XML 12 R4.htm IDEA: XBRL DOCUMENT v3.22.2
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
REVENUES:    
Vessel revenues (net of commissions to charterers of $1,001,426 and $3,964,151 for the six months ended June 30, 2021, and 2022, respectively) $ 122,138,979 $ 28,762,636
Total revenues 122,138,979 28,762,636
EXPENSES:    
Voyage expenses (including $364,540 and $1,557,300 to related party for the six months ended June 30, 2021, and 2022, respectively) (20,054,408) (941,593)
Vessel operating expenses (31,722,204) (11,266,895)
Management fees to related parties (4,461,650) (2,524,500)
Depreciation and amortization (12,174,218) (4,040,601)
General and administrative expenses (including $600,000 to related party in each of the six months ended June 30, 2021, and 2022) (2,061,302) (1,459,355)
Total expenses (70,473,782) (20,232,944)
Operating income 51,665,197 8,529,692
OTHER INCOME/ (EXPENSES):    
Interest and finance costs (including $150,833 and $0 to related party for the six months ended June 30, 2021, and 2022, respectively) (3,487,553) (899,003)
Interest income 141,391 58,241
Foreign exchange (losses)/gains 67,787 (12,239)
Total other expenses, net (3,278,375) (853,001)
Net income, before taxes 48,386,822 7,676,691
Income taxes (657,038) (74,123)
Net income 47,729,784 7,602,568
Comprehensive income $ 47,729,784 $ 7,602,568
Earnings per common share, basic (in dollars per share) $ 0.50 $ 0.10
Earnings per common share, diluted (in dollars per share) $ 0.50 $ 0.10
Weighted average number of common shares, basic (in shares) 94,610,088 73,384,422
Weighted average number of common shares, diluted (in shares) 94,610,088 76,203,009