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RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2014
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions [Table Text Block] | Amounts and notes payable to related parties consist of the following:
|  | December 31, |  |  |  |  |  |  | December 31, |  |  |  |  |  | December 31, |
|  | 2012 |  | Activity |  |  |  | 2013 |  | Activity |  |  |  | 2014 |
Included in accounts payable and accrued expenses on the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
To Founders |  | $ | 203,050 |  | $ | - |  |  |  | $ | 203,050 |  | $ | - |  |  |  | $ | 203,050 |
Affiliated companies (trade payables) |  |  | 91,284 |  |  | (91,284) |  |  |  |  | - |  |  | - |  |  |  |  | - |
|  | $ | 294,334 |  | $ | (91,284) |  |  |  | $ | 203,050 |  | $ | - |  |  |  | $ | 203,050 |
Included in current related party debt on the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan payable – STST (m/v Orion) |  | $ | 6,250,000 |  |  | (6,250,000) |  | i |  | $ | - |  | $ | - |  |  |  | $ | - |
Loan payable – STST (m/v Odyssey) |  |  | 6,250,000 |  |  | (6,250,000) |  | i |  |  | - |  |  | - |  |  |  |  | - |
Loan payable – 2011 Founders Note |  |  | 4,325,000 |  |  | - |  |  |  |  | 4,325,000 |  |  | - |  |  |  |  | 4,325,000 |
Interest payable in-kind – 2011 Founders Note |  |  | 341,916 |  |  | (45,668) |  | ii |  |  | 296,248 |  |  | 38,357 |  |  |  |  | 334,605 |
Loan payable – 2012 Founders Note |  |  | 3,000,000 |  |  | (3,000,000) |  | iii |  |  | - |  |  | - |  |  |  |  | - |
Loan payable to Founders |  |  | - |  |  | - |  |  |  |  | - |  |  | 5,000,000 |  |  |  |  | 5,000,000 |
Interest payable in-kind – 2012 Founders Note |  |  | 228,407 |  |  | (228,407) |  | ii |  |  | - |  |  | - |  |  |  |  | - |
Loan payable – BVH shareholder (STST) |  |  | - |  |  | 2,995,000 |  | iv |  |  | 2,995,000 |  |  | 1,447,500 |  | iv |  |  | 4,442,500 |
Loan payable to NBHC shareholder (STST) |  | $ | - |  |  | - |  |  |  | $ |  |  | $ | 22,500,000 |  | i |  | $ | 22,500,000 |
Loan payable to NBHC shareholder (ASO2020) |  |  | - |  |  | - |  |  |  |  |  |  |  | 22,499,972 |  | v |  |  | 22,499,972 |
Total current related party debt |  | $ | 20,395,323 |  |  | (12,779,075) |  |  |  | $ | 7,616,248 |  | $ | 51,485,829 |  |  |  | $ | 59,102,077 |
Included in related party long-term debt on the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan payable to NBHC shareholder (STST) |  | $ | - |  |  | 17,030,000 |  |  |  | $ | 17,030,000 |  | $ | (17,030,000) |  | i |  | $ | - |
Loan payable to NBHC shareholder (ASO2020) |  |  | - |  |  | 17,029,972 |  |  |  |  | 17,029,972 |  |  | (17,029,972) |  | v |  |  | - |
Less unamortized discount |  |  | - |  |  | (16,756,054) |  |  |  |  | (16,756,054) |  |  | 16,756,054 |  | vi |  |  | - |
Total related party long-term debt |  | $ | - |  |  | 17,303,918 |  |  |  | $ | 17,303,918 |  | $ | (17,303,918) |  |  |  | $ | - |
i. | Loans payable to STST were converted to long-term debt in conjunction with the restructuring of Odyssey and Orion in 2013 (see Note 1). In 2013, STST provided an additional $4,530,000 (to NBHC) for a total of $17,030,000, which was payable in January 2023. On April 1, 2014, the loans were amended to remove the maturity dates and have therefore been reclassified as current.
ii. | Paid in cash
iii. | Paid through issuance of convertible redeemable preferred stock
iv. | BVH shareholder contribution of $5,000 and loans of $2,995,000 and $1,447,500 entered into for purposes of providing cash deposits on ultramax newbuildings.
v. | In 2013, ASO 2020 Maritime S.A. ("ASO2020") provided $17,029,972 as funding for newbuildings under construction. On April 1, 2014, the loans were amended to remove the maturity dates and have therefore been reclassified to current.
vi. | The unamortized discount at December 31, 2103 was reduced by imputed interest of $322,946 in the first quarter, prior to the amendment of the loan. The net unamortized discount on April 1, 2014 of $16,433,108 has been recorded as a reduction of noncontrolling interest due to the debt modification.

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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