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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

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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