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Derivatives and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following table presents information relating to the Company’s interest rate swap arrangements as of December 31, 2022 and 2023.

		Effective date		Termination date		Fixed Rate (Company pays)				Floating Rate (Company receives)		Fair Value Asset December 31, 2022				Notional Amount December 31, 2022				Fair Value Asset December 31, 2023				Notional Amount December 31, 2023
Swap 1		August 16, 2017		June 21, 2023			2.12	%		3-month U.S. dollar SOFR		$	536,901			$	10,664,750				—				—
Swap 2		April 10, 2018		December 11, 2025			2.74	%		3-month U.S. dollar SOFR		$	955,139			$	23,308,000			$	731,814			$	21,236,000
Swap 3		February 16, 2019		June 21, 2023			2.89	%		3-month U.S. dollar SOFR		$	256,813			$	10,664,750				—				—
Swap 4		January 21, 2021		June 13, 2023			0.73	%		3-month U.S. dollar SOFR		$	1,398,984			$	11,866,750				—				—
Swap 5		January 21, 2021		March 31, 2023			0.73	%		3-month U.S. dollar SOFR		$	1,393,330			$	11,829,250				—				—
Swap 6		January 21, 2021		March 31, 2023			0.74	%		3-month U.S. dollar SOFR		$	864,286			$	7,197,547				—				—
Swap 7		February 5, 2022		June 30, 2026			1.49	%		3-month U.S. dollar SOFR		$	1,697,402			$	25,152,330			$	1,126,863			$	21,274,194
Total												$	7,102,855			$	100,683,377			$	1,858,677			$	42,510,194

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Tabular disclosure of financial instruments is as follows:

				December 31,
				2022								2023
Derivatives designated as hedging instruments		Balance Sheet Location		Asset Derivatives				Liability Derivatives				Asset Derivatives				Liability Derivatives
Interest Rate Swap Agreements		Non current assets — Fair value of derivatives			5,405,453				—				731,814				—
Total derivatives designated as hedging instruments					5,405,453				—				731,814				—

				December 31,
				2022								2023
Derivatives not designated as hedging instruments		Balance Sheet Location		Asset Derivatives				Liability Derivatives				Asset Derivatives				Liability Derivatives
Interest Rate Swap Agreements		Non current assets — Fair value of derivatives			1,697,402				—				1,126,863				—
Total derivatives not designated as hedging instruments					1,697,402				—				1,126,863				—

Schedule of Derivative Instruments, Gain (Loss)

The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2021, 2022 and 2023 is as follows:

		Location of Gain/(Loss)		Year Ended December 31,
Derivatives not designated as hedging instruments		Recognized		2021				2022				2023
Interest Rate Swap — Reclassification from OCI		Gain on derivatives			265,610				—				—
Interest Rate Swap — Change in Fair Value		Gain on derivatives			—				1,697,401				(570,539	)
Interest Rate Swap — Realized (expense)/income		Gain on derivatives			(25,457	)			1,061				808,157
Total gain on derivatives					240,153				1,698,462				237,618

		Location of (Loss)/Gain		Year Ended December 31,
Derivatives designated as hedging instruments		Recognized		2021				2022				2023
Interest Rate Swap — Realized (expense)/income		Interest and finance costs			(2,183,187	)			(126,241	)			4,771,235
Total loss on derivatives					(2,183,187	)			(126,241	)			4,771,235

Schedule of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges relating to the Company’s interest rate swap contracts and are analyzed as follows:

		Unrealized (Loss)/ Income on cash flow hedges
Balance, January 1, 2021			(4,952,823	)
Other comprehensive loss before reclassifications			(68,699	)
Amounts reclassified from accumulated other comprehensive loss relating to qualifying hedges			2,183,187
Other reclassification adjustments			(265,610	)
Balance, December 31, 2021			(3,103,945	)
Other comprehensive income before reclassifications			8,164,187
Amounts reclassified from accumulated other comprehensive loss relating to qualifying hedges			126,241
Balance, December 31, 2022			5,186,483
Other comprehensive income before reclassifications			316,566
Amounts reclassified from accumulated other comprehensive income relating to qualifying hedges			(4,771,235	)
Balance, December 31, 2023			731,814

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2022:

						Fair Value Measurements Using
Description		Fair Value as of December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Interest Rate Swap Agreements			7,102,855				—				7,102,855				—
Total			7,102,855				—				7,102,855				—

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2023:

						Fair Value Measurements Using
Description		Fair Value as of December 31, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Interest Rate Swap Agreements			1,858,677				—				1,858,677				—
Total			1,858,677				—				1,858,677				—

Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis

The following tables present the fair values for assets measured on a non-recurring basis categorized into a Level based upon the lowest level of significant input to the valuations:

						Fair Value Measurements Using
Description		Fair Value as of March 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held and used			2,375,000				—				2,375,000				—				(529,532	)
Total			2,375,000				—				2,375,000				—				(529,532	)

						Fair Value Measurements Using
Description		Fair Value as of December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held for sale			10,800,000				—				10,800,000				—				(2,591,924	)
Long-lived assets held and used			2,100,000								2,100,000								(45,578	)
Total			12,900,000				—				12,900,000				—				(2,637,502	)

						Fair Value Measurements Using
Description		Fair Value as of December 31, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Impairment Loss
Long-lived assets held for sale			35,340,000				—				35,340,000				—				(2,759,553	)
Total			35,340,000				—				35,340,000				—				(2,759,553	)

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