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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 77,202,843 $ 55,770,823
Short-term investments   26,500,000
Trade and other receivables 4,506,741 4,630,536
Other current assets 130,589 270,514
Claims receivable 55,475 182,141
Inventories 1,979,683 3,064,011
Advances and prepayments 1,409,418 681,413
Restricted cash 659,137 2,519,601
Assets held for sale 34,879,925 11,107,182
Total current assets 120,823,811 104,726,221
Non current assets    
Advances for vessels' acquisitions 23,414,570 23,400,000
Operating lease right-of-use assets 99,379 0
Vessels, net 504,295,083 628,478,453
Other receivables 48,040 162,872
Restricted cash 5,893,721 10,864,520
Investments in joint ventures 39,671,603 46,632,720
Deferred finance charges 1,105,790 165,666
Fair value of derivatives 1,858,677 7,102,855
Total non current assets 576,386,863 716,807,086
Total assets 697,210,674 821,533,307
Current liabilities    
Payable to related parties 955,567 2,476,663
Trade accounts payable 9,953,137 11,838,243
Accrued and other liabilities 5,681,144 6,923,992
Operating lease liabilities 71,173 0
Deferred income 5,386,126 5,234,978
Current portion of long-term debt 16,624,473 30,083,806
Total current liabilities $ 38,671,620 $ 56,557,682
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Non current liabilities    
Operating lease liabilities $ 28,206 $ 0
Deferred income 1,928,712 21,451
Long-term debt 106,918,176 247,028,823
Total non current liabilities 108,875,094 247,050,274
Total liabilities 147,546,713 303,607,956
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 December 31, 2022 and 45,343,428 shares issued and 36,142,326 shares outstanding at December 31, 2023 with a par value of $0.01 per share 453,434 435,274
Treasury stock, 5,325,247 at December 31, 2022 and 9,201,102 at December 31, 2023 with a par value of $0.01 per share (44,453,836) (25,373,380)
Additional paid-in capital 446,938,868 443,620,122
Retained earnings 145,993,681 94,056,852
Accumulated other comprehensive income 731,814 5,186,483
Total stockholders' equity 549,663,961 517,925,351
Total liabilities and stockholders' equity $ 697,210,674 $ 821,533,307