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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 68,465,342 $ 64,498,442
Trade and other receivables 4,217,101 2,888,496
Other current assets 118,246 134,301
Claims receivable 314,217  
Inventories 2,447,703 2,346,723
Advances and prepayments 749,681 1,089,539
Restricted cash 1,589,768 3,002,490
Assets held for sale   64,906,448
Fair value of derivatives 30,381  
Total current assets 77,932,439 138,866,439
Non current assets    
Advances for vessels under construction 2,988,903  
Operating lease right-of-use assets 473,132  
Vessels, net 835,152,403 884,748,691
Other receivables 286,915 108,930
Restricted cash 12,065,222 11,930,059
Investments in joint ventures 25,250,173  
Fair value of derivatives 39,744 1,068,369
Total non current assets 876,256,492 897,856,049
Total assets 954,188,931 1,036,722,488
Current liabilities    
Payable to related parties 7,043,121 7,930,642
Trade accounts payable 9,032,690 10,349,358
Accrued liabilities 6,002,079 6,879,488
Operating lease liabilities 473,132  
Customer deposits 968,000 1,336,000
Deferred income 2,843,994 5,191,654
Fair value of derivatives 37,567  
Current portion of long-term debt 40,735,556 41,726,837
Current portion of long-term debt associated with vessels held for sale   30,076,356
Total current liabilities 67,136,139 103,490,335
Non current liabilities    
Fair value of derivatives 2,618,250 465,389
Long-term debt 325,247,902 371,514,253
Total non current liabilities 327,866,152 371,979,642
Total liabilities 395,002,291 475,469,977
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 44,549,729 shares issued and 40,125,184 shares outstanding at December 31, 2018 and 44,549,729 shares issued and 39,584,274 shares outstanding at December 31, 2019 with a par value of $0.01 per share 445,496 445,496
Treasury stock, 4,424,545 shares at December 31, 2018 and 4,965,455 at December 31, 2019 with a par value of $0.01 per share (24,361,145) (22,523,528)
Additional paid-in capital 502,419,122 501,807,478
Retained earnings 82,942,210 80,849,086
Accumulated other comprehensive income/(loss) (2,259,043) 673,979
Total stockholders' equity 559,186,640 561,252,511
Total liabilities and stockholders' equity $ 954,188,931 $ 1,036,722,488