XML 28 R4.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
REVENUES:      
Vessel revenues (net of commissions to charterers of $302,556, $629,015 and $4,417,505 for the years ended December 31, 2019, 2020 and 2021, respectively) $ 132,049,710 $ 12,487,692 $ 5,967,772
Total revenues 132,049,710 12,487,692 5,967,772
EXPENSES:      
Voyage expenses (including $40,471, $29,769 and $1,671,145 to related parties for the years ended December 31, 2019, 2020 and 2021, respectively) (12,950,783) (584,705) (261,179)
Vessel operating expenses (39,203,471) (7,447,439) (2,802,991)
Management fees to related parties (6,744,750) (930,500) (212,300)
Depreciation and amortization (14,362,828) (1,904,963) (897,171)
Provision for doubtful accounts (2,483) (37,103) 0
General and administrative expenses      
Company administration expenses (including $0, $400,000, and $1,200,000 to related party for the years ended December 31, 2019, 2020 and 2021) (3,266,310) (1,130,953) (378,777)
Public registration costs 0 0 (132,091)
Total expenses (76,530,625) (12,035,663) (4,684,509)
Operating income 55,519,085 452,029 1,283,263
OTHER INCOME/(EXPENSES):      
Interest and finance costs (including $162,500, $305,000 and $204,167 to related party for the years ended December 31, 2019, 2020 and 2021, respectively) (2,854,998) (2,189,577) (222,163)
Interest income 75,123 34,976 31,589
Foreign exchange (losses)/ gains 28,616 (29,321) (4,540)
Total other expenses, net (2,751,259) (2,183,922) (195,114)
Net income/(loss), before taxes 52,767,826 (1,731,893) 1,088,149
US source income taxes (497,339) (21,640) 0
Net income/(loss) 52,270,487 (1,753,533) 1,088,149
Comprehensive income/(loss) 52,270,487 (1,753,533) 1,088,149
Cumulative dividends on Series A Preferred Shares 0 0 (372,022)
Gain on extinguishment of Series A Preferred Shares 0 0 112,637
Deemed dividend on Series A preferred shares (11,772,157) 0 0
Net income/(loss) attributable to common shareholders $ 40,498,330 $ (1,753,533) $ 828,764
Earnings/(Loss) per common share, basic (in dollars per share) $ 0.48 $ (0.26) $ 3.11
Earnings/(Loss) per common share, diluted (in dollars per share) $ 0.47 $ (0.26) $ 3.11
Weighted average number of common shares, basic (in shares) 83,923,435 6,773,519 266,238
Weighted average number of common shares, diluted (in shares) 85,332,728 6,773,519 266,238