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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income/(loss) for the year $ 34,253,365 $ (35,123,208) $ 11,984,485
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:      
Depreciation 27,814,901 37,125,903 37,455,093
Amortization of deferred finance charges 855,472 1,157,804 698,364
Amortization of operating lease right-of-use assets 104,168 89,638 473,132
Share based compensation 610,788 610,788 0
Change in fair value of derivatives (1,964,307) (240,153) (38,561)
Equity earnings in joint ventures (10,862,687) (8,326,701) (2,709,984)
Dividends received from joint ventures 9,486,900 0 0
Impairment loss 3,167,034 44,616,214 3,857,307
Net loss on sale of vessels 408,637 304,210 1,134,854
(Increase)/decrease in      
Trade and other receivables (2,675,772) (977,005) 874,825
Other current assets 28,470 10,624 (191,362)
Claims receivable (500,249) 57,895 193,670
Inventories (819,065) 644,079 (1,239,395)
Changes in operating lease liabilities (104,168) (89,638) (473,132)
Advances and prepayments (43,532) (100,482) (32,444)
Increase/(decrease) in      
Balances with related parties 2,185,408 (3,231,923) 1,617,032
Trade accounts payable 3,328,208 262,569 761,193
Accrued liabilities 1,775,447 557,086 (2,403,644)
Deferred income (486,805) 3,690,981 151,663
Net cash provided by operating activities 66,562,213 41,038,681 52,113,096
Cash flows from investing activities      
Insurance proceeds 380,760 0 0
Vessels' acquisitions, advances for vessels under construction and improvement of vessels (24,230,937) (25,224,746) (48,121,422)
Proceeds from sale of vessels, net 25,027,379 7,795,790 5,264,768
Increase in short-term investments (26,500,000) 0 0
Investment in joint ventures 0 (3,348,675) (41,998,500)
Return of investments from joint ventures 8,066,100 1,530,000 26,781,000
Advances to joint ventures 0 0 (29,245)
Advances from joint ventures 0 0 29,245
Net cash used in investing activities (17,256,698) (19,247,631) (58,074,154)
Cash flows from financing activities      
Stock repurchase 0 0 (3,880,930)
Deferred finance charges paid (534,600) (1,463,766) (538,004)
Advances from joint ventures 4,428,713 0 1,841,380
Advances to joint ventures (5,565,396) 0 (5,841,672)
Customer deposits paid 0 (600,000) 0
Loan repayments (83,579,825) (173,012,428) (41,804,846)
Proceeds from long-term debt 59,400,000 150,650,000 27,105,000
Cash retained by Imperial at spin-off 0 (4,704,521) 0
Net cash used in financing activities (25,851,108) (29,130,715) (23,119,072)
Net (decrease)/increase in cash and cash equivalents and restricted cash 23,454,407 (7,339,665) (29,080,130)
Cash and cash equivalents and restricted cash at beginning of year 45,700,537 53,040,202 82,120,332
Cash and cash equivalents and restricted cash at end of year 69,154,944 45,700,537 53,040,202
Cash breakdown      
Cash and cash equivalents 55,770,823 31,304,151 38,242,411
Restricted cash, current 2,519,601 2,198,775 1,308,971
Restricted cash, non-current 10,864,520 12,197,611 13,488,820
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 69,154,944 45,700,537 53,040,202
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 9,760,448 8,607,590 12,905,065
Non cash investing activity – Vessels 135,481 217,570 387,220
Non cash financing activity – Deferred finance charges 165,666 0 32,464
Distribution of net assets of Imperial Petroleum Inc. to stockholders (Note 1) $ 0 $ 57,162,103 $ 0