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Other Current Assets
 12 Months Ended
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.