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Derivatives and Fair Value Disclosures (Tables)

12 Months Ended

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,
				2018								2019
				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,
				2017				2018				2019
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 instruments		Location of (Loss)/Gain Recognized		Year Ended December 31,
				2017				2018				2019
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)		Interest 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, 2018				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, 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 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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