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Basis of Presentation and General Information (Tables)
 6 Months Ended
Jun. 30, 2023
Basis of Presentation and General information [Abstract]  
Assets and Liabilities of Toro
The assets and liabilities of Toro on March 7, 2023, were as follows:
   
March 7, 2023
  
Cash and cash equivalents
  
$
61,359,774
  
Accounts receivable trade, net
    
6,767,408
  
Due from related parties, current
    
4,528,948
  
Inventories
    
890,523
  
Prepaid expenses and other assets, current
    
1,447,062
  
Vessels, net
    
91,492,003
  
Restricted cash
    
700,000
  
Due from related parties, non-current
    
1,708,474
  
Prepaid expenses and other assets, non-current
    
4,449,999
  
Deferred charges, net
    
2,685,922
  
Due to Related Parties
    
(3,001,865
)
Accounts payable
    
(2,432,095
)
Accrued liabilities
    
(3,041,530
)
Long-term debt, net
    
(12,413,056
)
Net assets of Toro
    
155,141,567
  
Less Investment in Preferred Shares of Toro issued as part of Spin-Off (refer Note 4(c) )
    
(117,222,135
)
Distribution of net assets of Toro to shareholders
  
$
37,919,432
  
Consolidated Vessel Owning Subsidiaries
(a) Consolidated vessel owning subsidiaries:

 
Company
Country of incorporation
Vessel Name
DWT
Year
Built
Delivery date
to Castor
1
Spetses Shipping Co. (“Spetses”)
Marshall Islands
M/V Magic P
76,453
2004
February 2017
2
Bistro Maritime Co. (“Bistro”)
Marshall Islands
M/V Magic Sun
75,311
2001
September 2019
3
Pikachu Shipping Co. (“Pikachu”)
Marshall Islands
M/V Magic Moon
76,602
2005
October 2019
4
Pocahontas Shipping Co. (“Pocahontas”)
Marshall Islands
M/V Magic Horizon
76,619
2010
October 2020
5
Jumaru Shipping Co. (“Jumaru”)
Marshall Islands
M/V Magic Nova
78,833
2010
October 2020
6
Super Mario Shipping Co. (“Super Mario”)
Marshall Islands
M/V Magic Venus
83,416
2010
March 2021
7
Pumba Shipping Co. (“Pumba”)
Marshall Islands
M/V Magic Orion
180,200
2006
March 2021
8
Kabamaru Shipping Co. (“Kabamaru”)
Marshall Islands
M/V Magic Argo
82,338
2009
March 2021
9
Luffy Shipping Co. (“Luffy”)
Marshall Islands
M/V Magic Twilight
80,283
2010
April 2021
10
Liono Shipping Co. (“Liono”)
Marshall Islands
M/V Magic Thunder
83,375
2011
April 2021
11
Stewie Shipping Co. (“Stewie”)
Marshall Islands
M/V Magic Vela
75,003
2011
May 2021
12
Snoopy Shipping Co. (“Snoopy”)
Marshall Islands
M/V Magic Nebula
80,281
2010
May 2021
13
Mulan Shipping Co. (“Mulan”)
Marshall Islands
M/V Magic Starlight
81,048
2015
May 2021
14
Cinderella Shipping Co. (“Cinderella”)
Marshall Islands
M/V Magic Eclipse
74,940
2011
June 2021
15
Mickey Shipping Co. (“Mickey”)
 Marshall Islands M/V Magic Callisto 74,930 2012 January 2022
16
Songoku Shipping Co. (“Songoku”)
 Marshall Islands M/V Magic Pluto 74,940 2013 August 2021
17
Asterix Shipping Co. (“Asterix”)
 Marshall Islands M/V Magic Perseus 82,158 2013 August 2021
18
Johnny Bravo Shipping Co. (“Johnny Bravo”)
 Marshall Islands
 M/V Magic Mars
76,822
 2014 October 2021
19
Garfield Shipping Co. (“Garfield”)
 Marshall Islands M/V Magic Phoenix 76,636 2008 October 2021
20
 		Jerry Shipping Co. (“Jerry S”)
 		Marshall Islands M/V Ariana A 38,117 2005 November 2022
21
Tom Shipping Co. (“Tom S”)
 Marshall Islands M/V Gabriela A 38,121 2005 November 2022
Consolidated Subsidiaries Formed to Acquire Vessels
(b) Consolidated subsidiaries formed to acquire vessels:
 
Company
Country of incorporation
1
Tom Maritime Ltd. (“Tom M”)
Malta
2
Jerry Maritime Ltd. (“Jerry M”)
Malta
3
Containco Shipping Inc.
Marshall Islands
Consolidated Non-Vessel Owning Subsidiaries
(c) Consolidated non-vessel owning subsidiaries:

 
Company
Country of incorporation
1
Castor Maritime SCR Corp. (“Castor SCR”) (1)
Marshall Islands
2
Bagheera Shipping Co. (“Bagheera”) (2)
Marshall Islands

(1)
Incorporated under the laws of the Marshall Islands on September 16, 2021, this entity serves as the Company’s subsidiaries’ cash manager with effect from November 1, 2021.

(2)
Bagheera Shipping Co. no longer owns any vessel following the sale of the M/V Magic Rainbow on March 13, 2023 and delivery of such vessel to an unaffiliated third-party on April 18, 2023 (see also Note 7).
Entities Comprising Discontinued Operations as Part of Spin-Off
(d) Entities comprising the discontinued operations as part of the Spin-Off:

 
Company
Country of incorporation
Vessel Name
DWT
Year Built
Delivery date to Castor
1
Toro Corp. (“Toro”) (3)
Marshall Islands
—
—
—
—
2
Toro RBX Corp. (“Toro RBX”) (4)
Marshall Islands
—
—
—
—
3
Rocket Shipping Co. (“Rocket”)
Marshall Islands
M/T Wonder Polaris
115,351
2005
March 2021
4
Gamora Shipping Co. (“Gamora”)
Marshall Islands
M/T Wonder Sirius
115,341
2005
March 2021
5
Starlord Shipping Co. (“Starlord”)
Marshall Islands
M/T Wonder Vega
106,062
2005
May 2021
6
Hawkeye Shipping Co. (“Hawkeye”)
Marshall Islands
M/T Wonder Avior
106,162
2004
May 2021
7
Vision Shipping Co. (“Vision”)
Marshall Islands
M/T Wonder Mimosa
36,718
2006
May 2021
8
Colossus Shipping Co. (“Colossus”)
Marshall Islands
M/T Wonder Musica
106,290
2004
June 2021
9
Xavier Shipping Co. (“Xavier”)
Marshall Islands
M/T Wonder Formosa
36,660
2006
June 2021
10
Drax Shipping Co. (“Drax”)
Marshall Islands
M/T Wonder Bellatrix
115,341
2006
December 2021
11
Elektra Shipping Co. (“Elektra”) (5)
Marshall Islands
—
—
—
—

(3)
Incorporated on July 29, 2022. At the Distribution Date, Toro served as the holding company to which the equity interests of the Aframax/LR2 and Handysize tanker owning subsidiaries and Elektra were contributed.

(4)
Incorporated under the laws of the Marshall Islands on October 3, 2022, to serve, with effect from the Distribution Date, as the cash manager of Toro and its subsidiaries.

(5)
Elektra no longer owns any vessel following the sale of the M/T Wonder Arcturus on May 9, 2022, and delivery of such vessel to an unaffiliated third-party on July 15, 2022.