Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-Term Debt [Abstract]

Long-Term Debt Including Related Party Debt

The amount of long-term debt shown in the accompanying consolidated balance sheet of December 31, 2021, is analyzed as follows:

		Year Ended
Loan facilities	Borrowers	December 31, 2020			December 31, 2021
$11.0 Million Term Loan Facility (a)	Spetses- Pikachu	$	9,400,000		$	7,800,000
$4.5 Million Term Loan Facility (b)	Bistro		4,050,000			3,450,000
$15.29 Million Term Loan Facility (c)	Pocahontas- Jumaru		—			13,877,000
$18.0 Million Term Loan Facility (d)	Rocket- Gamora		—			16,300,000
$40.75 Million Term Loan Facility (e)	Liono-Snoopy-Cinderella-Luffy		—			39,596,000
$23.15 Million Term Loan Facility (f)	Bagheera-Garfield		—			22,738,500
Total long-term debt		$	13,450,000		$	103,761,500
Less: Deferred financing costs			(264,134	)		(1,720,101	)
Total long-term debt, net of deferred finance costs		$	13,185,866			102,041,399
Presented:
Current portion of long-term debt		$	2,200,000		$	16,688,000
Less: Current portion of deferred finance costs			(97,963	)		(596,277	)
Current portion of long-term debt, net of deferred finance costs		$	2,102,037		$	16,091,723
Non-Current portion of long-term debt			11,250,000			87,073,500
Less: Non-Current portion of deferred finance costs			(166,171	)		(1,123,824	)
Non-Current portion of long-term debt, net of deferred finance costs		$	11,083,829		$	85,949,676
Debt instruments from related party
$5.0 Million Term Loan Facility (Note 3(b))	Castor		5,000,000			—
Total long-term debt from related party, current		$	5,000,000		$	—

Annual Principal Payments

The annual principal payments for the Company’s outstanding debt arrangements as of December 31, 2021, required to be made after the balance sheet date, are as follows:

Year ending December 31,	Amount
2022	$	16,688,000
2023		14,743,400
2024		16,604,400
2025		24,545,400
2026		31,180,300
Total long-term debt	$	103,761,500