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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net (loss)/income for the year $ 11,984,485 $ 2,093,124 $ (12,276,520)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:      
Depreciation 37,455,093 37,693,733 41,258,142
Amortization of deferred finance charges 698,364 885,191 858,582
Amortization of deferred gain on sale and leaseback of vessels   0 (190,087)
Amortization of operating lease right-of-use assets 473,132 1,572,943  
Share based compensation 0 611,644 338,356
Change in fair value of derivatives (38,561) 255,650 (28,252)
Equity earnings in joint ventures (2,709,984) (486,695)  
Impairment loss 3,857,307 993,916 11,351,821
Net loss on sale of vessels 1,134,854 485,516 763,925
Gain on deconsolidation of subsidiaries 0 (145,000)  
(Increase)/decrease in      
Trade and other receivables 874,825 (1,506,590) 531,796
Other current assets (191,362) 16,055 159,363
Claims receivable 193,670 (1,307,763) 15,951
Inventories (1,239,395) 617,468 (302,873)
Changes in operating lease liabilities (473,132) (1,572,943)  
Advances and prepayments (32,444) 339,858 131,490
Increase/(decrease) in      
Balances with related parties 1,617,032 (5,845,771) (6,278,982)
Trade accounts payable 761,193 (1,316,668) 381,941
Accrued liabilities (2,403,644) (217,409) 339,009
Deferred income 151,663 (2,347,660) 755,563
Net cash provided by operating activities 52,113,096 30,818,599 37,809,225
Cash flows from investing activities      
Insurance proceeds 0 993,546 0
Proceeds from sale of interests in subsidiaries 0 20,720,975  
Vessels' acquisitions and advances for vessels under construction (48,121,422) (2,988,903) (108,295,690)
Proceeds from sale of vessels, net 5,264,768 18,721,123 29,742,788
Investment in joint ventures (41,998,500) (11,322,600)  
Return of investments from joint ventures 26,781,000 7,363,147  
Advances to joint ventures (29,245) (5,083,919)  
Advances from joint ventures 29,245 5,083,919  
Net cash (used in)/provided by investing activities (58,074,154) 33,487,288 (78,552,902)
Cash flows from financing activities      
Stock repurchase (3,880,930) (1,837,617)  
Deferred finance charges paid (538,004) (477,201) (503,265)
Advances from joint ventures 1,841,380 4,958,250  
Advances to joint ventures (5,841,672)    
Customer deposits paid 0 (368,000) (1,220,700)
Loan repayments (41,804,846) (97,371,978) (56,717,059)
Proceeds from long-term debt 27,105,000 33,480,000 115,712,500
Net cash provided by/(used in) financing activities (23,119,072) (61,616,546) 57,271,476
Net increase/(decrease) in cash and cash equivalents (29,080,130) 2,689,341 16,527,799
Cash and cash equivalents and restricted cash at beginning of year 82,120,332 79,430,991 62,903,192
Cash and cash equivalents and restricted cash at end of year 53,040,202 82,120,332 79,430,991
Cash breakdown      
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 53,040,202 82,120,332 79,430,991
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 12,905,065 20,768,672 21,087,903
Non cash investing activity – Vessels, net 206,820    
Non cash investing activity – Vessels under construction 180,400 $ 63,752 $ 63,752
Non cash financing activity – Deferred finance charges $ 32,464