Discontinued operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued operations [Abstract]

Discontinued Operations

The components of assets and liabilities of discontinued operations in the 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

The components of the income from discontinued operations for the years ended December 31, 2021 and 2022 and for the period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:

	Year Ended December 31,			Year Ended December 31,			January 1 through March 7,
	2021			2022			2023
REVENUES:
Time charter revenues		9,115,257			13,656,029			914,000
Voyage charter revenues		15,002,012			51,805,097			7,930
Pool revenues		5,146,999			46,424,742			22,447,344
Total vessel revenues		29,264,268			111,885,868			23,369,274
EXPENSES:
Voyage expenses (including $372,037, $1,437,276, and $294,831 to related party for the years ended December 31, 2021, 2022 and for the period January 1, 2023 through March 7, 2023)		(11,059,518	)		(29,319,414	)		(374,396	)
Vessel operating expenses		(12,361,871	)		(21,708,290	)		(3,769,132	)
Management fees to related parties		(1,853,850	)		(2,833,500	)		(507,000	)
Depreciation and amortization		(3,834,117	)		(7,294,476	)		(1,493,759	)
(Provision) / Recovery of provision for doubtful accounts		—			(266,732	)		266,732
Gain on sale of vessel		—			3,222,631			—
Total expenses		(29,109,356	)		(58,199,781	)		(5,877,555	)
Operating income		154,912			53,686,087			17,491,719
OTHER INCOME/(EXPENSES):
Interest and finance costs		(506,012	)		(902,572	)		(220,061	)
Interest income		652			202,612			253,165
Foreign exchange losses / (gains)		15,326			(6,181	)		(11,554	)
Total other (expenses)/income, net		(490,034	)		(706,141	)		21,550
Net (loss) / income and comprehensive (loss)/ income from discontinued operations, before taxes	$	(335,122	)	$	52,979,946		$	17,513,269
Income taxes		(206,174	)		(960,181	)		(173,937	)
Net (loss) / income and comprehensive (loss)/ income from discontinued operations, net of taxes	$	(541,296	)	$	52,019,765		$	17,339,332