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UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
REVENUES:    
Time charter revenues $ 36,669,776 $ 49,747,081
Total vessel revenues 36,669,776 49,747,081
EXPENSES:    
Voyage expenses (including $655,431 and $463,672 to related party for the six months ended June 30, 2023, and 2024, respectively) (2,012,774) (2,698,540)
Vessel operating expenses (14,657,651) (21,676,527)
Management fees to related parties (2,486,692) (3,615,825)
Depreciation and amortization (7,387,855) (11,301,547)
General and administrative expenses (including $1,500,000, and $1,599,000 to related party for the six months ended June 30, 2023, and 2024, respectively) (3,387,071) (2,805,076)
Gain on sale of vessels 19,307,595 3,128,568
Gain from a claim 1,411,356 0
Total expenses, net (9,213,092) (38,968,947)
Operating income 27,456,684 10,778,134
OTHER INCOME/(EXPENSES):    
Interest and finance costs (4,004,694) (6,117,641)
Interest income 3,326,854 1,439,909
Foreign exchange losses (85,658) (70,792)
Dividend income on equity securities 2,853,165 366,002
Dividend income from related party 707,777 451,111
(Loss) / Gain on equity securities 15,025,838 (5,104,791)
Total other (expenses) / income, net 17,823,282 (9,036,202)
Net income and comprehensive income from continuing operations, before taxes 45,279,966 1,741,932
Income taxes (94,609) (65,179)
Net income and comprehensive income from continuing operations, net of taxes 45,185,357 1,676,753
Net income and comprehensive income from discontinued operations, net of taxes 0 17,339,332
Net income 45,185,357 19,016,085
Comprehensive income 45,185,357 19,016,085
Dividend on Series D Preferred Shares (1,263,889) 0
Net income attributable to common shareholders $ 43,671,953 $ 19,016,085
Earnings per common share, basic, continuing operations (in dollars per share) $ 4.52 $ 0.18
Earnings per common share, diluted, continuing operations (in dollars per share) 2.11 0.18
Earnings per common share, basic, discontinued operations (in dollars per share) 0 1.83
Earnings per common share, diluted, discontinued operations (in dollars per share) 0 1.83
Earnings per common share, basic, total (in dollars per share) 4.52 2.01
Earnings per common share, diluted, total (in dollars per share) $ 2.11 $ 2.01
Weighted average number of common shares, basic (in shares) 9,662,354 9,478,437
Weighted average number of common shares, diluted (in shares) 21,397,406 9,478,437
Series D Preferred Shares [Member]    
OTHER INCOME/(EXPENSES):    
Deemed dividend on Preferred Shares $ (249,515) $ 0