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Derivatives and Fair Value Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value Disclosures [Abstract] |
Schedule of Derivative Instruments | The following table presents information of the Company’s interest rate swap arrangements as of December 31, 2019.
|  | Effective Date |  | Termination Date |  | Fixed Rate (Company pays) |  |  | Floating Rate (Company Receives) |  | Fair Value Asset/(Liability) December 31, 2019 |  |  | Notional Amount December 31, 2019 |
Swap 1 |  | September 30, 2015 |  | September 30, 2020 |  |  | 2.60 | % |  | 3 month U.S. dollar LIBOR |  | $ | (37,567 | ) |  | $ | 6,816,917 |
Swap 2 |  | September 30, 2015 |  | September 30, 2020 |  |  | 1.69 | % |  | 3 month U.S. dollar LIBOR |  | $ | 4,938 |  |  | $ | 6,816,917 |
Swap 3 |  | October 2, 2015 |  | October 2, 2020 |  |  | 1.54 | % |  | 3 month U.S. dollar LIBOR |  | $ | 25,443 |  |  | $ | 8,600,000 |
Swap 4 |  | November 4, 2015 |  | August 4, 2021 |  |  | 1.52 | % |  | 3 month U.S. dollar LIBOR |  | $ | 22,838 |  |  | $ | 7,921,875 |
Swap 5 |  | December 3, 2015 |  | September 3, 2021 |  |  | 1.55 | % |  | 3 month U.S. dollar LIBOR |  | $ | 16,906 |  |  | $ | 7,921,875 |
Swap 6 |  | August 16, 2017 |  | May 16, 2025 |  |  | 2.12 | % |  | 3 month U.S. dollar LIBOR |  | $ | (249,020 | ) |  | $ | 13,711,250 |
Swap 7 |  | March 12, 2018 |  | December 11, 2022 |  |  | 2.74 | % |  | 3 month U.S. dollar LIBOR |  | $ | (419,160 | ) |  | $ | 16,765,000 |
Swap 8 |  | April 10, 2018 |  | December 11, 2025 |  |  | 2.74 | % |  | 3 month U.S. dollar LIBOR |  | $ | (1,369,934 | ) |  | $ | 29,524,000 |
Swap 9 |  | February 16, 2019 |  | February 16, 2024 |  |  | 2.89 | % |  | 3 month U.S. dollar LIBOR |  | $ | (580,136 | ) |  | $ | 13,711,250 |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | (2,585,692 | ) |  | $ | 111,789,084 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Tabular disclosure of financial instruments is as follows:
Derivatives designated as hedging instruments |  | Balance Sheet Location |  | December 31, |
| 201 8 |  |  | 201 9 |
| Asset Derivatives |  |  | Liability Derivatives |  |  | Asset Derivatives |  |  | Liability Derivatives |
Interest Rate Swap Agreements |  | Non current assets — Fair value of derivatives |  |  | 1,068,369 |  |  |  | — |  |  |  | 39,744 |  |  |  | — |
Interest Rate Swap Agreements |  | Non current liabilities — Fair value of derivatives |  |  | — |  |  |  | 465,389 |  |  |  | — |  |  |  | 2,618,250 |
Total derivatives designated as hedging instruments |  |  | 1,068,369 |  |  |  | 465,389 |  |  |  | 39,744 |  |  |  | 2,618,250 |
Derivatives not designated as hedging instruments |  | Balance Sheet Location |  | December 31, |
| 2018 |  |  | 2019 |
| Asset Derivatives |  |  | Liability Derivatives |  |  | Asset Derivatives |  |  | Liability Derivatives |
Interest Rate Swap Agreements |  | Current assets — Fair value of derivatives |  |  | — |  |  |  | — |  |  |  | 30,381 |  |  |  | — |
Interest Rate Swap Agreements |  | Current liabilities — Fair value of derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,567 |
Total derivatives not designated as hedging instruments |  |  |  |  | — |  |  |  | — |  |  |  | 30,381 |  |  |  | 37,567 |
Schedule of Derivative Instruments, Gain (Loss) | The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2017, 2018 and 2019 is as follows:
Derivatives not designated as hedging instruments |  | Location of Gain/(Loss) Recognized |  | Year Ended December 31, |
| 201 7 |  |  | 201 8 |  |  | 201 9 |
Interest Rate Swap — Reclassification from OCI |  | Loss on derivatives |  |  | — |  |  |  | — |  |  |  | 84,966 |
Interest Rate Swap — Change in Fair Value |  | Loss on derivatives |  |  | — |  |  |  | — |  |  |  | (327,147 | )
Interest Rate Swap — Realized income |  | Loss on derivatives |  |  | — |  |  |  | — |  |  |  | 134,631 |
Total loss on derivatives |  |  | — |  |  |  | — |  |  |  | (107,550 | )
Derivatives designated as hedging i n st ruments |  | Location of (Loss)/Gain Recognized |  | Year Ended December 31, |
| 201 7 |  |  | 201 8 |  |  | 201 9 |
Interest Rate Swap — (Loss) reclassified from OCI (Effective portion) |  | Loss on derivatives |  |  | (403,943 | ) |  |  | (11,982 | ) |  |  | — |
Interest Rate Swap — Income reclassified from OCI (Effective portion) |  | Inter est and finance costs |  |  | — |  |  |  | — |  |  |  | 67,424 |
Total loss on derivatives |  |  |  |  | (403,943 | ) |  |  | (11,982 | ) |  |  | 67,424 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges and are analyzed as follows:
|  | Unrealized Gain / (Loss) on cash flow hedges |
Balance, January 1, 2017 |  |  | 25,435 |
Effective portion of changes in fair value of interest swap contracts |  |  | 592,460 |
Balance, December 31, 2017 |  |  | 617,895 |
Effective portion of changes in fair value of interest swap contracts |  |  | 56,084 |
Balance, December 31, 2018 |  |  | 673,979 |
Effective portion of changes in fair value of interest swap contracts |  |  | (2,848,056 | )
Reclassification adjustment |  |  | (84,966 | )
Balance, December 31, 2019 |  |  | (2,259,043 | )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2018:
|  |  |  |  | Fair Value Measurements Using |
Description |  | Fair Value as of December 31, 201 8 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets/(Liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements |  |  | 1,068,369 |  |  |  | — |  |  |  | 1,068,369 |  |  |  | — |
Interest Rate Swap Agreements |  |  | (465,389 | ) |  |  | — |  |  |  | (465,389 | ) |  |  | — |
Total |  |  | 602,980 |  |  |  | — |  |  |  | 602,980 |  |  |  | — |
The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2019:
|  |  |  |  | Fair Value Measurements Using |
Description |  | Fair Value as of December 31, 2019 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets/(Liabilities): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements |  |  | 70,125 |  |  |  | — |  |  |  | 70,125 |  |  |  | — |
Interest Rate Swap Agreements |  |  | (2,655,817 | ) |  |  | — |  |  |  | (2,655,817 | ) |  |  | — |
Total |  |  | (2,585,692 | ) |  |  | — |  |  |  | (2,585,692 | ) |  |  | — |
Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis | The following tables present the fair values for assets measured on a non-recurring basis categorized into a Level based upon the lowest level of significant input to the valuations:
|  |  |  |  |  |  | Fair Value Measurements Using |
Description |  | Fair Value as of June 30, 201 8 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Impairment Loss |
Long-lived assets held and used |  |  | 9,400,000 |  |  |  | — |  |  |  | 9,400,000 |  |  |  | — |  |  |  | (1,531,130 | )
Total |  |  | 9,400,000 |  |  |  | — |  |  |  | 9,400,000 |  |  |  | — |  |  |  | (1,531,130 | )
|  |  |  |  |  |  | Fair Value Measurements Using |
Description |  | Fair Value as of December 31, 2018 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Impairment Loss |
Long-lived assets held for sale |  |  | 55,230,000 |  |  |  | — |  |  |  | 55,230,000 |  |  |  | — |  |  |  | (3,189,858 | )
Total |  |  | 55,230,000 |  |  |  | — |  |  |  | 55,230,000 |  |  |  | — |  |  |  | (3,189,858 | )
|  | Fair Value as of December 31, 2019 |  |  | Fair Value Measurements Using |
Description |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Impairment Loss |
Long-lived assets held and used |  |  | 6,000,000 |  |  |  | — |  |  |  | 6,000,000 |  |  |  | — |  |  |  | (993,916 | )
Total |  |  | 6,000,000 |  |  |  | — |  |  |  | 6,000,000 |  |  |  | — |  |  |  | (993,916 | )

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a non-recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References No definition available. + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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