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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Information [Abstract] |
Segment Information |
19. | Segment Information:
In late 2022, the Company acquired two containerships. As a result of the different characteristics of such containerships in relation to the Company’s other operating segments, the Company determined that, with effect from the fourth quarter of 2022, it operated in two reportable segments: (i) the dry bulk segment and (ii) the containership segment, each on a continued operations basis. 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 containerized products, which are carried by containerships. Furthermore, the nature of trade, as well as the trading routes, charterers and cargo handling, is different in the containership segment and the dry-bulk segment. The table below presents information about the Company’s reportable segments as of and for the years ended December 31, 2021, 2022, and 2023. 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 from operations.
|  | Year ended December 31, |  |  | Year ended December 31, |  |  | Year ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | Dry bulk segment |  |  | Dry bulk segment |  |  | Container ship segment |  |  | Total |  |  | Dry bulk segment |  |  | Container ship segment |  |  | Total |
- Time charter revenues |  | $ | 102,785,442 |  |  | $ | 148,930,997 |  |  | $ | 1,285,133 |  |  | $ | 150,216,130 |  |  | $ | 82,996,018 |  |  | $ | 14,519,493 |  |  | $ | 97,515,511 |
Total vessel revenues |  | $ | 102,785,442 |  |  | $ | 148,930,997 |  |  | $ | 1,285,133 |  |  | $ | 150,216,130 |  |  | $ | 82,996,018 |  |  | $ | 14,519,493 |  |  | $ | 97,515,511 |
Voyage expenses (including charges from related party) |  |  | (1,891,265 | ) |  |  | (3,649,944 | ) |  |  | (71,333 | ) |  |  | (3,721,277 | ) |  |  | (4,425,879 | ) |  |  | (626,349 | ) |  |  | (5,052,228 | )
Vessel operating expenses |  |  | (26,841,600 | ) |  |  | (40,697,898 | ) |  |  | (561,656 | ) |  |  | (41,259,554 | ) |  |  | (36,876,772 | ) |  |  | (5,036,856 | ) |  |  | (41,913,628 | )
Management fees to related parties |  |  | (4,890,900 | ) |  |  | (6,481,000 | ) |  |  | (81,400 | ) |  |  | (6,562,400 | ) |  |  | (6,469,699 | ) |  |  | (697,698 | ) |  |  | (7,167,397 | )
Depreciation and amortization |  |  | (10,528,711 | ) |  |  | (18,039,966 | ) |  |  | (495,271 | ) |  |  | (18,535,237 | ) |  |  | (16,689,989 | ) |  |  | (5,386,842 | ) |  |  | (22,076,831 | )
Provision for doubtful accounts |  |  | (2,483 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net gain on sale of vessels |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,383,858 |  |  |  | — |  |  |  | 6,383,858 |
Segments operating income/(loss) |  | $ | 58,630,483 |  |  | $ | 80,062,189 |  |  | $ | 75,473 |  |  | $ | 80,137,662 |  |  | $ | 24,917,537 |  |  | $ | 2,771,748 |  |  | $ | 27,689,285 |
Interest and finance costs |  |  | (2,125,307 | ) |  |  |  |  |  |  |  |  |  |  | (7,642,577 | ) |  |  |  |  |  |  |  |  |  |  | (10,883,521 | )
Interest income |  |  | 11,000 |  |  |  |  |  |  |  |  |  |  |  | 1,282,756 |  |  |  |  |  |  |  |  |  |  |  | 2,631,798 |
Foreign exchange (losses)/gains |  |  | 15,999 |  |  |  |  |  |  |  |  |  |  |  | 105,314 |  |  |  |  |  |  |  |  |  |  |  | (84,127 | )
Less: Unallocated corporate general and administrative expenses |  |  | (3,266,310 | ) |  |  |  |  |  |  |  |  |  |  | (7,043,937 | ) |  |  |  |  |  |  |  |  |  |  | (5,681,371 | )
Less: Corporate Interest and finance costs |  |  | (223,680 | ) |  |  |  |  |  |  |  |  |  |  | (38,905 | ) |  |  |  |  |  |  |  |  |  |  | (376,122 | )
Less: Corporate Interest income |  |  | 63,472 |  |  |  |  |  |  |  |  |  |  |  | 72,735 |  |  |  |  |  |  |  |  |  |  |  | 578,088 |
Less: Corporate exchange (losses)/ gains |  |  | (2,709 | ) |  |  |  |  |  |  |  |  |  |  | 4,568 |  |  |  |  |  |  |  |  |  |  |  | (8,618 | )
Dividend income on equity securities |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 24,528 |  |  |  |  |  |  |  |  |  |  |  | 1,312,222 |
Dividend income from related party |  |  | — |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 1,166,667 |
Gains on equity securities |  |  | — |  |  |  |  |  |  |  |  |  |  |  | 27,450 |  |  |  |  |  |  |  |  |  |  |  | 5,136,649 |
Net income and comprehensive income from continuing operations, before taxes |  | $ | 53,102,948 |  |  |  |  |  |  |  |  |  |  | $ | 66,929,594 |  |  |  |  |  |  |  |  |  |  | $ | 21,480,950 |
Net (loss) / income and Comprehensive (loss) / income from discontinued operations, before taxes |  |  | (335,122 | ) |  |  |  |  |  |  |  |  |  |  | 52,979,946 |  |  |  |  |  |  |  |  |  |  |  | 17,513,269 |
Net income and Comprehensive income, before taxes |  |  | 52,767,826 |  |  |  |  |  |  |  |  |  |  |  | 119,909,540 |  |  |  |  |  |  |  |  |  |  |  | 38,994,219 |
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2022 and 2023, is as follows:
|  | As of December 31, 2022 |  |  | As of December 31, 2023 |
Dry bulk segment |  | $ | 339,780,007 |  |  | $ | 259,759,770 |
Containership segment |  |  | 52,872,276 |  |  |  | 46,202,603 |
Cash and cash equivalents (1) |  |  | 82,336,438 |  |  |  | 103,822,505 |
Prepaid expenses and other assets (1) |  |  | 680,745 |  |  |  | 195,257,101 |
Total assets from continuing operations |  | $ | 475,669,466 |  |  | $ | 605,041,979 |
Total assets from discontinued operations |  | $ | 157,479,104 |  |  | $ | — |
Total consolidated assets |  | $ | 633,148,570 |  |  | $ | 605,041,979 |
(1) | Refers to assets of other, non-vessel owning, entities included in the consolidated financial statements.

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