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Derivatives and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

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, 2023 and 2024.

		Effective date		Termination date		Fixed Rate (Company pays)				Floating Rate (Company receives)		Fair Value Asset December 31, 2023				Notional Amount December 31, 2023				Fair Value Asset December 31, 2024				Notional Amount December 31, 2024
Swap 1		April 10, 2018		December 11, 2025			2.74	%		SOFR		$	731,814			$	21,236,000			$	387,608			$	19,164,000
Swap 2		February 5, 2022		June 30, 2026			1.49	%		SOFR		$	1,126,863			$	21,274,194				—				—
Total												$	1,858,677			$	42,510,194			$	387,608			$	19,164,000

* Swap 1 was early terminated in April 2025 (Note 19)

** Swap 2 was early terminated in February 2024 (Note 9)

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

Tabular disclosure of financial instruments is as follows:

				December 31,
				2023								2024
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			731,814				—				—				—
Interest Rate Swap Agreements		Current assets — Fair value of derivatives			—				—				387,608				—
Total derivatives designated as hedging instruments					731,814				—				387,608				—

				December 31,
				2023								2024
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			1,126,863				—				—				—
Total derivatives not designated as hedging instruments					1,126,863				—				—				—

Schedule of Derivative Instruments, Gain (Loss)

The effect of derivative instruments on the consolidated statements of income for the years ended December 31, 2022, 2023 and 2024 is as follows:

		Location of Gain/(Loss)				Year Ended December 31,
Derivatives not designated as hedging instruments		Recognized				2022				2023				2024
Interest Rate Swap — Change in Fair Value			Gain on derivatives				1,697,401				(570,539	)			(1,126,863	)
Interest Rate Swap — Realized income			Gain on derivatives				1,061				808,157				1,226,149
Total gain on derivatives							1,698,462				237,618				99,286
		Location of (Loss)/Gain				Year Ended December 31,
Derivatives designated as hedging instruments		Recognized				2022				2023				2024
Interest Rate Swap — Realized (expense)/income			Interest and finance costs				(126,241	)			4,771,235				591,664
Total (loss)/gain on derivatives							(126,241	)			4,771,235				591,664

Schedule of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income included in the accompanying consolidated balance sheets consist of unrealized gain 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, 2022			(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
Other comprehensive income before reclassifications			247,458
Amounts reclassified from accumulated other comprehensive income relating to qualifying hedges			(591,664	)
Balance, December 31, 2024			387,608

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, 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				—

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, 2024:

						Fair Value Measurements Using
Description		Fair Value as of December 31, 2024				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			387,608				—				387,608				—
Total			387,608				—				387,608				—

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

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

						Fair Value Measurements Using
						Quoted Prices in Active				Significant
Description		Fair Value as of December 2023				Markets for Identical Assets (Level 1)				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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