XML 44 R31.htm IDEA: XBRL DOCUMENT v3.19.1

Significant Accounting Policies (Tables) - Accounting Standards Update 2014-09 [Member]

12 Months Ended

Dec. 31, 2018

Schedule of Impact of Adoption of ASU 2014-09 on Consolidated Balance Sheet and Consolidated Statement of Operations

The following table presents the impact of the adoption of ASU 2014-09 on our consolidated balance sheet at December 31, 2018:

		As at December 31, 2018
		As reported				Balances without adoption of ASU 2014-09				Effect of change
Assets
Current Assets
Trade and other receivables		$	2,888,496			$	2,941,191			$	(52,695	)
Other current assets			134,301				—				134,301
Liabilities
Payable to related party			7,930,642				7,931,297				(655	)
Accrued and other liabilities			6,879,488				6,880,536				(1,048	)

The following table presents the impact of the adoption of ASU 2014-09 on our consolidated statement of operations:

		For the year ended December 31, 2018
		As reported				Balances without adoption of ASU 2014-09				Effect of change
Total revenues		$	164,330,202			$	163,744,736			$	(585,466	)
Voyage expenses			18,649,258				18,498,600				150,658
Voyage expenses – related party			2,037,917				2,030,599				7,318
Net loss			(12,276,520	)			(12,704,010	)			(427,490	)
Basic earnings per share		$	(0.31	)		$	(0.32	)		$	(0.01	)
Diluted earnings per share		$	(0.31	)		$	(0.32	)		$	(0.01	)

Schedule of Cumulative Effect of Changes on Consolidated Balance Sheet for Adoption of ASC 606

The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:

		December 31, 2017				Effect of adoption of ASC 606				January 1, 2018
Assets
Current Assets
Trade and other receivables			3,853,992				(567,845	)			3,286,147
Other current assets			—				293,664				293,664
Liabilities
Deferred income			4,362,056				70,000				4,432,056
Stockholders’ Equity
Retained earnings			93,469,787				(344,181	)			93,125,606

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Name:	us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the comparison between amounts disclosed under previous guidance and new guidance.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfProspectiveAdoptionOfNewAccountingPronouncementsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: