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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Dec. 31, 2016
Jun. 30, 2017
Dec. 31, 2016
Jun. 30, 2016
Cash flows from operating activities:            
Net loss $ (3,225,511) $ (22,031,723)        
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:            
Vessel depreciation 4,273,776 4,381,540        
Amortization of deferred charges 173,426 128,103        
Equity loss in joint venture 752,556        
Impairment of investment in joint venture 14,000,000        
Loss on termination of newbuilding contract 1,448,268        
Share-based compensation 74,706 140,131        
Gain on sale of vessel (516,561) (10,597)        
Unrealized loss on derivatives 31,351 181,707        
Other investment income (683,141)        
Changes in operating assets and liabilities (866,756) 1,721,218        
Net cash provided by / (used in) operating activities (55,569) 28,062        
Cash flows from investing activities:            
Cash paid for vessels under construction and vessel acquisitions (11,518,463) (23,080,296)        
Proceeds from sale of vessels 5,137,010 4,196,268        
Net cash used in investing activities (6,381,453) (18,884,028)        
Cash flows from financing activities:            
Proceeds from issuance of common stock, net of commissions paid 549,495        
Loan arrangement fees paid (92,125) (602,818)        
Offering expenses paid (240,981) (47,377)        
Proceeds from long-term debt 15,612,500 28,300,000        
Repayment of long-term debt (3,050,658) (15,107,125)        
Repayment of related party loan (2,000,000)        
Net cash provided by financing activities 10,778,231 12,542,680        
Net (decrease) / increase in cash and cash equivalents 4,341,209 (6,313,286)        
Cash, cash equivalents and restricted cash at beginning of period 9,348,099 19,182,379 $ 19,182,379      
Cash, cash equivalents and restricted cash at end of period 13,689,308 12,869,093 9,348,099      
Cash breakdown            
Cash and cash equivalents       $ 5,243,233 $ 3,208,092 $ 1,326,921
Restricted cash, current       1,511,808 655,739 4,292,172
Restricted cash, long term       6,934,267 5,484,268 7,250,000
Total cash, cash equivalents and restricted cash shown in the statement of Cash Flows $ 9,348,099 $ 19,182,379 $ 19,182,379 $ 13,689,308 $ 9,348,099 $ 12,869,093