Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Summary of Amounts Charged By The Company's Related Parties

		Year ended December 31,
	Location in statement of operations	2021		2022		2023
Management fees	Management fees – related party		527,425		1,045,640		1,606,440
Brokerage commissions	Voyage expenses – related party		218,192		1,202,449		2,253,979
Superintendent fees	Vessels’ operating expenses – related party		26,500		28,500		57,000
Crew management fees	Vessels’ operating expenses – related party		60,000		137,000		289,583
Executive compensation	General and administrative expenses		19,875		296,274		400,072
General and administrative expenses – Former Parent	General and administrative expenses		291,801		—		—
Commissions – vessels purchased	Vessels, net		—		1,168,000		355,000
Commissions-vessels sold	Vessels, net		—		—		430,000
Rental expense	General and administrative expenses		—		—		65,104

Summary of Valuation Methodology and the Significant Other Observable Inputs

The valuation methodology and the significant other observable inputs used for each component are set out below:

	Valuation technique	Significant other observable input	Values
“Straight” Preferred Stock component	Discounted Cash Flow Model	-  Weighted average cost of capital		13	%
Embedded Option component	Black & Scholes	-  Volatility -  Risk-free rate -  Weighted average cost of capital -  Strike price -  Share price (based on the first 5 trading days volume weighted average)	$ $	78 4 13 3.50 2.33	%  %  %
Control Premium Component	Discounted Cash Flow Model	-  Control premium -  Weighted average cost of capital		12 13	%  %