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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows:
|  | December 31,
|  | 2020 |  | 2019
Money market accounts – cash equivalents |  | $ | 18,443,443 |  |  | $ | 32,150,342 |
Cash (1) |  | 28,453,773 |  |  | 18,404,749 |
Total cash and cash equivalents |  | $ | 46,897,216 |  |  | $ | 50,555,091 |
Restricted cash |  | 1,500,000 |  |  | 2,500,000 |
Total cash, cash equivalents and restricted cash |  | $ | 48,397,216 |  |  | $ | 53,055,091 |
(1) Consists of cash deposits at various major banks.
Advance Hire, Prepaid Expenses | At December 31, advance hire, prepaid expenses and other current assets were comprised of the following:
|  | 2020 |  | 2019
Advance hire |  | $ | 5,026,953 |  |  | $ | 3,985,826 |
Prepaid expenses |  | 3,706,396 |  |  | 4,924,557 |
Accrued receivables |  | 6,823,409 |  |  | 6,466,068 |
Margin Deposit |  | 814,062 |  |  | 269,379 |
Other current assets |  | 3,145,125 |  |  | 3,124,995 |
Total |  | $ | 19,515,945 |  |  | $ | 18,770,825 |
Components of Net Debt Issuance Costs and Bank Fees | The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows:
|  | December 31,
|  | 2020 |  | 2019
Debt issuance costs and bank fees paid to financial institutions |  | $ | 6,547,299 |  |  | $ | 9,302,292 |
Less: accumulated amortization |  | (2,650,091) |  |  | (5,164,419) |
Unamortized debt issuance costs and bank fees |  | $ | 3,897,208 |  |  | $ | 4,137,873 |
Amortization included in interest expense |  | $ | 662,440 |  |  | $ | 727,020 |
Components of Accounts Payable and Accrued Expenses | The components of accounts payable and accrued expenses are as follows:
|  | December 31,
|  | 2020 |  | 2019
Accounts payable |  | $ | 18,678,099 |  |  | $ | 24,173,291 |
Accrued expenses |  | 10,654,357 |  |  | 14,883,555 |
Note Payable |  | 2,500,000 |  |  | — |
Other accrued liabilities |  | 567,832 |  |  | 916,789 |
Total |  | $ | 32,400,288 |  |  | $ | 39,973,635 |
Summary of Fair Value, by Balance Sheet Grouping | The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows:
|  | December 31,
|  | 2020 |  | 2019
Carrying amount of fixed rate long-term debt |  | $ | 93,401,776 |  |  | $ | 90,245,646 |
Fair value of fixed rate long-term debt |  | $ | 95,434,525 |  |  | $ | 92,279,147 |

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