v3.26.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Commissions (including $932,123, $630,433 and $799,997, respectively, to related party) $ (3,371,426) $ (3,703,657) $ (2,842,708)
Net revenue 52,264,141 61,083,227 47,591,924
us-gaap_OperatingIncomeLossAbstract      
Voyage expenses, net 5,676,737 6,057,692 3,993,031
Vessel operating expenses (including $207,602, $191,655 and $272,283, respectively, to related party) 24,955,537 25,667,279 20,758,708
Dry-docking expenses 2,807,068 8,549,609 3,404,323
Vessel depreciation 12,410,687 13,877,730 10,966,621
Related party management fees 4,413,766 4,209,166 3,281,361
General and administrative expenses (including $1,460,000, $1,354,600 and $1,415,000, respectively, to related party) 3,171,053 3,271,195 3,459,943
Net gain on sale of vessel (2,793,749) 0 0
Impairment loss 0 2,796,605 0
Other operating loss (1,347,087) 2,950,000 500,000
Bad debt expense 0 0 134,294
Total operating expenses 49,294,012 67,379,276 46,498,281
Operating income / (loss) 2,970,129 (6,296,049) 1,093,643
Other income / (expenses)      
Interest and other financing costs (6,880,973) (7,956,478) (6,486,814)
Gain on derivatives, net (44,175) 637,697 1,218,375
Interest income 206,704 103,524 897,618
Foreign exchange gain / (loss) (40,541) (5,938) (5,794)
Total other expenses, net (6,758,985) (7,221,195) (4,376,615)
Net income / (loss) (3,788,856) (13,517,244) (3,282,972)
Net loss attributable to the non-controlling interest (475,365) 911,370 374,068
Net income / (loss) attributable to controlling shareholders $ (4,264,221) $ (12,605,874) $ (2,908,904)
Earnings / (loss) per share attributable to controlling shareholders – basic (in dollars per share) $ (1.55) $ (4.62) $ (1.05)
Weighted average number of shares outstanding during the year, basic (in shares) 2,755,937 2,727,698 2,763,121
Time Charter Revenue [Member]      
Revenues      
Revenue $ 55,635,567 $ 64,786,884 $ 47,824,857
Voyage Charter Revenue [Member]      
Revenues      
Revenue $ 0 $ 0 $ 2,609,775