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Unaudited Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current assets    
Cash and cash equivalents $ 41,234,596 $ 43,539,303
Trade and other receivables 2,584,300 1,545,658
Claims receivable   516,403
Inventories 2,614,774 2,416,108
Advances and prepayments 509,286 628,623
Restricted cash 4,813,316 6,954,363
Vessel held for sale   921,285
Total current assets 51,756,272 56,521,743
Non current assets    
Advances for vessels under construction and acquisitions 19,200,000 22,347,811
Vessels, net 641,968,871 613,832,973
Restricted cash 1,300,000 1,300,000
Deferred finance charges, net of accumulated amortization of $1,374,020 and $1,699,597 1,382,047 1,707,624
Total non current assets 663,850,918 639,188,408
Total assets 715,607,190 695,710,151
Current liabilities    
Payable to related party 7,982,622 7,874,990
Trade accounts payable 6,918,475 6,453,807
Accrued liabilities 3,380,242 4,749,162
Customer deposits 275,000 275,000
Deferred income 2,531,866 2,789,186
Fair value of derivatives 1,026,410  
Current portion of long-term debt 35,162,544 33,166,887
Current portion of long-term debt associated with vessel held for sale   791,823
Total current liabilities 57,277,159 56,100,855
Non current liabilities    
Fair value of derivatives 5,913,326 9,401,798
Long-term debt 318,107,439 317,109,471
Total non current liabilities 324,020,765 326,511,269
Total liabilities 381,297,924 382,612,124
Capital stock    
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share 0 0
100,000,000 common shares authorized 21,104,881 shares issued and 20,552,568 shares outstanding with a par value of $0.01 per share 205,526 205,526
Additional paid-in capital 275,761,643 275,761,643
Retained earnings 58,257,549 37,058,140
Accumulated other comprehensive income 84,548 72,718
Total stockholders’ equity 334,309,266 313,098,027
Total liabilities and stockholders’ equity $ 715,607,190 $ 695,710,151