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Other Current Assets

12 Months Ended

Dec. 31, 2013

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

NOTE G – OTHER CURRENT ASSETS

Our other current assets consist of the following:

		2013				2012
Prepaid expenses		$	1,025,083			$	772,660
Deposits			55,281				101,455
Total other current assets		$	1,080,364			$	874,115

For the period ended December 31, 2013, prepaid expenses consisted of $290,260 of prepaid insurance premiums, $354,627 for vessel fuel not yet consumed, $66,330 of deferred financing fees, and $313,866 of prepaid operating costs. For the period ended December 31, 2012, prepaid expenses consisted of $87,922 of prepaid insurance premiums, $396,907 for vessel fuel not yet consumed, $205,608 of deferred financing fees, and $82,223 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. This disclosure includes other current assets and other noncurrent assets.

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