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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2014
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents [Table Text Block] | Cash and cash equivalents include short-term deposits with an original maturity of less than three months. Cash and cash equivalents by type were as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Money market accounts – cash equivalents |  | $ | 24,238,756 |  |  | $ | 17,622,598 |
Cash (1) |  |  | 5,578,751 |  |  |  | 1,305,329 |
Total |  | $ | 29,817,507 |  |  | $ | 18,927,927 |
(1) Consists of cash deposits at various major banks.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | At December 31, advance hire, prepaid expenses and other current assets were comprised of the following:
|  | 2014 |  |  | 2013 |
Advance hire |  | $ | 4,345,959 |  |  | $ | 8,788,882 |
Prepaid expenses |  |  | 427,889 |  |  |  | 514,169 |
Other current assets |  |  | 1,794,386 |  |  |  | 3,441,074 |
Total |  | $ | 6,568,234 |  |  | $ | 12,744,125 |
Schedule Of Deferred Financing Costs [Table Text Block] | The components of net deferred financing costs, which are included in other noncurrent assets on the consolidated balance sheets, are as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Deferred financing costs |  | $ | 2,143,550 |  |  | $ | 2,393,517 |
Less: accumulated amortization |  |  | (1,339,285 | ) |  |  | (1,050,808 | )
Net deferred financing costs |  |  | 804,265 |  |  |  | 1,342,709 |
Amortization of deferred financing costs |  | $ | 493,283 |  |  | $ | 485,684 |
Schedule Of Bank Fees [Table Text Block] | The components of net deferred financing costs, which are included in secured long-term debt on the consolidated balance sheets are as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Bank fees paid to financial institutions |  | $ | 2,254,400 |  |  | $ | 2,316,750 |
Less: accumulated amortization |  |  | (1,303,135 | ) |  |  | (925,591 | )
Unamortized bank fees |  | $ | 951,265 |  |  | $ | 1,391,159 |
Amortization included in interest expense |  | $ | 461,321 |  |  | $ | 464,245 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The components of accounts payable and accrued expenses are as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Accounts payable |  | $ | 33,538,153 |  |  | $ | 39,201,642 |
Accrued expenses |  |  | 4,651,503 |  |  |  | 3,839,531 |
Accrued interest |  |  | 540,862 |  |  |  | 716,575 |
Other accrued liabilities |  |  | 1,471,276 |  |  |  | 2,120,630 |
Total |  | $ | 40,201,794 |  |  | $ | 45,878,378 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At December 31, 2014 and 2013, the Company has eight fixed rate debt facilities. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Carrying amount of long-term debt |  | $ | 42,044,477 |  |  | $ | 83,046,146 |
Fair value of long-term debt |  |  | 45,960,663 |  |  |  | 85,855,343 |

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