Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | GASS |
Entity Registrant Name | STEALTHGAS INC. |
Entity Central Index Key | 0001328919 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 38,202,181 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, Address Line Two | Erithrea 14561 |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Document Annual Report | true |
Document Transition Report | false |
Entity File Number | 001-36797 |
Document Shell Company Report | false |
Document Registration Statement | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Security Exchange Name | NASDAQ |
ICFR Auditor Attestation Flag | true |
Entity Address, Postal Zip Code | 14561 |
Entity Incorporation, State or Country Code | 1T |
Auditor Firm ID | 1163 |
Auditor Name | Deloitte Certified Public Accountants S.A |
Auditor Location | Athens, Greece |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, Address Line Two | Erithrea 14561 |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Contact Personnel Name | Harry N. Vafias |
Country Region | 30 |
City Area Code | 210 |
Local Phone Number | 625 0001 |
Entity Address, Postal Zip Code | 14561 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 55,770,823 | $ 31,304,151 |
Short-term investments | 26,500,000 | |
Receivables from related party | 63,767 | |
Trade and other receivables | 4,630,536 | 2,117,636 |
Other current assets | 270,514 | 298,984 |
Claims receivable | 182,141 | 62,652 |
Inventories | 3,064,011 | 2,772,532 |
Advances and prepayments | 681,413 | 637,881 |
Restricted cash | 2,519,601 | 2,198,775 |
Assets held for sale | 11,107,182 | 12,250,000 |
Total current assets | 104,726,221 | 51,706,378 |
Non current assets | ||
Advances for vessels' acquisitions | 23,400,000 | |
Operating lease right-of-use assets | 104,168 | |
Vessels, net | 628,478,453 | 681,337,153 |
Other receivables | 162,872 | |
Restricted cash | 10,864,520 | 12,197,611 |
Investments in joint ventures | 46,632,720 | 53,323,032 |
Deferred finance charges | 165,666 | |
Fair value of derivatives | 7,102,855 | |
Total non current assets | 716,807,086 | 746,961,964 |
Total assets | 821,533,307 | 798,668,342 |
Current liabilities | ||
Payable to related parties | 2,476,663 | 1,491,705 |
Trade accounts payable | 11,838,243 | 8,592,124 |
Accrued and other liabilities | 6,923,992 | 3,842,879 |
Operating lease liabilities | 104,168 | |
Deferred income | 5,234,978 | 5,666,285 |
Current portion of long-term debt | 30,083,806 | 31,836,619 |
Current portion of long-term debt associated with vessel held for sale | 0 | 7,173,988 |
Total current liabilities | 56,557,682 | 58,707,768 |
Non current liabilities | ||
Fair value of derivatives | 3,151,880 | |
Deferred income | 21,451 | 76,949 |
Long-term debt | 247,028,823 | 261,960,975 |
Total non current liabilities | 247,050,274 | 265,189,804 |
Total liabilities | 303,607,956 | 323,897,572 |
Commitments and contingencies | ||
Stockholders' equity | ||
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized, 43,527,428 shares issued and 38,202,181 shares outstanding at both December 31, 2021 and December 31, 2022 with a par value of $0.01 per share | 435,274 | 435,274 |
Treasury stock, 5,325,247 at both December 31, 2021 and December 31, 2022 with a par value of $0.01 per share | (25,373,380) | (25,373,380) |
Additional paid-in capital | 443,620,122 | 443,009,334 |
Retained earnings | 94,056,852 | 59,803,487 |
Accumulated other comprehensive (loss)/income | 5,186,483 | (3,103,945) |
Total stockholders' equity | 517,925,351 | 474,770,770 |
Total liabilities and stockholders' equity | $ 821,533,307 | $ 798,668,342 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.01 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 43,527,428 | 43,527,428 |
Common stock, shares outstanding | 38,202,181 | 38,202,181 |
Common stock,par value | $ 0.01 | $ 0.01 |
Treasury stock, shares | 5,325,247 | 5,325,247 |
Treasury stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Revenues | $ 152,760,888 | $ 150,204,527 | $ 145,003,021 |
Total revenues | 152,760,888 | 150,204,527 | 145,003,021 |
Expenses | |||
Voyage expenses | 20,306,407 | 20,342,186 | 12,259,795 |
Voyage expenses – related party | 1,871,071 | 1,867,100 | 1,799,209 |
Charter hire expenses | 0 | 0 | 318,606 |
Vessels' operating expenses | 53,909,328 | 60,443,813 | 52,344,721 |
Vessels' operating expenses – related party | 1,035,450 | 1,065,750 | 950,500 |
Dry-docking costs | 2,954,575 | 5,285,490 | 3,640,327 |
Management fees – related party | 5,242,990 | 5,831,900 | 5,599,351 |
General and administrative expenses (including $1,084,961, $1,126,112 and $1,012,829 to related party) | 3,404,141 | 4,337,013 | 2,301,308 |
Depreciation | 27,814,901 | 37,125,903 | 37,455,093 |
Impairment loss | 3,167,034 | 44,616,214 | 3,857,307 |
Net loss on sale of vessels | 408,637 | 304,210 | 1,134,854 |
Total expenses | 120,114,534 | 181,219,579 | 121,661,071 |
Income/(Loss) from operations | 32,646,354 | (31,015,052) | 23,341,950 |
Other (expenses)/income | |||
Interest and finance costs | (12,076,300) | (12,678,101) | (14,129,893) |
(Loss)/ gain on derivatives | 1,698,462 | 240,153 | (50,976) |
Interest income | 1,098,789 | 26,379 | 167,794 |
Foreign exchange (loss)/gain | 23,373 | (23,288) | (54,374) |
Other expenses, net | (9,255,676) | (12,434,857) | (14,067,449) |
Income/(Loss) before equity in earnings of investees | 23,390,678 | (43,449,909) | 9,274,501 |
Equity earnings in joint ventures | 10,862,687 | 8,326,701 | 2,709,984 |
Net Income/(Loss) | $ 34,253,365 | $ (35,123,208) | $ 11,984,485 |
Earnings/(Loss) per share | |||
Basic | $ 0.9 | $ (0.93) | $ 0.31 |
Diluted | $ 0.9 | $ (0.93) | $ 0.31 |
Weighted average number of shares | |||
Basic | 37,961,560 | 37,858,437 | 38,357,893 |
Diluted | 37,961,673 | 37,858,437 | 38,357,893 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
General and administrative expenses, related party | $ 1,012,829 | $ 1,126,112 | $ 1,084,961 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/ (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income/(loss) | $ 34,253,365 | $ (35,123,208) | $ 11,984,485 |
Other comprehensive (loss)/income | |||
Unrealized (loss)/income on cash flow hedges | 8,290,428 | 1,848,878 | (2,693,780) |
Total other comprehensive (loss)/income | 8,290,428 | 1,848,878 | (2,693,780) |
Total comprehensive income/(loss) | $ 42,543,793 | $ (33,274,330) | $ 9,290,705 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Capital Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] |
Beginning balance at Dec. 31, 2019 | $ 559,186,640 | $ 445,496 | $ (24,361,145) | $ 502,419,122 | $ 82,942,210 | $ (2,259,043) |
Balance (in shares) at Dec. 31, 2019 | 44,549,729 | (4,965,455) | ||||
Stock repurchase | (1,012,235) | $ (1,012,235) | ||||
Stock repurchase (in shares) | (359,792) | |||||
Stock repurchase and cancellation | (2,868,695) | $ (13,660) | (2,855,035) | |||
Stock repurchase and cancellation (in shares) | (1,366,045) | |||||
Comprehensive income/(loss) for the year | 9,290,705 | 11,984,485 | (2,693,780) | |||
Ending balance at Dec. 31, 2020 | 564,596,415 | $ 431,836 | $ (25,373,380) | 499,564,087 | 94,926,695 | (4,952,823) |
Ending Balance, (in shares) at Dec. 31, 2020 | 43,183,684 | (5,325,247) | ||||
Issuance of restricted shares and stock based compensation | $ 610,788 | $ 3,438 | $ 607,350 | |||
Issuance of restricted shares and stock based compensation (in shares) | 343,744 | |||||
Distribution of net assets of Imperial Petroleum Inc. to stockholders (Note 1) | (57,162,103) | (57,162,103) | ||||
Comprehensive income/(loss) for the year | $ (33,274,330) | (35,123,208) | 1,848,878 | |||
Ending balance at Dec. 31, 2021 | 474,770,770 | $ 435,274 | $ (25,373,380) | $ 443,009,334 | 59,803,487 | (3,103,945) |
Ending Balance, (in shares) at Dec. 31, 2021 | 43,527,428 | (5,325,247) | ||||
Stock based compensation | 610,788 | 610,788 | ||||
Comprehensive income/(loss) for the year | 42,543,793 | 34,253,365 | 8,290,428 | |||
Ending balance at Dec. 31, 2022 | $ 517,925,351 | $ 435,274 | $ (25,373,380) | $ 443,620,122 | $ 94,056,852 | $ 5,186,483 |
Ending Balance, (in shares) at Dec. 31, 2022 | 43,527,428 | (5,325,247) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income/(loss) for the year | $ 34,253,365 | $ (35,123,208) | $ 11,984,485 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation | 27,814,901 | 37,125,903 | 37,455,093 |
Amortization of deferred finance charges | 855,472 | 1,157,804 | 698,364 |
Amortization of operating lease right-of-use assets | 104,168 | 89,638 | 473,132 |
Share based compensation | 610,788 | 610,788 | 0 |
Change in fair value of derivatives | (1,964,307) | (240,153) | (38,561) |
Equity earnings in joint ventures | (10,862,687) | (8,326,701) | (2,709,984) |
Dividends received from joint ventures | 9,486,900 | 0 | 0 |
Impairment loss | 3,167,034 | 44,616,214 | 3,857,307 |
Net loss on sale of vessels | 408,637 | 304,210 | 1,134,854 |
(Increase)/decrease in | |||
Trade and other receivables | (2,675,772) | (977,005) | 874,825 |
Other current assets | 28,470 | 10,624 | (191,362) |
Claims receivable | (500,249) | 57,895 | 193,670 |
Inventories | (819,065) | 644,079 | (1,239,395) |
Changes in operating lease liabilities | (104,168) | (89,638) | (473,132) |
Advances and prepayments | (43,532) | (100,482) | (32,444) |
Increase/(decrease) in | |||
Balances with related parties | 2,185,408 | (3,231,923) | 1,617,032 |
Trade accounts payable | 3,328,208 | 262,569 | 761,193 |
Accrued liabilities | 1,775,447 | 557,086 | (2,403,644) |
Deferred income | (486,805) | 3,690,981 | 151,663 |
Net cash provided by operating activities | 66,562,213 | 41,038,681 | 52,113,096 |
Cash flows from investing activities | |||
Insurance proceeds | 380,760 | 0 | 0 |
Vessels' acquisitions, advances for vessels under construction and improvement of vessels | (24,230,937) | (25,224,746) | (48,121,422) |
Proceeds from sale of vessels, net | 25,027,379 | 7,795,790 | 5,264,768 |
Increase in short-term investments | (26,500,000) | 0 | 0 |
Investment in joint ventures | 0 | (3,348,675) | (41,998,500) |
Return of investments from joint ventures | 8,066,100 | 1,530,000 | 26,781,000 |
Advances to joint ventures | 0 | 0 | (29,245) |
Advances from joint ventures | 0 | 0 | 29,245 |
Net cash used in investing activities | (17,256,698) | (19,247,631) | (58,074,154) |
Cash flows from financing activities | |||
Stock repurchase | 0 | 0 | (3,880,930) |
Deferred finance charges paid | (534,600) | (1,463,766) | (538,004) |
Advances from joint ventures | 4,428,713 | 0 | 1,841,380 |
Advances to joint ventures | (5,565,396) | 0 | (5,841,672) |
Customer deposits paid | 0 | (600,000) | 0 |
Loan repayments | (83,579,825) | (173,012,428) | (41,804,846) |
Proceeds from long-term debt | 59,400,000 | 150,650,000 | 27,105,000 |
Cash retained by Imperial at spin-off | 0 | (4,704,521) | 0 |
Net cash used in financing activities | (25,851,108) | (29,130,715) | (23,119,072) |
Net (decrease)/increase in cash and cash equivalents and restricted cash | 23,454,407 | (7,339,665) | (29,080,130) |
Cash and cash equivalents and restricted cash at beginning of year | 45,700,537 | 53,040,202 | 82,120,332 |
Cash and cash equivalents and restricted cash at end of year | 69,154,944 | 45,700,537 | 53,040,202 |
Cash breakdown | |||
Cash and cash equivalents | 55,770,823 | 31,304,151 | 38,242,411 |
Restricted cash, current | 2,519,601 | 2,198,775 | 1,308,971 |
Restricted cash, non-current | 10,864,520 | 12,197,611 | 13,488,820 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 69,154,944 | 45,700,537 | 53,040,202 |
Supplemental Cash Flow Information: | |||
Cash paid during the year for interest, net of amounts capitalized | 9,760,448 | 8,607,590 | 12,905,065 |
Non cash investing activity – Vessels | 135,481 | 217,570 | 387,220 |
Non cash financing activity – Deferred finance charges | 165,666 | 0 | 32,464 |
Distribution of net assets of Imperial Petroleum Inc. to stockholders (Note 1) | $ 0 | $ 57,162,103 | $ 0 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of StealthGas Inc. and its wholly owned subsidiaries (collectively, the “Company”) which, as of December 31, 2022 owned a fleet of thirty four liquefied petroleum gas (LPG) carriers providing worldwide marine transportation services under long, medium or short-term charters. StealthGas Inc. was formed under the laws of Marshall Islands on December 22, 2004. 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 2020, 2021 and 2022, the following charterers accounted for 10% or more of the Company’s revenues. Year ended December 31, Charterer 2020 2021 2022 A 15 % — — B 10 % — — C — — 16 % On December 3, 2021, the Company completed the spin-off “Spin-off”) The assets and liabilities of Imperial on December 3, 2021, were as follows: December 3, 2021 Cash, including restricted cash 4,704,521 Trade and other receivables 2,488,560 Inventories 270,489 Advances and prepayments 244,725 Vessels, net (after impairment of $40,185,873) 80,500,000 Trade accounts payable (1,618,146 ) Accrued and other liabilities (312,642 ) Deferred income (943,404 ) Customer deposits (368,000 ) Debt (27,804,000 ) Net assets of Imperial distributed to stockholders 57,162,103 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation: Use of Estimates: Other Comprehensive (Loss)/income: Foreign Currency Translation: Cash and Cash Equivalents: Short-term Investments: non-current Restricted Cash: non-current Trade Receivables: un-collectible Claims Receivable: Inventories: first-in, first-out method. The net realizable value represents estimated selling prices less reasonably predictable costs of disposal and transportation. The Company considers victualing and stores as being consumed when purchased and, therefore, such costs are expensed when incurred. Vessels, net: Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking Undiscounted cash flows are determined by considering the revenues from existing charters for those vessels that have long term employment and when there is no charter in place the estimates based on historical average rates. An impairment loss was identified and recorded for the years ended December 31, 2020, 2021 and 2022 (Note 6). Vessels’ Depreciation: Assets Held for Sale: 360-10, Segment Reporting: F-11 Accounting for Special Survey and Dry-docking Special survey and dry-docking costs are expensed in the period incurred. Deferred Finance Charges: non-current sheet. Accounting for 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. 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 risk 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, 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 and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer, while under bareboat charter agreements, the charterer also assumes responsibility for 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 owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited which is recorded as demurrage revenue, while in the case of despatch, the owner reimburses the charterer for the earlier discharging of the cargo from the agreed time. Revenues from voyage charters are recognized on a straight line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. Demurrage/despatch revenues are recognized when the amount can be estimated and its collection is probable. In voyage charters, vessel operating and voyage expenses are paid for by the Company. The voyage charters are considered service contracts which fall under the provisions of ASC because the Company retains control over the operations of the vessels such as the routes taken or the vessels’ speed. Deferred income represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. 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 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 a 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: non-vested non-employee non-vested Earnings/(Loss) per Share: two-class between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation to the extent these are not anti-dilutive (Note 13). Derivatives (i) Hedge Accounting Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive (loss)/income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the statement of income. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as a component of “(Loss)/Gain on derivatives”. (ii) Other Derivatives Investments in joint ventures: Leases – The Company as a Lessee: Right-of-use related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. The Company elected the practical expedient of ASC 842 that allowed for time charter-in right-of-use the right-of-use charter-in Recent Accounting Pronouncements: 2022-06—Reference No. 2020-04, 2020-04 12-month |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
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 (except for four vessels for which a fixed daily fee of $280 was charged by the Manager as part of the services are a ”), which is affiliated with members of the family of the Company’s Chief Executive Officer The Manager provides crew management services to the Company’s vessels (except for four vessels managed by a third party manager). 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 $2,500 per vessel (the “Crew management fees”). The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to % 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”) and the assets assets In addition to management services, the Company reimburses the Manager for the compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor and its Chief Technical Officer (the “Executive compensation”). The current account balance with the Manager at December 31, 2021 and at December 31, 2022 was a receivable of $63,767 and a liability of $ The current account balance with Imperial at December 31, 2021 was a payable of $355,023 (2022:nil) and mainly represented revenues collected by the Company on behalf of Imperial and its subsidiaries. Imperial and the Company have common management. Furthermore, the current account balance with entities that the Company owns 50.1% equity interests (Note 7) amounted to a liability of $1,136,682 and nil as of December 31, 2021 and 2022, respectively. The liability mainly represented revenues collected by the Company on behalf of these entities. The Company rents office space from the Manager and incurs a rental expense (the “Rental expense”). On April 1, 2020, the Company entered into a supervision agreement with Brave for the supervision of the construction of the vessel “Eco Blizzard” for a fixed fee of Euro 390,000 (the “Supervision fees”). This vessel was delivered to the Company on February 5, 2021. The amounts charged by the Company’s related parties comprised the following: Year ended December 31, Location in statement of operations 2020 2021 2022 Management fees Management fees – related party 5,599,351 5,831,900 5,242,990 Brokerage commissions Voyage expenses – related party 1,799,209 1,867,100 1,871,071 Superintendent fees Vessels’ operating expenses – related party 38,000 117,000 120,000 Crew management fees Vessels’ operating expenses – related party 912,500 948,750 915,450 Commissions – vessels sold Net loss on sale of vessels 54,000 81,000 120,250 Commissions – assets held for sale Impairment loss — 125,000 108,000 Executive compensation General and administrative expenses 994,840 1,028,386 924,503 Rental expense General and administrative expenses 90,121 97,726 88,326 December 31, Location in balance sheet 2021 2022 Commissions – vessels purchased Vessels, net 289,347 — Supervision fees Advances for vessel under construction/Vessels, net 236,521 — On June 5, 2020, 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 “Eco Alice” and “Eco Texiana” for $24,000,000 and $19,500,000, respectively. The vessels were delivered to the Company on September 30, 2020 and June 19, 2020, respectively. On May 18, 2021, the Company entered into an agreement with Brave for the acquisition of a call option to acquire % interests in Gas Enterprises International Inc. with an exercise price of $ . The Company paid to Brave an option premium of $ . Gas Enterprises International Inc. currently has an LPG vessel under construction. The option was exercised and Gas Enterprises International Inc. was contributed by its owners to MGC Agressive Holdings Inc. (Note 7). During July 2022, 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 vessels that are currently under construction for a total cost of $117 million. Advances paid for the acquisition of these vessels amounted to $23,400,000 as of December 31, 2022 (Note 5). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2021 2022 Bunkers 1,120,372 1,386,265 Lubricants 1,652,160 1,677,746 Total 2,772,532 3,064,011 |
Advances for Vessel Under Const
Advances for Vessel Under Construction and Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Advances for Vessel Under Construction and Acquisitions | 5. Advances for Vessel Under Construction and Acquisitions For the years ended December 31, 2021 and 2022, the movement of the account, advances for vessel under construction and acquisitions was as follows: Balance, December 31, 2020 6,539,115 Advance for vessel under construction 23,152,125 Supervision fees (Note 3) 236,521 Commissions—vessels purchased (Note 3) 289,347 Capitalized interest 20,060 Other capitalized expenses 129,729 Transfer to Vessels, net (Note 6) (30,366,897 ) Balance, December 31, 2021 — Advances for vessels acquisitions (Note 3) 23,400,000 Balance, December 31, 2022 23,400,000 On February 5, 2021, the Company took delivery of the vessel “Eco Blizzard” following the payment of the delivery installment to the shipbuilder amounting to $23,152,125. |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 6. Vessels, net The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Depreciation Net Book Value Balance, December 31, 2020 1,111,484,926 (279,149,867 ) 832,335,059 Transfer from Advances for vessel under construction and acquisitions (Note 5) 30,366,897 — 30,366,897 Other additions 1,227,314 — 1,227,314 Impairment loss (169,553,060 ) 124,936,846 (44,616,214 ) Disposals (8,100,000 ) — (8,100,000 ) Transfer to Vessel held for sale (12,250,000 ) — (12,250,000 ) Spin-off (80,500,000 ) — (80,500,000 ) Depreciation for the year — (37,125,903 ) (37,125,903 ) Balance, December 31, 2021 872,676,077 (191,338,924 ) 681,337,153 Additions 748,848 — 748,848 Impairment loss (22,779,899 ) 19,612,865 (3,167,034 ) Disposals (12,046,017 ) — (12,046,017 ) Transfer to Assets held for sale (10,579,596 ) — (10,579,596 ) Depreciation for the year — (27,814,901 ) (27,814,901 ) Balance, December 31, 2022 828,019,413 (199,540,960 ) 628,478,453 As of June 30, 2020, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of two vessels and therefore the Company identified and recorded an impairment loss of $653,079 which is presented under the caption “Impairment loss” in the consolidated statements of operations. On September 25, 2020, the Company decided to seek to dispose of the vessel “Gas Nemesis II”. As a result of this decision, the undiscounted net operating cash flows of this vessel did not exceed its carrying value and the Company identified and recognized an impairment charge of $2,489,333 in its consolidated statement of operations for the year ended December 31, 2020. In October 2020, the Company concluded a memorandum of agreement for the disposal of this vessel, to an unaffiliated third party for $4,500,000. The vessel was delivered to her new owners on November 2, 2020. In November 2020, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Pasha”, to an unaffiliated third party for $900,000. The vessel was delivered to her new owners on December 7, 2020. The Company disposed the above mentioned vessels as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of these vessels of $1,134,854 which is included in the Company’s consolidated statement of operations under the caption “Net loss on sale of vessels” for the year ended December 31, 2020. As of December 31, 2020, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of one vessel and therefore the Company identified and recorded an impairment loss of $714,895 which is presented under the caption “Impairment loss” in the consolidated statements of operations. The additions in 2021 mainly relate to the delivery of the vessel “Eco Blizzard” (Note 5) and other capitalized expenses. On May 31, 2021, the Company entered into a memorandum of agreement for the disposal of the vessel “Eco Loyalty” to an unaffiliated third party for a total of $ . The vessel was classified as vessels held for sale as of June 30, 2021 and was recorded at its selling price of $ less estimated selling expenses of $ . The total impairment charge recognized in the Company’s consolidated statement of operations for the year ended December 31, 2021 amounted to $ . The Company decided to dispose the vessel “Eco Loyalty” as the agreed selling price was a suitable opportunity for the Company. The vessel was delivered to her new owners on February 22, 2022. The Company realized an aggregate gain from the sale of this vessel of $ which is included in the Company’s consolidated statement of operations under the caption “Net loss on sale of vessels” for the year ended December 31, 2022. As of June 30, 2021, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of two vessels and therefore the Company identified and recorded an impairment loss of $1,971,148 which is presented under the caption “Impairment loss” in the consolidated statements of operations. On July 28, 2021, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Imperiale” to an unaffiliated third party for $8,100,000. The vessel was delivered to her new owners on September 14, 2021. The Company disposed the vessel “Gas Imperiale” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of this vessel of $304,210 which is included in the Company’s consolidated statement of operations under the caption “Net loss on sale of vessels” for the year ended December 31, 2021. As of December 31, 2021, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of two vessels and therefore the Company identified and recorded an impairment loss of $1,333,950 which is presented under the caption “Impairment loss” in the consolidated statements of operations. On February 14, 2022, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Inspiration” to an unaffiliated third party for $9,650,000. The vessel was delivered to her new owners on March 22, 2022. The Company disposed the vessel “Gas Inspiration” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of this vessel of $345,278 which is included in the Company’s consolidated statement of operations under the caption “Net loss on sale of vessels” for the year ended December 31, 2022. As of March 31, 2022, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of one vessel and therefore the Company identified and recorded an impairment loss of $529,532 which is presented under the caption “Impairment loss” in the consolidated statements of operations. On April 19, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Monarch” to an unaffiliated third party for $2,375,000. The vessel was delivered to her new owners on May 23, 2022. The Company disposed the vessel “Gas Monarch” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of this vessel of $90,855 which is included in the Company’s consolidated statement of operations under the caption “Net loss on sale of vessels” for the year ended December 31, 2022. On November 24, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Prodigy” to an unaffiliated third party for $5,100,000. The vessel was classified as vessel held for sale as of December 31, 2022 and was recorded at its selling price of $5,100,000 less estimated selling expenses of $ . The total impairment charge recognized in the Company’s consolidated statement of operations for the year ended December 31, 2022 amounted to $ . The Company decided to dispose the vessel “Gas Prodigy” as the agreed selling price was a suitable opportunity for the Company. The vessel was delivered to her new owners on January 4, 2023. On December 15, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Spirit” to an unaffiliated third party for $5,700,000. The vessel was classified as vessel held for sale as of December 31, 2022 and was recorded at its selling price of $5,700,000 less estimated selling expenses of $50,311. The total impairment charge recognized in the Company’s consolidated statement of operations for the year ended December 31, 2022 amounted to $565,591. An amount of $1,140,000 in connection with sale was collected in December 2022 and is included under the caption “Accrued and other liabilities” in the consolidated balance sheet as of December 31, 2022. On February 13, 2023, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Galaxy” to an unaffiliated third party for $2,100,000. The vessel was delivered to her new owners on March 22, 2023. The Company disposed the vessel “Gas Galaxy” as the agreed selling price was a suitable opportunity for the Company. This vessel had a net book value, after impairment amounting to $45,578, of $2,100,000 as of December 31, 2022. The vessel was delivered to her new owners on April 4, 2023. As of December 31, 2022, two vessels, together with their inventories on board amounting to $527,586, were classified as assets held for sale in the accompanying consolidated balance sheet. As of December 31, 2022, 28 vessels with a carrying value of $587,404,711 (2021: 30 vessels with a carrying value of $629,691,705) have been mortgaged as collateral as security to the Company’s bank loans (Note 9). |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 7. Investments in joint ventures Details of each of the Company’s joint ventures at December 31, 2021 and 2022 are as follows: Proportion of ownership interest Name of joint venture Principal activity December 31, December 31, Spacegas Inc. Ownership and operation of the vessel “Gas Defiance” 50.1 % 50.1 % Financial Power Inc. Ownership and operation of the vessel “Gas Shuriken” 50.1 % 50.1 % Cannes View Inc Ownership and operation of the vessel “Gas Haralambos” 50.1 % 50.1 % Colorado Oil and Gas Inc. Ownership and operation of the vessel “Eco Lucidity” 50.1 % 50.1 % Frost Investments Corp. Inc. Ownership and operation of the vessel “Eco Nebula”* 50.1 % 50.1 % MGC Agressive Holdings Inc. Ownership and operation of the vessels “Gaschem Hamburg”**, “Eco Evoluzione”*** and “Gaschem Bremen” and one LPG vessel under construction 51.0 % 51.0 % * The vessel “Eco Nebula” was sold to an unrelated party on August 9, 2022 ** The vessel “Gaschem Hamburg” was sold to an unrelated party on May 10, 2021 *** The vessel Eco Evoluzione was sold to an unrelated party on March 29, 2023 The Company’s exposure is limited to its share of the net assets of Spacegas Inc., Financial Power Inc., Cannes View Inc., Colorado Oil and Gas Inc., Frost Investments Corp. Inc. and MGC Agressive Holdings Inc. (collectively “the joint venture entities”) proportionate to its equity interest in these companies and to any losses that may arise in connection with the loan agreements guaranteed by the Company (Note 17). The Company shares the profits and losses, cash flows and other matters relating to its investments in the joint venture entities in accordance with its ownership percentage. The Company accounts for investments in joint ventures using the equity method since it has joint control over the joint venture entities. The Company does not consolidate the joint venture entities because it does not have a controlling financial interest. The significant factors considered and judgments made in determining that the power to direct the activities of the joint venture entities that most significantly impact their economic performance are shared, are that all significant business decisions over operating and financial policies of the joint venture entities, require consent from each joint venture investor. Below is a table of equity investment activity: Year Ended December 31, 2021 2022 Beginning balance $ 43,177,656 $ 53,323,032 New investments (Note 3) 3,348,675 — Dividends received (1,530,000 ) (17,552,999 ) Equity earnings 8,326,701 10,862,687 Investments in joint ventures $ 53,323,032 $ 46,632,720 As of December 31, 2021 and 2022 A condensed summary of the financial information for equity accounted investments partially owned by the Company shown on a 100 December 31, 2021 Spacegas Inc. Financial Power Inc. Cannes View Inc. Colorado Oil Frost MGC Current assets 2,347,954 3,112,192 1,630,592 1,017,765 13,208,202 23,228,225 Non-current 11,900,116 11,924,795 13,071,670 11,870,528 18,532,414 56,221,031 Current liabilities 1,426,492 1,506,835 1,687,929 3,231,113 2,247,545 5,357,705 Long-term liabilities 4,178,256 4,178,256 6,307,812 5,519,327 8,008,092 22,799,849 Revenues 3,023,283 3,464,824 4,227,682 3,154,728 7,162,657 17,468,871 Operating income/(loss) 26,559 893,121 396,337 (216,091 ) 3,509,152 13,857,864 Net income/(loss) (105,179 ) 762,975 128,636 (466,393 ) 3,148,404 12,918,760 Net assets 8,643,322 9,351,896 6,706,521 4,137,853 21,484,979 51,291,702 Company’s share in net assets (%) 50.1 % 50.1 % 50.1 % 50.1 % 50.1 % 51 % Company’s share in net assets 4,330,304 4,685,300 3,359,967 2,073,064 10,763,974 26,158,768 December 31, 2022 Spacegas Inc. Financial Power Inc. Cannes View Inc. Colorado Oil Frost MGC Current assets 2,323,787 3,308,976 2,294,202 579,177 516,819 21,603,351 Non-current 11,241,184 11,273,982 12,341,369 11,405,265 — 60,172,554 Current liabilities 4,652,305 4,645,584 1,807,403 2,745,605 372,861 5,547,238 Long-term liabilities — — 5,563,887 4,868,390 — 18,704,581 Revenues . 4,049,999 3,283,046 3,986,715 2,998,258 4,938,210 17,283,019 Operating income/(loss) 456,263 766,281 906,716 540,162 11,921,775 8,843,867 Net income/(loss) 269,340 585,475 557,760 232,593 11,658,979 8,230,018 Net assets 8,912,666 9,937,374 7,264,281 4,370,447 143,958 57,524,086 Company’s share in net assets (%) 50.1 % 50.1 % 50.1 % 50.1 % 50.1 % 51 % Company’s share in net assets 4,465,246 4,978,624 3,639,405 2,189,594 72,123 29,337,284 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | 8. Accrued and Other Liabilities The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2021 2022 Interest on long-term debt 1,883,321 3,540,755 Administrative expenses 210,930 177,551 Vessel operating and voyage expenses 1,748,628 2,065,686 Proceeds from sale of vessel collected in advance — 1,140,000 Total 3,842,879 6,923,992 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 9. Long-term Debt Term Loans Issue Date/ Refinancing Date Maturity Date Drawn Amount December 31, 2021 December 31, 2022 July 2019 January 2022 22,230,000 15,084,643 — March 2019 March 2022 25,458,432 3,039,647 — January 2021 January 2026 50,225,000 22,675,000 19,645,000 December 2018 January 2022 9,480,000 7,080,000 — January 2021 January 2028 43,800,000 40,731,975 30,893,547 July 2014 January 2022 25,350,000 12,146,875 — May 2016 December 2025 65,650,000 48,739,300 44,635,980 March 2017 April 2026 70,787,500 52,456,243 47,399,991 June 2020 January 2022 11,505,000 10,354,500 — April 2020 February 2027 34,450,000 32,797,915 30,884,026 August 2021 August 2026 60,000,000 58,060,931 50,304,660 December 2021 January 2028 59,400,000 — 55,224,000 Total 303,167,029 278,987,204 Current portion of long-term debt 32,464,732 30,666,756 Current portion of long-term debt associated with vessel held for sale 7,173,988 — Long-term debt 263,528,309 248,320,448 Total debt 303,167,029 278,987,204 F-22 Term Loans Issue Date/ Refinancing Date Maturity Date Drawn Amount December 31, 2021 December 31, 2022 Current portion of deferred finance charges 628,113 582,950 Deferred finance charges non-current 1,567,334 1,291,625 Total deferred finance charges 2,195,447 1,874,575 Total debt 303,167,029 278,987,204 Less: Total deferred finance charges 2,195,447 1,874,575 Total debt, net of deferred finance charges 300,971,582 277,112,629 Less: Current portion of long-term debt, net of current portion of deferred finance charges 31,836,619 30,083,806 Less: Current portion of long-term debt, associated with vessel held for sale 7,173,988 — Long-term debt 261,960,975 247,028,823 In December 2021, the Company entered into a term loan with a bank to refinance the existing term loans dated July 2014, December 2018, July 2019 and June 2020. Outstanding balance of these loans as of December 31, 2021 amounted to $44,666,018. The new term loan amounts to $59,400,000, was drawn in three tranches during January 2022 and carries interest at LIBOR plus a margin. Each tranche is repayable in 24 equal quarterly installments and a balloon payment payable together with the last installment in January 2028. Obligations with a maturity of less than one year relating to the previous loans amounting to $2,679,214, had been presented as long-term as of December 31, 2021 in accordance with US GAAP as the Company refinanced these obligations on a long-term basis through the term loan that the Company entered in December 2021 discussed above. The above loans are generally repayable in quarterly or semi-annual installments and a balloon payment at maturity and are secured by first priority mortgages over the vessels involved, plus the assignment of the vessels’ insurances, earnings and operating and retention accounts with the lenders, and the guarantee of ship-owning companies, as owners of the vessels. The term loans contain financial covenants requiring the Company to ensure that: • the aggregate market value of the mortgaged vessels at all times exceeds a certain percentage of the amounts outstanding as defined in the term loans, ranging from 120% to 135%, • the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets, • the Interest Coverage Ratio of the Company which is EBITDA (as defined in the loan agreements) to interest expense to be at all times greater than 2.5:1, • at least a certain percentage of the Company is to always be owned by members of the Vafias family, • the Company should maintain on a monthly basis a cash balance amounting to $2,519,601 representing a proportionate amount of the next instalment and relevant interest plus a minimum aggregate cash balance amounting to $10,864,520 in the earnings accounts with the relevant banks, • dividends paid by the borrower will not exceed 50 The interest rates on the outstanding loans as of December 31, 2022 are based on a LIBOR Year ended December 31, 2020: % Year ended December 31, 2021: 2.88% Year ended December 31, 2022: 4.20% Bank loan interest expense for the above loans for the years ended December 31, 2020, 2021 and 2022 amounted to $12,116,941, $8,684,097 and $11,446,312, respectively. Of these amounts, for the years ended December 31, 2020, 2021 and 2022, the amounts of $168,344, $20,060 and nil, respectively, were capitalized as part of advances paid for vessels under construction. Interest expense, net of interest capitalized, is included in interest and finance costs in the consolidated statements of operations. For the years ended December 31, 2020, 2021 and 2022, the amortization of deferred financing charges amounted to $698,364, $1,157,804 and $855,472, respectively, and is included in interest and finance costs in the consolidated statements of operations. At December 31, 2022, the Company was in compliance with all of its debt financial covenants. The annual principal payments to be made, for the abovementioned loans, after December 31, 2022, are as follows: December 31, Amount 2023 30,666,756 2024 30,666,756 2025 62,992,776 2026 91,782,983 2027 21,845,483 Thereafter 41,032,450 Total 278,987,204 |
Derivatives and Fair Value Disc
Derivatives and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value Disclosures | 10. Derivatives and Fair Value Disclosures The Company uses interest rate swaps for the management of interest rate risk exposure. The floating-to-fixed interest rate swaps with various major financial institutions at December 31, 2022 (2021: six swaps) covering notional amounts aggregating to $ at December 31, 2022 (2021: $ pursuant to which it pays fixed rates and receives floating rates based on the London Interbank Offered Rate (“LIBOR”). These agreements contain no leverage features. As of December 31, 2022 six derivative contracts (2021: six contracts) qualify for hedge accounting since their inception. The Effective date Termination date Fixed Floating Rate Fair Value December 31, Notional Amount December 31, Fair Value December 31, Notional Amount December 31, Swap 1 August 16, 2017 May 16, 2025 2.12 % 3-month dollar LIBOR $ (358,988 ) $ 11,680,250 $ 536,901 $ 10,664,750 Swap 2 April 10, 2018 December 11, 2025 2.74 % 3-month dollar LIBOR $ (1,398,025 ) $ 25,380,000 $ 955,139 $ 23,308,000 Swap 3 February 16, 2019 February 16, 2024 2.89 % 3-month dollar LIBOR $ (486,439 ) $ 11,680,250 $ 256,813 $ 10,664,750 Swap 4 January 21, 2021 January 21, 2028 0.73 % 3-month dollar LIBOR $ (293,862 ) $ 13,210,750 $ 1,398,984 $ 11,866,750 Swap 5 January 21, 2021 January 21, 2028 0.73 % 3-month dollar LIBOR $ (292,709 ) $ 13,173,250 $ 1,393,330 $ 11,829,250 Swap 6 January 21, 2021 January 21, 2028 0.74 % 3-month dollar LIBOR $ (321,857 ) $ 14,347,975 $ 864,286 $ 7,197,547 Swap 7 February 5, 2022 June 30, 2026 1.49 % 3-month dollar LIBOR — — $ 1,697,402 $ 25,152,330 Total $ (3,151,880 ) $ 89,472,475 $ 7,102,855 $ 100,683,377 The following tables present information on the location and amounts of derivatives Tabular disclosure of financial instruments is as follows: December 31, 2021 2022 Derivatives designated as hedging instruments Balance Sheet Location Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Swap Agreements Non current assets — Fair value of derivatives — — 5,405,453 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 3,151,880 — — Total derivatives designated as hedging — 3,151,880 5,405,453 — December 31, 2021 2022 Derivatives not designated as hedging instruments Balance Sheet Location Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Swap Agreements Non current assets — Fair value of derivatives — — 1,697,402 — Total derivatives not designated as — — 1,697,402 — The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022 is as follows: Location of Gain/(Loss) Year Ended December 31, Derivatives not designated as hedging instruments Recognized 2020 2021 2022 Interest Rate Swap — Reclassification from OCI (Loss)/gain on derivatives 60,954 265,610 — Interest Rate Swap — Change in Fair Value (Loss)/gain on derivatives 7,186 — 1,697,401 Interest Rate Swap — Realized (expense)/income (Loss)/gain on derivatives (119,116 ) (25,457 ) 1,061 Total loss/(gain) on derivatives (50,976 ) 240,153 1,698,462 Location of (Loss)/Gain Year Ended December 31, Derivatives designated as hedging instruments Recognized 2020 2021 2022 Interest Rate Swap — Realized expense Interest and finance costs (1,190,400 ) (2,183,187 ) (126,241 ) Total loss on derivatives (1,190,400 ) (2,183,187 ) (126,241 ) The components of accumulated other comprehensive (loss)/income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges relating to the Company’s interest rate swap contracts and are analyzed as follows: Unrealized (Loss)/ Balance, January 1, 2020 (2,259,043 ) Other comprehensive loss before reclassifications (3,823,226 ) Amounts reclassified from accumulated other comprehensive loss relating to qualifying 1,190,400 Other reclassification adjustments (60,954 ) Balance, December 31, 2020 (4,952,823 ) Other comprehensive loss before reclassifications (68,699 ) Amounts reclassified from accumulated other comprehensive loss relating to qualifying hedges 2,183,187 Other reclassification adjustments (265,610 ) Balance, December 31, 2021 (3,103,945 ) Other comprehensive income before reclassifications 8,164,187 Amounts reclassified from accumulated other comprehensive income relating to qualifying hedges 126,241 Balance, December 31, 2022 5,186,483 Fair Value of Financial Instruments and Concentration of Credit Risk non-performance the Company limits its exposure by transacting with counterparties with high credit ratings. The carrying values of cash and cash equivalents, short-term investments, restricted cash, trade and other receivables, claims receivable, payable to related parties, trade accounts payable and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents, short-term investments and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of long term bank loans is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Their carrying value approximates their fair market value due to their variable interest rate, being LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy. Additionally, the Company considers the creditworthiness of each counterparty when determining the fair value of the derivative instruments. The Company’s interest rate swap agreements are recorded at fair value. The fair value of the interest rate swaps is determined using a discounted cash flow method based on market-based LIBOR swap yield curves. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swap and therefore are considered Level 2 items. 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 following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2021: Fair Value Measurements Using Description Fair Value as of Quoted Prices in Active Significant Significant (Level 3) Liabilities: Interest Rate Swap Agreements (3,151,880 ) — (3,151,880 ) — Total (3,151,880 ) — (3,151,880 ) — The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2022: Fair Value Measurements Using Description Fair Value as of Quoted Prices in Active Significant Significant (Level 3) Assets: Interest Rate Swap Agreements 7,102,855 — 7,102,855 — Total 7,102,855 — 7,102,855 — The non-recurring Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held for sale 12,500,000 — 12,500,000 — (1,125,243 ) Long-lived assets held and used 3,250,000 — 3,250,000 — (49,977 ) Total 15,750,000 — 15,750,000 — (1,175,220 ) The vessel Eco Loyalty was recorded at its fair value less costs to sell of $12,250,000 as of June 30, 2021 following the memorandum of agreement for the disposal of this vessel in May 2021. Fair value amounted to $12,500,000 and estimated costs to sell amounted to $250,000. Fair value was determined based on the transaction price, as the sale price was agreed with an unaffiliated third party. The vessel was still classified as held for sale as of December 31, 2021. The vessel Gas Monarch (held and used) was written down to its estimated fair value of $3,250,000 as of June 30, 2021, as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $49,977. Depreciation amounting to $195,858 was recorded in the period from July 1, 2021 to December 31, 2021. As of December 31, 2021, the vessel was written down to its estimated fair value of $3,000,000, as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $54,142. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 12,650,000 — 12,650,000 — (1,333,950 ) Total 12,650,000 — 12,650,000 — (1,333,950 ) As a result of the impairment analysis performed as of December 31, 2021, two of the Company’s vessels (held and used), including the vessel Gas Monarch discussed above, were written down to their estimated fair value as determined by the Company based on the recent transaction price as well as vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $1,333,950. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 2,375,000 — 2,375,000 — (529,532 ) Total 2,375,000 — 2,375,000 — (529,532 ) As a result of the impairment analysis performed as of March 31, 2022, the vessel Gas Monarch (held and used) was written down to its estimated fair value as determined by the Company based on the recent transaction price, resulting in an impairment charge of $ . This vessel was sold on May 23, 2022 (Note 6). Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held for sale 10,800,000 — 10,800,000 — (2,591,924 ) Long-lived assets held and used 2,100,000 2,100,000 (45,578 ) Total 12,900,000 — 12,900,000 — (2,637,502 ) The vessels Gas Prodigy and Gas Spirit were classified as held for sale as of December 31, 2022 (Note 6) and were recognized at their fair value of $10,800,000 less costs to sell of $220,404. The fair value was determined based on the transaction price, as the sale price was agreed with unaffiliated third parties. Furthermore, as a result of the impairment analysis performed as of December 31, 2022, the vessel Gas Galaxy (held and used) was written down to its estimated fair value as determined by the Company based on the recent transaction price, resulting in an impairment charge of $45,578 (Note 6). |
Capital Stock, Treasury Stock a
Capital Stock, Treasury Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2022 | |
Federal Home Loan Banks [Abstract] | |
Capital Stock, Treasury Stock and Additional Paid-in Capital | 11. Capital Stock, Treasury Stock and Additional Paid-in The amounts shown in the accompanying consolidated balance sheets as additional paid-in On May 23, 2019, the Company’s Board of Directors approved the extension of the existing stock repurchase plan for an additional amount of $10,000,000 to be used for repurchasing the Company’s common shares. . For the year ended December 31, 2020, the Company completed the repurchase of 359,792 shares paying an average price per share of $2.81. These shares are held as treasury stock by the Company. On March 31, 2020, the Company announced the commencement of a tender offer to purchase up to 4,761,904 shares using funds available from cash and cash equivalents at a price of $2.10 per share. This tender offer expired on April 28, 2020 and 1,366,045 shares were repurchased. Shares repurchased were cancelled. For the years ended December 31, 2021 and 2022, the Company did not make any repurchase of its common shares. |
Equity Compensation Plan
Equity Compensation Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation Plan | 12. Equity Compensation Plan In 2015 the Company’s shareholders and board of directors adopted an Equity Compensation Plan (“the Plan”), which replaced the Company’s previous equity compensation plan which was adopted in 2007 and expired in 2015 (the “2007 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 stock-based 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 reserved 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. As of December 31, 2022, a total of 555,479 restricted shares had been granted under the 2007 Plan since the first grant in the third quarter of 2007 and 608,365 restricted shares and options to purchase 250,000 common shares have been granted under the Plan. Restricted shares On May 26, 2021, the Company granted 343,744 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 obligation of the employee to return the dividend when employment ceases. The Company did not pay any dividends in the years ended December 31, 2020, 2021 and 2022. The stock based compensation expense for the vested and non-vested No non-vested non-vested Number of Weighted average non-vested Non-vested, — — Granted 343,744 2.99 Non-vested, 343,744 2.99 Vested 171,872 2.99 Non-vested, 171,872 2.99 The total fair value of shares vested during the years ended December 31, 2020, 2021 and 2022 was nil, nil and $465,773, respectively, based on the closing share price at each vesting date. The remaining unrecognized compensation cost relating to the shares granted amounting to $102,779 as of December 31, 2022, is expected to be recognized over the remaining period of 0.4 years, according to the contractual terms of those non-vested Options to purchase common shares On May 26, 2021, the Company granted options to acquire up to 250,000 shares of common stock under the Plan to the Company’s CEO. 50% of these options vested on May 26, 2022 and the remaining 50% vest on May 26, 2023. These options expire on May 25, 2031. The fair value of each option granted was $1.32. 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 46.75%; expected term of 5.75 years; risk-free interest rate of 0.96%. The expected term of the options granted was estimated to be the average of the vesting and the contractual term. The expected volatility was generally based on historical volatility as calculated using historical data during approximately 6 years prior to the grant date. The non-vested Option shares # Weighted-Average Exercise Price $ Outstanding – January 1, 2021 — — Granted 250,000 2.99 Exercised — — Outstanding – December 31, 2021 250,000 2.99 Exercisable – December 31, 2021 — — Granted — — Exercised — — Outstanding – December 31, 2022 250,000 2.99 Exercisable – December 31, 2022 — — No options vested during the year ended December 31, 2021. 125,000 options vested during the year ended December 31, 2022. The remaining unrecognized compensation cost relating to the options granted amounting to $32,951 as of December 31, 2022, is expected to be recognized over the remaining period of 0.4 years, according to the contractual terms of those non-vested The stock based compensation expense for the vested and non-vested As at December 31, 2022, the intrinsic value of outstanding stock options was nil. |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/(loss) per share | 13. Earnings/(loss) per share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested The Company applies the two-class non-vested non-vested two-class non-vested For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested non-vested non-vested The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2020 2021 2022 Numerator Net income/(loss) 11,984,485 (35,123,208 ) 34,253,365 Less: Undistributed earnings allocated to non-vested — — 216,168 Net income/(loss) attributable to common shareholders, basic 11,984,485 (35,123,208 ) 34,037,197 Denominator Weighted average number of shares outstanding, basic 38,357,893 37,858,437 37,961,560 Weighted average number of shares outstanding, diluted 38,357,893 37,858,437 37,961,673 Earnings/(Loss) per share, basic and diluted 0.31 (0.93 ) 0.90 Non-vested, Non-vested, The Company excluded the dilutive effect of 171,872 non-vested . non-vested |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 14. Revenues The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2020 2021 2022 Time charter revenues 101,837,425 105,966,167 114,996,842 Bareboat revenues 16,876,956 9,624,684 2,340,791 Voyage charter revenues 25,161,401 33,813,496 32,156,474 Other income 1,127,239 800,180 3,266,781 Total 145,003,021 150,204,527 152,760,888 Time charter agreements may have renewal options for one to 12 months. 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 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, 2020, 2021 and 2022 was $2.4 million, $4.1 million and $3.4 million, respectively and is included within “Voyage charter revenues” in the above table. As of December 31, 2021 and December 31, 2022, receivables from the Company’s voyage charters amounted to $2.1 million and $1.5 million, respectively. As of December 31, 2021 and 2022, the Company recognized $298,984 and $270,514, 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, 2021 and 2022, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $1,789,720 and $1,912,239, respectively. The Company recognized these amounts as revenues in the first quarters of 2022 and 2023, respectively. Three of the time charters entered into in 2014, also grant the charterer an option to purchase the respective vessels during the time charter period, at stipulated prices, decreasing on a pro-rated |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Vessel Operating Expenses | 15. Vessel Operating Expenses The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Vessels’ Operating Expenses 2020 2021 2022 Crew wages and related costs 32,073,496 38,454,397 34,721,673 Insurance 1,889,041 2,196,444 2,382,340 Repairs and maintenance 6,590,006 7,282,481 5,716,570 Spares and consumable stores 7,990,022 9,123,975 8,127,376 Miscellaneous expenses 4,752,656 4,452,266 3,996,819 Total 53,295,221 61,509,563 54,944,778 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. 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 Vessel 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. All the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% 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. These companies also currently satisfy the more than 50% beneficial ownership requirement. In addition, the management of the Company believes that by virtue of a special rule applicable to situations where the ship-operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will remain so in the future, since continued compliance with this rule is subject to factors outside the Company’s control. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. 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. • The Company has guaranteed to the respective banks the performance of the loan agreements entered into by Spacegas Inc., Financial Power Inc. and MGC Agressive Holdings Inc. (Note 7). The vessels owned by these entities have been provided as collateral to secure these loan agreements. Total outstanding loan balances and accrued interest of Spacegas Inc., Financial Power Inc. and MGC Agressive Holdings Inc. as of December 31, 2022 amounted to $31,286,663 and $302,674, respectively. The Company assigns a remote possibility of default to the abovementioned loan agreements and hence has not established any provisions for losses relating to this matter. With regards to the guarantee provided for the loan agreement entered into by MGC Agressive Holdings Inc., the joint venture party owning 49% equity interest in MGC Agressive Holdings Inc. has provided a counter guarantee to the Company amounting to 49% of the outstanding loan balances of MGC Agressive Holdings Inc. Total outstanding loan balances and accrued interest of MGC Agressive Holdings Inc. as of December 31, 2022 amounted to $22,916,664 and $207,768, respectively. • Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, |
Leases - The Company as Lessee
Leases - The Company as Lessee | 12 Months Ended |
Dec. 31, 2022 | |
Time charterin contracts [Abstract] | |
Leases - The Company as Lessee | 18. Leases – The Company as Lessee Time charter-in For the year ended December 31, 2020, the Company chartered in vessels to supplement its own fleet and employed them both on time charters and voyage charters. The time charter-in charter-in The Company had one time charter-in Office lease In January 2019, the Company renewed its contract to lease office space from a related party for a period until December 2020 at an amount of EUR 6,500 ($7,345) per month. In January 2021, the Company entered into a new agreement to lease office space from a related party for a period until December 2022 at an amount of EUR 7,000 ($8,279) per month. The Company determined these office leases to be operating leases and recorded the related right-of-use-assets right-of-use-assets operations (Note 3). Lease Disclosures Under ASC 842 Operating lease right-of-use Description Location in balance sheet December 31, December 31, Non current assets: Office leases Operating lease right-of-use $ 104,168 — $ 104,168 — Liabilities: Office leases Current portion of operating lease liabilities $ 104,168 — Lease liabilities – current portion $ 104,168 — The Operating lease right-of-use The table below presents the components of the Company’s lease expenses and sub-lease chartered-in Description Location in statement of 2020 2021 2022 Lease expense for chartered-in Charter hire expenses 318,606 — — Total charter hire expenses 318,606 — — Lease expense for office leases General and administrative expenses 90,121 97,726 88,326 Sub lease income from chartered-in Revenues 860,227 — — * The sub-lease chartered-in The cash paid for operating leases with terms greater than 12 months for the years ended December 31, 2020, 2021 and 2022 amounted to $408,727, $97,726 and $88,326, respectively. The table below provides the total amount of lease payments on an undiscounted basis on our office lease greater than 12 months as of December 31, 2021: Year Office Total Discount rate upon adoption 5.6 % 5.6 % 2022 (undiscounted lease payments) $ 107,520 $ 107,520 $ 107,520 $ 107,520 Present value of lease liability 104,168 104,168 Lease liabilities - short term 104,168 104,168 Total lease liabilities 104,168 104,168 Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) $ 3,352 $ 3,352 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events In February 2023, the Company prepaid $5.9 million of the term loan dated August 2021 with original maturity date August 2026 (Note 9) using cash on hand and the related mortgages on the vessels Astrid and Exelero were released. In February 2023, the Company awarded (1) 250,000 restricted shares of common stock to its Chief Executive Officer with a vesting date of February 21, 2024 February 21, 2024 In March 2023, the Company prepaid $18.5 million of the term loan dated January 2021 with original maturity date January 2028 (Note 9) using cash on hand and the related mortgages on the vessels Eco Corsair, Eco Royalty and Eco Elysium were released. Following this loan repayment, the Swaps 5 and 6 (Note 10) were terminated and an amount of $2.0 million was collected from the respective counterparty. In March 2023, the Company entered into a loan agreement for an amount of up to $70.0 million relating to the financing of the two vessels that has agreed to acquire from a related party (Note 3). In April 2023, MGC Agressive Inc. paid dividends to the Company amounting to $19.3 million. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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: |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Short-term Investments | Short-term Investments: non-current |
Restricted Cash | Restricted Cash: non-current |
Trade Receivables | Trade Receivables: un-collectible |
Claims Receivable | Claims Receivable: |
Inventories | Inventories: first-in, first-out method. The net realizable value represents estimated selling prices less reasonably predictable costs of disposal and transportation. The Company considers victualing and stores as being consumed when purchased and, therefore, such costs are expensed when incurred. |
Vessels, net | Vessels, net: |
Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking Undiscounted cash flows are determined by considering the revenues from existing charters for those vessels that have long term employment and when there is no charter in place the estimates based on historical average rates. An impairment loss was identified and recorded for the years ended December 31, 2020, 2021 and 2022 (Note 6). |
Vessels' Depreciation | Vessels’ Depreciation: |
Assets Held for Sale | Assets Held for Sale: 360-10, |
Segment Reporting | Segment Reporting: |
Accounting for Special Survey and Dry-docking Costs | Accounting for Special Survey and Dry-docking Special survey and dry-docking costs are expensed in the period incurred. |
Deferred Finance Charges | Deferred Finance Charges: non-current sheet. |
Accounting for Revenue and Related Expenses | Accounting for 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. 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 risk 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, 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 and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer, while under bareboat charter agreements, the charterer also assumes responsibility for 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 owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited which is recorded as demurrage revenue, while in the case of despatch, the owner reimburses the charterer for the earlier discharging of the cargo from the agreed time. Revenues from voyage charters are recognized on a straight line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. Demurrage/despatch revenues are recognized when the amount can be estimated and its collection is probable. In voyage charters, vessel operating and voyage expenses are paid for by the Company. The voyage charters are considered service contracts which fall under the provisions of ASC because the Company retains control over the operations of the vessels such as the routes taken or the vessels’ speed. Deferred income represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. 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 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 a 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: non-vested non-employee non-vested |
Earnings/(Loss) per Share | Earnings/(Loss) per Share: two-class between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation to the extent these are not anti-dilutive (Note 13). |
Derivatives | Derivatives (i) Hedge Accounting Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive (loss)/income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the statement of income. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as a component of “(Loss)/Gain on derivatives”. (ii) Other Derivatives |
Investments in joint ventures | Investments in joint ventures: |
Leases – The Company as a Lessee | Leases – The Company as a Lessee: Right-of-use related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. The Company elected the practical expedient of ASC 842 that allowed for time charter-in right-of-use the right-of-use charter-in |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: 2022-06—Reference No. 2020-04, 2020-04 12-month |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | During 2020, 2021 and 2022, the following charterers accounted for 10% or more of the Company’s revenues. Year ended December 31, Charterer 2020 2021 2022 A 15 % — — B 10 % — — C — — 16 % |
Distribution of Assets, Liabilities and Stockholders' Equity [Text Block] | The assets and liabilities of Imperial on December 3, 2021, were as follows: December 3, 2021 Cash, including restricted cash 4,704,521 Trade and other receivables 2,488,560 Inventories 270,489 Advances and prepayments 244,725 Vessels, net (after impairment of $40,185,873) 80,500,000 Trade accounts payable (1,618,146 ) Accrued and other liabilities (312,642 ) Deferred income (943,404 ) Customer deposits (368,000 ) Debt (27,804,000 ) Net assets of Imperial distributed to stockholders 57,162,103 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Charged By Our Related Parties | The amounts charged by the Company’s related parties comprised the following: Year ended December 31, Location in statement of operations 2020 2021 2022 Management fees Management fees – related party 5,599,351 5,831,900 5,242,990 Brokerage commissions Voyage expenses – related party 1,799,209 1,867,100 1,871,071 Superintendent fees Vessels’ operating expenses – related party 38,000 117,000 120,000 Crew management fees Vessels’ operating expenses – related party 912,500 948,750 915,450 Commissions – vessels sold Net loss on sale of vessels 54,000 81,000 120,250 Commissions – assets held for sale Impairment loss — 125,000 108,000 Executive compensation General and administrative expenses 994,840 1,028,386 924,503 Rental expense General and administrative expenses 90,121 97,726 88,326 December 31, Location in balance sheet 2021 2022 Commissions – vessels purchased Vessels, net 289,347 — Supervision fees Advances for vessel under construction/Vessels, net 236,521 — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2021 2022 Bunkers 1,120,372 1,386,265 Lubricants 1,652,160 1,677,746 Total 2,772,532 3,064,011 |
Advances for Vessel Under Con_2
Advances for Vessel Under Construction and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Advances for vessel under construction and acquisitions | For the years ended December 31, 2021 and 2022, the movement of the account, advances for vessel under construction and acquisitions was as follows: Balance, December 31, 2020 6,539,115 Advance for vessel under construction 23,152,125 Supervision fees (Note 3) 236,521 Commissions—vessels purchased (Note 3) 289,347 Capitalized interest 20,060 Other capitalized expenses 129,729 Transfer to Vessels, net (Note 6) (30,366,897 ) Balance, December 31, 2021 — Advances for vessels acquisitions (Note 3) 23,400,000 Balance, December 31, 2022 23,400,000 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Vessels, Net | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Depreciation Net Book Value Balance, December 31, 2020 1,111,484,926 (279,149,867 ) 832,335,059 Transfer from Advances for vessel under construction and acquisitions (Note 5) 30,366,897 — 30,366,897 Other additions 1,227,314 — 1,227,314 Impairment loss (169,553,060 ) 124,936,846 (44,616,214 ) Disposals (8,100,000 ) — (8,100,000 ) Transfer to Vessel held for sale (12,250,000 ) — (12,250,000 ) Spin-off (80,500,000 ) — (80,500,000 ) Depreciation for the year — (37,125,903 ) (37,125,903 ) Balance, December 31, 2021 872,676,077 (191,338,924 ) 681,337,153 Additions 748,848 — 748,848 Impairment loss (22,779,899 ) 19,612,865 (3,167,034 ) Disposals (12,046,017 ) — (12,046,017 ) Transfer to Assets held for sale (10,579,596 ) — (10,579,596 ) Depreciation for the year — (27,814,901 ) (27,814,901 ) Balance, December 31, 2022 828,019,413 (199,540,960 ) 628,478,453 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Entity Joint Ventures | Details of each of the Company’s joint ventures at December 31, 2021 and 2022 are as follows: Proportion of ownership interest Name of joint venture Principal activity December 31, December 31, Spacegas Inc. Ownership and operation of the vessel “Gas Defiance” 50.1 % 50.1 % Financial Power Inc. Ownership and operation of the vessel “Gas Shuriken” 50.1 % 50.1 % Cannes View Inc Ownership and operation of the vessel “Gas Haralambos” 50.1 % 50.1 % Colorado Oil and Gas Inc. Ownership and operation of the vessel “Eco Lucidity” 50.1 % 50.1 % Frost Investments Corp. Inc. Ownership and operation of the vessel “Eco Nebula”* 50.1 % 50.1 % MGC Agressive Holdings Inc. Ownership and operation of the vessels “Gaschem Hamburg”**, “Eco Evoluzione”*** and “Gaschem Bremen” and one LPG vessel under construction 51.0 % 51.0 % * The vessel “Eco Nebula” was sold to an unrelated party on August 9, 2022 ** The vessel “Gaschem Hamburg” was sold to an unrelated party on May 10, 2021 *** The vessel Eco Evoluzione was sold to an unrelated party on March 29, 2023 The Company’s exposure is limited to its share of the net assets of Spacegas Inc., Financial Power Inc., Cannes View Inc., Colorado Oil and Gas Inc., Frost Investments Corp. Inc. and MGC Agressive Holdings Inc. (collectively “the joint venture entities”) proportionate to its equity interest in these companies and to any losses that may arise in connection with the loan agreements guaranteed by the Company (Note 17). The Company shares the profits and losses, cash flows and other matters relating to its investments in the joint venture entities in accordance with its ownership percentage. The Company accounts for investments in joint ventures using the equity method since it has joint control over the joint venture entities. The Company does not consolidate the joint venture entities because it does not have a controlling financial interest. The significant factors considered and judgments made in determining that the power to direct the activities of the joint venture entities that most significantly impact their economic performance are shared, are that all significant business decisions over operating and financial policies of the joint venture entities, require consent from each joint venture investor. |
Schedule of Equity Investment Activity | Below is a table of equity investment activity: Year Ended December 31, 2021 2022 Beginning balance $ 43,177,656 $ 53,323,032 New investments (Note 3) 3,348,675 — Dividends received (1,530,000 ) (17,552,999 ) Equity earnings 8,326,701 10,862,687 Investments in joint ventures $ 53,323,032 $ 46,632,720 |
Equity Method Investments | A condensed summary of the financial information for equity accounted investments partially owned by the Company shown on a 100 December 31, 2021 Spacegas Inc. Financial Power Inc. Cannes View Inc. Colorado Oil Frost MGC Current assets 2,347,954 3,112,192 1,630,592 1,017,765 13,208,202 23,228,225 Non-current 11,900,116 11,924,795 13,071,670 11,870,528 18,532,414 56,221,031 Current liabilities 1,426,492 1,506,835 1,687,929 3,231,113 2,247,545 5,357,705 Long-term liabilities 4,178,256 4,178,256 6,307,812 5,519,327 8,008,092 22,799,849 Revenues 3,023,283 3,464,824 4,227,682 3,154,728 7,162,657 17,468,871 Operating income/(loss) 26,559 893,121 396,337 (216,091 ) 3,509,152 13,857,864 Net income/(loss) (105,179 ) 762,975 128,636 (466,393 ) 3,148,404 12,918,760 Net assets 8,643,322 9,351,896 6,706,521 4,137,853 21,484,979 51,291,702 Company’s share in net assets (%) 50.1 % 50.1 % 50.1 % 50.1 % 50.1 % 51 % Company’s share in net assets 4,330,304 4,685,300 3,359,967 2,073,064 10,763,974 26,158,768 December 31, 2022 Spacegas Inc. Financial Power Inc. Cannes View Inc. Colorado Oil Frost MGC Current assets 2,323,787 3,308,976 2,294,202 579,177 516,819 21,603,351 Non-current 11,241,184 11,273,982 12,341,369 11,405,265 — 60,172,554 Current liabilities 4,652,305 4,645,584 1,807,403 2,745,605 372,861 5,547,238 Long-term liabilities — — 5,563,887 4,868,390 — 18,704,581 Revenues . 4,049,999 3,283,046 3,986,715 2,998,258 4,938,210 17,283,019 Operating income/(loss) 456,263 766,281 906,716 540,162 11,921,775 8,843,867 Net income/(loss) 269,340 585,475 557,760 232,593 11,658,979 8,230,018 Net assets 8,912,666 9,937,374 7,264,281 4,370,447 143,958 57,524,086 Company’s share in net assets (%) 50.1 % 50.1 % 50.1 % 50.1 % 50.1 % 51 % Company’s share in net assets 4,465,246 4,978,624 3,639,405 2,189,594 72,123 29,337,284 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2021 2022 Interest on long-term debt 1,883,321 3,540,755 Administrative expenses 210,930 177,551 Vessel operating and voyage expenses 1,748,628 2,065,686 Proceeds from sale of vessel collected in advance — 1,140,000 Total 3,842,879 6,923,992 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Term Loans Issue Date/ Refinancing Date Maturity Date Drawn Amount December 31, 2021 December 31, 2022 July 2019 January 2022 22,230,000 15,084,643 — March 2019 March 2022 25,458,432 3,039,647 — January 2021 January 2026 50,225,000 22,675,000 19,645,000 December 2018 January 2022 9,480,000 7,080,000 — January 2021 January 2028 43,800,000 40,731,975 30,893,547 July 2014 January 2022 25,350,000 12,146,875 — May 2016 December 2025 65,650,000 48,739,300 44,635,980 March 2017 April 2026 70,787,500 52,456,243 47,399,991 June 2020 January 2022 11,505,000 10,354,500 — April 2020 February 2027 34,450,000 32,797,915 30,884,026 August 2021 August 2026 60,000,000 58,060,931 50,304,660 December 2021 January 2028 59,400,000 — 55,224,000 Total 303,167,029 278,987,204 Current portion of long-term debt 32,464,732 30,666,756 Current portion of long-term debt associated with vessel held for sale 7,173,988 — Long-term debt 263,528,309 248,320,448 Total debt 303,167,029 278,987,204 F-22 Term Loans Issue Date/ Refinancing Date Maturity Date Drawn Amount December 31, 2021 December 31, 2022 Current portion of deferred finance charges 628,113 582,950 Deferred finance charges non-current 1,567,334 1,291,625 Total deferred finance charges 2,195,447 1,874,575 Total debt 303,167,029 278,987,204 Less: Total deferred finance charges 2,195,447 1,874,575 Total debt, net of deferred finance charges 300,971,582 277,112,629 Less: Current portion of long-term debt, net of current portion of deferred finance charges 31,836,619 30,083,806 Less: Current portion of long-term debt, associated with vessel held for sale 7,173,988 — Long-term debt 261,960,975 247,028,823 |
Schedule of Maturities of Long-term Debt | The annual principal payments to be made, for the abovementioned loans, after December 31, 2022, are as follows: December 31, Amount 2023 30,666,756 2024 30,666,756 2025 62,992,776 2026 91,782,983 2027 21,845,483 Thereafter 41,032,450 Total 278,987,204 |
Derivatives and Fair Value Di_2
Derivatives and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments | The Effective date Termination date Fixed Floating Rate Fair Value December 31, Notional Amount December 31, Fair Value December 31, Notional Amount December 31, Swap 1 August 16, 2017 May 16, 2025 2.12 % 3-month dollar LIBOR $ (358,988 ) $ 11,680,250 $ 536,901 $ 10,664,750 Swap 2 April 10, 2018 December 11, 2025 2.74 % 3-month dollar LIBOR $ (1,398,025 ) $ 25,380,000 $ 955,139 $ 23,308,000 Swap 3 February 16, 2019 February 16, 2024 2.89 % 3-month dollar LIBOR $ (486,439 ) $ 11,680,250 $ 256,813 $ 10,664,750 Swap 4 January 21, 2021 January 21, 2028 0.73 % 3-month dollar LIBOR $ (293,862 ) $ 13,210,750 $ 1,398,984 $ 11,866,750 Swap 5 January 21, 2021 January 21, 2028 0.73 % 3-month dollar LIBOR $ (292,709 ) $ 13,173,250 $ 1,393,330 $ 11,829,250 Swap 6 January 21, 2021 January 21, 2028 0.74 % 3-month dollar LIBOR $ (321,857 ) $ 14,347,975 $ 864,286 $ 7,197,547 Swap 7 February 5, 2022 June 30, 2026 1.49 % 3-month dollar LIBOR — — $ 1,697,402 $ 25,152,330 Total $ (3,151,880 ) $ 89,472,475 $ 7,102,855 $ 100,683,377 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Tabular disclosure of financial instruments is as follows: December 31, 2021 2022 Derivatives designated as hedging instruments Balance Sheet Location Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Swap Agreements Non current assets — Fair value of derivatives — — 5,405,453 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 3,151,880 — — Total derivatives designated as hedging — 3,151,880 5,405,453 — December 31, 2021 2022 Derivatives not designated as hedging instruments Balance Sheet Location Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Swap Agreements Non current assets — Fair value of derivatives — — 1,697,402 — Total derivatives not designated as — — 1,697,402 — |
Schedule of Derivative Instruments, Gain (Loss) | The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2020, 2021 and 2022 is as follows: Location of Gain/(Loss) Year Ended December 31, Derivatives not designated as hedging instruments Recognized 2020 2021 2022 Interest Rate Swap — Reclassification from OCI (Loss)/gain on derivatives 60,954 265,610 — Interest Rate Swap — Change in Fair Value (Loss)/gain on derivatives 7,186 — 1,697,401 Interest Rate Swap — Realized (expense)/income (Loss)/gain on derivatives (119,116 ) (25,457 ) 1,061 Total loss/(gain) on derivatives (50,976 ) 240,153 1,698,462 Location of (Loss)/Gain Year Ended December 31, Derivatives designated as hedging instruments Recognized 2020 2021 2022 Interest Rate Swap — Realized expense Interest and finance costs (1,190,400 ) (2,183,187 ) (126,241 ) Total loss on derivatives (1,190,400 ) (2,183,187 ) (126,241 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive (loss)/income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges relating to the Company’s interest rate swap contracts and are analyzed as follows: Unrealized (Loss)/ Balance, January 1, 2020 (2,259,043 ) Other comprehensive loss before reclassifications (3,823,226 ) Amounts reclassified from accumulated other comprehensive loss relating to qualifying 1,190,400 Other reclassification adjustments (60,954 ) Balance, December 31, 2020 (4,952,823 ) Other comprehensive loss before reclassifications (68,699 ) Amounts reclassified from accumulated other comprehensive loss relating to qualifying hedges 2,183,187 Other reclassification adjustments (265,610 ) Balance, December 31, 2021 (3,103,945 ) Other comprehensive income before reclassifications 8,164,187 Amounts reclassified from accumulated other comprehensive income relating to qualifying hedges 126,241 Balance, December 31, 2022 5,186,483 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2021: Fair Value Measurements Using Description Fair Value as of Quoted Prices in Active Significant Significant (Level 3) Liabilities: Interest Rate Swap Agreements (3,151,880 ) — (3,151,880 ) — Total (3,151,880 ) — (3,151,880 ) — The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2022: Fair Value Measurements Using Description Fair Value as of Quoted Prices in Active Significant Significant (Level 3) Assets: Interest Rate Swap Agreements 7,102,855 — 7,102,855 — Total 7,102,855 — 7,102,855 — |
Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis | The non-recurring Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held for sale 12,500,000 — 12,500,000 — (1,125,243 ) Long-lived assets held and used 3,250,000 — 3,250,000 — (49,977 ) Total 15,750,000 — 15,750,000 — (1,175,220 ) The vessel Eco Loyalty was recorded at its fair value less costs to sell of $12,250,000 as of June 30, 2021 following the memorandum of agreement for the disposal of this vessel in May 2021. Fair value amounted to $12,500,000 and estimated costs to sell amounted to $250,000. Fair value was determined based on the transaction price, as the sale price was agreed with an unaffiliated third party. The vessel was still classified as held for sale as of December 31, 2021. The vessel Gas Monarch (held and used) was written down to its estimated fair value of $3,250,000 as of June 30, 2021, as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $49,977. Depreciation amounting to $195,858 was recorded in the period from July 1, 2021 to December 31, 2021. As of December 31, 2021, the vessel was written down to its estimated fair value of $3,000,000, as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $54,142. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 12,650,000 — 12,650,000 — (1,333,950 ) Total 12,650,000 — 12,650,000 — (1,333,950 ) As a result of the impairment analysis performed as of December 31, 2021, two of the Company’s vessels (held and used), including the vessel Gas Monarch discussed above, were written down to their estimated fair value as determined by the Company based on the recent transaction price as well as vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $1,333,950. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 2,375,000 — 2,375,000 — (529,532 ) Total 2,375,000 — 2,375,000 — (529,532 ) As a result of the impairment analysis performed as of March 31, 2022, the vessel Gas Monarch (held and used) was written down to its estimated fair value as determined by the Company based on the recent transaction price, resulting in an impairment charge of $ . This vessel was sold on May 23, 2022 (Note 6). Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held for sale 10,800,000 — 10,800,000 — (2,591,924 ) Long-lived assets held and used 2,100,000 2,100,000 (45,578 ) Total 12,900,000 — 12,900,000 — (2,637,502 ) The vessels Gas Prodigy and Gas Spirit were classified as held for sale as of December 31, 2022 (Note 6) and were recognized at their fair value of $10,800,000 less costs to sell of $220,404. The fair value was determined based on the transaction price, as the sale price was agreed with unaffiliated third parties. Furthermore, as a result of the impairment analysis performed as of December 31, 2022, the vessel Gas Galaxy (held and used) was written down to its estimated fair value as determined by the Company based on the recent transaction price, resulting in an impairment charge of $45,578 (Note 6). |
Equity Compensation Plan (Table
Equity Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Nonvested Restricted Shares | No non-vested non-vested Number of Weighted average non-vested Non-vested, — — Granted 343,744 2.99 Non-vested, 343,744 2.99 Vested 171,872 2.99 Non-vested, 171,872 2.99 |
Summary of the Company's non-vested stock option activity | The non-vested Option shares # Weighted-Average Exercise Price $ Outstanding – January 1, 2021 — — Granted 250,000 2.99 Exercised — — Outstanding – December 31, 2021 250,000 2.99 Exercisable – December 31, 2021 — — Granted — — Exercised — — Outstanding – December 31, 2022 250,000 2.99 Exercisable – December 31, 2022 — — |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share Calculation | The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2020 2021 2022 Numerator Net income/(loss) 11,984,485 (35,123,208 ) 34,253,365 Less: Undistributed earnings allocated to non-vested — — 216,168 Net income/(loss) attributable to common shareholders, basic 11,984,485 (35,123,208 ) 34,037,197 Denominator Weighted average number of shares outstanding, basic 38,357,893 37,858,437 37,961,560 Weighted average number of shares outstanding, diluted 38,357,893 37,858,437 37,961,673 Earnings/(Loss) per share, basic and diluted 0.31 (0.93 ) 0.90 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Analysis of Consolidated Statements of Operations | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2020 2021 2022 Time charter revenues 101,837,425 105,966,167 114,996,842 Bareboat revenues 16,876,956 9,624,684 2,340,791 Voyage charter revenues 25,161,401 33,813,496 32,156,474 Other income 1,127,239 800,180 3,266,781 Total 145,003,021 150,204,527 152,760,888 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Vessel Operating Expenses | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Vessels’ Operating Expenses 2020 2021 2022 Crew wages and related costs 32,073,496 38,454,397 34,721,673 Insurance 1,889,041 2,196,444 2,382,340 Repairs and maintenance 6,590,006 7,282,481 5,716,570 Spares and consumable stores 7,990,022 9,123,975 8,127,376 Miscellaneous expenses 4,752,656 4,452,266 3,996,819 Total 53,295,221 61,509,563 54,944,778 |
Leases - The Company as Lessee
Leases - The Company as Lessee (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Time charterin contracts [Abstract] | |
Schedule of operating leases | Operating lease right-of-use Description Location in balance sheet December 31, December 31, Non current assets: Office leases Operating lease right-of-use $ 104,168 — $ 104,168 — Liabilities: Office leases Current portion of operating lease liabilities $ 104,168 — Lease liabilities – current portion $ 104,168 — |
Schedule of company's lease expenses and sub-lease income | The table below presents the components of the Company’s lease expenses and sub-lease chartered-in Description Location in statement of 2020 2021 2022 Lease expense for chartered-in Charter hire expenses 318,606 — — Total charter hire expenses 318,606 — — Lease expense for office leases General and administrative expenses 90,121 97,726 88,326 Sub lease income from chartered-in Revenues 860,227 — — * The sub-lease chartered-in |
Schedule of total amount of lease payments on an undiscounted basis | The table below provides the total amount of lease payments on an undiscounted basis on our office lease greater than 12 months as of December 31, 2021: Year Office Total Discount rate upon adoption 5.6 % 5.6 % 2022 (undiscounted lease payments) $ 107,520 $ 107,520 $ 107,520 $ 107,520 Present value of lease liability 104,168 104,168 Lease liabilities - short term 104,168 104,168 Total lease liabilities 104,168 104,168 Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) $ 3,352 $ 3,352 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - Concentration Risk by Charterer (Detail) - Sales Revenue, Net [Member] - Product Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Charterer A [Member] | ||
Concentration risk, percentage | 15% | |
Charterer B [Member] | ||
Concentration risk, percentage | 10% | |
Charterer C [Member] | ||
Concentration risk, percentage | 16% |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Assets Liabilities And Stock holders Equity (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories | $ 3,064,011 | $ 2,772,532 | |
Advances and prepayments | 681,413 | 637,881 | |
Vessels, net (after impairment of $40,185,873) | 628,478,453 | 681,337,153 | $ 832,335,059 |
Accrued and other liabilities | (6,923,992) | (3,842,879) | |
Deferred income | $ (21,451) | (76,949) | |
Imperial [Member] | |||
Cash, including restricted cash | 4,704,521 | ||
Trade and other receivables | 2,488,560 | ||
Inventories | 270,489 | ||
Advances and prepayments | 244,725 | ||
Vessels, net (after impairment of $40,185,873) | 80,500,000 | ||
Trade accounts payable | (1,618,146) | ||
Accrued and other liabilities | (312,642) | ||
Deferred income | (943,404) | ||
Customer Deposits | (368,000) | ||
Debt | (27,804,000) | ||
Net assets of Imperial distributed to stockholders | $ 57,162,103 |
Basis of Presentation and Gen_5
Basis of Presentation and General Information - Assets Liabilities And Stock holders Equity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Assets Distributed To Stockholders [Abstract] | |
Property, Plant and Equipment Impairment or Disposal Disclosure | 40,185,873 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | ||
Allowance for doubtful accounts receivable | $ | $ 0 | $ 0 |
Number of reportable segments | 1 | |
Number of operating segments | 1 | |
LPG [Member] | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, useful life | 30 years |
Transactions With Related Par_3
Transactions With Related Parties - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||
May 18, 2021 USD ($) | Jun. 05, 2020 USD ($) | Apr. 01, 2020 EUR (€) | Jul. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | |||||||
Management fee, per day, per vessel | $ 280 | ||||||
Due to related parties, current, total | 2,476,663 | $ 1,491,705 | |||||
Proceeds From Unconsolidated Joint Ventures And Subsidiaries Classified As Financing Activities | 4,428,713 | 0 | $ 1,841,380 | ||||
Related party transaction, purchases from related party | $ 117,000,000 | ||||||
Advances paid for the acquisition of vessels | $ 23,400,000 | ||||||
Joint Venture [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Equity Method Investment Ownership Percentage | 50.10% | ||||||
Eco Alice [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, purchases from related party | $ 24,000,000 | ||||||
Eco Texiana [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, purchases from related party | $ 19,500,000 | ||||||
The Manager [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee, per day, per vessel | $ 440 | ||||||
Management fee, per day, per vessel, under bareboat charter | 125 | ||||||
Crew management fee, per month, per vessel | $ 2,500 | ||||||
Sales and purchase broker commission fee, percentage | 1% | ||||||
Due to related parties, current, total | $ 2,476,663 | 63,767 | |||||
Proceeds From Unconsolidated Joint Ventures And Subsidiaries Classified As Financing Activities | 0 | 1,136,682 | |||||
The Manager [Member] | Additional Charge Per Day When Visits Exceed Five Days In Twelve Month Period [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | 500 | ||||||
Brave [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, purchases from related party | $ 1,398,675 | ||||||
Option premium | $ 1,950,000 | ||||||
Brave [Member] | Gas Enterprises International Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | ||||||
Brave [Member] | Capitalized Construction Supervision Fees [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, expenses from transactions with related party | € | € 390,000 | ||||||
Imperial [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payable | $ 0 | $ 355,023 |
Transactions with Related Par_4
Transactions with Related Parties - Summary of charged by our related parties (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties | $ 0 | $ 289,347 | |
Supervision Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties | 0 | 236,521 | |
Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 5,242,990 | 5,831,900 | $ 5,599,351 |
Brokerage Commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 1,871,071 | 1,867,100 | 1,799,209 |
Superintendent Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 120,000 | 117,000 | 38,000 |
Crew Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 915,450 | 948,750 | 912,500 |
Net Loss On Sale Of Vessels [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 120,250 | 81,000 | 54,000 |
Impairment Loss [Member] | Commissions [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 108,000 | 125,000 | 0 |
Executive Compensation [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 924,503 | 1,028,386 | 994,840 |
Rental Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 88,326 | $ 97,726 | $ 90,121 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Bunkers | $ 1,386,265 | $ 1,120,372 |
Lubricants | 1,677,746 | 1,652,160 |
Total | $ 3,064,011 | $ 2,772,532 |
Advances for Vessel Under Con_3
Advances for Vessel Under Construction and Acquisitions - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Investments in and Advances to Affiliates [Line Items] | ||||
Advances for vessel under construction and acquisitions | $ 23,400,000 | $ 6,539,115 | ||
Eco Blizzard [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Advances for vessel under construction and acquisitions | $ 23,152,125 |
Advances for Vessel Under Con_4
Advances for Vessel Under Construction and Acquisitions - Summary of Advances for Vessels Under Construction and Acquisitions (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Beginning balance | $ 6,539,115 | |
Advances for vessels acquisitions | 23,400,000 | 23,152,125 |
Supervision fees | 236,521 | |
Commissions—vessels purchased | 289,347 | |
Capitalized interest | 20,060 | |
Other Capitalized Expenses | 129,729 | |
Transfer to Vessels, net | (30,366,897) | |
Ending balance | $ 23,400,000 |
Vessels, Net - Summary of Vesse
Vessels, Net - Summary of Vessels, Net (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Vessel cost, Balance | $ 872,676,077 | $ 1,111,484,926 | ||
Vessel cost, Additions | 748,848 | |||
Vessel cost, Impairment loss | (22,779,899) | (169,553,060) | ||
Vessel cost, Disposals | (12,046,017) | (8,100,000) | ||
Vessel cost, Transfer from Advances for vessel under construction and acquisitions | 30,366,897 | |||
Vessel cost, Other additions | 1,227,314 | |||
Vessel cost, Transfer to Vessel held for sale | (10,579,596) | (12,250,000) | ||
Vessel cost, Spin-off of tankers | (80,500,000) | |||
Vessel cost, Balance | $ 872,676,077 | 828,019,413 | 872,676,077 | $ 1,111,484,926 |
Accumulated Depreciation, Balance | (191,338,924) | (279,149,867) | ||
Accumulated Depreciation, Impairment loss | 19,612,865 | 124,936,846 | ||
Accumulated Depreciation, Disposals | 0 | 0 | ||
Accumulated Depreciation, Depreciation for the year | (27,814,901) | (37,125,903) | ||
Accumulated Depreciation, Balance | (191,338,924) | (199,540,960) | (191,338,924) | (279,149,867) |
Net Book Value, Balance | 681,337,153 | 832,335,059 | ||
Net Book Value, Additions | 748,848 | |||
Net Book Value, Impairment loss | (3,167,034) | (44,616,214) | (3,857,307) | |
Net Book Value, Disposals | (12,046,017) | (8,100,000) | ||
Net Book Value, Transfer from Advances for vessel under construction and acquisitions | 30,366,897 | |||
Net Book Value, Other additions | 1,227,314 | |||
Net Book Value, Transfer to Vessel held for sale | (10,579,596) | (12,250,000) | ||
Net Book Value, Spin-off of tankers | (80,500,000) | |||
Net Book Value, Depreciation for the year | (195,858) | (27,814,901) | (37,125,903) | (37,455,093) |
Net Book Value, Balance | $ 681,337,153 | $ 628,478,453 | $ 681,337,153 | $ 832,335,059 |
Vessels, Net - Additional Infor
Vessels, Net - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2020 | Oct. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 13, 2023 | Dec. 15, 2022 | Nov. 24, 2022 | Apr. 19, 2022 | Feb. 14, 2022 | Jul. 28, 2021 | May 31, 2021 | Oct. 30, 2020 | |
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
impairment charge | $ 1,333,950 | ||||||||||||||||||
Impairment of long-lived assets held-for-use | $ 529,532 | $ 49,977 | 54,142 | ||||||||||||||||
Selling price | $ 12,046,017 | 8,100,000 | |||||||||||||||||
28 Vessels [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Debt instrument, collateral amount | $ 587,404,711 | 587,404,711 | |||||||||||||||||
30 Vessels [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Debt instrument, collateral amount | 629,691,705 | ||||||||||||||||||
Impairment Loss [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Impairment of long-lived assets held-for-use | $ 529,532 | $ 653,079 | $ 1,971,148 | 1,333,950 | $ 714,895 | ||||||||||||||
Net Loss On Sale Of Vessels [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Gain (Loss) on Disposition of Assets | $ 1,134,854 | ||||||||||||||||||
Gas Nemesis II [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
impairment charge | $ 2,489,333 | ||||||||||||||||||
Due From unaffiliated third Parties | $ 4,500,000 | ||||||||||||||||||
Vessel Delivery Date | Nov. 02, 2020 | ||||||||||||||||||
Gas Pasha [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Due From unaffiliated third Parties | $ 900,000 | ||||||||||||||||||
Vessel Delivery Date | Dec. 07, 2020 | ||||||||||||||||||
Eco Loyalty [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Disposal group, including discontinued operation, consideration | $ 12,500,000 | ||||||||||||||||||
Impairment of long-lived assets held-for-use | 1,125,243 | ||||||||||||||||||
Gain (Loss) on Disposition of Assets | 27,496 | ||||||||||||||||||
Selling price | 12,500,000 | ||||||||||||||||||
Selling expense | 250,000 | ||||||||||||||||||
Eco Loyalty [Member] | Accrued and Other Liabilities [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Selling price | 1,140,000 | ||||||||||||||||||
Gas Imperiale [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Disposal group, including discontinued operation, consideration | $ 9,650,000 | $ 8,100,000 | |||||||||||||||||
Gain (Loss) on Disposition of Assets | 345,278 | $ 304,210 | |||||||||||||||||
Gas Monarch [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Disposal group, including discontinued operation, consideration | $ 2,375,000 | ||||||||||||||||||
Impairment of long-lived assets held-for-use | 90,855 | ||||||||||||||||||
Gas Prodigy [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Disposal group, including discontinued operation, consideration | $ 5,100,000 | ||||||||||||||||||
Impairment of long-lived assets held-for-use | 2,026,333 | ||||||||||||||||||
Selling price | 5,100,000 | ||||||||||||||||||
Selling expense | 170,093 | ||||||||||||||||||
Gas Spirit [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Disposal group, including discontinued operation, consideration | $ 5,700,000 | ||||||||||||||||||
Impairment of long-lived assets held-for-use | 565,591 | ||||||||||||||||||
Selling price | 5,700,000 | ||||||||||||||||||
Selling expense | 50,311 | ||||||||||||||||||
Gas Galaxy [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
impairment charge | 45,578 | ||||||||||||||||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 2,100,000 | 2,100,000 | |||||||||||||||||
Assets held-for-sale that are not part of a disposal group | $ 527,586 | $ 527,586 | |||||||||||||||||
Gas Galaxy [Member] | Subsequent Event [Member] | |||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||
Disposal group, including discontinued operation, consideration | $ 2,100,000 |
Investments in Joint Ventures -
Investments in Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investment, Aggregate Cost | $ 1,950 | $ 1,950 |
Investments in Joint Ventures_2
Investments in Joint Ventures - Schedule of Entity Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Spacegas Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal activity | Ownership and operation of the vessel “Gas Defiance” | |
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
Financial Power Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal activity | Ownership and operation of the vessel “Gas Shuriken” | |
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
Cannes View Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal activity | Ownership and operation of the vessel “Gas Haralambos” | |
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
Colorado Oil and Gas Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal activity | Ownership and operation of the vessel “Eco Lucidity” | |
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
Frost Investments Corp Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal activity | Ownership and operation of the vessel “Eco Nebula” | |
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% |
MGC Agressive Holdings Inc. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Principal activity | Ownership and operation of the vessels “Gaschem Hamburg”, “Eco Evoluzione” and “Gaschem Bremen” and one LPG vessel under construction | |
Equity Method Investment, Ownership Percentage | 51% | 51% |
Investments in Joint Ventures_3
Investments in Joint Ventures - Schedule of Equity Investment Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Beginning balance | $ 53,323,032 | $ 43,177,656 | |
New investments (Note 3) | 3,348,675 | ||
Dividends received | (17,552,999) | (1,530,000) | |
Equity earnings | 10,862,687 | 8,326,701 | $ 2,709,984 |
Investments in joint ventures | $ 46,632,720 | $ 53,323,032 | $ 43,177,656 |
Investments in Joint Ventures_4
Investments in Joint Ventures - Summary of the Financial Information for Equity Accounted Investments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Current assets | $ 104,726,221 | $ 51,706,378 | |
Non-current assets | 716,807,086 | 746,961,964 | |
Current liabilities | 56,557,682 | 58,707,768 | |
Long-term liabilities | 247,050,274 | 265,189,804 | |
Revenues | 152,760,888 | 150,204,527 | $ 145,003,021 |
Operating income/(loss) | 32,646,354 | (31,015,052) | 23,341,950 |
Net income/(loss) | $ 34,253,365 | $ (35,123,208) | $ 11,984,485 |
Space Gas Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's share in net assets (%) | 50.10% | 50.10% | |
Company's share in net assets | $ 4,465,246 | $ 4,330,304 | |
Financial Power Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's share in net assets (%) | 50.10% | 50.10% | |
Company's share in net assets | $ 4,978,624 | $ 4,685,300 | |
Cannes View Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's share in net assets (%) | 50.10% | 50.10% | |
Company's share in net assets | $ 3,639,405 | $ 3,359,967 | |
ColoradoOiland Gas Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's share in net assets (%) | 50.10% | 50.10% | |
Company's share in net assets | $ 2,189,594 | $ 2,073,064 | |
Frost Investments Corp Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's share in net assets (%) | 50.10% | 50.10% | |
Company's share in net assets | $ 72,123 | $ 10,763,974 | |
MGC Aggressive Holdings Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's share in net assets (%) | 51% | 51% | |
Company's share in net assets | $ 29,337,284 | $ 26,158,768 | |
Space Gas Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 2,323,787 | 2,347,954 | |
Non-current assets | 11,241,184 | 11,900,116 | |
Current liabilities | 4,652,305 | 1,426,492 | |
Long-term liabilities | 0 | 4,178,256 | |
Revenues | 4,049,999 | 3,023,283 | |
Operating income/(loss) | 456,263 | 26,559 | |
Net income/(loss) | 269,340 | (105,179) | |
Net assets | 8,912,666 | 8,643,322 | |
Financial Power Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 3,308,976 | 3,112,192 | |
Non-current assets | 11,273,982 | 11,924,795 | |
Current liabilities | 4,645,584 | 1,506,835 | |
Long-term liabilities | 0 | 4,178,256 | |
Revenues | 3,283,046 | 3,464,824 | |
Operating income/(loss) | 766,281 | 893,121 | |
Net income/(loss) | 585,475 | 762,975 | |
Net assets | 9,937,374 | 9,351,896 | |
Cannes View Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 2,294,202 | 1,630,592 | |
Non-current assets | 12,341,369 | 13,071,670 | |
Current liabilities | 1,807,403 | 1,687,929 | |
Long-term liabilities | 5,563,887 | 6,307,812 | |
Revenues | 3,986,715 | 4,227,682 | |
Operating income/(loss) | 906,716 | 396,337 | |
Net income/(loss) | 557,760 | 128,636 | |
Net assets | 7,264,281 | 6,706,521 | |
ColoradoOiland Gas Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 579,177 | 1,017,765 | |
Non-current assets | 11,405,265 | 11,870,528 | |
Current liabilities | 2,745,605 | 3,231,113 | |
Long-term liabilities | 4,868,390 | 5,519,327 | |
Revenues | 2,998,258 | 3,154,728 | |
Operating income/(loss) | 540,162 | (216,091) | |
Net income/(loss) | 232,593 | (466,393) | |
Net assets | 4,370,447 | 4,137,853 | |
Frost Investments Corp Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 516,819 | 13,208,202 | |
Non-current assets | 0 | 18,532,414 | |
Current liabilities | 372,861 | 2,247,545 | |
Long-term liabilities | 0 | 8,008,092 | |
Revenues | 4,938,210 | 7,162,657 | |
Operating income/(loss) | 11,921,775 | 3,509,152 | |
Net income/(loss) | 11,658,979 | 3,148,404 | |
Net assets | 143,958 | 21,484,979 | |
MGC Aggressive Holdings Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 21,603,351 | 23,228,225 | |
Non-current assets | 60,172,554 | 56,221,031 | |
Current liabilities | 5,547,238 | 5,357,705 | |
Long-term liabilities | 18,704,581 | 22,799,849 | |
Revenues | 17,283,019 | 17,468,871 | |
Operating income/(loss) | 8,843,867 | 13,857,864 | |
Net income/(loss) | 8,230,018 | 12,918,760 | |
Net assets | $ 57,524,086 | $ 51,291,702 |
Accrued and Other Liabilities -
Accrued and Other Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Accrued Liabilities [Abstract] | ||
Interest on long-term debt | $ 3,540,755 | $ 1,883,321 |
Administrative expenses | 177,551 | 210,930 |
Vessel operating and voyage expenses | 2,065,686 | 1,748,628 |
Proceeds from sale of vessel collected in advance | 1,140,000 | |
Total | $ 6,923,992 | $ 3,842,879 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 22, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Drawn Amount | $ 59,400,000 | ||
Term Loans | $ 278,987,204 | $ 303,167,029 | |
Current portion of long-term debt associated with vessel held for sale | 0 | 7,173,988 | |
Current portion of deferred finance charges associated with vessels held for sale | 30,666,756 | 32,464,732 | |
Long term debt | 248,320,448 | 263,528,309 | |
Total debt | 278,987,204 | 303,167,029 | |
Current portion of deferred finance charges | 582,950 | 628,113 | |
Deferred finance charges non-current | 1,291,625 | 1,567,334 | |
Total deferred finance charges | 1,874,575 | 2,195,447 | |
Total debt, net of deferred finance charges | 277,112,629 | 300,971,582 | |
Less: Current portion of long-term debt, net of current portion of deferred finance charges | 30,083,806 | 31,836,619 | |
Long-term debt | 247,028,823 | 261,960,975 | |
Less: Current portion of long-term debt, associated with vessel held for sale | $ 0 | 7,173,988 | |
Term Loan 1 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2022 | ||
Drawn Amount | $ 22,230,000 | ||
Term Loans | $ 0 | 15,084,643 | |
Term Loan 2 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 31, 2022 | ||
Drawn Amount | $ 25,458,432 | ||
Term Loans | $ 0 | 3,039,647 | |
Term Loan 3 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2026 | ||
Drawn Amount | $ 50,225,000 | ||
Term Loans | $ 19,645,000 | 22,675,000 | |
Term Loan 4 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2022 | ||
Drawn Amount | $ 9,480,000 | ||
Term Loans | $ 0 | 7,080,000 | |
Term Loan 5 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2028 | ||
Drawn Amount | $ 43,800,000 | ||
Term Loans | $ 30,893,547 | 40,731,975 | |
Term Loan 6 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2022 | ||
Drawn Amount | $ 25,350,000 | ||
Term Loans | $ 0 | 12,146,875 | |
Term Loan 7 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 31, 2025 | ||
Drawn Amount | $ 65,650,000 | ||
Term Loans | $ 44,635,980 | 48,739,300 | |
Term Loan 8 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 30, 2026 | ||
Drawn Amount | $ 70,787,500 | ||
Term Loans | $ 47,399,991 | 52,456,243 | |
Term Loan 9 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2022 | ||
Drawn Amount | $ 11,505,000 | ||
Term Loans | $ 0 | 10,354,500 | |
Term Loan 10 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 28, 2027 | ||
Drawn Amount | $ 34,450,000 | ||
Term Loans | $ 30,884,026 | 32,797,915 | |
Term Loan 11 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 31, 2026 | ||
Drawn Amount | $ 60,000,000 | ||
Term Loans | $ 50,304,660 | 58,060,931 | |
Term Loan 12 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 31, 2028 | ||
Drawn Amount | $ 59,400,000 | ||
Term Loans | $ 55,224,000 | $ 0 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) DerivativeInstrument | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 22, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Restricted cash | $ 2,519,601 | $ 2,198,775 | $ 1,308,971 | |
Term loan financial covenants, cash requirement | 10,864,520 | |||
Amortization of debt issuance costs | $ 855,472 | $ 1,157,804 | $ 698,364 | |
Debt,weighted average interest rate | 4.20% | 2.88% | 3.58% | |
Interest expense, debt, total | $ 11,446,312 | $ 8,684,097 | $ 12,116,941 | |
Interest costs capitalized | $ 0 | 20,060 | $ 168,344 | |
Drawn Amount | $ 59,400,000 | |||
Long-term Debt, Gross | 2,679,214 | |||
Outstanding Balance Of Loan | $ 44,666,018 | |||
Debt instrument Payment terms | 24 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Value to term loan ratio | 135% | |||
Percentage of total debt to total market value adjusted assets | 80% | |||
Percentage of dividends paid to free cash flow | 50% | |||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.20% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Value to term loan ratio | 120% | |||
EBITDA to interest expense ratio | DerivativeInstrument | 2.5 | |||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.85% |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Maturities of Long-term Debt [Abstract] | ||
2023 | $ 30,666,756 | |
2024 | 30,666,756 | |
2025 | 62,992,776 | |
2026 | 91,782,983 | |
2027 | 21,845,483 | |
Thereafter | 41,032,450 | |
Total | $ 278,987,204 | $ 303,167,029 |
Derivatives and Fair Value Di_3
Derivatives and Fair Value Disclosures - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 100,683,377 | $ 89,472,475 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 108,426,389 | $ 89,472,475 |
Derivatives and Fair Value Di_4
Derivatives and Fair Value Disclosures - Schedule of the Company's interest rate swap arrangements (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 7,102,855 | $ (3,151,880) |
Derivative, notional amount | $ 100,683,377 | 89,472,475 |
Swap 1 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Aug. 16, 2017 | |
Termination Date | May 16, 2025 | |
Fixed Rate (Company Pays) | 2.12% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 536,901 | (358,988) |
Derivative, notional amount | $ 10,664,750 | 11,680,250 |
Swap 2 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Apr. 10, 2018 | |
Termination Date | Dec. 11, 2025 | |
Fixed Rate (Company Pays) | 2.74% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 955,139 | (1,398,025) |
Derivative, notional amount | $ 23,308,000 | 25,380,000 |
Swap 3 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Feb. 16, 2019 | |
Termination Date | Feb. 16, 2024 | |
Fixed Rate (Company Pays) | 2.89% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 256,813 | (486,439) |
Derivative, notional amount | $ 10,664,750 | 11,680,250 |
Swap 4 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Jan. 21, 2021 | |
Termination Date | Jan. 21, 2028 | |
Fixed Rate (Company Pays) | 0.73% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 1,398,984 | (293,862) |
Derivative, notional amount | $ 11,866,750 | 13,210,750 |
Swap 5 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Jan. 21, 2021 | |
Termination Date | Jan. 21, 2028 | |
Fixed Rate (Company Pays) | 0.73% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 1,393,330 | (292,709) |
Derivative, notional amount | $ 11,829,250 | 13,173,250 |
Swap 6 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Jan. 21, 2021 | |
Termination Date | Jan. 21, 2028 | |
Fixed Rate (Company Pays) | 0.74% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 864,286 | (321,857) |
Derivative, notional amount | $ 7,197,547 | 14,347,975 |
Swap 7 | ||
Derivatives, Fair Value [Line Items] | ||
Effective Date | Feb. 05, 2022 | |
Termination Date | Jun. 30, 2026 | |
Fixed Rate (Company Pays) | 1.49% | |
Floating Rate(Company Receives) | 3-month U.S. dollar LIBOR | |
Fair Value Asset/(Liability) | $ 1,697,402 | 0 |
Derivative, notional amount | $ 25,152,330 | $ 0 |
Derivatives and Fair Value Di_5
Derivatives and Fair Value Disclosures - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets non-current | $ 7,102,855 | |
Derivative liabilities non-current | $ 3,151,880 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 5,405,453 | |
Derivative liabilities | 3,151,880 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets non-current | 5,405,453 | |
Derivative liabilities non-current | $ 3,151,880 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,697,402 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets non-current | $ 1,697,402 |
Derivatives and Fair Value Di_6
Derivatives and Fair Value Disclosures - Schedule of Derivative Instruments, Gain (Loss) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total loss/(gain) on derivatives | $ 1,698,462 | $ 240,153 | $ (50,976) |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total loss on derivatives | (126,241) | (2,183,187) | (1,190,400) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap — Income (loss) Reclassification from OCI | 265,610 | 60,954 | |
Interest Rate Swap — Change in Fair Value | 1,697,401 | 7,186 | |
Interest Rate Swap — Realized (expense)/income | 1,061 | (25,457) | (119,116) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap — Realized (expense)/income | $ (126,241) | $ (2,183,187) | $ (1,190,400) |
Derivatives and Fair Value Di_7
Derivatives and Fair Value Disclosures - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (3,103,945) | ||
Ending balance | 5,186,483 | $ (3,103,945) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (3,103,945) | (4,952,823) | $ (2,259,043) |
Other comprehensive loss before reclassifications | 8,164,187 | (68,699) | (3,823,226) |
Amounts reclassified from accumulated other comprehensive loss relating to qualifying hedges | 126,241 | 2,183,187 | 1,190,400 |
Other reclassification adjustments | (265,610) | (60,954) | |
Ending balance | $ 5,186,483 | $ (3,103,945) | $ (4,952,823) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax |
Derivatives and Fair Value Di_8
Derivatives and Fair Value Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | $ 7,102,855 | $ (3,151,880) |
Interest Rate Swap 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 7,102,855 | (3,151,880) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 7,102,855 | (3,151,880) |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | $ 7,102,855 | $ (3,151,880) |
Derivatives and Fair Value Di_9
Derivatives and Fair Value Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets held and used | $ 3,250,000 | $ 3,000,000 | |||
Long-lived assets held for sale | (1,333,950) | ||||
Long-lived assets held and used | $ (529,532) | (49,977) | (54,142) | ||
Total | $ (3,167,034) | (44,616,214) | $ (3,857,307) | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets held and used | 2,375,000 | 3,250,000 | 2,100,000 | 12,650,000 | |
Long-lived assets held for sale | 12,500,000 | 10,800,000 | |||
Total | 2,375,000 | 15,750,000 | 12,900,000 | 12,650,000 | |
Long-lived assets held for sale | (1,125,243) | (2,591,924) | |||
Long-lived assets held and used | (529,532) | (49,977) | (45,578) | (1,333,950) | |
Total | (529,532) | (1,175,220) | (2,637,502) | (1,333,950) | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets held and used | 2,375,000 | 3,250,000 | 2,100,000 | 12,650,000 | |
Long-lived assets held for sale | 12,500,000 | 10,800,000 | |||
Total | $ 2,375,000 | $ 15,750,000 | $ 12,900,000 | $ 12,650,000 |
Derivatives and Fair Value D_10
Derivatives and Fair Value Disclosures - Additional Information - 2 (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | ||||||
Long-lived assets held-for-use, fair value disclosure | $ 3,000,000 | $ 3,250,000 | $ 3,000,000 | |||
Depreciation, total | 195,858 | $ 27,814,901 | 37,125,903 | $ 37,455,093 | ||
Impairment of long-lived assets held-for-use | $ 529,532 | 49,977 | 54,142 | |||
Impairment of long-lived assets to be disposed of | 1,333,950 | |||||
Gas Prodigy and Gas Spirit Vessels [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Long-lived assets held-for-use, fair value disclosure, net | 220,404 | |||||
Impairment of long-lived assets to be disposed of | 45,578 | |||||
Assets held-for-sale, long lived, fair value disclosure | $ 10,800,000 | |||||
Eco Loyalty [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Long-lived assets held-for-use, fair value disclosure, net | $ 250,000 | $ 250,000 | ||||
Assets held-for-sale, long lived, fair value disclosure | 12,500,000 | |||||
Assets held for sale, costs to sell | $ 12,250,000 |
Capital Stock, Treasury Stock_2
Capital Stock, Treasury Stock and Additional Paid-in Capital - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | May 23, 2019 | |
Stockholders' Equity Note [Abstract] | |||
Stock repurchased during period, share | 1,366,045 | ||
Treasury stock acquired, average cost per share | $ 2.81 | ||
Treasury stock, shares, acquired | 359,792 | ||
Stock repurchase program, authorized amount, additional | $ 10,000,000 | ||
Stock Issued During Period, Shares, Acquisitions | 4,761,904 | ||
Shares Issued, Price Per Share | $ 2.1 | ||
Stock Repurchase Program Expiration Date | Apr. 28, 2020 |
Equity Compensation Plan - Addi
Equity Compensation Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||
May 26, 2023 | Feb. 01, 2023 | May 26, 2022 | May 26, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Dividends, total | $ 0 | $ 0 | $ 0 | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | 465,773 | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 0 | ||||||
Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 250,000 | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 1.32 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 32,951 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 months 24 days | ||||||
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 Volatility Rate | 46.75% | ||||||
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 | 0.96% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | May 25, 2031 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 125,000 | 0 | |||||
Measurement Input, Option Volatility [Member] | Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 6 years | ||||||
Non Vested Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 343,744 | 343,744 | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 2.99 | $ 2.99 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | 50% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 171,872 | 343,744 | 0 | ||||
Non Vested Restricted Stock [Member] | General and Administrative Expense [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Allocated share-based compensation expense, total | $ 148,280 | $ 148,280 | $ 0 | ||||
Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 102,779 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 months 24 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | ||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Allocated share-based compensation expense, total | $ 462,508 | $ 462,508 | $ 0 | ||||
The Plan Member | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Common stock, reserved percentage | 10% | ||||||
The Plan Member | Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 608,365 | ||||||
2007 Plan [Member] | Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 250,000 | ||||||
2007 Plan [Member] | Restricted Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 555,479 |
Equity Compensation Plan - Summ
Equity Compensation Plan - Summary of Nonvested Restricted Shares (Detail) - Non Vested Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
May 26, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | |||
Non-vested, Beginning balance, Number of restricted shares | 343,744 | 0 | |
Granted, Number of restricted shares | 343,744 | 343,744 | |
Vested, Number of restricted shares | 171,872 | ||
Non-vested, Ending balance, Number of restricted shares | 171,872 | 343,744 | |
Non-vested, Beginning balance, Weighted average grant date fair value per non-vested share | $ 2.99 | $ 0 | |
Granted, Weighted average grant date fair value per non-vested share | $ 2.99 | 2.99 | |
Vested, Weighted average grant date fair value per non-vested share | 2.99 | ||
Non-vested, Ending balance, Weighted average grant date fair value per non-vested share | $ 2.99 | $ 2.99 |
Equity Compensation Plan - Su_2
Equity Compensation Plan - Summary of the Company's non-vested stock option activity (Detail) - Non-vested stock option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Option Shares | 250,000 | |
Granted, Weighted-Average Exercise Price | $ 2.99 | |
Outstnding, Option Shares | 250,000 | 250,000 |
Outstnding, Weighted-Average Exercise Price | $ 2.99 | $ 2.99 |
Earnings_(loss) per share - Bas
Earnings/(loss) per share - Basic and Diluted Earnings Per Share Calculation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income/(loss) | $ 34,253,365 | $ (35,123,208) | $ 11,984,485 |
Less: Undistributed earnings allocated to non-vested shares | 216,168 | 0 | 0 |
Net income/(loss) attributable to common shareholders, basic | $ 34,037,197 | $ (35,123,208) | $ 11,984,485 |
Weighted average number of shares outstanding, basic | 37,961,560 | 37,858,437 | 38,357,893 |
Weighted average number of shares outstanding, diluted | 37,961,673 | 37,858,437 | 38,357,893 |
Earnings/(Loss) per share, basic | $ 0.9 | $ (0.93) | $ 0.31 |
Earnings/(Loss) per share, diluted | $ 0.9 | $ (0.93) | $ 0.31 |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Line Items] | |||
Dilutive effect excluded from computation of earnings per share | 171,872 | 343,744 | 0 |
Anti-dilutive [Member] | |||
Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 250,000 | 250,000 |
Revenues - Summary of Analysis
Revenues - Summary of Analysis of Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 152,760,888 | $ 150,204,527 | $ 145,003,021 |
Total revenues | 152,760,888 | 150,204,527 | 145,003,021 |
Time Charter [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 114,996,842 | 105,966,167 | 101,837,425 |
Bareboat [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,340,791 | 9,624,684 | 16,876,956 |
Voyage Charter [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,156,474 | 33,813,496 | 25,161,401 |
Other Income Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 3,266,781 | $ 800,180 | $ 1,127,239 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 152,760,888 | $ 150,204,527 | $ 145,003,021 |
Unearned revenue | 1,912,239 | 1,789,720 | |
Voyage Charters [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Contract with customer receivable | 1,500,000 | 2,100,000 | |
Contract fulfilment cost | 270,514 | 298,984 | |
Voyage Charters [Member] | Demurrage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 3,400,000 | $ 4,100,000 | $ 2,400,000 |
Vessel Operating Expenses - Ves
Vessel Operating Expenses - Vessel Operating Expenses (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Vessel Operating Expenses [Abstract] | |||
Crew wages and related costs | $ 34,721,673 | $ 38,454,397 | $ 32,073,496 |
Insurance | 2,382,340 | 2,196,444 | 1,889,041 |
Repairs and maintenance | 5,716,570 | 7,282,481 | 6,590,006 |
Spares and consumable stores | 8,127,376 | 9,123,975 | 7,990,022 |
Miscellaneous expenses | 3,996,819 | 4,452,266 | 4,752,656 |
Total | $ 54,944,778 | $ 61,509,563 | $ 53,295,221 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Line Items] | ||
Contract receivable, due in next twelve months | $ 65,571,902 | |
Contract receivable, due in year two | 6,504,434 | |
Long-term Debt | 278,987,204 | $ 303,167,029 |
MGC Aggressive Holdings Inc [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Long-term Debt | 22,916,664 | |
Accrued Interest | $ 207,768 | |
Equity Method Investment, Ownership Percentage | 51% | 51% |
Percentage of outstanding Loan balance | 49% | |
Joint Venture [Member] | MGC Aggressive Holdings Inc [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Equity Method Investment, Ownership Percentage | 49% | |
Financial Guarantee [Member] | Spacegas Inc., Financial Power Inc. and MGC Aggressive Holdings Inc. [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Long-term Debt | $ 31,286,663 | |
Accrued Interest | $ 302,674 |
Leases - The Company as Lesse_2
Leases - The Company as Lessee - Schedule of operating leases (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Non current assets | $ 104,168 | |
Liabilities | 104,168 | |
Office leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non current assets | $ 0 | 104,168 |
Liabilities | $ 104,168 |
Leases - The Company as Lesse_3
Leases - The Company as Lessee - Schedule of company's lease expenses and sub-lease income (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Charter Hire Expenses [Member] | ||||
Lease expense for chartered-in contracts greater than 12 months | $ 318,606 | |||
Total charter hire expenses | 318,606 | |||
General and Administrative Expense [Member] | ||||
Lease expense for office leases | $ 88,326 | $ 97,726 | 90,121 | |
Revenue [member] | ||||
Sub lease income from chartered-in contracts greater than 12 months | [1] | $ 860,227 | ||
[1]The sub-lease income represents time charter revenue earned on the chartered-in contracts greater than 12 months. |
Leases - The Company as Lesse_4
Leases - The Company as Lessee - Schedule of total amount of lease payments on an undiscounted basis (Detail) | Dec. 31, 2021 USD ($) |
Discount rate upon adoption | 5.60% |
2020 | $ 107,520 |
Lessee, Operating Lease, Liability, Payments, Due | 107,520 |
Present value of lease liability | 104,168 |
Lease liabilities - short term | 104,168 |
Total lease liabilities | 104,168 |
Discount based on incremental borrowing rate | $ 3,352 |
Office leases [Member] | |
Discount rate upon adoption | 5.60% |
2020 | $ 107,520 |
Lessee, Operating Lease, Liability, Payments, Due | 107,520 |
Present value of lease liability | 104,168 |
Lease liabilities - short term | 104,168 |
Total lease liabilities | 104,168 |
Discount based on incremental borrowing rate | $ 3,352 |
Leases - The Company as Lesse_5
Leases - The Company as Lessee - Additional Information (Detail) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2019 EUR (€) | Dec. 31, 2021 EUR (€) | |
Operating Lease, Payments | $ 88,326 | $ 97,726 | $ 408,727 | |||
Office Space [Member] | ||||||
Sale Type Minimum Lease Payments Transactions Within Two Years | $ 8,279 | € 7,000 | ||||
Operating lease monthly rent expense | $ 7,345 | € 6,500 | ||||
Time Charter In Contracts [Member] | Minimum [Member] | ||||||
Operating Lease Term Of Contract | 1 year | |||||
Time Charter In Contracts [Member] | Maximum [Member] | ||||||
Operating Lease Term Of Contract | 5 years | |||||
Charter Hire Expenses [Member] | ||||||
Sale Type Minimum Lease Payments Transactions Within Two Years | $ 318,606 | |||||
Charter Hire Expenses [Member] | Bareboat Charters [Member] | ||||||
Current Period Gain Recognized | $ 130,000 | |||||
Gas Premiership And Gas Cathar [Member] | Charter Hire Expenses [Member] | Bareboat Charters [Member] | ||||||
Sale Type Minimum Lease Payments Transactions Within Two Years | $ 318,606 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Feb. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 22, 2022 | |
Subsequent Event [Line Items] | ||||||||
Repayments of debt | $ 83,579,825 | $ 173,012,428 | $ 41,804,846 | |||||
Debt instrument face amount | $ 59,400,000 | |||||||
Restricted Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 50% | |||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 250,000 | |||||||
Share based compensation arrangement by share based payment award award vesting date | Feb. 21, 2024 | |||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 125,000 | |||||||
Restricted Stock [Member] | Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 125,000 | |||||||
Restricted Stock [Member] | Independent Directors [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 27,000 | |||||||
Restricted Stock [Member] | Employees and Service Providers [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 7,000 | |||||||
Share-Based Payment Arrangement [Member] | Chief Executive Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 250,000 | |||||||
Share-based payment arrangement, option, exercise price range, exercisable, weighted average exercise price | $ 2.85 | |||||||
Share-based compensation arrangement by share-based payment award, expiration date | Feb. 21, 2024 | |||||||
Share based compensation arrangement by share based payment award award vesting date | Feb. 21, 2033 | |||||||
Share-Based Payment Arrangement [Member] | Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 125,000 | |||||||
Share-Based Payment Arrangement [Member] | Chief Executive Officer [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 125,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative cash received on hedge | $ 2,000,000 | |||||||
Debt instrument face amount | 70,000,000 | |||||||
Subsequent Event [Member] | MGC Aggressive Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividend received | $ 19,300,000 | |||||||
Subsequent Event [Member] | Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayments of debt | $ 18,500,000 | $ 5,900,000 | ||||||
Debt instrument maturity date | January 2028 | August 2026 |