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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 2,000,437 $ 6,960,258
Trade accounts receivable, net 705,382 958,705
Other receivables 749,810 2,031,415
Inventories 1,237,686 1,704,391
Restricted cash 454,268 117,063
Prepaid expenses 140,450 222,336
Total current assets 5,288,033 11,994,168
Long-term assets:    
Vessels, net 47,228,704 48,826,128
Restricted cash 1,534,267 6,134,267
Total assets 54,051,004 66,954,563
Current liabilities    
Long-term bank loans, current portion 4,970,000 4,870,241
Trade accounts payable 1,740,054 2,288,525
Accrued preferred dividends 870,512
Accrued expenses 1,315,470 1,301,805
Deferred revenues 542,971 417,634
Derivative 41,435
Due to related company 441,754 2,672,895
Total current liabilities 9,880,761 11,592,535
Long-term liabilities    
Long-term bank loans, net of current portion 34,864,827 31,716,549
Vessel profit participation liability 1,067,500
Total long-term liabilities 34,864,827 32,784,049
Total liabilities 44,745,588 44,376,584
Commitments and Contingencies
Mezzanine Equity    
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 19,605 and 8,000 issued and outstanding, respectively) 7,654,577 18,757,361
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 12,515,645 issued and outstanding) 375,476 375,476
Additional paid-in capital 233,717,692 233,668,127
Accumulated deficit (232,442,329) (230,222,985)
Total shareholders’ equity 1,650,839 3,820,618
Total liabilities, mezzanine equity and shareholders’ equity $ 54,051,004 $ 66,954,563