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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2021
Nov. 29, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2020
Dec. 31, 2019
Cash Flows provided by Operating Activities:            
Net (loss) income $ 134,000 $ 750,983 $ (1,977,000) $ (326,000) $ (3,795,959) $ (1,862,852)
Adjustments to reconcile net income to net cash from operating activities:            
Depreciation and amortization of deferred charges (Note 5) 354,000 2,192,911 7,670,000 4,896,000 2,151,977 2,479,432
Compensation cost on restricted stock awards (Note 7(c)) 0   1,893,000 568,000    
Finance costs (Note 7(b)) 0   909,000 0    
Changes in fair value of warrants' liability (Note 7(b)) 0   (6,222,000) 0    
Gain from equity method investment (Note 4) 0   (2,000) 0    
Asset impairment charge (Note 4)   0     0 3,047,978
Vessel fair value adjustment (Note 4)   0     (200,500) 0
(Increase) / Decrease in:            
Accounts receivable, trade, net 24,000 169,243 1,289,000 (3,441,000) (725,324) (302,696)
Due from a related party (70,000) (14,418) 5,000 65,000 (1,167,746) (1,891)
Inventories 23,000 (26,611) 47,000 (148,000) (13,199) 392,255
Prepaid expenses and other assets, net (460,000)   231,000 (666,000)    
Insurance claims 0 941,488 (1,058,000) 0 1,145,969 (2,078,347)
Deferred charges (152,000)   0 152,000    
Prepaid expenses   191,097     (155,786) (403,488)
Increase / (Decrease) in:            
Accounts payable, trade and other 263,000 87,213 124,000 18,000 (47,062) (160,921)
Due to related parties 59,000 (115,280) 64,000 351,000 (122,741) 220,261
Accrued liabilities 312,000 (1,125,141) (256,000) 842,000 1,189,260 202,046
Unearned revenue 228,000 135,080 25,000 146,000 (155,877) (90,092)
Dry-dock costs 0 (5,535) (1,927,000) (944,000) (826,180) (2,234)
Net cash provided by Operating Activities 715,000 3,181,030 815,000 1,513,000 (2,723,168) 1,439,451
Cash Flows used in Investing Activities:            
Payments for vessel improvements and vessel acquisitions (Note 5) (42,000) (23,850) (4,368,000) (5,094,000) (1,474,965) 0
Payment for equity method investment (Note 4) 0   (1,643,000) 0    
Net cash used in Investing Activities (42,000) (23,850) (6,011,000) (5,094,000) (1,474,965) 0
Cash Flows provided by Financing Activities:            
Proceeds from Spin-Off (Note 3(c)) 1,000,000   0 0    
Proceeds from issuance of units and warrants (Note 7(a)) 0   15,123,000 16,195,000    
Proceeds from exercise of prefunded warrants (Note 7(a)) 0   27,000 0    
Proceeds from issuance of Series E Preferred Stock (Note 3(d) and 7(c)) 0   35,000 0    
Payments of equity issuance and financing costs (Note 7(a)) 0   (1,513,000) (1,835,000)    
Payments of dividends on common stockholders and Class A warrant holders (Note 7(a)) 0   0 (3,101,000)    
Parent investment/(distribution), net   (3,196,728)     4,235,856 (1,504,222)
Net cash provided by Financing Activities 1,000,000 (3,196,728) 11,583,000 10,362,000 4,235,856 (1,504,222)
Net increase in cash and cash equivalents 1,673,000 (39,548) 6,387,000 6,781,000 37,723 (64,771)
Cash and cash equivalents at beginning of the year/period 0 39,638 8,454,000 1,673,000 1,915 66,686
Cash and cash equivalents at end of the year/period 1,673,000 $ 90 14,841,000 8,454,000 $ 39,638 $ 1,915
SUPPLEMENTAL CASH FLOW INFORMATION            
Series C Preferred Stock dividends declared, not paid (Note 7(c)) 0   (110,000) (240,000)    
Non-cash consideration for vessel acquisition through the issuance of Series D Preferred Stock (Note 7(c)) 0   (10,000,000) (17,600,000)    
Alternative cashless exercise of private placement warrants (Note 7(b)) 0   1,282,000 0    
Issuance of common stock and preferred stock in exchange for entities' acquisition (Note 3(c)) 47,084,000   0 0    
Series C Preferred Stock [Member]            
Cash Flows provided by Financing Activities:            
Payments of dividends on Preferred Stock (Note 7(c)) 0   (1,121,000) (780,000)    
SUPPLEMENTAL CASH FLOW INFORMATION            
Deemed dividend upon redemption of Preferred Stock (Note 7(c)) 0   (2,549,000) 0    
Series D Preferred Stock [Member]            
Cash Flows provided by Financing Activities:            
Payments of dividends on Preferred Stock (Note 7(c)) 0   (968,000) (117,000)    
SUPPLEMENTAL CASH FLOW INFORMATION            
Deemed dividend upon redemption of Preferred Stock (Note 7(c)) $ 0   $ (154,000) $ (134,000)