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Unaudited Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 2,271,069 $ 985,418
Trade accounts receivable, net 1,114,449 715,097
Other receivables 1,552,352 1,570,506
Inventories 2,214,978 1,889,164
Restricted cash 208,593 610,376
Prepaid expenses 300,203 526,531
Total current assets 7,661,644 6,297,092
Long-term assets:    
Vessels, net 103,068,797 116,230,333
Restricted cash 2,334,267 4,334,267
Total assets 113,064,708 126,861,692
Current liabilities    
Long-term bank loans, current portion 10,059,860 12,295,320
Related party loan, current 4,375,000 5,000,000
Trade accounts payable 2,717,260 3,899,967
Accrued expenses 1,491,029 1,725,321
Accrued preferred dividends 161,315
Derivative 336,420
Deferred revenues 550,298 973,774
Due to related company 328,133 795,562
Total current liabilities 19,858,000 24,851,259
Long-term liabilities    
Long-term bank loans, net of current portion 60,563,619 72,187,785
Derivative 246,430
Fair value of below market time charters acquired 240,639 1,714,370
Total long-term liabilities 61,050,688 73,902,155
Total liabilities 80,908,688 98,753,414
Commitments and Contingencies
Mezzanine Equity    
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,000 and 8,363 issued and outstanding, respectively) 8,019,636 7,654,577
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 5,600,259 and 5,800,259 issued and outstanding) 174,008 168,008
Additional paid-in capital 254,702,888 253,967,708
Accumulated deficit (230,740,512) (233,682,015)
Total shareholders’ equity 24,136,384 20,453,701
Total liabilities, mezzanine equity and shareholders’ equity $ 113,064,708 $ 126,861,692