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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Term Loans				Drawn		December 31,		Movement in 2018						December 31,
Issue Date		Maturity Date		Amount		2017		Additions		Repayments				2018
February 12, 2008		February 19, 2020		40,250,000		14,375,000		—			(2,500,000	)		11,875,000
July 30, 2008		November 4, 2020		33,240,000		15,789,000		—			(1,939,000	)		13,850,000
October 9, 2008		October 9, 2020		29,437,000		6,310,000		—			(6,310,000	)		—
December 14, 2018		December 18, 2023		14,094,184		17,114,365		—			(3,020,181	)		14,094,184
April 14, 2014		April 14, 2020		20,400,000		13,100,000		—			(1,400,000	)		11,700,000
March 27, 2018		March 1, 2024		27,675,000		27,950,000		—			(2,750,000	)		25,200,000
March 1, 2011		June 20, 2020		43,250,000		26,375,000		—			(3,000,000	)		23,375,000
September 23, 2013		September 30, 2020		45,212,500		23,739,007		—			(8,494,310	)		15,244,697
March 24, 2014		July 31, 2022		50,225,000		39,235,000		—			(3,605,000	)		35,630,000
April 16, 2014		April 16, 2020		30,000,000		19,005,000		—			(2,705,000	)		16,300,000
December 14, 2018		December 18, 2023		9,480,000		10,360,000		—			(880,000	)		9,480,000
June 20, 2014		January 8, 2023		20,925,000		17,020,000		—			(1,420,000	)		15,600,000
December 20, 2013		June 30, 2023		67,200,000		55,515,000		—			(3,960,000	)		51,555,000
December 24, 2015		December 14, 2022		22,400,000		19,413,344		—			(1,493,328	)		17,920,016
July 4, 2014		September 3, 2021		22,750,000		19,093,750		—			(1,625,000	)		17,468,750
July 29, 2014		July 7, 2023		25,350,000		20,596,875		—			(2,112,500	)		18,484,375
December 7, 2017		December 11, 2022		22,275,000		10,500,000		11,775,000			(2,755,000	)		19,520,000
May 18, 2016		December 31, 2025		65,650,000		31,484,500		33,150,000			(3,585,240	)		61,049,260
March 1, 2017		April 17, 2026		70,787,500		—		70,787,500			(3,162,501	)		67,624,999
Total						386,975,841		115,712,500			(56,717,060	)		445,971,281
Current portion of long-term debt						42,580,323								42,433,562
Current portion of long-term debt associated with vessels held for sale						—								30,150,000
Long term debt						344,395,518								373,387,719
Total debt						386,975,841								445,971,281
Current portion of deferred finance charges						613,716								706,725
Current portion of deferred finance charges associated with vessels held for sale						—								73,644
Deferred finance charges non-current						1,453,677								1,873,466
Total deferred finance charges						2,067,393								2,653,835
Total debt						386,975,841								445,971,281
Less: Total deferred finance charges						2,067,393								2,653,835
Total debt, net of deferred finance charges						384,908,448								443,317,446
Less: Current portion of long-term debt, net of current portion of deferred finance charges						41,966,607								41,726,837
Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges						—								30,076,356
						342,941,841								371,514,253

Schedule of Maturities of Long-term Debt

The annual principal payments to be made, for the abovementioned loans, after December 31, 2018 are as follows:

December 31,		Amount
2019			72,583,562
2020			59,421,264
2021			67,040,014
2022			86,626,911
2023			63,483,131
Thereafter			96,816,399
Total			445,971,281

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