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Unaudited Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current assets    
Cash and cash equivalents $ 38,384,909 $ 11,400,237
Trade accounts receivable, net 535,190 1,879,151
Other receivables 1,015,299 1,440,833
Inventories 1,950,650 1,474,114
Restricted cash 294,059 462,415
Prepaid expenses 325,093 295,248
Total current assets 42,505,200 16,951,998
Fixed assets    
Vessels, net 120,962,255 105,463,737
Advances for vessel acquisition and vessels under construction 12,462,459 50,122
Long-term assets    
Restricted cash 7,700,000 7,400,000
Deferred charges, net 370,775 338,431
Other investments 5,671,196 5,196,196
Investment in joint venture 19,953,665 21,215,870
Total long-term assets 167,120,350 139,664,356
Total assets 209,625,550 156,616,354
Current liabilities    
Long-term debt, current portion 14,617,000 12,862,000
Trade accounts payable 4,135,843 2,336,952
Accrued expenses 1,534,726 1,002,445
Accrued dividends 13,050 13,050
Deferred revenues 1,544,644 996,599
Due to related companies 1,025,071 903,478
Derivatives 501,015 697,889
Total current liabilities 23,371,349 18,812,413
Long-term liabilities    
Long-term debt, net of current portion 44,821,000 32,782,000
Derivatives 174,831 319,859
Total long-term liabilities 44,995,831 33,101,859
Total liabilities 68,367,180 51,914,272
Mezzanine equity    
Series B Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 0 and 31,351 shares issued and outstanding, respectively) 29,651,416   
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 45,723,255 and 56,888,123 issued and outstanding) 1,706,644 1,371,698
Additional paid-in capital 266,766,205 252,314,683
Accumulated deficit (156,865,895) (148,984,299)
Total shareholders’ equity 111,606,954 104,702,082
Total liabilities and shareholders’ equity $ 209,625,550 $ 156,616,354