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Discontinued operations | 12 Months Ended
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Dec. 31, 2023
Discontinued operations [Abstract] |
Discontinued operations |
3. | Discontinued operations:
The Company’s discontinued operations relate to the operations of Toro, Elektra and the subsidiaries formerly comprising the Company’s Aframax/LR2 and Handysize tanker segments following completion of the Spin-Off on March 7, 2023. The Company has no continuing involvement in the Aframax/LR2 and Handysize tanker business as of such date (Note 1). The components of assets and liabilities of discontinued operations in the consolidated balance sheet at December 31, 2022 consisted of the following:
CURRENT ASSETS: |  | December 31, 2022 |
Cash and cash equivalents |  | $ | 41,779,594 |
Accounts receivable trade, net |  |  | 10,616,573 |
Due from related parties |  |  | 558,328 |
Inventories |  |  | 893,568 |
Prepaid expenses and other assets |  |  | 915,245 |
Total current assets of discontinued operations |  |  | 54,763,308 |
NON-CURRENT ASSETS: |  |  |  |
Vessels, net |  |  | 92,486,178 |
Restricted cash |  |  | 700,000 |
Due from related parties |  |  | 1,708,474 |
Prepaid expenses and other assets |  |  | 5,199,999 |
Deferred charges, net |  |  | 2,621,145 |
Total non-current assets of discontinued operations |  |  | 102,715,796 |
CURRENT LIABILITIES: |  |  |  |
Current portion of long-term debt, net |  |  | 2,606,302 |
Accounts payable |  |  | 1,643,468 |
Accrued liabilities |  |  | 2,269,281 |
Total current liabilities of discontinued operations |  |  | 6,519,051 |
NON-CURRENT LIABILITIES: |  |  |  |
Long-term debt, net |  |  | 10,463,172 |
Total non-current liabilities of discontinued operations |  |  | 10,463,172 |
The components of the income from discontinued operations for the years ended December 31, 2021 and 2022 and for the period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:
|  | Year Ended December 31, |  |  | Year Ended December 31, |  |  | January 1 through March 7, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
REVENUES: |  |  |  |  |  |  |  |  |
Time charter revenues |  |  | 9,115,257 |  |  |  | 13,656,029 |  |  |  | 914,000 |
Voyage charter revenues |  |  | 15,002,012 |  |  |  | 51,805,097 |  |  |  | 7,930 |
Pool revenues |  |  | 5,146,999 |  |  |  | 46,424,742 |  |  |  | 22,447,344 |
Total vessel revenues |  |  | 29,264,268 |  |  |  | 111,885,868 |  |  |  | 23,369,274 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Voyage expenses (including $372,037, $1,437,276, and $294,831 to related party for the years ended December 31, 2021, 2022 and for the period January 1, 2023 through March 7, 2023) |  |  | (11,059,518 | ) |  |  | (29,319,414 | ) |  |  | (374,396 | )
Vessel operating expenses |  |  | (12,361,871 | ) |  |  | (21,708,290 | ) |  |  | (3,769,132 | )
Management fees to related parties |  |  | (1,853,850 | ) |  |  | (2,833,500 | ) |  |  | (507,000 | )
Depreciation and amortization |  |  | (3,834,117 | ) |  |  | (7,294,476 | ) |  |  | (1,493,759 | )
(Provision) / Recovery of provision for doubtful accounts |  |  | — |  |  |  | (266,732 | ) |  |  | 266,732 |
Gain on sale of vessel |  |  | — |  |  |  | 3,222,631 |  |  |  | — |
Total expenses |  |  | (29,109,356 | ) |  |  | (58,199,781 | ) |  |  | (5,877,555 | )
Operating income |  |  | 154,912 |  |  |  | 53,686,087 |  |  |  | 17,491,719 |
OTHER INCOME/(EXPENSES): |  |  |  |  |  |  |  |  |  |  |  |
Interest and finance costs |  |  | (506,012 | ) |  |  | (902,572 | ) |  |  | (220,061 | )
Interest income |  |  | 652 |  |  |  | 202,612 |  |  |  | 253,165 |
Foreign exchange losses / (gains) |  |  | 15,326 |  |  |  | (6,181 | ) |  |  | (11,554 | )
Total other (expenses)/income, net |  |  | (490,034 | ) |  |  | (706,141 | ) |  |  | 21,550 |
Net (loss) / income and comprehensive (loss)/ income from discontinued operations, before taxes |  | $ | (335,122 | ) |  | $ | 52,979,946 |  |  | $ | 17,513,269 |
Income taxes |  |  | (206,174 | ) |  |  | (960,181 | ) |  |  | (173,937 | )
Net (loss) / income and comprehensive (loss)/ income from discontinued operations, net of taxes |  | $ | (541,296 | ) |  | $ | 52,019,765 |  |  | $ | 17,339,332 |

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