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Condensed Interim Balance Sheets - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current assets    
Vessels Held For Sale $ 37,083,985 $ 37,083,985
Cash and cash equivalents 47,470,436 40,109,382
Receivables, trade 20,245,597 26,189,316
Working capital advances 3,475,000 3,475,000
Prepayments 1,130,488 1,042,359
Advances and deposits 5,006,659 3,511,872
Other receivables 23,953 23,953
Inventories 4,300,202 3,969,483
Total current assets 118,736,320 115,405,350
Non-current assets    
Vessels and vessel equipment, net 651,917,546 658,628,933
Deferred drydock expenditure, net 3,756,659 3,730,374
Leasehold improvements, net 502,277 0
Other non-current assets, net 592,014 432,951
Total non-current assets 656,768,496 662,792,258
TOTAL ASSETS 775,504,816 778,197,608
Current liabilities    
Payables, trade 9,652,632 12,482,540
Charter revenue received in advance 2,569,505 1,192,317
Other payables 106,479 144,932
Accrued interest on loans 2,133,741 1,752,226
Current portion of long-term debt 35,125,804 27,014,500
Current portion of capital lease obligations 26,239,253 26,771,911
Total current liabilities 75,827,414 69,358,426
Non-current liabilities    
Non-current portion of long-term debt 350,850,570 361,227,904
Total non-current liabilities 350,850,570 361,227,904
Equity    
Share capital 263,990 263,297
Additional paid in capital 339,099,530 338,226,370
Treasury stock (4,272,477) (1,278,546)
Accumulated surplus 13,735,789 10,400,157
Total equity 348,826,832 347,611,278
TOTAL LIABILITIES AND EQUITY $ 775,504,816 $ 778,197,608