Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Document Registration Statement | false |
Entity Registrant Name | Imperial Petroleum Inc./Marshall Islands |
Entity Central Index Key | 0001876581 |
Entity File Number | 001-41095 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 14561 |
Entity Common Stock, Shares Outstanding | 29,812,755 |
ICFR Auditor Attestation Flag | false |
Auditor Name | Deloitte Certified Public Accountants S.A. |
Auditor Firm ID | 1163 |
Auditor Location | Athens, Greece |
Document Accounting Standard | U.S. GAAP |
Entity Incorporation, State or Country Code | 1T |
Document Financial Statement Error Correction [Flag] | false |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | IMPP |
Security Exchange Name | NASDAQ |
Series A Preferred Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock |
Trading Symbol | IMPPP |
Security Exchange Name | NASDAQ |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 14561 |
City Area Code | 011 |
Local Phone Number | 625 0001 |
Contact Personnel Name | Harry N. Vafias |
Consolidated balance sheets
Consolidated balance sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 91,927,512 | $ 50,901,092 | |
Time deposits | 32,099,810 | 68,000,000 | |
Restricted cash | 0 | 1,005,827 | |
Receivable from related parties | $ 37,906,821 | $ 146,708 | |
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | |
Trade and other receivables | $ 13,498,813 | $ 7,898,103 | |
Other current assets | 302,773 | 240,002 | |
Inventories | 7,291,123 | 5,507,423 | |
Advances and prepayments | 161,937 | 172,908 | |
Total current assets | 183,188,789 | 133,872,063 | |
Non current assets | |||
Vessels, net | 180,847,252 | 226,351,081 | |
Restricted cash | 0 | 5,600,000 | |
Investment in related party | 12,798,500 | 0 | |
Total non current assets | 193,645,752 | 231,951,081 | |
Total assets | 376,834,541 | 365,823,144 | |
Current liabilities | |||
Trade accounts payable | 8,277,118 | 8,115,462 | |
Payable to related party | $ 2,324,334 | $ 3,016,438 | |
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | |
Accrued liabilities | $ 3,008,500 | $ 1,982,306 | |
Deferred income | 919,116 | 1,089,959 | |
Current portion of long-term debt | 0 | 10,176,538 | |
Total current liabilities | 14,529,068 | 24,380,703 | |
Non current liabilities | |||
Long-term debt | 0 | 59,787,923 | |
Total non current liabilities | 0 | 59,787,923 | |
Total liabilities | 14,529,068 | 84,168,626 | |
Commitments and contingencies | |||
Stockholders' equity | |||
Capital stock, $0.01 par value, 2,000,000,000 authorized at December 31, 2022 and 2023, 12,972,358 shares issued and outstanding at December 31, 2022 and 33,257,291 issued and 29,812,755 outstanding at December 31, 2023 | 332,573 | 129,724 | |
Preferred stock | 8,119 | 8,119 | |
Treasury stock nil and 3,444,536 shares at December 31, 2022 and 2023, respectively with a par value of $0.01 per share | (5,885,727) | 0 | |
Additional paid-in capital | 270,242,635 | 252,912,550 | |
Retained earnings | 97,607,873 | 28,604,125 | |
Total stockholders' equity | 362,305,473 | 281,654,518 | [1] |
Total liabilities and stockholders' equity | 376,834,541 | 365,823,144 | |
Series A Preferred Stock [Member] | |||
Stockholders' equity | |||
Preferred stock | 7,959 | 7,959 | |
Series B Preferred Stock [Member] | |||
Stockholders' equity | |||
Preferred stock | $ 160 | $ 160 | |
[1]Adjusted to reflect the reverse stock split effect on April 28, 2023 (see Note 1 and 8) |
Consolidated balance sheets (Pa
Consolidated balance sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock par or stated value per share | $ 0.01 | $ 0.01 |
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock shares issued | 33,257,291 | 12,972,358 |
Common stock shares outstanding | 29,812,755 | 12,972,358 |
Preferred stock par or stated value per share | $ 0.01 | |
Preferred stock shares authorized | 200,000,000 | 200,000,000 |
Preferred stock shares outstanding | 811,878 | 811,878 |
Treasury Stock, Common, Shares | 3,444,536 | 0 |
Series A Preferred Stock [Member] | ||
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 800,000 | 800,000 |
Preferred stock shares issued | 795,878 | 795,878 |
Preferred stock shares outstanding | 795,878 | 795,878 |
Series B Preferred Stock [Member] | ||
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 16,000 | 16,000 |
Preferred stock shares issued | 16,000 | 16,000 |
Preferred stock shares outstanding | 16,000 | 16,000 |
Consolidated statements of oper
Consolidated statements of operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Total revenues | $ 183,725,820 | $ 97,019,878 | $ 17,362,669 |
Expenses | |||
Voyage expenses | 60,276,962 | 32,604,893 | 3,366,223 |
Voyage expenses – related party | 2,253,979 | 1,202,449 | 218,192 |
Vessels' operating expenses | 25,295,851 | 16,227,636 | 7,346,527 |
Vessels' operating expenses – related party | 346,583 | 165,500 | 86,500 |
Dry-docking costs | 6,551,534 | 1,890,247 | 14,380 |
Management fees – related party | 1,606,440 | 1,045,640 | 527,425 |
General and administrative expenses (including $311,676, $296,274 and $400,072 to related party) | 4,934,468 | 1,773,590 | 614,786 |
Depreciation | 15,629,116 | 12,290,463 | 8,674,663 |
Impairment loss | 8,996,023 | 0 | 0 |
Net gain on sale of vessel – related party | (8,182,777) | 0 | 0 |
Total expenses | 117,708,179 | 67,200,418 | 20,848,696 |
(Loss)/Income from operations | 66,017,641 | 29,819,460 | (3,486,027) |
Other (expenses) / income | |||
Interest and finance costs | (1,821,908) | (1,610,145) | (145,013) |
Interest income | 4,470,396 | 1,290,059 | 980 |
Interest income-related party | 1,363,360 | 0 | 0 |
Dividend income from related party | 404,167 | 0 | 0 |
Foreign exchange (loss)/gain | 700,346 | 11,554 | (9,919) |
Other (expenses)/income, net | 5,116,361 | (308,532) | (153,952) |
Net (loss)/income | $ 71,134,002 | $ 29,510,928 | $ (3,639,979) |
(Loss)/Earnings per share attributable to common shareholders — basic | $ 3.22 | $ 2.89 | $ (11.87) |
(Loss)/Earnings per share attributable to common shareholders — diluted | $ 2.93 | $ 2.89 | $ (11.87) |
Weighted average number of shares, basic | 18,601,539 | 8,559,000 | 318,351 |
Weighted average number of shares, diluted | 22,933,671 | 8,593,575 | 318,351 |
Consolidated statements of op_2
Consolidated statements of operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party [Member] | |||
Related party transaction general and administration expenses | $ 400,072 | $ 296,274 | $ 311,676 |
Consolidated statements of stoc
Consolidated statements of stockholders' equity - USD ($) | Total | Class D Warrants [Member] | After Spin Off And Upto Reporting Date [Member] | Upto And Before Spin Off [Member] | Common Stock [Member] | Treasury Stock, Common [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | (Accumulated Deficit)/ Retained Earnings | (Accumulated Deficit)/ Retained Earnings Class D Warrants [Member] | (Accumulated Deficit)/ Retained Earnings After Spin Off And Upto Reporting Date [Member] | Former Parent Company [Member] | Former Parent Company [Member] Upto And Before Spin Off [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] Additional Paid-in Capital [Member] | Series A Preferred Stock [Member] (Accumulated Deficit)/ Retained Earnings | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] Preferred Stock [Member] | Series B Preferred Stock [Member] Additional Paid-in Capital [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] (Accumulated Deficit)/ Retained Earnings | |
Beginning balance, Shares at Dec. 31, 2020 | 0 | 0 | 0 | |||||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 134,061,923 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 134,061,923 | |||||||||||||||
Net decrease in former Parent Company investment | (7,792,798) | (7,792,798) | ||||||||||||||||||||
Issuance of stock | $ 15,113,723 | $ 15,113,723 | ||||||||||||||||||||
Capitalization at spin-off, including issuance of capital and preferred stock | $ 3,184 | $ 7,959 | 97,336,831 | (97,347,974) | ||||||||||||||||||
Issuance of stock, Shares | 318,351 | 795,878 | ||||||||||||||||||||
Dividends declared on preferred shares | (130,574) | (130,574) | ||||||||||||||||||||
Deemed contribution of preferred shares as part of Spin-off | (15,113,723) | (15,113,723) | ||||||||||||||||||||
Net income | (3,639,979) | $ (471,557) | $ (3,168,422) | $ (471,557) | $ (3,168,422) | |||||||||||||||||
Dividends to former Parent Company | (25,752,729) | (25,752,729) | ||||||||||||||||||||
Ending balance, Shares at Dec. 31, 2021 | [1] | 318,351 | 0 | 795,878 | ||||||||||||||||||
Ending balance at Dec. 31, 2021 | [1] | 96,745,843 | $ 3,184 | $ 0 | $ 7,959 | 97,206,257 | (471,557) | 0 | ||||||||||||||
Issuance of stock | 156,821,474 | $ 124,635 | 156,696,839 | $ 200,000 | $ 160 | $ 199,840 | ||||||||||||||||
Issuance of stock, Shares | 12,463,531 | 16,000 | ||||||||||||||||||||
Issuance of restricted shares and stock based compensation | 117,256 | $ 1,905 | 115,351 | |||||||||||||||||||
Issuance of restricted shares and stock based compensation, Shares | 190,476 | |||||||||||||||||||||
Dividends declared on preferred shares | (1,740,983) | $ (1,305,737) | $ (435,246) | |||||||||||||||||||
Deemed dividend on warrant inducement (Note 8) | (2,943,675) | (2,943,675) | ||||||||||||||||||||
Incremental fair value of the Class D warrants (Note 8) | $ 2,943,675 | $ 2,943,675 | ||||||||||||||||||||
Net income | 29,510,928 | 29,510,928 | ||||||||||||||||||||
Ending balance, Shares at Dec. 31, 2022 | [1] | 12,972,358 | 0 | 811,878 | ||||||||||||||||||
Ending balance at Dec. 31, 2022 | [1] | 281,654,518 | $ 129,724 | $ 0 | $ 8,119 | 252,912,550 | 28,604,125 | |||||||||||||||
Issuance of common stock (including the exercise of warrants) net of issuance costs | 27,577,769 | $ 117,676 | 27,460,093 | |||||||||||||||||||
Issuance of common stock (including the exercise of warrants) net of issuance costs, Shares | 11,767,579 | |||||||||||||||||||||
Stock repurchase | $ (5,885,727) | $ (5,885,727) | ||||||||||||||||||||
Stock repurchase, Shares | 3,444,536 | (3,444,536) | ||||||||||||||||||||
Warrants repurchase | $ (1,521,738) | (1,521,738) | ||||||||||||||||||||
Issuance of restricted shares and stock based compensation | 2,434,855 | $ 15,853 | 2,419,002 | |||||||||||||||||||
Issuance of restricted shares and stock based compensation, Shares | 1,585,311 | |||||||||||||||||||||
Dividends declared on preferred shares | $ (1,740,983) | $ (1,740,983) | $ (389,271) | $ (389,271) | ||||||||||||||||||
Conversion of Series C preferred shares, Shares | 6,932,043 | |||||||||||||||||||||
Conversion of Series C preferred shares | $ 69,320 | 9,930,680 | 16,507,789 | 6,507,789 | ||||||||||||||||||
Deemed dividends on Series C Preferred shares | $ (6,507,789) | $ (6,507,789) | ||||||||||||||||||||
Net income | 71,134,002 | 71,134,002 | ||||||||||||||||||||
Distribution of net assets of C3is | (20,957,952) | (20,957,952) | ||||||||||||||||||||
Ending balance, Shares at Dec. 31, 2023 | 33,257,291 | (3,444,536) | 811,878 | |||||||||||||||||||
Ending balance at Dec. 31, 2023 | $ 362,305,473 | $ 332,573 | $ (5,885,727) | $ 8,119 | $ 270,242,635 | $ 97,607,873 | $ 0 | |||||||||||||||
[1]Adjusted to reflect the reverse stock split effect on April 28, 2023 (see Note 1 and 8) |
Consolidated statements of st_2
Consolidated statements of stockholders' equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warrant [Member] | |||
Deemed dividend on warrant inducement per share | $ 1.42 | ||
Series C Preferred Stock [Member] | |||
Preferred stock accretion to redemption value per share | $ 0.94 | ||
Dividend Declared [Member] | Series A Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | 2.19 | $ 2.19 | $ 0.16 |
Dividend Declared [Member] | Series C Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | $ 28.06 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net (loss)/income for the year | $ 71,134,002 | $ 29,510,928 | $ (3,639,979) |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Depreciation | 15,629,116 | 12,290,463 | 8,674,663 |
Amortization of deferred finance charges | 474,039 | 94,007 | 32,587 |
Noncash lease expense | 62,609 | ||
Shared based compensation | 2,434,855 | 117,256 | |
Impairment loss | 8,996,023 | 0 | 0 |
Net gain on sale of vessel - related party | (8,182,777) | 0 | 0 |
Unrealized foreign exchange gain on time deposits | (426,040) | ||
Changes in operating assets and liabilities: | |||
Trade and other receivables | (6,477,912) | (6,497,828) | (734,400) |
Other current assets | (62,771) | (240,002) | 173,930 |
Inventories | (1,908,513) | (5,248,577) | 577,151 |
Changes in operating lease liabilities | (62,609) | ||
Advances and prepayments | (181,990) | (22,364) | (10,943) |
Trade accounts payable | 118,523 | 6,685,211 | 289,086 |
Due from related party | (2,248,863) | ||
Due to related party | (692,104) | 2,105,698 | (708,968) |
Accrued liabilities | 1,383,841 | 1,495,632 | 238,351 |
Deferred income | (54,903) | 607,638 | 347,727 |
Dividends income from related party | (404,167) | 0 | 0 |
Net cash provided by operating activities | 79,530,359 | 40,898,062 | 5,239,205 |
Cash flows from investing activities: | |||
Dividends income received | 241,667 | ||
Proceeds from sale of vessel, net | 3,865,890 | ||
Acquisition and improvement of vessels | (28,145,103) | (118,678,560) | (142,600) |
Maturity of bank time deposits | (167,501,480) | (68,000,000) | |
Purchase of bank time deposits | 203,827,710 | ||
Net cash (used in)/provided by investing activities | 12,288,684 | (186,678,560) | (142,600) |
Cash flows from financing activities: | |||
Proceeds from issuance of Series B preferred shares | 200,000 | ||
Net transfers to former Parent Company | (7,792,798) | ||
Dividends paid to former Parent Company | (25,752,729) | ||
Proceeds from equity offerings | 29,070,586 | 168,001,415 | |
Stock issuance costs | (1,492,817) | (11,179,941) | |
Stock repurchase | (5,885,727) | ||
Warrants repurchase | (1,521,738) | ||
Deferred finance charges paid | (404,633) | (196,000) | |
Customer deposits paid | (368,000) | (500,000) | |
Dividends paid on preferred shares | (2,130,254) | (1,740,983) | (130,574) |
Loan repayments | (70,438,500) | (5,354,000) | |
Proceeds from long-term debt | 47,792,500 | 28,000,000 | |
Cash retained by C3is Inc. at spin off | (5,000,000) | ||
Net cash (used in)/provided by financing activities | (57,398,450) | 196,946,358 | (6,372,101) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | 34,420,593 | 51,165,860 | (1,275,496) |
Cash, cash equivalents and restricted cash at the beginning of the year | 57,506,919 | 6,341,059 | 7,616,555 |
Cash, cash equivalents and restricted cash at the end of the year | 91,927,512 | 57,506,919 | 6,341,059 |
Supplemental cash flow information: | |||
Interest paid | 1,735,054 | 898,368 | |
Non cash investing activity – Vessel improvements included in liabilities | 859,320 | ||
Non cash investing and financing activity – Part payment of vessel acquisition through issuance of Series C Preferred Shares | 10,000,000 | ||
Non cash investing activity – Dividend on Series A Perpetual Convertible Preferred shares included in related parties | 162,500 | ||
Distribution of net assets of C3is Inc. to shareholders and warrant holders | 20,957,952 | ||
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 91,927,512 | 50,901,092 | 3,389,834 |
Restricted cash, current | 0 | 1,005,827 | 451,225 |
Restricted cash, non-current | 0 | 5,600,000 | 2,500,000 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 91,927,512 | $ 57,506,919 | $ 6,341,059 |
General Information and Basis o
General Information and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information and Basis of Presentation | 1. General Information and Basis of Presentation Imperial Petroleum Inc. (“Imperial”) was formed by StealthGas Inc (the “former Parent Company”) on May 14, 2021 under the laws of the Republic of the Marshall Islands. Initial share capital of Imperial consisted of 33 common shares. StealthGas Inc. separated its crude and product tankers by transferring to Imperial its interest in 4 subsidiaries, Clean Power Inc., MR Roi Inc., King of Hearts Inc. and Tankpunk Inc. (the “Subsidiaries”), each owning one tanker. The transfer was completed on November 10, 2021 in exchange for 318,318 newly issued common shares and 795,878 Series A 8.75% Preferred Shares (the “Series A Preferred Shares”) in Imperial. On December 3, 2021, StealthGas Inc. distributed the 318,351 common shares and 795,878 8.75% Series A Preferred Shares (with a liquidation preference of $25.00 per share) in Imperial to holders of StealthGas Inc.’s common stock on a pro rata basis (the “Spin-Off”). The accompanying consolidated financial statements include the accounts of Imperial and its wholly owned subsidiaries (collectively, the “Company”) using the historical carrying costs of the assets and the liabilities of the Subsidiaries from their dates of incorporation until their dates of disposal, if any. For periods up to December 3, 2021, the accompanying financial statements reflect the financial position and results of the carve-out operations On June 21, 2023, the Company completed the spin-off transaction (the “Spin-off”) of its wholly-owned subsidiary C3is Inc. (“C3is”), which was formed by the Company in July 2022. Prior to the Spin-off, Imperial received all issued and outstanding common shares and all Series A Perpetual Convertible Preferred shares of C3is (Note 3) in exchange for the contribution to C3is of the entities owning Imperial’s two Handysize drybulk carriers, “Eco Bushfire” and “Eco Angelbay” together with in cash as working capital. Imperial, as the sole shareholder of C3is, distributed the C3is’s common shares to the Company’s stockholders and warrant holders in accordance with the terms of the Company’s outstanding warrants on a pro rata basis on June 21, 2023. Common shares of C3is commenced trading on June 21, 2023 on the Nasdaq Capital Market under the ticker symbol “CISS”. Imperial Inc. continues to operate in the tanker and dry bulk shipping market and remains a publicly traded company. The assets and liabilities of C3is on June 21, 2023, were as follows: June 21, 2023 Cash and cash equivalents 5,000,000 Trade and other receivables 877,202 Inventories 124,813 Advances and prepayments 192,961 Due from related party 188,750 Vessels, net (after impairment of $8,996,023) 28,500,000 Trade accounts payable 816,187 Accrued and other liabilities 357,647 Deferred income 115,940 Net assets of C3is distributed to stockholders and warrantholders 33,593,952 Less investment in preferred shares of C3is issued as part of Spin-off (12,636,000 ) Distribution of net assets of C3is to stockholders and warrantholders 20,957,952 At December 31, 2023, the Company’s fleet was comprised of vessels consisting of medium range (M.R.) type Product tankers, Suezmax crude oil tankers and Handysize drybulk carriers providing worldwide marine transportation services under long, medium or short-term charters. The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a company controlled by members of the family of the Company’s Chief Executive Officer. The Manager, a related party, was incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3). During the year ended December 31, 2023, the Company held 100% interest in the below companies, each owning one vessel. Company Date of Incorporation Name of Vessel Owned by Dead Weight Acquisition Disposal Clean Power Inc. 5/2/2007 Magic Wand 47,000 9/1/2008 — MR Roi Inc. 5/2/2007 Clean Thrasher 47,000 27/2/2008 — King of Hearts Inc. 17/3/2008 Clean Sanctuary 46,000 14/7/2009 — Nirvana Product Trading Inc 25/2/2022 Clean Nirvana 50,000 28/3/2022 — Volume Jet Trading Inc. 25/2/2022 Clean Justice 46,000 31/5/2022 — Intercontinental Crude and Product Enterprises Inc. 18/5/2022 Suez Enchanted 160,000 3/6/2022 — Petroleum Trading and Shipping Inc. 21/4/2022 Suez Protopia 160,000 3/6/2022 — Haven Exotic Trading Inc. 31/1/2023 Eco Wildfire 33,000 28/3/2023 — Blue Oddysey International Inc. 31/1/2023 Glorieuse 38,000 27/3/2023 — Tankpunk Inc. 6/1/2008 Stealth Berana ** 115,804 26/7/2010 — Drybulk International Trading and Shipping Inc.* 4/7/2022 Eco Bushfire 32,000 21/9/2022 21/6/2023 Raw Commodities & Exports Inc.* 4/7/2022 Eco Angelbay 32,000 19/10/2012 21/6/2023 * Consolidated by the Company up to June 21, 2023, the date the Spin-off of C3is Inc. was completed. ** This vessel was sold on July 14, 2023 (Note 3). Prior to the Spin-Off, For periods up to December 3, 2021, the consolidated statements of operations reflect expense allocations made to the Company by StealthGas Inc. for certain corporate functions and for shared services provided by StealthGas Inc. These allocations were made by StealthGas Inc. on a pro-rata basis. See Note 3 “Transactions with Related Parties – General and administrative expenses” for further information on expenses allocated by StealthGas Inc. Both the Company and StealthGas Inc. consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. Effective as of the opening of trading on April 28, 2023, the Company effected a one-for-fifteen reverse stock split of its shares of common stock. The reverse stock split affected all outstanding shares of common stock. No fractional shares were issued in connection with the reverse split. Stockholders who would otherwise hold a fractional share of the Company’s common stock received a cash payment in lieu of such fractional share. Furthermore, in connection with the reverse stock split, the exercise price of the Company’s outstanding warrants at that date increased and the number of shares issuable upon their exercise decreased in accordance with their terms. In addition, the conversion price of the Company’s Series C Cumulative Convertible Perpetual Preferred Shares was proportionately adjusted in accordance with their terms (Note 9). The par value and other terms of the Company’s shares of common stock were not affected by the reverse stock split. During 2021, 2022 and 2023 four, two and one charterers, respectively, accounted for or more of the Company’s revenues. Year ended December 31, Charterer 2021 2022 2023 A — — 21 % B 16 % — — C 15 % — — D 15 % — — E 15 % — — F — 16 % — G — 17 % — |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation: Use of Estimates: Other comprehensive (loss) / income: Foreign Currency Translation: of Cash and Cash Equivalents: as Time Deposits: non-current Restricted Cash: be non-current Trade Receivables: un-collectible was Inventories: first-in, first-out Vessels, net: Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking Vessels’ Depreciation The cost of each of the Company’s vessels is depreciated on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the years, from the date of their construction. Segment Reporting: Accounting for Special Survey and Dry-docking dry-docking Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risks and costs of operation during the bareboat charter period. The Company’s time charter and bareboat contracts are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 – Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter and bareboat revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter and bareboat charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Under bareboat charter agreements, the charterer further assumes all vessel operating expenses, dry-docking The Company elected to make use of a practical expedient for lessors, not to separate the lease and non-lease non-lease non-lease A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time Deferred income mainly represents cash received for undelivered performance obligations. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers and the Manager for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘other current assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. Equity Compensation Plan: and to non-employee considered non-vested is Dividends: Dividends on cumulative preferred shares are recorded when declared. Dividends are recorded in equity against retained earnings to the extent there are retained earnings on the date of recording, while any shortfall is recorded in additional paid-in capital. (Loss)/Earnings per common share: the two-class e Offering costs: paid-in written-off Distinguishing Liabilities from Equity: Investment in related party (Financial Instruments, Recognition and Measurement): Stock and warrant repurchases: Recent Accounting Pronouncements: |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter (the “Management fees”) and a brokerage commission of 1.25% on freight, hire and demurrage per vessel (the “Brokerage commissions”), as per the management agreement between the Manager and the Company. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day (the “Superintendent fees”). The Manager also provides crew management services to the vessels Magic Wand, Clean Thrasher, Clean Sanctuary, Clean Justice, Suez Protopia, Suez Enchanted, Eco Wildfire, Glorieuse, Clean Nirvana since February 2023, Stealth Berana since April 2023 and up to its sale on July 2023, Eco Bushfire since September 2022 and up to the Spin-off and Eco Angelbay since October 2022 and up to the Spin-off. These services have been subcontracted by the Manager to an affiliated ship-management company, Hellenic Manning Overseas Inc. (ex. Navis Maritime Services Inc.). The Company pays to the Manager a fixed monthly fee of The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. The commission fees relating to vessels purchased (“Commissions – vessels purchased”) are capitalized to the cost of the vessels as incurred. The commission fees relating to vessels sold (“Commissions – vessels sold”) are included in the consolidated statement of operations. In addition to management services, the Company reimburses the Manager for the compensation of its executive officers (the “Executive compensation”). Furthermore, the Company rents office space from the Manager and incurs a rental expense (the “Rental Expense”). On February 14, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of the vessels “Glorieuse” and “Eco Wildfire” for a total consideration of $35.5 million (Note 4). The vessels were delivered to the Company on March 27, 2023 and March 28, 2023, respectively. The aggregate purchase price of $18,500,000 of the vessel Glorieuse comprised of $8,500,000 in cash and 13,875 Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) (Note 9 On June 21, 2023, the Company completed the Spin-off five th subject to C3is’s Board of Directors approval. The Company recognized for the period from June 21, 2023 to December 31, 2023, the amount of which is presented in ‘Dividend income from related party’ in the accompanying consolidated statements of operations. As there was no observable market for the Series A Perpetual Convertible Preferred shares, these were recorded at $ , being the fair value of the shares determined through Level 3 inputs of the fair value hierarchy by taking into consideration a third-party valuation based on the income approach taking into account the present value of the future cash flows the Company expects to receive from holding the equity instrument. Investment in related party was initially measured at fair value which is deemed to be the cost and subsequently assessed for the existence of any observable market for the Series A Perpetual Convertible Preferred Shares and any observable price changes for identical or similar investments as well as the existence of any indications for impairment. As per the Company’s assessment no such case was identified as at December 31, 2023. The valuation methodology applied comprised the bifurcation of the value of the Series A Perpetual Convertible Preferred shares in three components namely, the “straight” preferred stock component, the embedded option component and the control premium component. The mean of the sum of the three components was used to estimate the value for the Series A Perpetual Convertible Preferred shares at $12,636,000. 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 % % As of December 31, 2023, the aggregate value of investments in C3is amounted to $ , including $ of accrued dividends and are separately presented as ‘Investment in related party’ in the accompanying consolidated balance sheet. As of December 31, 2023, the Company did not identify any indications for impairment or any observable prices for identical or similar investments of the same issuer. On July 7, 2023, the Company entered into a memorandum of agreement with C3is for the disposal of the vessel “Stealth Berana” for an aggregate consideration of (Note 4). The vessel was delivered to her new owners on July 14, 2023. of the total consideration i.e. was received in cash, while the remaining amount of is receivable in July 2024 and has no stated interest. The Company’s receivable from C3is was recorded at its fair value of (the “Remaining Selling Price”) on July 14, 2023. Since the collection of the remaining amount of $38,700,000 depends only on the passage of time, this arrangement has been accounted for as seller financing and the financing component amounting to $ 3,000,000 35,700,000 and the amount of 38,700,000 , receivable in July 2024, will be accounted for as interest income over the life of the receivable i.e. until July 2024. Interest income amounting to $ for the period from July 14, 2023 to December 31, 2023 is included in “Interest income -related party” in the consolidated statement of operations. Net gain recognized from the sale of the vessel “Stealh Berana” amounted to $ . On September 5, 2023, the Company entered into memoranda of agreement with companies affiliated with members of the family of the Company’s Chief Executive Officer for the acquisition of two tanker vessels for an aggregate purchase price of . deposit was paid as of December 31, 2023. The vessels were delivered to the Company in the first quarter of 2024 (Note 16). The current account balance with C3is at December 31, 2023 was a receivable of $37,906,821 (2022: ). The receivable relates to the outstanding amount for the disposal of the vessel “Stealth Berana” which includes the Remaining Selling Price, accrued interest of and receivable of relating to inventory on board the vessel. The related party receivable balance with European Institute of Regional Investments Inc. mainly relating to collections received on behalf of the Company was nil as at December 31, 2023 (2022: ). The current account balance with the Manager at December 31, 2023 was a liability of $2,324,334 (2022: $3,016,438). The liability mainly represents payments made by the Manager on behalf of the Company. The amounts charged by the Company’s related parties comprised the following: 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 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 4. Vessels, net An analysis of vessels, net is as follows: Vessel Cost Accumulated Net book Balance as at January 1, 2022 231,714,888 (111,751,904 ) 119,962,984 Acquisitions and improvements 118,678,560 — 118,678,560 Depreciation for the year — (12,290,463 ) (12,290,463 ) Balance as at December 31, 2022 350,393,448 (124,042,367 ) 226,351,081 Acquisitions and improvements 39,004,423 — 39,004,423 Impairment loss (Note 1) (10,894,124 ) 1,898,101 (8,996,023 ) Disposal (57,938,600 ) 26,555,487 (31,383,113 ) Spin-off (28,500,000 ) (28,500,000 ) Depreciation for the year — (15,629,116 ) (15,629,116 ) Balance as at December 31, 2023 292,065,147 (111,217,895 ) 180,847,252 The additions during the year ended December 31, 2022 mainly relate to the acquisition of the vessels “Clean Nirvana”, “Clean Justice”, “Suez Enchanted”, “Suez Protopia”, “Eco Bushfire” and “Eco Angelbay”. The additions during the year ended December 31, 2023 mainly relate to the acquisition of the vessels “Glorieuse” and “Eco Wildfire” (Note 3). The disposal during the year ended December 31, 2023 relates to the sale of vessel “Stealth Berana” (Note 3). As of December 31, 2022, and December 31, 2023, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As the undiscounted net operating cash flows, for the four vessels whose fair value was below their carrying value, exceeded each vessel’s carrying value, no impairment was recorded. An impairment loss amounting to $ 8,996,023 was identified and recorded for the year ended December 31, 2023 related to the Spin-off (Note 1). |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 5. Long-term Debt Term Loans Drawn December 31, Amount 2022 2023 Issued in November 202 November 202 28,000,000 23,196,000 — Issued in September 202 September 202 17,000,000 16,450,000 — Issued in November 202 November 202 30,792,500 30,792,500 — Total 70,438,500 — Current portion of long-term debt 10,324,000 — Long-term debt 60,114,500 — Total debt 70,438,500 — Current portion of deferred finance charges 147,462 — Deferred finance charges non-current 326,577 — Total deferred finance charges 474,039 — Total debt 70,438,500 — Less: Total deferred finance charges 474,039 — Total debt, net of deferred finance charges 69,964,461 — Less: Current portion of long-term debt, net of current portion of deferred finance charges 10,176,538 — Total long – term debt 59,787,923 — On March 10, 2023, the Company prepaid $23.2 million representing the then outstanding balance of the term loan A using cash on hand and the related mortgages of the vessels “Magic Wand”, “Clean Thrasher”, “Clean Sanctuary” and “Stealth Berana” w as In the first quarter of 2023, the Company repaid the amount of $1.4 million in line with the amortization schedule of the term loans B and C, and then proceeded with their full prepayment as follows: On April 7, 2023, the Company prepaid $30.0 million representing the then outstanding balance of the term loan C using cash on hand and the related mortgages of the vessels “Suez Enchanted” and “Suez Protopia” were released. On April 2 5 million representing the then outstanding balance of the term loan B using cash on hand and the related mortgages of the vessels “Clean Nirvana” and “Clean Justice” were released. Bank loan interest expense for the above loans for the years ended December 31, 2021, 2022 and 2023 amounted to $87,724, $1,444,884 and $1,271,409, respectively. Interest expense is included in interest and finance costs in the consolidated statements of operations. For the years ended December 31, 2021, 2022 and 2023, the amortization of deferred financing charges amounted to $32,587, $94,007 and $474,039, respectively, and is included in interest and finance costs in the consolidated statements of operations. The interest rate on the outstanding loans as of December 31, 2022 w a s d |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 6. Accrued Liabilities Accrued liabilities consist of the following: As of December 31, 2022 2023 Interest on long-term debt 463,645 — Administrative expenses 372,570 67,464 Voyage expense 527,581 1,071,393 Vessel operating expenses 618,510 1,869,643 Total 1,982,306 3,008,500 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Concentration of Credit Risk | 7. Fair Value of Financial Instruments and Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents and time deposits with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. Fair Value Disclosures : Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The carrying values of cash and cash equivalents, time deposits, trade and other receivables, trade accounts payable, balances with related parties and accrued liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Under the Company’s articles of incorporation, the Company’s authorized capital stock consists of 2,000,000,000 common shares, par value $0.01 per share, and of 200,000,000 preferred shares, par value $0.01 per share. Following the Spin-Off discussed of 8.75% Series A cumulative redeemable perpetual preferred shares. Each outstanding common share is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the shareholders. Holders of common shares (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of our assets available for distribution upon liquidation, dissolution or winding up; and (iii) do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued common shares are fully paid for and non-assessable. i) NASDAQ Notification On June 17, 2022, the Company received a written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from May 5, 2022 to June 16, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was days, or until . In December 2022, the Company received formal notification from the Listing Qualification Department of the Nasdaq Stock Market notifying the Company that it has been granted an additional 180-day compliance period, or until , to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq’s Marketplace Rule 5550(a)(2). The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. At the opening of trading on April 28, 2023, following an approval from the Company’s Board of Directors, the Company effected 1-for-15 reverse stock split of the Company’s common stock. On May 16, 2023 the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock. ii) Equity Offerings – common stock and warrants During the year ended December 31, 2022, the Company raised $168,001,415 in gross proceeds, or $156,821,474 in net proceeds, from public offerings and from the partial exercises of warrants issued in the underwritten public offerings (details are provided below). In the first quarter of 2022, the Company completed an underwritten public offering for Class A Warrants exercisable for 736,000 shares of common stock at an exercise price of per share, including full exercise of the underwriter’s overallotment option. The Company also issued the underwriters of the offering warrants (the “February 2022 Representative Purchase Warrants”), exercisable for 36,800 shares of common stock at an exercise price of per share. The offering resulted in gross proceeds to the Company of During the year ended December 31, 2022, an aggregate of Class A Warrants had been exercised for shares of the Company’s common stock, resulting in gross proceeds to the Company of (2023: nil). In March 2022, the Company completed an underwritten public offering, including the full exercise of the underwriter’s overallotment option, of units for $ per unit, each unit consisting of (i) one share of common stock of the Company and (ii) fifteen Class B Warrants to purchase one share of common stock at an exercise price of $ per share. The Company also issued warrants to the representative of the underwriters (the “March 2022 Representative Purchase Warrants”) to purchase up to an aggregate of share s per share. The offering resulted in gross proceeds to the Company of $ . In June 2022, several existing holders of Class B Warrants exercised outstanding Class B Warrants to purchase an aggregate of shares of common stock for cash, at an exercise price reduced by the Company from $ per share to $ per share, resulting in gross proceeds to the Company of $ . The exercising holders also received an aggregate of Class D Warrants to purchase up to an aggregate of shares of common stock at an exercise price per share of $ . The Company treated this warrant inducement transaction as a warrant modification and has recognized the incremental fair value of $ of the Class D Warrants as a deemed dividend. As the Company was in an accumulated deficit position at the time of the transaction, the offsetting amount has been recorded against additional paid-in-capital. For the year ended December 31, 2022, an aggregate of (2023: nil). In May 2022, the Company completed an underwritten public offering, including the full exercise of the underwriter’s overallotment option, of 5,575,757 units for $8.25 per unit, each unit consisting of (i) one share of common stock of the Company and (ii) fifteen Warrants s Company of $45,999,999. For the year ended December 31, 2022, an aggregate of (2023: nil). In December 2022, the Company completed a public offering of 98,280 shares of common stock, resulting in gross proceeds to the Company of $426,901. In January 2023, February 2023 and March 2023, the Company completed a public offering of shares of common stock resulting in gross proceeds of In August 2023, the Company completed an underwritten public offering of 8,499,999 units, each unit consisting of (i) one share of common stock of the Company at a price per share of $2.00 or one pre-funded warrant exercisable for one share of common stock at a price per share of $1.99 and (ii) one Class E Warrant to purchase one share of common stock at an exercise price of $2.00 per share. The holders of the pre-funded warrants were permitted to cashless exercise their warrants into common stock. As a result, 6,033,333 units were issued at a price per share of $2.00 and 2,447,184 were cashless exercised from the issued pre-funded warrants at a price per warrant of $1.99. The offering resulted in gross proceeds to the Company of $16,975,331. During the year ended December 31, 2023, certain Class C and D warrants were repurchased. In October 2023, the Company repurchased 22,200,000 Class C warrants exercisable to 1,480,000 common shares for an amount of $414,400 and 16,500,000 Class D Warrants exercisable to 1,100,000 common shares for an amount of $253,000. In addition, in December 2023, the Company repurchased 35,869,862 Class C warrants exercisable to 2,391,323 common shares for an amount of $669,570 and 12,049,995 Class D Warrants exercisable to 803,333 common shares for an amount of $184,768. As of December 31, 2023, the number of common shares that can potentially be issued under each outstanding class of warrants are: Warrant class Shares to be issued upon exercise of remaining warrants Class A 2,867 Class B 786,800 Class C 1,347,267 Class D 173,334 Class E 8,499,999 Total 10,810,267 In addition, an aggregate of additional common shares are potentially issuable upon exercise of the February 2022, March 2022 and May 2022 Representative Purchase Warrants. The Company in its assessment for the accounting of the warrants issued during the year ended December 31, 2022 and 2023 has taken into consideration ASC 480 “Distinguishing liabilities from equity” and determined that the warrants should be classified as equity instead of liability. Upon exercise of the warrants, the holder is entitled to receive common shares. iii) Treasury stock On September 7, 2023, the Company’s Board of Directors approved a stock repurchase plan for an amount of up to $10,000,000 to be used for repurchasing the Company’s common shares. For the year ended December 31, 2023, the Company completed the repurchase of 3,444,536 shares paying an average price per share of $1.71 and $5,885,727 in total. These shares are held as treasury stock by the Company. For the year ended December 31, 2021 and 2022, the Company did not repurchase any of its common shares. iv) Preferred Shares: The table below presents a summary of preferred shares outstanding as of December 31, 2022 and 2023. Series Description Initial Total Liquidation Carrying Dividend Rate Series A 8.75% November 10, 2021 795,878 $ 25 $ 7,959 8.75% per annum of Preference per share Series B Series B October 21, 2022 16,000 $ 0.01 160 No dividend rights 811,878 $ 8,119 1) There are no issuance costs. 8.75% Series A cumulative redeemable perpetual preferred shares: Holders of Series A Preferred Shares will be entitled to receive, when, as and if declared by the Company’s board of directors out of legally available funds for such purpose, cumulative cash dividends from the date of the Spin-Off. Dividends on the Series A Preferred Shares accrue at a rate of 8.75% per annum per $25.00 stated liquidation preference per Series A Preferred Share. The dividend rate is not subject to adjustment. Dividends are payable on the 30th day of March, June, September and December of each year. In December 2021, the Company declared and paid dividends amounting $ ($ per share) on its Series A preferred shares relating to the period from December 3, 2021 to December 29, 2021. Aggregate dividends of $ were paid on the Company’s Series A Preferred Shares ($ per share) during both the years ended December 31, 2022 and 2023. In the event of any liquidation, dissolution or winding-up The Series A Preferred Shares represent perpetual equity interests in the Company. The Company has no obligation to redeem or repurchase any Series A Preferred Shares at any time. The Series A Preferred Shares are Holders of the Series A Preferred Shares generally have no voting rights. However, if and whenever dividends payable on the Series A Preferred Shares are in arrears for six or more quarterly periods, whether or not consecutive, holders of Series A Preferred Shares (voting together as a class with holders of any Parity Securities upon which like voting rights have been conferred and are exercisable) will, subject to certain exceptions, be entitled to elect one additional director to serve on the Company’s board of directors unless the size of the board of directors already has been increased by reason of the election of a director by holders of Parity Securities upon which like voting rights have been conferred. This right will continue until the Company pays, or declares and sets apart for payment, all cumulative dividends on the Series A Preferred Shares. Series B preferred shares : On October 21, 2022, the Company entered into a stock purchase agreement and issued 16,000 shares of its newly-designated Series B Preferred Shares, par value $0.01 per share, to its Chairman and Chief Executive Officer, Harry Vafias, considered a related party, in return for cash consideration of $200,000. The issuance of the Series B preferred shares was approved by an independent committee of the board of directors of the Company which received a fairness opinion from an independent financial advisor that the transaction was fair from a financial point of view to the Company. Each series B preferred share entitles the holder to 25,000 votes per share on all matters submitted to a vote of the shareholders of the Company, provided however, that no holder of series B preferred shares may exercise voting rights pursuant to series B preferred shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates to exceed 49.99 % of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Company. The holder of series B preferred shares shall have no special voting or consent rights and shall vote together as one class with the holders of the common shares on all matters put before the shareholders. The series B preferred shares are not convertible into common shares or any other security, are not redeemable, are not transferable and have no dividend rights. Upon any liquidation, dissolution or winding up of the Company, the series B preferred shares will rank pari-passu with the common shareholders and shall be entitled to receive a payment equal to the par value of $0.01 per share. The Series B preferred holder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company. |
Mezzanine equity
Mezzanine equity | 12 Months Ended |
Dec. 31, 2023 | |
Temporary Equity Disclosure [Abstract] | |
Mezzanine equity | 9. Mezzanine equity On February 17, 2023, the Company entered into a Share Purchase Agreement with Flawless Management Inc. and sold to Flawless Management Inc. 13,875 newly issued Series C Cumulative Convertible Perpetual Preferred Shares (“Series C Preferred Shares”) having a liquidation preference of one thousand dollars ($1,000) per share (“the Liquidation Preference”). The Series C Cumulative Convertible Perpetual Preferred Shares were used as a partial consideration for the acquisition of the Handysize drybulk carrier “Glorieuse” (Note 3, Each holder of Series C Preferred Share, at any time and from time to time on or after the date that is the date immediately following the six-month Ten-Day If the Company shall, at any time or from time to time, pay a stock dividend or otherwise makes a distribution or distributions on its shares of common stock or any other equity or equity equivalent securities payable in shares of common stock, or effect a subdivision or split of the outstanding common shares, the conversion price in effect immediately before such stock dividend or distribution, subdivision or split shall be proportionately decreased and, conversely, if the Company shall, at any time or from time to time, effect a combination (including by means of a reverse stock split) of the outstanding shares of common stock the conversion price in effect before such combination shall be proportionately increased. Following the reverse stock split on April 28, 2023 (Note 1), the conversion price was adjusted to reflect the 1-for-15 reverse stock split. The holder of the Series C Preferred Shares shall be entitled to receive dividends from time to time out of any assets of the Company legally available for the payment of dividends at a rate equal to % per annum when, as, and if declared by the Board of Directors. Dividends, to the extent declared to be paid by the Company, shall be paid quarterly on each January 15, April 15, July 15 and October 15 of each year commencing on July 15, 2023. Dividends on the Series C Preferred Shares shall be payable based on a 360-day 30-day % per annum is not subject to adjustment. As of December 31, 2023, the Company paid dividends of $ on the Company’s Series C Preferred Shares to Flawless Management Inc. The Series C Preferred Shares were redeemable upon a change in control, which is defined as the acquisition by any “person” or “group” of beneficial ownership through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of the Company’s shares entitling that person or group to exercise more than % of the total voting power of all of the Company’s shares entitled to vote generally in elections of directors. The occurrence of the above events was not solely in the control of the Company, and hence Series C Preferred Shares were initially classified wi th in Mezzanine equity as per ASC 480-10-S99 “Distinguishing liabilities from Equity – SEC Materials”. The Series C Preferred Shares were recorded at $ million at initial recognition representing the acquisition price of the vessel Glorieuse amounting to $ million less the cash consideration of $ million. The acquisition price of the vessel, which approximated its fair value as determined by an independent broker, was used for the determination of the fair value of the mezzanine equity, since it was more clearly evident and, thus, more reliably measurable than the fair value of the Series C Preferred Shares issued. On December 2 1 consecutive trading days expiring on the trading day immediately prior to the date of delivery of the written notice of conversion. The Company, based on ASC 470-20-40-5, determined that the Series C Preferred Shares conversion feature is in essence a redemption, since such conversion was settled by a delivery of a variable number of shares of common stock with a fixed monetary amount and by applying ASC 260-10-S99-2 has recognized the difference between the carrying amount of the Series C Preferred Shares at the date of conversion and the fair value of the common stock delivered on the same date amounting to $6,507,789 as a deemed dividend, included in the statement of stockholders’ equity. |
Equity Compensation Plan
Equity Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Equity Compensation Plan Arrangement [Abstract] | |
Equity Compensation Plan | 10. Equity Compensation Plan In 2021 the Company’s shareholders and board of directors adopted an Equity Compensation Plan (“the Plan”) under which the Company’s employees, directors or other persons or entities providing significant services to the Company or its subsidiaries are eligible to receive awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock, stock appreciation rights and options to purchase common stock. The Plan is administered by the Compensation Committee of the Company’s board of directors and the aggregate number of shares of common stock that may be issued with respect to awards granted under this Plan cannot exceed 10% of the number of shares of Company’s common stock issued and outstanding at the time any award is granted. The Company’s Board of Directors may terminate the Plan at any time. For the year ended December 31, 2023, a total of restricted shares and 631,250 options to purchase common stock had been granted under the Plan since the first grant in the fourth quarter of 2022 (2022: 190,476 restricted shares, 2021: Restricted shares On November 21, 2022, the Company granted $1,000,000 worth of shares of the Company’s common stock under the Plan to the Company’s CEO. The number of shares awarded was determined based on the closing price at the grant date i.e. on November 21, 2022 which was equal to $5.25. 95,238 of the restricted shares vest ed On March 21, 2023, the Company granted 280,392 of non-vested restricted shares under the Plan to employees of the Manager. The fair value of each share granted was ed On May 15, 2023, the Company granted 547,550 of non-vested value of the Company’s common stock on that day. 273,775 of the restricted shares vest on May 15, 2024 and the remaining 273,775 of the restricted shares vest on May 15, 2025. On October 25, 2023, the Company granted 179,244 of non-vested On October 30, 2023, the Company granted 578,125 of non-vested non-executive All unvested restricted shares are conditional upon the option holder’s continued service as an employee of the Company, or as a director until the applicable vesting date. Until the forfeiture of any restricted shares, the grantee has the right to vote such restricted shares, to receive and retain all regular cash dividends paid on such restricted shares and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the restricted shares. The Company pays dividends on all restricted shares regardless of whether they have vested and there is no during The stock-based compensation expense for the years ended December 31, 2021, 2022 and 2023 amounted to nil, $117,256 and $2,343,210, respectively and is included in the consolidated statements of operations under the caption “General and administrative expenses”. No non-vested non-vested Number of restricted Weighted average grant non-vested Non-vested, January 1, — Granted 190,476 5.25 Non-vested, December 31, 2022 190,476 5.25 Granted 1,585,311 2.42 Vested (235,434 ) (3.64 ) Non-vested, December 31, 1,540,353 2.58 The remaining unrecognized compensation cost relating to the shares granted amounting to as of December 31, 2023, is expected to be recognized over the remaining weighted average period of years, according to the contractual terms of those non-vested share awards. Options to purchase common shares On October 30, 2023, the Company granted options to acquire up to 631,250 shares of common stock under the Plan to the Company’s CEO, Interim CFO and non-executive October 30, 2033 The fair value of each option granted was estimated on the date of the grant using the Black-Scholes option pricing model. The following weighted-average assumptions were used in computing the fair value of the options granted: expected volatility of 5.75 generally based on historical volatility of the stock prices of various tanker shipping companies as calculated using historical data during approximately years prior to the grant date. The Company had no stock option activity during the years ended December 31, 2021 and 2022. A summary of the Company’s non-vested stock December 31, 2023 Option shares Weighted- Exercise Price Outstanding – beginning of year — — Granted 631,250 1.60 Exercised — — Outstanding – end of year 631,250 1.60 Exercisable – end of year — No options vested during the year ended December 31, 2023. The remaining unrecognized compensation cost relating to the options granted amounting to $629,351 as of December 31, 2023, is expected to be recognized over the remaining period of 1.4 years, according to the contractual terms of those non-vested options. The stock-based compensation expense for the vested and non-vested options for the years ended December 31, 2021, 2022 and 2023 amounted to As at December 31, 2023, the intrinsic value of outstanding stock options was $ per option. |
(Loss)_Earnings Per Share
(Loss)/Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
(Loss)/Earnings per share | 11. (Loss)/Earnings per share The Company calculates basic and diluted loss/earnings per share as follows: Year Ended December 31, 2021 2022 2023 Numerator Net (loss)/income (3,639,979 ) 29,510,928 71,134,002 Less: Cumulative dividends on preferred shares (140,246 ) (1,740,983 ) (2,130,254 ) Less: Deemed dividend on warrant inducement (Note 8) — (2,943,675 ) — Less: Deemed divided from conversion of the Series C Preferred Shares (Note 9) — — (6,507,789 ) Less: Undistributed earnings allocated to non-vested — (61,906 ) (2,508,399 ) Net (loss)/income attributable to common shareholders, basic (3,780,225 ) 24,764,364 59,987,560 Denominator Weighted average number of shares outstanding, basic 318,351 8,559,000 18,601,539 Weighted average number of shares outstanding, diluted 318,351 8,593,575 22,933,671 (Loss)/Earnings per share, basic (11.87 ) 2.89 3.22 (Loss)/Earnings per share, diluted (11.87 ) 2.89 2.93 As of December 31, 2023, diluted earnings per share reflects the potential dilution from the incremental shares of the 631,250 unexercised options to acquire common shares, the 1,540,353 non-vested share awards that had dilutive effect and the potential dilution from the conversion of outstanding Series C Preferred Shares (Note 9) calculated with the “if converted” method by using the average closing market price over the period up to their conversion. Securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date, calculated with the treasury stock method. As of December 31, 2023, the aggregate number of unexercised warrants was 10,810,267 (Note 8). As of December 31, 2022, diluted earnings per share reflects the potential dilution from the incremental shares of the Class A warrants that had dilutive effect. The Company excluded the dilutive effect of 190,476 non-vested share awards in calculating dilutive EPS for its common shares as of December 31, 2022, as they were anti-dilutive. There were no dilutive securities for the year ended December 31, 2021. The weighted average number of shares outstanding was adjusted to reflect the reverse stock split effected on April 28, 2023 (Note 1). The reported loss per common share calculations give retroactive effect to the issuance of the common shares as of January 1, 2021. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 12. Revenues The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2021 2022 2023 Time charter revenues 10,813,545 26,331,752 21,738,874 Bareboat revenues 2,717,105 1,906,328 — Voyage charter revenues 3,679,869 67,957,871 158,583,636 Other income 152,150 823,927 3,403,310 Total 17,362,669 97,019,878 183,725,820 Time charter agreements may have renewal options for one to 12 months. The related charter hire is generally payable in advance. The time charter party generally provides typical warranties regarding the speed and the performance of the vessel as well as some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful and non-hazardous cargo. The Company may enter into time charters ranging from one month to twelve months and in isolated cases on longer terms depending on market conditions. The charterer has the full discretion over the ports visited, shipping routes and vessel speed, subject only to the owner protective restrictions discussed above. Vessels may also be chartered under voyage charters, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. A significant portion of the voyage hire is typically paid upon the completion of the voyage. The amount of revenue earned as demurrage relating to the Company’s voyage charters for the years ended December 31, 2021, 2022 and 2023 was $0.9 million, $7.0 million and $19.2 million, respectively and is included within “Voyage charter revenues” in the above table. As of December 31, 2022 and December 31, 2023, receivables from the Company’s voyage charters amounted to $6.1 million and $12.6 million, respectively. As of December 31, 2022 and 2023, the Company recognized $240,002 and $302,773, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the consolidated balance sheets. As of December 31, 202 2 3 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Vessel Operating Expenses | 13. Vessel Operating Expenses The amount in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2021 2022 2023 Vessels’ Operating Expenses Crew wages and related costs 4,321,751 8,592,098 13,452,713 Insurance 323,719 780,973 1,168,486 Repairs and maintenance 845,200 2,474,586 3,884,234 Spares and consumable stores 1,181,483 2,901,979 4,821,081 Miscellaneous expenses 760,874 1,643,500 2,315,920 Total 7,433,027 16,393,136 25,642,434 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in Vessels’ operating expenses in the consolidated statements of operations. Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. The Company satisfies these initial criteria. In addition, these companies must be more than % owned by individuals who are residents, as defined, in the country of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. The Company also currently satisfies the more than % beneficial ownership requirement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies • From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally relating to personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. Currently, the Company is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. • Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent events On February 18 and 28, 2024 the vessels “Aquadisiac” and “Gstaad Grace II (ex. Stealth Haralambos)”, respectively, were delivered to the Company (Note 3). From January 8, 2024 to January 23, 2024 the Company repurchased 807,348 shares of common stock for an aggregate of consideration of $2.5 million under its share repurchase program. In April 2024, the Company granted (1) 426,253 of restricted shares of common stock under the Plan to the Company’s CEO, Interim CFO, non-executive members of the Board of Directors of the Company and employees of the Manager, and (2) options to acquire up to 111,000 of common stock under the Plan to the Company’s CEO, Interim CFO and non-executive members of the Board of Directors of the Company. 50% of these restricted shares and options vest in April 2025 and the remaining 50% vest in April 2026. In April 2024, the Company’s 2024 Equity Compensation Plan, was adopted, under which awards can be made totaling in aggregate up to 10% of the number of shares of common stock outstanding at the time any award is granted. In April 2024, the Company paid dividends amounting to $435,246 to the holders of the Company’s Series A Preferred Shares. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: |
Use of Estimates | Use of Estimates: |
Other comprehensive (loss) / income | Other comprehensive (loss) / income: |
Foreign Currency Translation | Foreign Currency Translation: of |
Cash and Cash Equivalents | Cash and Cash Equivalents: as |
Time Deposits | Time Deposits: non-current |
Restricted Cash | Restricted Cash: be non-current |
Trade Receivables | Trade Receivables: un-collectible was |
Inventories | Inventories: first-in, first-out |
Vessels, net | Vessels, net: |
Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking |
Vessels' Depreciation | Vessels’ Depreciation The cost of each of the Company’s vessels is depreciated on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the years, from the date of their construction. |
Segment Reporting | Segment Reporting: |
Accounting for Special Survey and Dry-docking Costs | Accounting for Special Survey and Dry-docking dry-docking |
Accounting for Revenue and Related Expenses | Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risks and costs of operation during the bareboat charter period. The Company’s time charter and bareboat contracts are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 – Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter and bareboat revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter and bareboat charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Under bareboat charter agreements, the charterer further assumes all vessel operating expenses, dry-docking The Company elected to make use of a practical expedient for lessors, not to separate the lease and non-lease non-lease non-lease A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time Deferred income mainly represents cash received for undelivered performance obligations. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers and the Manager for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘other current assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. |
Equity Compensation Plan | Equity Compensation Plan: and to non-employee considered non-vested is |
Dividends | Dividends: Dividends on cumulative preferred shares are recorded when declared. Dividends are recorded in equity against retained earnings to the extent there are retained earnings on the date of recording, while any shortfall is recorded in additional paid-in capital. |
(Loss)/Earnings per common share | (Loss)/Earnings per common share: the two-class e |
Offering costs | Offering costs: paid-in written-off |
Distinguishing Liabilities from Equity | Distinguishing Liabilities from Equity: |
Investment in related party (Financial Instruments, Recognition and Measurement) | Investment in related party (Financial Instruments, Recognition and Measurement): |
Stock and warrant repurchases | Stock and warrant repurchases: |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: |
General Information and Basis_2
General Information and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Subsidiary Companies | During the year ended December 31, 2023, the Company held 100% interest in the below companies, each owning one vessel. Company Date of Incorporation Name of Vessel Owned by Dead Weight Acquisition Disposal Clean Power Inc. 5/2/2007 Magic Wand 47,000 9/1/2008 — MR Roi Inc. 5/2/2007 Clean Thrasher 47,000 27/2/2008 — King of Hearts Inc. 17/3/2008 Clean Sanctuary 46,000 14/7/2009 — Nirvana Product Trading Inc 25/2/2022 Clean Nirvana 50,000 28/3/2022 — Volume Jet Trading Inc. 25/2/2022 Clean Justice 46,000 31/5/2022 — Intercontinental Crude and Product Enterprises Inc. 18/5/2022 Suez Enchanted 160,000 3/6/2022 — Petroleum Trading and Shipping Inc. 21/4/2022 Suez Protopia 160,000 3/6/2022 — Haven Exotic Trading Inc. 31/1/2023 Eco Wildfire 33,000 28/3/2023 — Blue Oddysey International Inc. 31/1/2023 Glorieuse 38,000 27/3/2023 — Tankpunk Inc. 6/1/2008 Stealth Berana ** 115,804 26/7/2010 — Drybulk International Trading and Shipping Inc.* 4/7/2022 Eco Bushfire 32,000 21/9/2022 21/6/2023 Raw Commodities & Exports Inc.* 4/7/2022 Eco Angelbay 32,000 19/10/2012 21/6/2023 * Consolidated by the Company up to June 21, 2023, the date the Spin-off of C3is Inc. was completed. ** This vessel was sold on July 14, 2023 (Note 3). Prior to the Spin-Off, |
Summary of Percentage of Company's Revenues | During 2021, 2022 and 2023 four, two and one charterers, respectively, accounted for or more of the Company’s revenues. Year ended December 31, Charterer 2021 2022 2023 A — — 21 % B 16 % — — C 15 % — — D 15 % — — E 15 % — — F — 16 % — G — 17 % — |
Schedule of Distribution of Assets and Liabilities to its Wholly-Owned Subsidiary C3is Inc | The assets and liabilities of C3is on June 21, 2023, were as follows: June 21, 2023 Cash and cash equivalents 5,000,000 Trade and other receivables 877,202 Inventories 124,813 Advances and prepayments 192,961 Due from related party 188,750 Vessels, net (after impairment of $8,996,023) 28,500,000 Trade accounts payable 816,187 Accrued and other liabilities 357,647 Deferred income 115,940 Net assets of C3is distributed to stockholders and warrantholders 33,593,952 Less investment in preferred shares of C3is issued as part of Spin-off (12,636,000 ) Distribution of net assets of C3is to stockholders and warrantholders 20,957,952 |
Transactions with Related Par_2
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 % % |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Analysis of Vessels, Net | An analysis of vessels, net is as follows: Vessel Cost Accumulated Net book Balance as at January 1, 2022 231,714,888 (111,751,904 ) 119,962,984 Acquisitions and improvements 118,678,560 — 118,678,560 Depreciation for the year — (12,290,463 ) (12,290,463 ) Balance as at December 31, 2022 350,393,448 (124,042,367 ) 226,351,081 Acquisitions and improvements 39,004,423 — 39,004,423 Impairment loss (Note 1) (10,894,124 ) 1,898,101 (8,996,023 ) Disposal (57,938,600 ) 26,555,487 (31,383,113 ) Spin-off (28,500,000 ) (28,500,000 ) Depreciation for the year — (15,629,116 ) (15,629,116 ) Balance as at December 31, 2023 292,065,147 (111,217,895 ) 180,847,252 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Term Loans Drawn December 31, Amount 2022 2023 Issued in November 202 November 202 28,000,000 23,196,000 — Issued in September 202 September 202 17,000,000 16,450,000 — Issued in November 202 November 202 30,792,500 30,792,500 — Total 70,438,500 — Current portion of long-term debt 10,324,000 — Long-term debt 60,114,500 — Total debt 70,438,500 — Current portion of deferred finance charges 147,462 — Deferred finance charges non-current 326,577 — Total deferred finance charges 474,039 — Total debt 70,438,500 — Less: Total deferred finance charges 474,039 — Total debt, net of deferred finance charges 69,964,461 — Less: Current portion of long-term debt, net of current portion of deferred finance charges 10,176,538 — Total long – term debt 59,787,923 — |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following: As of December 31, 2022 2023 Interest on long-term debt 463,645 — Administrative expenses 372,570 67,464 Voyage expense 527,581 1,071,393 Vessel operating expenses 618,510 1,869,643 Total 1,982,306 3,008,500 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of Preferred Shares Outstanding | iv) Preferred Shares: The table below presents a summary of preferred shares outstanding as of December 31, 2022 and 2023. Series Description Initial Total Liquidation Carrying Dividend Rate Series A 8.75% November 10, 2021 795,878 $ 25 $ 7,959 8.75% per annum of Preference per share Series B Series B October 21, 2022 16,000 $ 0.01 160 No dividend rights 811,878 $ 8,119 1) There are no issuance costs. |
Schedule Of Number of common shares to be issued upon exercise of remaining warrants | As of December 31, 2023, the number of common shares that can potentially be issued under each outstanding class of warrants are: Warrant class Shares to be issued upon exercise of remaining warrants Class A 2,867 Class B 786,800 Class C 1,347,267 Class D 173,334 Class E 8,499,999 Total 10,810,267 |
Equity Compensation Plan (Table
Equity Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Compensation Plan Arrangement [Abstract] | |
Summary of Company's Non-Vested Restricted Shares | A summary of the status of the Company’s non-vested Number of restricted Weighted average grant non-vested Non-vested, January 1, — Granted 190,476 5.25 Non-vested, December 31, 2022 190,476 5.25 Granted 1,585,311 2.42 Vested (235,434 ) (3.64 ) Non-vested, December 31, 1,540,353 2.58 |
Summary of the Company's Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock December 31, 2023 Option shares Weighted- Exercise Price Outstanding – beginning of year — — Granted 631,250 1.60 Exercised — — Outstanding – end of year 631,250 1.60 Exercisable – end of year — |
(Loss)_Earnings Per Share (Tabl
(Loss)/Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Income (Loss) Per Common Share | The Company calculates basic and diluted loss/earnings per share as follows: Year Ended December 31, 2021 2022 2023 Numerator Net (loss)/income (3,639,979 ) 29,510,928 71,134,002 Less: Cumulative dividends on preferred shares (140,246 ) (1,740,983 ) (2,130,254 ) Less: Deemed dividend on warrant inducement (Note 8) — (2,943,675 ) — Less: Deemed divided from conversion of the Series C Preferred Shares (Note 9) — — (6,507,789 ) Less: Undistributed earnings allocated to non-vested — (61,906 ) (2,508,399 ) Net (loss)/income attributable to common shareholders, basic (3,780,225 ) 24,764,364 59,987,560 Denominator Weighted average number of shares outstanding, basic 318,351 8,559,000 18,601,539 Weighted average number of shares outstanding, diluted 318,351 8,593,575 22,933,671 (Loss)/Earnings per share, basic (11.87 ) 2.89 3.22 (Loss)/Earnings per share, diluted (11.87 ) 2.89 2.93 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2021 2022 2023 Time charter revenues 10,813,545 26,331,752 21,738,874 Bareboat revenues 2,717,105 1,906,328 — Voyage charter revenues 3,679,869 67,957,871 158,583,636 Other income 152,150 823,927 3,403,310 Total 17,362,669 97,019,878 183,725,820 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Summary of Vessel Operating Expenses Amounts in Accompanying Consolidated Statements of Operations | The amount in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2021 2022 2023 Vessels’ Operating Expenses Crew wages and related costs 4,321,751 8,592,098 13,452,713 Insurance 323,719 780,973 1,168,486 Repairs and maintenance 845,200 2,474,586 3,884,234 Spares and consumable stores 1,181,483 2,901,979 4,821,081 Miscellaneous expenses 760,874 1,643,500 2,315,920 Total 7,433,027 16,393,136 25,642,434 |
General Information and Basis_3
General Information and Basis of Presentation - Schedule Of Distribution Of Assets And Liabilities To Its Wholly Owned Subsidiary C3is Inc (Detail) - USD ($) | Dec. 31, 2023 | Jun. 21, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Less investment in preferred shares of C3is issued as part of Spin-off | $ (8,119) | $ (8,119) | |
C3is Inc [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash and cash equivalents | $ 5,000,000 | ||
Trade and other receivables | 877,202 | ||
Inventories | 124,813 | ||
Advances and prepayments | 192,961 | ||
Due from related party | 188,750 | ||
Vessels, net | 28,500,000 | ||
Trade accounts payable | 816,187 | ||
Accrued and other liabilities | 357,647 | ||
Deferred income | 115,940 | ||
Net assets of C3is distributed to stockholders and warrantholders | 33,593,952 | ||
Less investment in preferred shares of C3is issued as part of Spin-off | (12,636,000) | ||
Distribution of net assets of C3is to stockholders and warrantholders | $ 20,957,952 |
General Information and Basis_4
General Information and Basis of Presentation - Schedule Of Distribution Of Assets And Liabilities To Its Wholly Owned Subsidiary C3is Inc (Parenthetical) (Detail) | Jun. 21, 2023 USD ($) |
C3is Inc [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Impairment | $ 8,996,023 |
General Information and Basis_5
General Information and Basis of Presentation - Summary of Subsidiary Companies (Detail) | 12 Months Ended |
Dec. 31, 2023 t | |
Clean Power Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Clean Power Inc. |
Date of Incorporation | Feb. 05, 2007 |
Name of Vessel Owned by Subsidiary | Magic Wand |
Dead Weight Tonnage | 47,000 |
Acquisition Date | Jan. 09, 2008 |
MR Roi Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | MR Roi Inc. |
Date of Incorporation | Feb. 05, 2007 |
Name of Vessel Owned by Subsidiary | Clean Thrasher |
Dead Weight Tonnage | 47,000 |
Acquisition Date | Feb. 27, 2008 |
King Of Hearts Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | King of Hearts Inc. |
Date of Incorporation | Mar. 17, 2008 |
Name of Vessel Owned by Subsidiary | Clean Sanctuary |
Dead Weight Tonnage | 46,000 |
Acquisition Date | Jul. 14, 2009 |
Nirvana Product Trading Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Nirvana Product Trading Inc |
Date of Incorporation | Feb. 25, 2022 |
Name of Vessel Owned by Subsidiary | Clean Nirvana |
Dead Weight Tonnage | 50,000 |
Acquisition Date | Mar. 28, 2022 |
Volume Jet Trading Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Volume Jet Trading Inc. |
Date of Incorporation | Feb. 25, 2022 |
Name of Vessel Owned by Subsidiary | Clean Justice |
Dead Weight Tonnage | 46,000 |
Acquisition Date | May 31, 2022 |
International Crude And Product Enterprises [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Intercontinental Crude and Product Enterprises Inc. |
Date of Incorporation | May 18, 2022 |
Name of Vessel Owned by Subsidiary | Suez Enchanted |
Dead Weight Tonnage | 160,000 |
Acquisition Date | Jun. 03, 2022 |
Petroleum Trading And Shipping [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Petroleum Trading and Shipping Inc. |
Date of Incorporation | Apr. 21, 2022 |
Name of Vessel Owned by Subsidiary | Suez Protopia |
Dead Weight Tonnage | 160,000 |
Acquisition Date | Jun. 03, 2022 |
Haven Exotic Trading Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Haven Exotic Trading Inc. |
Date of Incorporation | Jan. 31, 2023 |
Name of Vessel Owned by Subsidiary | Eco Wildfire |
Dead Weight Tonnage | 33,000 |
Acquisition Date | Mar. 28, 2023 |
Blue Oddysey International Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Blue Oddysey International Inc. |
Date of Incorporation | Jan. 31, 2023 |
Name of Vessel Owned by Subsidiary | Glorieuse |
Dead Weight Tonnage | 38,000 |
Acquisition Date | Mar. 27, 2023 |
Tankpunk Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Tankpunk Inc. |
Date of Incorporation | Jan. 06, 2008 |
Name of Vessel Owned by Subsidiary | Stealth Berana |
Dead Weight Tonnage | 115,804 |
Acquisition Date | Jul. 26, 2010 |
Drybulk International Trading and Shipping Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Drybulk International Trading and Shipping Inc.* |
Date of Incorporation | Jul. 04, 2022 |
Name of Vessel Owned by Subsidiary | Eco Bushfire |
Dead Weight Tonnage | 32,000 |
Acquisition Date | Sep. 21, 2012 |
Disposal Date | Jun. 21, 2023 |
Raw Commodities Exports Inc [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company | Raw Commodities & Exports Inc.* |
Date of Incorporation | Jul. 04, 2022 |
Name of Vessel Owned by Subsidiary | Eco Angelbay |
Dead Weight Tonnage | 32,000 |
Acquisition Date | Oct. 19, 2012 |
Disposal Date | Jun. 21, 2023 |
General Information and Basis_6
General Information and Basis of Presentation - Summary of Subsidiary Companies (Parenthetical) (Detail) | Dec. 31, 2023 |
Nonconsolidated Investees, Other [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Equity method investment, ownership percentage | 100% |
General Information and Basis_7
General Information and Basis of Presentation - Summary of Percentage of Company's Revenues (Detail) - Revenue Benchmark [Member] - Revenue from Rights Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Charterer A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 21% | 0% | 0% |
Charterer B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0% | 0% | 16% |
Charterer C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0% | 0% | 15% |
Charterer D [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0% | 0% | 15% |
Charterer E [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0% | 0% | 15% |
Charterer F [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0% | 16% | 0% |
Charterer G [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0% | 17% | 0% |
General Information and Basis_8
General Information and Basis of Presentation - Summary of Percentage of Company's Revenues (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | Revenue from Rights Concentration Risk [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10% | 10% | 10% |
General Information and Basis_9
General Information and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |||||||
Jun. 21, 2023 USD ($) $ / shares shares | Apr. 28, 2023 | Dec. 03, 2021 shares | Nov. 10, 2021 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2023 $ / shares shares | May 14, 2021 shares | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock shares outstanding | 12,972,358 | 29,812,755 | ||||||
Number of tankers | 9 | |||||||
Preferred stock shares outstanding | 811,878 | 811,878 | ||||||
Description of the reverse stock split arrangement | 1-for-15 | |||||||
Five Medium Range Type Product Tankers [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 5 | |||||||
Two Suezmax [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 2 | |||||||
Two Handysize Drybulk Carriers [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of tankers | 2 | |||||||
Common Stock [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 12,463,531 | 318,351 | ||||||
Description of the reverse stock split arrangement | one-for-fifteen | |||||||
Common Stock [Member] | Spin Off Transaction [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 318,351 | 318,318 | ||||||
Preferred Stock [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 795,878 | |||||||
Preferred Stock [Member] | Preferred Class A [Member] | Spin Off Transaction [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Stock issued during the period shares new issues | 795,878 | 795,878 | ||||||
Preferred stock dividend rate percentage | 8.75% | 8.75% | ||||||
Preferred stock liquidation preference per share | $ / shares | $ 25 | |||||||
StealthGas Inc. [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Common stock shares outstanding | 33 | |||||||
C3is Inc [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Cash | $ | $ 5,000,000 | |||||||
C3is Inc [Member] | Preferred Stock [Member] | Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Preferred stock dividend rate percentage | 5% | |||||||
Preferred stock liquidation preference per share | $ / shares | $ 25 | |||||||
Preferred stock shares outstanding | 600,000 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Line Items] | |||
Number of operating segments | 1 | 1 | 1 |
Number of reportable segments | 1 | 1 | 1 |
Other Current Assets [Member] | |||
Accounting Policies [Line Items] | |||
Maturity of time deposits | 12 months | ||
Other Noncurrent Assets [Member] | |||
Accounting Policies [Line Items] | |||
Maturity of time deposits | 12 months | ||
Maritime Equipment [Member] | |||
Accounting Policies [Line Items] | |||
Property plant and equipment useful lives | 25 years | 25 years | 25 years |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Valuation Methodology and the Significant Other Observable Inputs (Detail) | Dec. 31, 2023 |
Straight Preferred Stock component [Member] | Discounted Cash Flow Model [Member] | Weighted average cost of capital [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 0.13 |
Embedded Option component [Member] | Black and Scholes [Member] | Weighted average cost of capital [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 0.13 |
Embedded Option component [Member] | Black and Scholes [Member] | Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 0.78 |
Embedded Option component [Member] | Black and Scholes [Member] | Risk free rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 0.04 |
Embedded Option component [Member] | Black and Scholes [Member] | Strike price [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 3.5 |
Embedded Option component [Member] | Black and Scholes [Member] | Share price [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 2.33 |
Control Premium Component [Member] | Discounted Cash Flow Model [Member] | Weighted average cost of capital [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 0.13 |
Control Premium Component [Member] | Discounted Cash Flow Model [Member] | Control premium [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Equity Securities, FV-NI, Measurement Input | 0.12 |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Amounts Charged By The Company's Related Parties (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Management fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | $ 1,606,440 | $ 1,045,640 | $ 527,425 |
Brokerage commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 2,253,979 | 1,202,449 | 218,192 |
Superintendent fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 57,000 | 28,500 | 26,500 |
Crew management fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 289,583 | 137,000 | 60,000 |
Executive compensation [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | 400,072 | 296,274 | 19,875 |
Former Parent Expense [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | 0 | 0 | 291,801 |
Commissions – vessels purchased [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 355,000 | 1,168,000 | 0 |
Commissions-vessels sold [Member] | |||
Related Party Transaction [Line Items] | |||
Related party | 430,000 | 0 | 0 |
Rental expense [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | $ 65,104 | $ 0 | $ 0 |
Transactions with Related Par_5
Transactions with Related Parties - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 05, 2023 | Jul. 14, 2023 | Jul. 07, 2023 | Jun. 21, 2023 | Feb. 14, 2023 | May 31, 2020 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivable from related party | $ 37,906,821 | $ 37,906,821 | $ 37,906,821 | $ 37,906,821 | $ 146,708 | |||||||
Payable to related parties | $ 2,324,334 | $ 2,324,334 | $ 2,324,334 | $ 2,324,334 | $ 3,016,438 | |||||||
Preferred Stock, Shares Outstanding | 811,878 | 811,878 | 811,878 | 811,878 | 811,878 | |||||||
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Vessel Cost, Disposal | $ 57,938,600 | |||||||||||
Proceeds from sale of property, plant, and equipment | 3,865,890 | |||||||||||
Interest income, operating | 1,363,360 | $ 0 | $ 0 | |||||||||
Net gain on sale of vessel – related party | 8,182,777 | $ 0 | 0 | |||||||||
Stealth Berana [Member] | ||||||||||||
Net gain on sale of vessel – related party | 8,182,777 | |||||||||||
Series A Perpetual Convertible Preferred Shares [Member] | ||||||||||||
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure | $ 12,636,000 | $ 12,636,000 | $ 12,636,000 | $ 12,636,000 | ||||||||
Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | Preferred Stock [Member] | ||||||||||||
Dividends payable, nature | 15th day of January, April, July and October in each year | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Outstanding | 795,878 | 795,878 | 795,878 | 795,878 | 795,878 | |||||||
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Series A Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | Valuation, Income Approach [Member] | ||||||||||||
Aggregate value of investment | $ 12,636,000 | $ 12,636,000 | $ 12,636,000 | $ 12,636,000 | ||||||||
Company Affiliated With Members Of The Family Of The Chief Executive Officer [Member] | ||||||||||||
Payments to acquire property, plant, and equipment | $ 71,000,000 | |||||||||||
Payments for advance to affiliate | 0 | |||||||||||
European Institute of Regional Investments Inc [Member] | ||||||||||||
Receivable from related party | 0 | 0 | 0 | 0 | $ 146,708 | |||||||
C3is Inc [Member] | ||||||||||||
Receivable from related party | 37,906,821 | 37,906,821 | 37,906,821 | 37,906,821 | 0 | |||||||
Equity security measured at fair value | 12,798,500 | 12,798,500 | 12,798,500 | 12,798,500 | ||||||||
Accrued dividends | 162,500 | 162,500 | 162,500 | 162,500 | ||||||||
Impairment loss | 0 | 0 | 0 | 0 | ||||||||
Interest receivable | 1,363,360 | 1,363,360 | 1,363,360 | 1,363,360 | ||||||||
C3is Inc [Member] | Inventories [Member] | ||||||||||||
Receivable from related party | 843,461 | 843,461 | 843,461 | 843,461 | ||||||||
C3is Inc [Member] | Stealth Berana [Member] | ||||||||||||
Vessel Cost, Disposal | $ 43,000,000 | |||||||||||
Percentage of total consideration received in cash | 10% | |||||||||||
Proceeds from sale of property, plant, and equipment | $ 4,300,000 | |||||||||||
Accounts receivable, after allowance for credit loss | $ 38,700,000 | |||||||||||
Interest income, operating | 1,363,360 | |||||||||||
Fair Value Of Remaining Selling Price | $ 35,700,000 | |||||||||||
Fair Value Of Remaining Selling Price Including Financing Component | 38,700,000 | |||||||||||
Receivable with Imputed Interest, Discount | $ 3,000,000 | |||||||||||
C3is Inc [Member] | Series A Perpetual Convertible Preferred Shares [Member] | Spin Off Transaction [Member] | Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Outstanding | 600,000 | |||||||||||
Preferred Stock, liquidation preference per share | $ 25 | |||||||||||
Preferred stock par or stated value per share | $ 0.01 | |||||||||||
Number of days after when the stock are eligible to convert to shares | 90 days | |||||||||||
Conversion price equal to volume weighted average price per share | 150% | |||||||||||
Number of consecutive trading days for determining the share price | 5 days | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 5% | |||||||||||
Dividends payable, amount per share | $ 25 | |||||||||||
Dividend income from related party | 404,167 | |||||||||||
Related Party [Member] | ||||||||||||
Payable to related parties | $ 2,324,334 | $ 2,324,334 | $ 2,324,334 | 2,324,334 | 3,016,438 | |||||||
Glorieuse and Eco Wildfire [Member] | ||||||||||||
Total consideration | $ 35,500,000 | |||||||||||
Glorieuse [Member] | ||||||||||||
Aggregate purchase price , Cash | 8,500,000 | |||||||||||
Total consideration | 18,500,000 | |||||||||||
Glorieuse [Member] | Series C Preferred Stock [Member] | ||||||||||||
Asset acquisition, equity interest issued and issuable | $ 13,875 | |||||||||||
Management fees [Member] | ||||||||||||
Related party transaction, amounts of transaction | 1,606,440 | 1,045,640 | 527,425 | |||||||||
Brokerage commissions [Member] | ||||||||||||
Related party transaction, amounts of transaction | $ 2,253,979 | 1,202,449 | 218,192 | |||||||||
Related party transaction, brokerage commission per vessel | 1.25% | |||||||||||
Superintendent fees [Member] | ||||||||||||
Related party transaction, amounts of transaction | $ 57,000 | 28,500 | 26,500 | |||||||||
Related party transaction, additional amounts of transaction | 500 | |||||||||||
Crew management fees [Member] | ||||||||||||
Related party transaction, amounts of transaction | 289,583 | 137,000 | 60,000 | |||||||||
Crew management fees [Member] | Hellenic Manning Overseas Inc [Member] | ||||||||||||
Related party transaction, amounts of transaction | $ 2,500 | |||||||||||
Commissions – vessels purchased [Member] | ||||||||||||
Related party transaction, amounts of transaction | $ 355,000 | $ 1,168,000 | $ 0 | |||||||||
Commissions – vessels purchased [Member] | Hellenic Manning Overseas Inc [Member] | ||||||||||||
Commission as a percentage of purchase price of vessels | 1% | |||||||||||
Commission as a percentage of sale price of vessels | 1% | |||||||||||
Maximum [Member] | Management fees [Member] | ||||||||||||
Related party transaction, amounts of transaction | $ 440 | |||||||||||
Minimum [Member] | Management fees [Member] | ||||||||||||
Related party transaction, amounts of transaction | $ 125 |
Vessels, net - Additional Infor
Vessels, net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Impairment, Long-Lived Asset, Held-for-Use | $ 8,996,023 | $ 0 | $ 0 |
C3is Inc [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment, Long-Lived Asset, Held-for-Use | $ 8,996,023 |
Vessels, net - Summary of Analy
Vessels, net - Summary of Analysis of Vessels, Net (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Vessel Cost, Balance at beginning of year | $ 350,393,448 | $ 231,714,888 | |
Vessel Cost, Acquisitions and improvements | 39,004,423 | 118,678,560 | |
Vessel Cost, Impairment loss | (10,894,124) | ||
Vessel Cost, Disposal | (57,938,600) | ||
Vessel Cost, Spin-off of drybulk carriers | (28,500,000) | ||
Vessel Cost, Balance at end of year | 292,065,147 | 350,393,448 | $ 231,714,888 |
Accumulated depreciation, Balance at beginning of year | (124,042,367) | (111,751,904) | |
Accumulated depreciation, Impairment loss | 1,898,101 | ||
Accumulated depreciation, Disposal | 26,555,487 | ||
Accumulated depreciation, Depreciation for the year | (15,629,116) | (12,290,463) | |
Accumulated depreciation, Balance at end of year | (111,217,895) | (124,042,367) | (111,751,904) |
Net book value, Balance at beginning of year | 226,351,081 | 119,962,984 | |
Net book value, Acquisitions and improvements | 39,004,423 | 118,678,560 | |
Net book value, Impairment loss | (8,996,023) | 0 | 0 |
Net book value, Disposal | (31,383,113) | ||
Net book value, Depreciation for the year | (15,629,116) | (12,290,463) | |
Net book value, Spin-off of drybulk carriers | (28,500,000) | ||
Net book value, Balance at end of year | $ 180,847,252 | $ 226,351,081 | $ 119,962,984 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 70,438,500 |
Current portion of long-term debt | 0 | 10,324,000 |
Long-term debt | 0 | 60,114,500 |
Current portion of deferred finance charges | 0 | 147,462 |
Deferred finance charges non-current | 0 | 326,577 |
Total deferred finance charges | 0 | 474,039 |
Total debt | 0 | 70,438,500 |
Total debt, net of deferred finance charges | 0 | 69,964,461 |
Less: Current portion of long-term debt, net of current portion of deferred finance charges | 0 | 10,176,538 |
Total long – term debt | $ 0 | 59,787,923 |
Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Nov. 30, 2021 | |
Maturity Date | Nov. 30, 2026 | |
Drawn Amount | $ 28,000,000 | |
Long-term debt | $ 0 | 23,196,000 |
Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Sep. 30, 2022 | |
Maturity Date | Sep. 30, 2026 | |
Drawn Amount | $ 17,000,000 | |
Long-term debt | $ 0 | 16,450,000 |
Term Loan C [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | Nov. 30, 2022 | |
Maturity Date | Nov. 30, 2027 | |
Drawn Amount | $ 30,792,500 | |
Long-term debt | $ 0 | $ 30,792,500 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Apr. 25, 2023 | Apr. 07, 2023 | Mar. 10, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Loan repayments | $ 70,438,500 | $ 5,354,000 | |||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 1.95% | ||||||
Bank loan interest expense | 1,271,409 | $ 1,444,884 | $ 87,724 | ||||
Term Loan [Member] | Interest and finance cost [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of deferred financing charges | $ 474,039 | $ 94,007 | $ 32,587 | ||||
Term Loan A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan repayments | $ 23,200,000 | ||||||
Term Loan B and C [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan repayments | $ 1,400,000 | ||||||
Term Loan C [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan repayments | $ 30,000,000 | ||||||
Term Loan B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loan repayments | $ 15,900,000 | ||||||
Minimum [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 2.55% | ||||||
Maximum [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate, stated percentage | 7.55% | 6.28% |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Interest on long-term debt | $ 0 | $ 463,645 |
Administrative expenses | 67,464 | 372,570 |
Voyage expense | 1,071,393 | 527,581 |
Vessel operating expenses | 1,869,643 | 618,510 |
Total | $ 3,008,500 | $ 1,982,306 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Preferred Shares Outstanding (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||
Total Shares Outstanding | 811,878 | 811,878 |
Carrying Value | $ 8,119 | $ 8,119 |
8.75% Series A Cumulative Redeemable Perpetual Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Description | 8.75% Cumulative Redeemable Perpetual | |
Initial Issuance Date | Nov. 10, 2021 | Nov. 10, 2021 |
Total Shares Outstanding | 795,878 | 795,878 |
Liquidation Preference per Share (in dollars) | $ 25 | |
Carrying Value | $ 7,959 | $ 7,959 |
Dividend Rate | 8.75% | 8.75% |
Series B Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Description | Series B Preferred Shares | Series B Preferred Shares |
Initial Issuance Date | Oct. 21, 2022 | Oct. 21, 2022 |
Total Shares Outstanding | 16,000 | 16,000 |
Liquidation Preference per Share (in dollars) | $ 0.01 | |
Carrying Value | $ 160 | $ 160 |
Dividend Rate | 0% | 0% |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary Of Number of common shares to be issued upon exercise of remaining warrants (Detail) - shares | Dec. 31, 2023 | Oct. 31, 2023 |
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,810,267 | |
Class A Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,867 | |
Class B Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 786,800 | |
Class C Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,347,267 | 1,480,000 |
Class D Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 173,334 | 1,100,000 |
Class E Warrant [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,499,999 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||
Aug. 31, 2023 | May 31, 2023 | Apr. 28, 2023 | Oct. 21, 2022 | Jun. 30, 2022 | Jun. 17, 2022 | May 31, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Oct. 31, 2023 | Dec. 29, 2021 | Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 07, 2023 | Feb. 22, 2023 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||||||||||||
Common stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Preferred stock shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 | ||||||||||||||||
Common stock shares issued | 1,724,998 | 33,257,291 | 33,257,291 | 12,972,358 | 318,351 | |||||||||||||
Number of days from the closing bid price of common stock | 30 days | |||||||||||||||||
Number Of Grace Period Days Applicable To Regain Compliance | 180 days | 180 days | ||||||||||||||||
Due date declared to regain compliance | Dec. 14, 2022 | Jun. 12, 2023 | ||||||||||||||||
Proceeds from public offering | $ 13,800,000 | |||||||||||||||||
Proceeds from Issuance of Warrants | $ 16,975,331 | $ 45,999,999 | ||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 10,810,267 | 10,810,267 | ||||||||||||||||
Preferred stock shares outstanding | 811,878 | 811,878 | 811,878 | |||||||||||||||
Description of the reverse stock split arrangement | 1-for-15 | |||||||||||||||||
Stock repurchase program repurchase amount1 | $ 5,885,727 | |||||||||||||||||
Stock repurchase program number of shares repurchased | 3,444,536 | |||||||||||||||||
Stock repurchase program, authorized amount | $ 10,000,000 | |||||||||||||||||
Stock repurchase program pershare of shares repurchased1 | $ 1.71 | $ 1.71 | ||||||||||||||||
Warrant exercised amount | $ 1,521,738 | |||||||||||||||||
Class A Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds From Warrants Exercised | $ 13,746,250 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 733,133 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 2,867 | 2,867 | ||||||||||||||||
Class B Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds From Warrants Exercised | $ 21,805,000 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 24 | |||||||||||||||||
Proceeds from Issuance of Warrants | $ 0 | $ 22,081,720 | ||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 786,800 | 786,800 | ||||||||||||||||
Class C Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares issued | 5,357,500 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,391,323 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.25 | |||||||||||||||||
Class of warrant or right, issued during period | 357,167 | |||||||||||||||||
Proceeds from Issuance of Warrants | $ 0 | $ 2,946,625 | ||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 1,347,267 | 1,480,000 | 1,347,267 | |||||||||||||||
Repurchase of warrant | 35,869,862 | 22,200,000 | ||||||||||||||||
Warrant exercised amount | $ 669,570 | $ 414,400 | ||||||||||||||||
Class D Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares issued | 31,150,000 | 31,150,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 803,333 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 12 | $ 12 | ||||||||||||||||
Class of warrant or right, issued during period | 2,076,667 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 173,334 | 1,100,000 | 173,334 | |||||||||||||||
Fair Value Adjustment of Warrants | $ 2,943,675 | |||||||||||||||||
Repurchase of warrant | 12,049,995 | |||||||||||||||||
Warrant exercised amount | $ 184,768 | |||||||||||||||||
Pre Funded Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Shares issued, price per share | $ 2 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,447,184 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.99 | |||||||||||||||||
Class of warrant or right, issued during period | 6,033,333 | |||||||||||||||||
Representative Purchase Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Class of warrant or right issued | 552,000 | |||||||||||||||||
Proceeds From Warrants Exercised | $ 68,999,920 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20.625 | |||||||||||||||||
Class of warrant or right, issued during period | 115,000 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 291,194 | 291,194 | ||||||||||||||||
May 2022 Representative Purchase Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares issued | 2,090,909 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10.3125 | |||||||||||||||||
Class of warrant or right, issued during period | 139,394 | |||||||||||||||||
Class E Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2 | |||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 8,499,999 | 8,499,999 | ||||||||||||||||
IPO [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares issued | 8,499,999 | 3,287,062 | 98,280 | |||||||||||||||
Shares Issued | 5,575,757 | |||||||||||||||||
Shares issued, price per share | $ 8.25 | $ 18.75 | ||||||||||||||||
Proceeds from public offering | $ 426,901 | |||||||||||||||||
IPO [Member] | Including Exercise Of Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds from Issuance of Common Stock | 168,001,415 | |||||||||||||||||
Net Proceeds From Issuance Of Common Stock | $ 156,821,474 | |||||||||||||||||
IPO [Member] | Class A Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Class of warrant or right, issued during period | 11,040,000 | |||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Description of the reverse stock split arrangement | one-for-fifteen | |||||||||||||||||
Warrant exercised amount | $ 253,000 | |||||||||||||||||
Common Stock [Member] | Class A Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 736,000 | 10,997,000 | ||||||||||||||||
Class of warrant or right number of securities called by warrants or rights | 36,800 | |||||||||||||||||
Common Stock [Member] | Class D Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Repurchase of warrant | 16,500,000 | |||||||||||||||||
Common Stock [Member] | IPO [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares issued | 736,000 | |||||||||||||||||
Common Stock [Member] | Private Placement [Member] | Class D Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Class of warrant or right, issued during period | 2,076,667 | |||||||||||||||||
Minimum [Member] | Class B Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 10.5 | $ 10.5 | ||||||||||||||||
Minimum [Member] | Representative Purchase Warrants [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 30 | |||||||||||||||||
Maximum [Member] | Class B Warrant [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds From Warrants Exercised | $ 31,322,950 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 24 | $ 24 | ||||||||||||||||
Maximum [Member] | IPO [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common stock shares issued | 2,874,997 | |||||||||||||||||
Shares issued, price per share | $ 24 | |||||||||||||||||
Proceeds from public offering | $ 12,095,255 | |||||||||||||||||
Maximum [Member] | Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Proceeds From Warrants Exercised | 2,088,197 | |||||||||||||||||
XNCM [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Share Price | $ 1 | |||||||||||||||||
Eight Point Seven Five Percentage Series A Cumulative Redeemable Perpetual Preferred Shares [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred stock liquidation preference per share | $ 25 | $ 25 | ||||||||||||||||
Dividends, preferred stock | $ 130,574 | $ 1,740,983 | ||||||||||||||||
Preferred stock shares issued | 795,878 | |||||||||||||||||
Dividends, preferred stock per share | $ 0.1640625 | $ 0.1640625 | ||||||||||||||||
Preferred stock shares outstanding | 795,878 | 795,878 | 795,878 | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred stock liquidation preference per share | $ 0.01 | $ 0.01 | ||||||||||||||||
Preferred stock shares authorized | 16,000 | 16,000 | 16,000 | |||||||||||||||
Preferred stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Preferred stock shares issued | 16,000 | 16,000 | 16,000 | |||||||||||||||
Shares issued, price per share | $ 0.01 | |||||||||||||||||
Preferred stock shares outstanding | 16,000 | 16,000 | 16,000 | |||||||||||||||
Preferred stock voting rights | 25,000 | |||||||||||||||||
Percentage of voting rights | 49.99% | |||||||||||||||||
Harry Vafias [Member] | Chief Executive Officer [Member] | Series B Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred stock par or stated value per share | $ 0.01 | |||||||||||||||||
Preferred stock shares issued | 16,000 | |||||||||||||||||
Cash | $ 200,000 |
Mezzanine equity - Additional I
Mezzanine equity - Additional Information (Detail) | 12 Months Ended | ||
Feb. 17, 2023 $ / shares shares | Feb. 14, 2023 USD ($) | Dec. 31, 2023 USD ($) Day $ / shares shares | |
Temporary Equity [Line Items] | |||
Per share conversion price of preferred stock | $ / shares | $ 2.02 | ||
Trading days | Day | 10 | ||
Common Stock [Member] | |||
Temporary Equity [Line Items] | |||
Common stock shares issued | shares | 6,932,043 | ||
Common Stock [Member] | |||
Temporary Equity [Line Items] | |||
Conversion of Stock, Amount Issued | $ 6,507,789 | ||
Vessel Glorieuse [Member] | |||
Temporary Equity [Line Items] | |||
Asset acquisition, consideration transferred, equity interest issued and issuable | $ 10,000,000 | ||
Asset acquisition, consideration transferred, | 18,500,000 | ||
Payments to acquire productive assets | $ 8,500,000 | ||
Series C Preferred Stock [Member] | |||
Temporary Equity [Line Items] | |||
Temporary equity stock issued during the period | shares | 13,875 | ||
Liquidation preference per share | $ / shares | $ 1,000 | ||
Divider for conversion of stock | $ / shares | 7.5 | ||
Temporary equity dividend rate | 5% | ||
Payments of dividends | $ 389,271 | ||
Temporary equity, shares outstanding | shares | 13,875 | ||
Minimum percentage of ownership change for entity | 50% | ||
Series C Preferred Stock [Member] | Common Stock [Member] | |||
Temporary Equity [Line Items] | |||
Conversion of stock | shares | 13,875 | ||
Series C Preferred Stock [Member] | Minimum [Member] | |||
Temporary Equity [Line Items] | |||
Per share conversion price of preferred stock | $ / shares | $ 1.5 |
Equity Compensation Plan - Summ
Equity Compensation Plan - Summary of Company's Non-Vested Restricted Shares (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Beginning Balance Number of restricted shares | 190,476 | 0 |
Granted Number of restricted shares | 1,585,311 | 190,476 |
Vested Number of restricted shares | (235,434) | |
Ending balance Number of restricted shares | 1,540,353 | 190,476 |
Granted Weighted average grant date fair value per non-vested share | $ 2.42 | $ 5.25 |
Vested Weighted average grant date fair value per non-vested share | (3.64) | |
Ending balance Weighted average grant date fair value per non-vested share | $ 2.58 | $ 5.25 |
Equity Compensation Plan - Add
Equity Compensation Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||||||||||||
Oct. 30, 2025 | Oct. 25, 2025 | May 15, 2025 | Oct. 30, 2024 | Oct. 25, 2024 | Jul. 15, 2024 | May 15, 2024 | Apr. 10, 2024 | Oct. 30, 2023 | Oct. 25, 2023 | Jul. 17, 2023 | May 15, 2023 | Mar. 21, 2023 | Nov. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Stock Granted closing price | $ 2.42 | $ 5.25 | |||||||||||||||
Restricted shares vest | 0 | ||||||||||||||||
Share based compensation, non vested shares, unrecognized compensation cost | $ 629,351 | ||||||||||||||||
Share based compensation, non vested shares, unrecognized compensation cost period for recognition | 1 year 4 months 24 days | ||||||||||||||||
Share based compensation expense | $ 2,434,855 | $ 117,256 | |||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $ 1.6 | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 631,250 | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, intrinsic value, amount per share | $ 1.04 | ||||||||||||||||
CEO,CFO And Non Executive [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Stock Granted | $ 631,250 | ||||||||||||||||
CEO,CFO And Non Executive [Member] | Subsequent Event [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 111,000 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Percentage of outstanding stock | 10% | ||||||||||||||||
Restricted shares granted | 1,775,787 | 190,476 | 0 | ||||||||||||||
Stock Granted closing price | $ 5.25 | ||||||||||||||||
Restricted shares vest | 95,238 | ||||||||||||||||
Share based compensation, non vested shares, unrecognized compensation cost | $ 2,370,009 | ||||||||||||||||
Share based compensation, non vested shares, unrecognized compensation cost period for recognition | 1 year 1 month 6 days | ||||||||||||||||
Dividends | $ 0 | $ 0 | $ 0 | ||||||||||||||
Restricted Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Restricted shares vest | 95,238 | ||||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Stock Granted | $ 547,550 | $ 1,000,000 | |||||||||||||||
Stock Granted closing price | $ 3.48 | ||||||||||||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Restricted shares vest | 273,775 | 273,775 | |||||||||||||||
Restricted Stock [Member] | Entity Employees [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Stock Granted | $ 280,392 | ||||||||||||||||
Stock Granted closing price | $ 2.55 | ||||||||||||||||
Restricted shares vest | 140,196 | ||||||||||||||||
Restricted Stock [Member] | Entity Employees [Member] | Manager [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Stock Granted | $ 179,244 | ||||||||||||||||
Stock Granted closing price | $ 1.59 | ||||||||||||||||
Restricted Stock [Member] | Entity Employees [Member] | Subsequent Event [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Restricted shares vest | 140,196 | ||||||||||||||||
Restricted Stock [Member] | Entity Employees [Member] | Subsequent Event [Member] | Manager [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Restricted shares vest | 89,622 | 89,622 | |||||||||||||||
Restricted Stock [Member] | CEO,CFO And Non Executive [Member] | CEO and CFO [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Stock Granted | $ 578,125 | ||||||||||||||||
Stock Granted closing price | $ 1.6 | ||||||||||||||||
Restricted Stock [Member] | CEO,CFO And Non Executive [Member] | Subsequent Event [Member] | CEO and CFO [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Restricted shares vest | 289,063 | 289,062 | |||||||||||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Share based compensation expense | $ 2,343,210 | 117,256 | 0 | ||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Restricted shares vest | 0 | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 631,250 | ||||||||||||||||
Employee Stock Option [Member] | CEO,CFO And Non Executive [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 50% | 50% | |||||||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term | 5 years 9 months | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | 5% | ||||||||||||||||
Share based compensation arrangement by share based payment prior period grant date | 6 years | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $ 1.14 | ||||||||||||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate | 81% | ||||||||||||||||
Employee Stock Option [Member] | General and Administrative Expense [Member] | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||||||||
Share based compensation expense | $ 91,645 | $ 0 | $ 0 |
Equity Compensation Plan - Su_2
Equity Compensation Plan - Summary of the Company's Non-Vested Stock Option Activity and Related Information (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Equity Compensation Plan Arrangement [Abstract] | |
Beginning Balance, Option shares | 0 |
Granted, Option shares | 631,250 |
Exercised, Option shares | 0 |
Ending Balance, Option shares | 631,250 |
Exercisable, Option shares | 0 |
Beginning Balance, Weighted- Average Exercise Price | $ / shares | $ 0 |
Granted, Weighted- Average Exercise Price | $ / shares | 1.6 |
Exercised, Weighted- Average Exercise Price | $ / shares | 0 |
Ending Balance, Weighted- Average Exercise Price | $ / shares | $ 1.6 |
(Loss)_Earnings Per Share - Sum
(Loss)/Earnings Per Share - Summary of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Net (loss)/income | $ 71,134,002 | $ 29,510,928 | $ (3,639,979) |
Less: Cumulative dividends on preferred shares | (2,130,254) | (1,740,983) | (140,246) |
Less: Deemed dividend on warrant inducement (Note 8) | (2,943,675) | ||
Less: Deemed divided from conversion of the Series C Preferred Shares (Note 9) | (6,507,789) | ||
Less: Undistributed earnings allocated to non-vested shares | (2,508,399) | (61,906) | |
Net (loss)/income attributable to common shareholders, basic | $ 59,987,560 | $ 24,764,364 | $ (3,780,225) |
Weighted average number of shares outstanding, basic | 18,601,539 | 8,559,000 | 318,351 |
Weighted average number of shares outstanding, diluted | 22,933,671 | 8,593,575 | 318,351 |
(Loss)/Earnings per share, basic | $ 3.22 | $ 2.89 | $ (11.87) |
(Loss)/Earnings per share, diluted | $ 2.93 | $ 2.89 | $ (11.87) |
(Loss)_Earnings Per Share - Add
(Loss)/Earnings Per Share - Additional information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Warrant or Right [Line Items] | ||
Unexercised warrants | 10,810,267 | |
Incremental shares unexercised options | 631,250 | |
Incremental shares non vested share awards | 1,540,353 | |
dilutive effect non vested share awards | 190,476 |
Revenues - Summary of Revenues
Revenues - Summary of Revenues Amounts in Accompanying Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Other income | $ 3,403,310 | $ 823,927 | $ 152,150 |
Revenues | 183,725,820 | 97,019,878 | 17,362,669 |
Time Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,738,874 | 26,331,752 | 10,813,545 |
Bareboat Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | 1,906,328 | 2,717,105 |
Voyage Charter Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 158,583,636 | $ 67,957,871 | $ 3,679,869 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Current Assets [Member] | |||
Revenue, Major Customer [Line Items] | |||
Capitalized Contract Cost, Net | $ 302,773 | $ 240,002 | |
Voyage Charter Revenues [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 7,000,000 | 19,200,000 | $ 900,000 |
Revenue, Remaining Performance Obligation, Amount | 6,700,000 | 15,000,000 | |
Receivables net current | $ 12,600,000 | $ 6,100,000 |
Vessel Operating Expenses - Sum
Vessel Operating Expenses - Summary of Vessel Operating Expenses Amounts in Accompanying Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Crew wages and related costs | $ 13,452,713 | $ 8,592,098 | $ 4,321,751 |
Insurance | 1,168,486 | 780,973 | 323,719 |
Repairs and maintenance | 3,884,234 | 2,474,586 | 845,200 |
Spares and consumable stores | 4,821,081 | 2,901,979 | 1,181,483 |
Miscellaneous expenses | 2,315,920 | 1,643,500 | 760,874 |
Total | $ 25,642,434 | $ 16,393,136 | $ 7,433,027 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Percentage of beneficial ownership requirement by individuals | 50% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Future minimum contractual charter revenue | $ 346,750 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |
Apr. 10, 2024 | Apr. 30, 2024 | Apr. 23, 2024 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | ||||
Payments for repurchase of common stock | $ 5,885,727 | |||
Share based compensation by share based award stock options granted during the period shares | 631,250 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Treasury stock, shares, acquired | 807,348 | |||
Payments for repurchase of common stock | $ 2,500,000 | |||
Percentage of shares outstanding for which awards may be granted | 10% | |||
Subsequent Event [Member] | CEO,CFO And Non Executive [Member] | ||||
Subsequent Event [Line Items] | ||||
Restricted stock shares issued during the period shares | 426,253 | |||
Share based compensation by share based award stock options granted during the period shares | 111,000 | |||
Subsequent Event [Member] | CEO,CFO And Non Executive [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Subsequent Event [Line Items] | ||||
Share based compensation by share based award vesting percentage | 50% | |||
Subsequent Event [Member] | CEO,CFO And Non Executive [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||
Subsequent Event [Line Items] | ||||
Share based compensation by share based award vesting percentage | 50% | |||
Subsequent Event [Member] | Series A Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends, preferred stock | $ 435,246 |