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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (8,706,185) $ (7,230,180)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:    
Depreciation of vessels 5,780,952 5,825,417
Amortization of deferred charges 75,052 61,978
Loss in investment in joint venture 955,540 1,262,204
Share-based compensation 222,068 286,468
Unrealized (gain)/loss on derivatives 35,945 (341,902)
Other investment income accrued (565,250) (475,000)
Changes in operating assets and liabilities 1,406,873 3,541,086
Net cash provided by/ (used in) operating activities (795,005) 2,930,071
Cash flows from investing activities:    
Vessel acquisition and advances for vessels under construction (6,741,203) (33,230,898)
Increase in restricted cash (700,000) (300,000)
Release of restricted cash 3,202,131 168,356
Net cash used in investing activities (4,239,072) (33,362,542)
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
Loan fees paid (245,300) (260,000)
Offering expenses paid (28,282) (366,857)
Proceeds from long-term debt 5,000,000 23,300,000
Repayment of long-term debts (9,436,000) (9,506,000)
Net cash provided by / (used in) financing activities (4,709,582) 57,417,143
Net increase / (decrease) in cash and cash equivalents (9,743,659) 26,984,672
Cash and cash equivalents at beginning of period 25,411,420 11,400,237
Cash and cash equivalents at end of period 15,667,761 38,384,909
Supplemental cash flow information    
Cash paid for interest 691,653 869,352
Non cash financing and investing activities    
“Payment – in – kind” dividends $ 808,524 $ 651,416