XML 14 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 55,770,823 $ 31,304,151
Short-term investments 26,500,000  
Receivables from related party   63,767
Trade and other receivables 4,630,536 2,117,636
Other current assets 270,514 298,984
Claims receivable 182,141 62,652
Inventories 3,064,011 2,772,532
Advances and prepayments 681,413 637,881
Restricted cash 2,519,601 2,198,775
Assets held for sale 11,107,182 12,250,000
Total current assets 104,726,221 51,706,378
Non current assets    
Advances for vessels' acquisitions 23,400,000  
Operating lease right-of-use assets   104,168
Vessels, net 628,478,453 681,337,153
Other receivables 162,872  
Restricted cash 10,864,520 12,197,611
Investments in joint ventures 46,632,720 53,323,032
Deferred finance charges 165,666  
Fair value of derivatives 7,102,855  
Total non current assets 716,807,086 746,961,964
Total assets 821,533,307 798,668,342
Current liabilities    
Payable to related parties 2,476,663 1,491,705
Trade accounts payable 11,838,243 8,592,124
Accrued and other liabilities 6,923,992 3,842,879
Operating lease liabilities   104,168
Deferred income 5,234,978 5,666,285
Current portion of long-term debt 30,083,806 31,836,619
Current portion of long-term debt associated with vessel held for sale 0 7,173,988
Total current liabilities 56,557,682 58,707,768
Non current liabilities    
Fair value of derivatives   3,151,880
Deferred income 21,451 76,949
Long-term debt 247,028,823 261,960,975
Total non current liabilities 247,050,274 265,189,804
Total liabilities 303,607,956 323,897,572
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, 43,527,428 shares issued and 38,202,181 shares outstanding at both December 31, 2021 and December 31, 2022 with a par value of $0.01 per share 435,274 435,274
Treasury stock, 5,325,247 at both December 31, 2021 and December 31, 2022 with a par value of $0.01 per share (25,373,380) (25,373,380)
Additional paid-in capital 443,620,122 443,009,334
Retained earnings 94,056,852 59,803,487
Accumulated other comprehensive (loss)/income 5,186,483 (3,103,945)
Total stockholders' equity 517,925,351 474,770,770
Total liabilities and stockholders' equity $ 821,533,307 $ 798,668,342