		$	53,323,032
New investments (Note 3)		3,348,675			—
Dividends received		(1,530,000	)		(17,552,999	)
Equity earnings		8,326,701			10,862,687

Investments in joint ventures	$	53,323,032		$	46,632,720

As of December 31, 2021 and

2022

, the carrying value of the Company’s equity method investments was $1.95 million higher than its interest in the investee’s underlying net assets. This basis difference relates to a vessel under construction and will be amortized over the vessel’s useful life.

A condensed summary of the financial information for equity accounted investments partially owned by the Company shown on a

100

% basis is as follows:


	December 31, 2021
	Spacegas Inc.			Financial Power Inc.			Cannes View Inc.			Colorado Oil and Gas Inc.			Frost Investments Corp. Inc.			MGC Agressive Holdings Inc.
Current assets		2,347,954			3,112,192			1,630,592			1,017,765			13,208,202			23,228,225
Non-current assets		11,900,116			11,924,795			13,071,670			11,870,528			18,532,414			56,221,031
Current liabilities		1,426,492			1,506,835			1,687,929			3,231,113			2,247,545			5,357,705
Long-term liabilities		4,178,256			4,178,256			6,307,812			5,519,327			8,008,092			22,799,849
Revenues		3,023,283			3,464,824			4,227,682			3,154,728			7,162,657			17,468,871
Operating income/(loss)		26,559			893,121			396,337			(216,091	)		3,509,152			13,857,864
Net income/(loss)		(105,179	)		762,975			128,636			(466,393	)		3,148,404			12,918,760
Net assets		8,643,322			9,351,896			6,706,521			4,137,853			21,484,979			51,291,702
Company’s share in net assets (%)		50.1	%		50.1	%		50.1	%		50.1	%		50.1	%		51	%
Company’s share in net assets		4,330,304			4,685,300			3,359,967			2,073,064			10,763,974			26,158,768


	December 31, 2022
	Spacegas Inc.			Financial Power Inc.			Cannes View Inc.			Colorado Oil and Gas Inc.			Frost Investments Corp. Inc.			MGC Agressive Holdings Inc.
Current assets		2,323,787			3,308,976			2,294,202			579,177			516,819			21,603,351
Non-current assets		11,241,184			11,273,982			12,341,369			11,405,265			—			60,172,554
Current liabilities		4,652,305			4,645,584			1,807,403			2,745,605			372,861			5,547,238
Long-term liabilities		—			—			5,563,887			4,868,390			—			18,704,581
Revenues .		4,049,999			3,283,046			3,986,715			2,998,258			4,938,210			17,283,019
Operating income/(loss)		456,263			766,281			906,716			540,162			11,921,775			8,843,867
Net income/(loss)		269,340			585,475			557,760			232,593			11,658,979			8,230,018
Net assets		8,912,666			9,937,374			7,264,281			4,370,447			143,958			57,524,086
Company’s share in net assets (%)		50.1	%		50.1	%		50.1	%		50.1	%		50.1	%		51	%
Company’s share in net assets		4,465,246			4,978,624			3,639,405			2,189,594			72,123			29,337,284