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Transactions with Related Parties (Tables) | 12 Months Ended
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Dec. 31, 2022
Transactions with Related Parties [Abstract] |
Transactions with Related Parties | During the years ended December 31, 2020, 2021, and 2022, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying consolidated statements of comprehensive (loss)/income:
|  | Year ended December 31, |  |  | Year ended December 31, |  |  | Year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
Management fees-related parties |  |  |  |  |  |  |  |  |
Management fees – Castor Ships (a) |  | $ | 162,500 |  |  | $ | 1,983,750 |  |  | $ | 4,038,500 |
Management fees – Pavimar (b) |  |  | 768,000 |  |  |  | 4,761,000 |  |  |  | 5,357,400 |
Included in Voyage expenses |  |  |  |  |  |  |  |  |  |  |  |
Charter hire commissions – Castor Ships (a) |  | $ | 29,769 |  |  | $ | 1,671,145 |  |  | $ | 3,381,564 |
Included in Interest and finance costs |  |  |  |  |  |  |  |  |  |  |  |
Interest expenses – Thalassa (c) |  | $ | 305,000 |  |  | $ | 204,167 |  |  | $ | — |
Included in General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |
Administration fees – Castor Ships (a) |  | $ | 400,000 |  |  | $ | 1,200,000 |  |  | $ | 2,100,000 |
Included in Gain on sale of vessel |  |  |  |  |  |  |  |  |  |  |  |
Sale & purchase commission – Castor Ships (a) |  | $ | — |  |  | $ | — |  |  | $ | 131,500 |
As of December 31, 2021, and 2022, balances with related parties consisted of the following:
|  | December 31, 2021 |  |  | December 31, 2022 |
Assets: |  |  |  |  |  |
Due from Castor Ships (a) – current |  | $ | — |  |  | $ | 330,706 |
Due from Castor Ships (a) – non-current |  |  | — |  |  |  | 5,222,572 |
Due from Pavimar (b) – current |  |  | — |  |  |  | 2,664,976 |
Due from Pavimar (b) – non-current |  |  | 810,437 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |
Voyage commissions, management fees and other expenses due to Castor Ships (a) – current |  | $ | 597,684 |  |  | $ | — |
Due to Pavimar (b) – current |  |  | 3,909,885 |  |  |  | — |

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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