Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2022

Transactions with Related Parties [Abstract]

Transactions with Related Parties

During the years ended December 31, 2020, 2021, and 2022, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying consolidated statements of comprehensive (loss)/income:

	Year ended December 31,		Year ended December 31,		Year ended December 31,
	2020		2021		2022
Management fees-related parties
Management fees – Castor Ships (a)	$	162,500	$	1,983,750	$	4,038,500
Management fees – Pavimar (b)		768,000		4,761,000		5,357,400
Included in Voyage expenses
Charter hire commissions – Castor Ships (a)	$	29,769	$	1,671,145	$	3,381,564
Included in Interest and finance costs
Interest expenses – Thalassa (c)	$	305,000	$	204,167	$	—
Included in General and administrative expenses
Administration fees  – Castor Ships (a)	$	400,000	$	1,200,000	$	2,100,000
Included in Gain on sale of vessel
Sale & purchase commission – Castor Ships (a)	$	—	$	—	$	131,500

As of December 31, 2021, and 2022, balances with related parties consisted of the following:

	December 31, 2021		December 31, 2022
Assets:
Due from Castor Ships (a) – current	$	—	$	330,706
Due from Castor Ships (a) – non-current		—		5,222,572
Due from Pavimar (b) – current		—		2,664,976
Due from Pavimar (b) – non-current		810,437		—
Liabilities:
Voyage commissions, management fees and other expenses due to Castor Ships (a) – current	$	597,684	$	—
Due to Pavimar (b) – current		3,909,885		—