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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 9,099,122 $ 2,858,927
Trade accounts receivable, net 940,753 885,495
Other receivables 1,007,502 965,037
Inventories 1,104,525 1,193,018
Restricted cash 119,399 1,103,953
Prepaid expenses 301,993 247,039
Vessels held for sale 4,914,782
Total current assets, continuing operations 12,573,294 12,168,251
Current assets of discontinued operations 3,914,117
Total current assets 12,573,294 16,082,368
Fixed assets    
Vessels, net 50,425,420 52,132,079
Long-term assets:    
Restricted cash 4,334,267 4,334,267
Due from spun-off subsidiary 24,585,518
Fixed and long-term assets of discontinued operations 65,197,615
Total assets 67,332,981 162,331,847
Liabilities, mezzanine equity and shareholders’ equity    
Long-term bank loans, current portion 3,199,893 4,203,261
Trade accounts payable 1,618,737 1,522,473
Accrued expenses 1,692,372 1,117,110
Deferred revenues 510,144 590,178
Derivative 60,210 229,451
Due to related company 8,642,163 4,986,836
Total current liabilities, continuing operations 15,723,519 12,649,309
Current liabilities of discontinued operations 5,885,574
Total current liabilities 15,723,519 18,534,883
Long-term liabilities    
Long-term bank loans, net of current portion 27,440,527 29,811,241
Derivative 43,656 16,631
Vessel profit participation liability 2,005,500 1,297,100
Total long-term liabilities, continuing operations 29,489,683 31,124,972
Long-term liabilities of discontinued operations 30,364,035
Total long-term liabilities 29,489,683 61,489,007
Total liabilities 45,213,202 80,023,890
Commitments and Contingencies
Mezzanine Equity    
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 37,314 and 19,122 issued and outstanding, respectively) 18,272,339 35,613,759
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 11,274,126 issued and outstanding) 338,230 338,230
Additional paid-in capital 231,811,950 284,236,597
Accumulated deficit (228,302,740) (237,880,629)
Total shareholders’ equity 3,847,440 46,694,198
Total liabilities, mezzanine equity and shareholders’ equity $ 67,332,981 $ 162,331,847