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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net (loss)/income for the year $ 2,093,124 $ (12,276,520) $ (1,218,237)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:      
Depreciation 37,693,733 41,258,142 38,921,672
Amortization of deferred finance charges 885,191 858,582 690,842
Amortization of deferred gain on sale and leaseback of vessels   (190,087) (195,040)
Amortization of operating lease right-of-use assets 1,572,943    
Share based compensation 611,644 338,356 129,245
Change in fair value of derivatives 255,650 (28,252) (27,372)
Equity gain in joint ventures (486,695)    
Impairment loss 993,916 11,351,821 6,461,273
Net loss on sale of vessels 485,516 763,925 77,314
Gain on deconsolidation of subsidiaries (145,000)    
(Increase)/decrease in      
Trade and other receivables (1,506,590) 531,796 (179,036)
Other current assets 16,055 159,363  
Claims receivable (1,307,763) 15,951 (235,705)
Inventories 617,468 (302,873) 46,824
Changes in operating lease liabilities (1,572,943)    
Advances and prepayments 339,858 131,490 57,328
Increase/(decrease) in      
Balances with related parties (5,845,771) (6,278,982) 6,434,290
Trade accounts payable (1,316,668) 381,941 1,299,686
Accrued liabilities (217,409) 339,009 581,000
Deferred income (2,347,660) 755,563 (490,031)
Net cash provided by operating activities 30,818,599 37,809,225 52,354,053
Cash flows from investing activities      
Insurance proceeds 993,546   219,754
Proceeds from sale of interests in subsidiaries 20,720,975    
Vessels' acquisitions and advances for vessels under construction (2,988,903) (108,295,690) (60,612,867)
Proceeds from sale of vessels, net 18,721,123 29,742,788 11,479,936
Investment in joint ventures (11,322,600)    
Return of investments by joint ventures 7,363,147    
Advances to joint ventures (5,083,919)    
Advances from joint ventures 5,083,919    
Net cash (used in)/provided by investing activities 33,487,288 (78,552,902) (48,913,177)
Cash flows from financing activities      
Stock repurchase (1,837,617)    
Deferred finance charges paid (477,201) (503,265) (815,256)
Advances from joint ventures 4,958,250    
Customer deposits paid (368,000) (1,220,700)  
Loan repayments (97,371,978) (56,717,059) (56,254,073)
Proceeds from long-term debt 33,480,000 115,712,500 43,000,000
Net cash (used in)/provided by financing activities (61,616,546) 57,271,476 (14,069,329)
Net (decrease)/increase in cash and cash equivalents 2,689,341 16,527,799 (10,628,453)
Cash and cash equivalents and restricted cash at beginning of year 79,430,991 62,903,192 73,531,645
Cash and cash equivalents and restricted cash at end of year 82,120,332 79,430,991 62,903,192
Cash breakdown      
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 79,430,991 79,430,991 62,903,192
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 20,768,672 21,087,903 14,643,885
Non cash investing activity – Vessels under construction $ 63,752 $ 63,752 $ 605,800