v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (3,788,856) $ (13,517,244) $ (3,282,972)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:      
Vessel depreciation 12,410,687 13,877,730 10,966,621
Impairment loss 0 2,796,605 0
Amortization and write off of deferred charges 331,798 264,270 209,110
Share-based compensation 801,243 954,087 797,984
Change in fair value of derivatives 180,688 (1,374,060) 3,252,230
Gain on sale of vessel (2,793,749) 0  
Bad debt expense 0 0 134,294
(Increase) / decrease in:      
Trade accounts receivable 5,127,166 (1,692,470) 272,933
Prepaid expenses (36,679) (231,108) 5,644
Other receivables 171,795 1,014,410 (1,781,200)
Inventories 789,352 1,958,129 (3,060,011)
Due from related companies 0 0 2,416,180
Increase / (decrease) in:      
Trade accounts payable (690,484) (276,840) (13,382)
Accrued expenses (783,436) 1,533,460 1,315,887
Deferred revenues 594,878 (99,544) (4,798)
Due to related companies 446,217 (396,528) 577,542
Net cash provided by operating activities 12,760,620 4,810,897 11,806,062
Cash flows from investing activities:      
Cash paid for vessel acquisitions and capitalized expenses (165,461) (1,540,654) (65,286,558)
Cash paid for vessels under construction (7,197,946) (7,188,614) 0
(Expenses paid for vessels sale) / Net proceeds from vessels sale 13,109,288 0 (15,274)
Net cash used in investing activities 5,745,881 (8,729,268) (65,301,832)
Cash flows from financing activities:      
Cash paid for share repurchase 0 (1,272,627) (2,030,570)
Offering expenses paid 0 0 (137,330)
Loan arrangement fees paid (136,733) (355,000) (479,750)
Contributions made by non-controlling shareholders 390,000 0 10,140,000
Capital distributions paid to non-controlling shareholders 487,500 (0) (0)
Proceeds from long-term bank loans 8,591,591 16,000,000 46,500,000
Repayment of long-term bank loans (13,100,000) (12,645,000) (23,520,000)
Net cash provided by financing activities (4,742,642) 1,727,373 30,472,350
Net (decrease) / increase in cash, cash equivalents and restricted cash 13,763,859 (2,190,998) (23,023,420)
Cash, cash equivalents and restricted cash at beginning of year 11,908,595 14,099,593 37,123,013
Cash, cash equivalents and restricted cash at end of year 25,672,454 11,908,595 14,099,593
Cash Breakdown      
Cash and cash equivalents 20,315,532 6,711,327 8,002,024
Restricted cash 2,156,922 1,587,268 2,797,569
Restricted cash, long term 3,200,000 3,610,000 3,300,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 25,672,454 11,908,595 14,099,593
Supplemental cash flow information      
Cash paid for interest 6,790,794 7,588,550 5,950,733
Financing and investing activities fees:      
Capital expenditures included in liabilities 157,001 28,864 230,465
Vessel sale expenses included in liabilities $ 68,048 $ 0 0
Nonrelated Party [Member]      
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:      
Gain on sale of vessel     $ 0