XML 33 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (7,230,180) $ (13,500,918)
Depreciation of vessels 5,825,417 8,501,893
Net loss on sale of vessel   3,191,678
Amortization of deferred charges 61,978 84,236
Losses in investment in joint venture 1,262,204 897,459
Share-based compensation 286,468 367,429
Unrealized gain on derivatives (341,902) (882,937)
Other income accrued (475,000)  
Changes in operating assets and liabilities 3,541,086 4,222,768
Net cash provided by operating activities 2,930,071 2,881,608
Cash flows from investing activities:    
Contributions to joint venture   (6,250,000)
Proceeds from sale of a vessel   3,569,159
Vessel acquisition and advances for vessels under construction (33,230,898) (636,602)
Change in restricted cash (131,644) (995,497)
Net cash used in investing activities (33,362,542) (4,312,940)
Cash flows from financing activities:    
Proceeds from issuance of common stocks, net 14,550,000  
Proceeds from issuance of preferred stocks, net 29,700,000  
Dividends paid   (1,357,986)
Offering expenses paid (366,857)  
Loan fees paid (260,000)  
Proceeds from long-term debt 23,300,000  
Repayment of long-term debts (9,506,000) (7,456,000)
Net cash (used in)/ provided by financing activities 57,417,143 (8,813,986)
Net (decrease)/ increase in cash and cash equivalents 26,984,672 (10,245,318)
Cash and cash equivalents at beginning of period 11,400,237 33,374,960
Cash and cash equivalents at end of period $ 38,384,909 $ 23,129,642