XML 12 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Interim Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net (loss) / income $ (2,167,191) $ 6,739,502
Non-cash items:    
Depreciation 8,446,753 7,051,829
Amortization of deferred dry dock expenditure 613,193 593,851
Share based compensation 114,262 320,985
Amortization of deferred finance charges 607,740 600,463
Changes in operating assets and liabilities:    
Receivables, trade (3,666,361) 5,943,719
Working capital advances (150,000) 0
Prepayments (257,591) (87,758)
Advances and deposits (935,586) (1,494,787)
Other receivables 82,636 0
Inventories (631,729) (330,719)
Payables, trade (459,459) (2,829,908)
Charter revenue received in advance (507,780) 1,377,188
Other payables 14,500 (38,453)
Accrued interest on loans (51,217) 381,516
Deferred dry dock expenditure (246,223) (621,792)
Net cash provided by operating activities 805,947 17,605,636
INVESTING ACTIVITIES    
Payments for acquisition of vessels and equipment (131,467) (299,398)
Payments for leasehold improvements (12,279) (502,277)
Payments for other non-current assets (24,608) (198,450)
Net cash used in investing activities (168,354) (1,000,125)
FINANCING ACTIVITIES    
Proceeds from long-term debt 0 2,010,000
Repayments of long-term debt (11,270,681) (855,000)
Repayments of capital leases (59,311) (443,813)
Payments for deferred finance charges (20,827) (4,110,711)
Repurchase of common stock 0 (2,993,931)
Payment of dividend 0 (2,851,002)
Net cash used in financing activities (11,350,819) (9,244,457)
Net (decrease) / increase in cash and cash equivalents (10,713,226) 7,361,054
Cash and cash equivalents at the beginning of the year 55,952,873 40,109,382
Cash and cash equivalents at the end of the period $ 45,239,647 $ 47,470,436