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Condensed Interim Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets    
Vessels held for sale $ 0 $ 37,083,985
Cash and cash equivalents 103,129,226 40,109,382
Receivables, trade 19,887,897 26,189,316
Working capital advances 3,025,000 3,475,000
Prepayments 905,298 1,042,359
Advances and deposits 5,189,134 3,511,872
Other receivables 23,157 23,953
Inventories 4,751,848 3,969,483
Total current assets 136,911,560 115,405,350
Non-current assets    
Vessels and vessel equipment, net of accumulated depreciation $66.8 million (2015: $46.2 million) 644,795,131 658,628,933
Deferred drydock expenditure, net of accumulated depreciation $6.8 million (2015: $5.1 million) 4,672,715 3,730,374
Deposit for vessel acquisition 17,250,000 0
Leasehold improvements, net 483,999 0
Other non-current assets, net of accumulated depreciation $0.3 million (2015: $0.2 million) 597,763 432,951
Total non-current assets 667,799,608 662,792,258
TOTAL ASSETS 804,711,168 778,197,608
Current liabilities    
Payables, trade 8,716,511 12,482,540
Charter revenue received in advance 2,135,525 1,192,317
Other payables 144,484 144,932
Accrued interest on loans 1,304,466 1,752,226
Current portion of long-term debt 35,099,656 27,014,500
Current portion of capital lease obligations 0 26,771,911
Total current liabilities 47,400,642 69,358,426
Non-current liabilities    
Non-current portion of long-term debt 341,984,589 361,227,904
Total non-current liabilities 341,984,589 361,227,904
Equity    
Share capital 339,754 263,297
Additional paid in capital 404,169,028 338,226,370
Treasury stock (4,272,477) (1,278,546)
Accumulated surplus 15,089,632 10,400,157
Total equity 415,325,937 347,611,278
TOTAL LIABILITIES AND EQUITY $ 804,711,168 $ 778,197,608