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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Information [Abstract] |
Segment Information |
17. | Segment Information:
During 2021, the Company acquired a number of tanker vessels for the first time. As a result of the different characteristics of the Aframax/LR2 tanker vessels and the Handysize tanker vessels acquired, the Company determined that, with effect from the fourth quarter of 2021, the Company operated in three reportable segments: (i) dry bulk, (ii) Aframax/LR2 tanker and (ii) Handysize tanker. The reportable segments reflect the internal organization of the Company and the way the chief operating decision maker reviews the operating results and allocates capital within the Company. In addition, the transport of dry cargo commodities, which are carried by dry bulk vessels, has different characteristics to the transport of crude oil (carried by Aframax/LR2 tankers) and differs again from the transport of oil products (carried by Handysize tanker vessels). Further, dry bulk vessels trade on different types of charter contracts as compared to tanker vessels, predominantly being employed in the time charter market, whereas the Company’s tanker vessels participate in the voyage charter market and in pooling agreements. The transportation of crude oil also has different characteristics to the transportation of oil products in terms of trading routes and cargo handling. The table below presents information about the Company’s reportable segments as of and for the years ended December 31, 2019, and 2020, when the Company had one reportable segment, and for the year ended December 31, 2021, when the Company had more than one reportable segment. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Segment results are evaluated based on income/ (loss) from operations.
|  | Year ended December 31, |  |  | Year ended December 31, |  |  | Year ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |
|  | Dry bulk segment |  |  | Dry bulk segment |  |  | Dry bulk segment |  |  | Aframax/LR2 tanker segment |  |  | Handysize tanker segment |  |  | Total |
- Time charter revenues |  | $ | 5,967,772 |  |  | $ | 12,487,692 |  |  | $ | 102,785,442 |  |  | $ | 9,115,257 |  |  | $ | — |  |  | $ | 111,900,699 |
- Voyage charter revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,002,012 |  |  |  | — |  |  |  | 15,002,012 |
- Pool revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,442,144 |  |  |  | 2,704,855 |  |  |  | 5,146,999 |
Vessel revenues, net |  | $ | 5,967,772 |  |  | $ | 12,487,692 |  |  | $ | 102,785,442 |  |  | $ | 26,559,413 |  |  | $ | 2,704,855 |  |  | $ | 132,049,710 |
Voyage expenses (including charges from related parties) |  |  | (261,179 | ) |  |  | (584,705 | ) |  |  | (1,891,265 | ) |  |  | (11,003,925 | ) |  |  | (55,593 | ) |  |  | (12,950,783 | )
Vessel operating expenses |  |  | (2,802,991 | ) |  |  | (7,447,439 | ) |  |  | (26,841,600 | ) |  |  | (9,776,724 | ) |  |  | (2,585,147 | ) |  |  | (39,203,471 | )
Management fees to related parties |  |  | (212,300 | ) |  |  | (930,500 | ) |  |  | (4,890,900 | ) |  |  | (1,433,950 | ) |  |  | (419,900 | ) |  |  | (6,744,750 | )
Depreciation and amortization |  |  | (897,171 | ) |  |  | (1,904,963 | ) |  |  | (10,528,711 | ) |  |  | (3,087,764 | ) |  |  | (746,353 | ) |  |  | (14,362,828 | )
Provision for doubtful accounts |  |  | — |  |  |  | (37,103 | ) |  |  | (2,483 | ) |  |  | — |  |  |  | — |  |  |  | (2,483 | )
Segments operating income/(loss) (1) |  | $ | 1,794,131 |  |  | $ | 1,582,982 |  |  | $ | 58,630,483 |  |  | $ | 1,257,050 |  |  | $ | (1,102,138 | ) |  | $ | 58,785,395 |
Less: Unallocated corporate general and administrative expenses |  |  | (510,868 | ) |  |  | (1,130,953 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,266,310 | )
Total consolidated operating income/(loss) |  | $ | 1,283,263 |  |  | $ | 452,029 |  |  | $ | 58,630,483 |  |  | $ | 1,257,050 |  |  | $ | (1,102,138 | ) |  | $ | 55,519,085 |
(1) | Does not include unallocated corporate general and administrative expenses amounting to $510,868, $1,130,953 and $3,266,310 in each of the years ended December 31, 2019, 2020 and 2021, respectively.
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2020, and 2021, is as follows:
|  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2021 |
Dry bulk segment |  | $ | 67,387,635 |  |  | $ | 314,407,704 |
Aframax tanker segment |  |  | — |  |  |  | 104,953,507 |
Handysize tanker segment |  |  | — |  |  |  | 19,093,379 |
Cash and cash equivalents (1) |  |  | 6,882,398 |  |  |  | 23,950,795 |
Prepaid expenses and other assets (1) |  |  | 101,322 |  |  |  | 508,057 |
Total consolidated assets |  | $ | 74,371,355 |  |  | $ | 462,913,442 |
(1) | Refers to assets of other entities (Castor Maritime Inc. and Castor Maritime SCR Corp.) included in the consolidated financial statements.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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