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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUES:      
Time charter revenues $ 97,515,511 $ 150,216,130 $ 102,785,442
Total vessel revenues 97,515,511 150,216,130 102,785,442
EXPENSES:      
Voyage expenses (including $1,299,108, $1,944,288 and $1,274,384 to related party for the years ended December 31, 2021, 2022, and 2023, respectively) (5,052,228) (3,721,277) (1,891,265)
Vessel operating expenses (41,913,628) (41,259,554) (26,841,600)
Management fees to related parties (7,167,397) (6,562,400) (4,890,900)
Depreciation and amortization (22,076,831) (18,535,237) (10,528,711)
Provision for doubtful accounts 0 0 (2,483)
General and administrative expenses (including $1,200,000, $2,100,000 and $3,099,000 to related party for the years ended December 31, 2021, 2022, and 2023, respectively) (5,681,371) (7,043,937) (3,266,310)
Net gain on sale of vessels 6,383,858 0 0
Total expenses (75,507,597) (77,122,405) (47,421,269)
Operating income 22,007,914 73,093,725 55,364,173
OTHER INCOME/(EXPENSES):      
Interest and finance costs (including $204,167, $0 and $0 to related party for the years ended December 31, 2021, 2022 and 2023, respectively) (11,259,643) (7,681,482) (2,348,987)
Interest income 3,209,886 1,355,491 74,472
Foreign exchange gains / (losses) (92,745) 109,882 13,290
Dividend income on equity securities 1,312,222 24,528 0
Dividend income from related party 1,166,667 0 0
Gains on equity securities 5,136,649 27,450 0
Total other expenses, net (526,964) (6,164,131) (2,261,225)
Net income and comprehensive income, from continuing operations, before taxes 21,480,950 66,929,594 53,102,948
Income taxes (177,794) (388,669) (291,165)
Net income and comprehensive income from continuing operations, net of taxes 21,303,156 66,540,925 52,811,783
Net (loss) / income and comprehensive income from discontinued operations, net of taxes 17,339,332 52,019,765 (541,296)
Net income 38,642,488 118,560,690 52,270,487
Comprehensive income 38,642,488 118,560,690 52,270,487
Deemed dividend on warrants repurchase (444,885) 0 0
Dividend on Series D Preferred Shares (1,020,833) 0 0
Net income attributable to common shareholders $ 36,980,474 $ 118,560,690 $ 40,498,330
Earnings per common share, basic, continuing operations (in dollars per share) $ 0.21 $ 0.7 $ 0.49
Earnings per common share, diluted, continuing operations (in dollars per share) 0.1 0.7 0.48
(Loss) / Earnings per common share, basic, discontinued operations (in dollars per share) 0.18 0.55 (0.01)
(Loss) / Earnings per common share, diluted, discontinued operations (in dollars per share) 0.08 0.55 (0.01)
Earnings per common share, basic, Total (in dollars per share) 0.39 1.25 0.48
Earnings per common share, diluted, Total (in dollars per share) $ 0.17 $ 1.25 $ 0.47
Weighted average number of common shares, basic (in shares) 95,710,781 94,610,088 83,923,435
Weighted average number of common shares, diluted (in shares) 219,530,247 94,610,088 85,332,728
Series A Preferred Shares [Member]      
OTHER INCOME/(EXPENSES):      
Deemed dividend on Preferred Shares $ 0 $ 0 $ (11,772,157)
Series D Preferred Shares [Member]      
OTHER INCOME/(EXPENSES):      
Deemed dividend on Preferred Shares $ (196,296) $ 0 $ 0