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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 15,667,761 $ 25,411,420
Trade accounts receivable, net 1,204,115 2,189,986
Other receivables 679,497 844,720
Inventories 1,463,280 1,758,930
Restricted cash 291,962 294,093
Prepaid expenses 456,380 348,231
Total current assets 19,762,995 30,847,380
Fixed assets    
Vessels, net 105,369,275 111,150,227
Advances for vessels under construction 22,428,693 15,687,490
Long-term assets    
Restricted cash 5,200,000 7,700,000
Deferred charges, net 673,293 335,621
Other investments 6,749,050 6,183,800
Investment in joint venture 17,718,554 18,674,094
Total long-term assets 158,138,865 159,731,232
Total assets 177,901,860 190,578,612
Current liabilities    
Long-term debt, current portion 18,556,000 19,512,000
Trade accounts payable and accrued expenses 4,298,698 3,430,780
Deferred revenues 730,889 803,649
Due to related company 558,069 1,145,808
Derivatives 147,388 297,992
Total current liabilities 24,291,044 25,190,229
Long-term liabilities    
Long-term debt, net of current portion 31,265,000 34,745,000
Derivatives 187,328 779
Total long-term liabilities 31,452,328 34,745,779
Total liabilities $ 55,743,372 $ 59,936,008
Commitments and Contingencies
Mezzanine Equity    
Preferred shares (redemption of $32,140,100 and $32,948,624 respectively) $ 31,248,624 $ 30,440,100
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 5,715,731 and 5,784,025 issued and outstanding as adjusted for 1-for-10 reverse stock split effected on July 22, 2015) 173,521 171,472
Additional paid-in capital as adjusted for 1-for-10 reverse stock split as effected on July 22, 2015 268,594,356 268,374,336
Accumulated deficit (177,858,013) (168,343,304)
Total shareholders’ equity 90,909,864 100,202,504
Total liabilities and shareholders’ equity $ 177,901,860 $ 190,578,612