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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 5,243,233 $ 3,208,092
Trade accounts receivable, net 1,198,057 1,432,114
Other receivables 1,123,990 870,415
Inventories 1,366,029 1,291,279
Restricted cash 1,511,808 655,739
Prepaid expenses 355,545 172,398
Vessels held for sale 2,814,046
Due from related companies 1,636,762
Total current assets 12,435,424 10,444,083
Fixed assets    
Vessels, net 126,502,147 105,584,633
Advances for vessels under construction and vessel acquisition deposits 2,318,583 17,753,737
Long-term assets    
Restricted cash 6,934,267 5,484,268
Deferred charges, net 426,783
Other investment 4,000,000 4,000,000
Total long-term assets 139,754,997 133,249,421
Total assets 152,190,421 143,693,504
Current liabilities    
Long-term debt, current portion 11,149,996 5,549,218
Loan from related party 2,000,000
Trade accounts payable and accrued expenses 3,472,496 3,176,556
Deferred revenues 1,146,883 437,322
Derivatives 88,176
Due to related companies 11,539
Total current liabilities 15,857,551 11,174,635
Long-term liabilities    
Long-term debt, long-term portion net of deferred charges and debt discount 50,513,956 44,366,976
Derivatives 183,356 240,181
Vessel profit participation liability 487,900
Total long-term liabilities 51,185,212 44,607,157
Total liabilities 67,042,763 55,781,792
Commitments and Contingencies
Mezzanine Equity    
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 35,505 and 36,391 shares issued and outstanding, respectively) 34,690,733 33,804,948
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 10,876,112 and 11,173,856 issued and outstanding, respectively) 335,222 326,283
Additional paid-in capital 284,210,257 283,757,739
Accumulated deficit (234,088,554) (229,977,258)
Total shareholders’ equity 50,456,925 54,106,764
Total liabilities, mezzanine equity and shareholders’ equity $ 152,190,421 $ 143,693,504