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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (2,189,830) $ (2,840,943)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation of vessels 2,117,645 2,134,474
Amortization of deferred charges 72,024 94,441
Equity loss in joint venture 185,714
Share-based compensation 40,461 68,417
Unrealized loss / (gain) on derivatives (5,072) 129,661
Other investment income accrued (341,571)
Gain on sale of vessel (516,561)
Changes in operating assets and liabilities 567,577 943,895
Net cash provided by operating activities 86,244 374,088
Cash flows from investing activities:    
Cash paid for vessels under construction and vessel acquisition (4,478,371) (22,425,803)
Proceeds from sale of vessels 5,137,010 1,549,603
Net cash(used in) /provided by investing activities 658,639 (20,876,200)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of commissions paid 549,495
Loan fees paid (42,125) (507,276)
Proceeds from long-term debt 10,862,500 28,300,000
Offering expenses paid (126,029)
Repayment of related party loan (2,000,000)
Repayment of long-term debt (927,000) (13,852,125)
Net cash provided by financing activities 8,316,841 13,940,599
Net (decrease) / increase in cash, cash equivalents and restricted cash 9,061,724 (6,561,513)
Cash, cash equivalents and restricted cash at beginning of period 9,348,099 19,182,379
Cash and cash equivalents and restricted cash at end of period 18,409,823 12,620,866
Cash breakdown    
Total cash, cash equivalents and restricted cash shown in the statement of Cash Flows $ 9,348,099 $ 19,182,379