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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Information [Abstract] |
Information about Company's Reportable Segments | 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 |
Reconciliation of Total Segment Assets to Total Assets | 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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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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