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Sale of vessels previously held under Capital Leases (Tables)

6 Months Ended

Jun. 30, 2016

Leases [Abstract]

Schedule Of Capital Lease Obligations

The gain on disposal of the vessels for the six months ended June 30, 2016 is calculated as follows:

		Calypso			Capella			Total
Sales proceeds			19,150,000			19,350,000			38,500,000
Net book value of vessels			(18,783,238)			(18,253,669)			(37,036,907)
Sale related costs			(273,458)			(228,210)			(501,668)
Lease Termination Costs and Related Finance Fees			(254,731)			(254,732)			(509,463)
Net (Loss) / Gain			(161,427)			613,389			451,962

Schedule Of Future Minimum Lease Payments for Capital Leases

		As at
		Jun 30, 2016			Dec 31, 2015
Current portion of capital lease obligations			-			27,097,348
Current portion of deferred finance fees			-			(325,437)
Total capital lease obligations			-			26,771,911

Schedule of Capital Leased Assets

Assets recorded under capital leases were included in vessels held for sale and consisted of the following at December 31, 2015 and June 30, 2016:

		As at
		Jun 30, 2016			Dec 31, 2015
Vessels held for sale			-			37,083,985
			-			37,083,985

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- References

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- Definition

Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

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Tabular disclosure of the components of the investment in leveraged leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25496975&loc=d3e45424-112738

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- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

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