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Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 80,653,398 $ 77,202,843
Trade and other receivables 6,156,300 4,506,741
Other current assets 193,265 130,589
Claims receivable 55,475 55,475
Inventories 3,891,147 1,979,683
Advances and prepayments 733,212 1,409,418
Restricted cash 0 659,137
Fair value of derivatives 387,608 0
Assets held for sale 0 34,879,925
Total current assets 92,070,405 120,823,811
Non current assets    
Advances for vessels' acquisitions 0 23,414,570
Operating lease right-of-use assets 0 99,379
Vessels, net 608,214,416 504,295,083
Other receivables 370,053 48,040
Restricted cash 3,867,752 5,893,721
Investments in joint ventures 27,717,238 39,671,603
Deferred finance charges 0 1,105,790
Fair value of derivatives 0 1,858,677
Total non current assets 640,169,459 576,386,863
Total assets 732,239,864 697,210,674
Current liabilities    
Payable to related parties 388,130 955,567
Trade accounts payable 10,994,434 9,953,137
Accrued and other liabilities 4,922,587 5,681,144
Operating lease liabilities 0 71,173
Deferred income 4,304,667 5,386,126
Current portion of long-term debt 23,333,814 16,624,473
Total current liabilities $ 43,943,632 $ 38,671,620
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Non current liabilities    
Operating lease liabilities $ 0 $ 28,206
Deferred income 213,563 1,928,712
Long-term debt 61,555,855 106,918,176
Total non current liabilities 61,769,418 108,875,094
Total liabilities 105,713,050 147,546,713
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, 45,343,428 shares issued and 36,142,326 shares outstanding at December 31, 2023 and 37,041,373 shares issued and outstanding at December 31, 2024 with a par value of $0.01 per share 370,414 453,434
Treasury stock, 9,201,102 at December 31, 2023 and nil at December 31, 2024 with a par value of $0.01 per share 0 (44,453,836)
Additional paid-in capital 409,912,934 446,938,868
Retained earnings 215,855,858 145,993,681
Accumulated other comprehensive income 387,608 731,814
Total stockholders' equity 626,526,814 549,663,961
Total liabilities and stockholders' equity $ 732,239,864 $ 697,210,674