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Unaudited Interim Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 54,476,651 $ 58,365,330
Receivables, net of allowance for bad debts of $0.8 million (2020: $0.5 million) 18,523,409 17,808,496
Prepaid expenses and other assets 3,161,888 3,683,910
Advances and deposits 3,779,031 2,516,646
Inventories 10,267,752 10,274,062
Vessel held for sale 0 9,895,000
Total current assets 90,208,731 102,543,444
Non-current assets    
Investments and other assets, net 11,009,518 678,632
Vessels and vessel equipment, net 610,733,088 631,458,305
Deferred drydock expenditures, net 10,089,582 10,216,090
Advances for Ballast water treatment systems 2,032,894 2,568,874
Amount receivable in respect of finance leases 2,880,000 2,880,000
Non-current portion of derivative assets 255,139 0
Operating lease, right-of-use asset 1,348,032 1,662,510
Total non-current assets 638,348,253 649,464,411
TOTAL ASSETS 728,556,984 752,007,855
Current liabilities    
Accounts payable 7,929,529 9,125,321
Accrued expenses and other liabilities 12,378,288 11,233,767
Deferred revenue 1,364,185 0
Accrued interest on debt and finance leases 708,130 769,304
Current portion of long-term debt 15,076,992 22,456,396
Current portion of finance lease obligations 20,724,948 18,454,222
Current portion of derivative liabilities 402,469 397,418
Current portion of operating lease obligations 332,868 463,559
Total current liabilities 58,917,409 62,899,987
Non-current liabilities    
Non-current portion of long-term debt 136,470,315 188,054,568
Non-current portion of finance lease obligations 210,815,138 179,250,162
Non-current portion of derivative liabilities 0 433,974
Non-current portion of operating lease obligations 790,420 1,034,218
Total non-current liabilities 348,075,873 368,772,922
TOTAL LIABILITIES 406,993,282 431,672,909
Cumulative redeemable preferred stock 23,041,348 0
Stockholders' equity    
Common stock 363,839 352,067
Additional paid in capital 425,312,334 418,180,983
Accumulated other comprehensive loss (151,159) (729,135)
Treasury stock (15,635,765) (15,635,765)
Accumulated deficit (111,366,895) (81,833,204)
Total stockholders' equity 298,522,354 320,334,946
Total stockholders' equity and preferred stock 321,563,702 320,334,946
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 728,556,984 $ 752,007,855