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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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