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Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets    
Cash and cash equivalents $ 64,993,923 $ 100,062,957
Receivable from related party 115,599 112,895
Trade and other receivables 3,918,031 4,743,869
Inventories 2,809,123 2,916,254
Advances and prepayments 1,278,357 1,249,402
Restricted cash 3,363,012 13,455,766
Vessel held for sale 831,226
Total current assets 76,478,045 123,372,369
Non current assets    
Advances for vessels under construction and acquisitions 55,785,801 44,031,882
Vessels, net 863,699,739 864,689,888
Other receivables from related party 115,599
Restricted cash 5,174,710 5,146,877
Deferred finance charges 540,414 1,879,537
Fair value of derivatives 263,635 127,555
Total non current assets 925,464,299 914,501,801
Total assets 1,001,942,344 1,037,874,170
Current liabilities    
Payable to related party 7,890,933 9,188,852
Trade accounts payable 8,728,267 8,328,878
Accrued liabilities 5,299,479 5,602,939
Deferred income 4,621,438 4,954,193
Deferred income – related party 232,774 413,157
Fair value of derivatives 297,656
Current portion of long-term debt 54,593,715 74,928,451
Total current liabilities 81,366,606 103,714,126
Non current liabilities    
Fair value of derivatives 364,823 681,197
Customer deposits 2,556,700 2,556,700
Deferred gain on sale and leaseback of vessels 385,127 580,701
Deferred income 1,910 56,183
Long-term debt 343,291,874 347,234,103
Total noncurrent liabilities 346,600,434 351,108,884
Total liabilities 427,967,040 454,823,010
Commitments and contingencies
Stockholders’ equity    
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 44,285,108 shares issued and 40,517,676 shares outstanding at December 31, 2015 and 44,285,108 shares issued and 39,860,563 shares outstanding at December 31, 2016 with a par value of $0.01 per share 442,850 442,850
Treasury stock, 3,767,432 shares at December 31, 2015 and 4,424,545 shares at December 31, 2016 with a par value of $0.01 per share 22,523,528 20,486,872
Additional paid-in capital 501,342,523 501,002,146
Retained earnings 94,688,024 102,486,324
Accumulated other comprehensive (loss)/income 25,435 (393,288)
Total stockholders’ equity 573,975,304 583,051,160
Total liabilities and stockholders’ equity $ 1,001,942,344 $ 1,037,874,170