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Other Current Assets | 12 Months Ended
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Dec. 31, 2011
Other Current Assets [Abstract] |
Other Current Assets | NOTE G – OTHER CURRENT ASSETS Our other current assets consist of the following:
|  | 2011 |  |  | 2010 |
Prepaid expenses |  | $ | 677,621 |  |  | $ | 408,108 |
Deposits |  |  | 101,857 |  |  |  | 59,072 |
Total other current assets |  | $ | 779,478 |  |  | $ | 467,180 |
For the period ended December 31, 2011, prepaid expenses consisted of $192,602 of prepaid insurance premiums, $81,081 for vessel fuel not yet consumed, $310,335 of deferred financing fees, $101,857 of purchase deposits and $93,603 of other operating prepaid costs. For the period ended December 31, 2010, prepaid expenses consisted of $144,242 of prepaid insurance premiums, $266,184 for vessel fuel not yet consumed and $56,754 of other operating prepaid costs. All prepaid expenses, except fuel, are amortized on a straight-line basis over the term of the underlying agreements. Fuel is expensed based on actual usage. Deposits are held by various entities for equipment, services, and in accordance with agreements in the normal course of business.

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- Definition The entire disclosure for other assets. + References No definition available. + Details
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