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Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current assets    
Cash and cash equivalents $ 11,400,237 $ 33,374,960
Trade accounts receivable, net 1,879,151 1,425,171
Other receivables 1,440,833 2,310,111
Inventories (Note 3) 1,474,114 1,812,636
Due from related companies (Note 9)   4,948,443
Restricted cash (Note 10) 462,415 926,011
Prepaid expenses 295,248 273,080
Total current assets 16,951,998 45,070,412
Fixed assets    
Vessels, net (Note 5) 105,463,737 206,934,746
Advances for vessels under construction (Note 4) 50,122  
Long-term assets    
Restricted cash (Note 10) 7,400,000 9,000,000
Deferred charges, net (Note 6) 338,431 318,578
Other investments (Note 19) 5,196,196  
Investment in joint venture (Note 18) 21,215,870 16,989,061
Total long-term assets 139,664,356 233,242,385
Total assets 156,616,354 278,312,797
Current liabilities    
Long-term debt, current portion (Note 10) 12,862,000 15,937,000
Trade accounts payable 2,336,952 2,438,716
Accrued expenses (Note 7) 1,002,445 1,143,626
Accrued dividends (Note 13) 13,050 36,424
Deferred revenues 996,599 1,093,317
Due to related company (Note 9) 903,478  
Derivatives (Note 16, 17) 697,889 1,718,438
Total current liabilities 18,812,413 22,367,521
Long-term liabilities    
Long-term debt, net of current portion (Note 10) 32,782,000 45,644,000
Derivatives (Note 16, 17) 319,859 675,130
Total long-term liabilities 33,101,859 46,319,130
Total liabilities 51,914,272 68,686,651
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 45,319,605 and 45,723,255 issued and outstanding) 1,371,698 1,359,588
Preferred shares (par value $0.01, 20,000,000 shares authorized, no shares issued and outstanding)      
Additional paid-in capital 252,314,683 251,758,459
Accumulated deficit (148,984,299) (43,491,901)
Total shareholders’ equity 104,702,082 209,626,146
Total liabilities and shareholders’ equity $ 156,616,354 $ 278,312,797