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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 985,418 $ 6,960,258
Restricted cash 610,376 117,063
Trade accounts receivable, net 715,097 958,705
Other receivables 1,570,506 2,031,415
Inventories 1,889,164 1,704,391
Prepaid expenses 526,531 222,336
Total current assets 6,297,092 11,994,168
Long-term assets:    
Vessels, net 116,230,333 48,826,128
Restricted cash 4,334,267 6,134,267
Total assets 126,861,692 66,954,563
Current liabilities    
Long-term bank loans, current portion 12,295,320 4,870,241
Related party loan, current 5,000,000
Trade accounts payable 3,899,967 2,288,525
Accrued expenses 1,725,321 1,301,805
Accrued preferred dividends 161,315
Deferred revenues 973,774 417,634
Due to related company 795,562 2,672,895
Derivatives 41,435
Total current liabilities 24,851,259 11,592,535
Long-term liabilities    
Long-term bank loans, net of current portion 72,187,785 31,716,549
Vessel profit participation liability 1,067,500
Fair value of below market time charters acquired 1,714,370
Total long-term liabilities 73,902,155 32,784,049
Total liabilities 98,753,414 44,376,584
Commitments and contingencies
Mezzanine Equity    
Preferred shares (par value $0.01, 20,000,000 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, 1,564,456 and 5,600,259 issued and outstanding) 168,008 46,934
Additional paid-in capital 253,967,708 233,996,669
Accumulated deficit (233,682,015) (230,222,985)
Total shareholders’ equity 20,453,701 3,820,618
Total liabilities, mezzanine equity and shareholders’ equity $ 126,861,692 $ 66,954,563