XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.2
Unaudited Condensed Consolidated Statements of Cash Flows
3 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Cash flows from operating activities:    
Net income $ 51,288,140 $ 51,721,137
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,170,986 16,655,317
Non-cash lease expense 7,901,447 5,866,606
Amortization of financing costs 317,511 314,554
Unrealized (gain)/loss on derivatives 421,627 (2,859,274)
Stock-based compensation expense 1,275,459 776,607
Unrealized foreign currency loss, net 12,181 149,067
Other non-cash items, net (356,408) (276,465)
Changes in operating assets and liabilities    
Trade receivables, inventories, prepaid expenses, and other current and non-current assets 188,315 (3,253,374)
Due from related parties (26,889,389) 2,032,587
Operating lease liabilities - current and long-term (7,901,255) (5,864,274)
Trade accounts payable (1,471,968) 474,385
Accrued expenses and other liabilities 524,776 (277,192)
Due to related parties (17) 73,985
Payments for drydocking costs (1,256,621) (2,268,317)
Net cash provided by operating activities 41,224,784 63,265,349
Cash flows from investing activities:    
Payments for vessels under construction and vessel capital expenditures (1,251,982) (2,344,946)
Net cash used in investing activities (1,251,982) (2,344,946)
Cash flows from financing activities:    
Repayment of long-term debt borrowings (13,344,548) (13,238,108)
Repurchase of common stock   (323,221)
Dividends paid (40,362,938) (40,491,657)
Proceeds from common share issuances 89,000,000  
Equity offering costs paid (4,462,214)  
Net cash provided by/(used in) financing activities 30,830,300 (54,052,986)
Effects of exchange rates on cash and cash equivalents (25,046) (116,102)
Net increase in cash, cash equivalents, and restricted cash 70,778,056 6,751,315
Cash, cash equivalents, and restricted cash at the beginning of the period 282,583,769 148,873,650
Cash, cash equivalents, and restricted cash at the end of the period 353,361,825 155,624,965
Supplemental disclosure of cash flow information    
Cash paid for interest excluding interest capitalized to vessels 8,920,873 9,693,964
Cash paid for operating leases 10,627,185 9,710,098
Capitalized drydocking costs included in liabilities 206,717 1,588,716
Vessel-related capital expenditures included in liabilities 1,201,213 1,482,839
Unpaid dividends included in liabilities 1,406,175 1,146,934
Financing costs included in liabilities 663,600 663,600
Equity offering costs included in liabilities 150,085  
Reconcilliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:    
Cash and cash equivalents 353,286,506 155,548,745
Restricted cash - non-current 75,319 76,220
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows $ 353,361,825 $ 155,624,965