Discontinued operations (Tables)

6 Months Ended

Jun. 30, 2023

Discontinued operations [Abstract]

Discontinued Operations

The components of assets and liabilities of discontinued operations in the unaudited condensed consolidated balance sheet at December 31, 2022 consisted of the following:

CURRENT ASSETS:	December 31, 2022
Cash and cash equivalents	$	41,779,594
Accounts receivable trade, net		10,616,573
Due from related parties		558,328
Inventories		893,568
Prepaid expenses and other assets		915,245
Total current assets of discontinued operations		54,763,308
NON-CURRENT ASSETS:
Vessels, net		92,486,178
Restricted cash		700,000
Due from related parties		1,708,474
Prepaid expenses and other assets		5,199,999
Deferred charges, net		2,621,145
Total non-current assets of discontinued operations		102,715,796
CURRENT LIABILITIES:
Current portion of long-term debt, net		2,606,302
Accounts payable		1,643,468
Accrued liabilities		2,269,281
Total current liabilities of discontinued operations		6,519,051
NON-CURRENT LIABILITIES:
Long-term debt, net		10,463,172
Total non-current liabilities of discontinued operations		10,463,172

	Six Months Ended June 30,			January 1 through March 7,
	2022			2023
REVENUES:
Time charter revenues		4,836,315			914,000
Voyage charter revenues		29,592,279			7,930
Pool revenues		8,180,973			22,447,344
Total vessel revenues		42,609,567			23,369,274
EXPENSES:
Voyage expenses (including $530,089, and $294,831 to related party for the six months ended June 30, 2022, and 2023, respectively)		(18,669,842	)		(374,396	)
Vessel operating expenses		(10,807,764	)		(3,769,132	)
Management fees to related parties		(1,384,650	)		(507,000	)
Depreciation and amortization		(3,571,444	)		(1,493,759	)
Recovery of provision for doubtful accounts		—			266,732
Total expenses		(34,433,700	)		(5,877,555	)
Operating income		8,175,867			17,491,719
OTHER INCOME/(EXPENSES):
Interest and finance costs		(388,385	)		(220,061	)
Interest income		1,412			253,165
Foreign exchange losses		(11,128	)		(11,554	)
Total other (expenses)/income, net		(398,101	)		21,550
Net income and comprehensive income from discontinued operations, before taxes	$	7,777,766		$	17,513,269
Income taxes		(480,476	)		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	7,297,290		$	17,339,332