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Other Current Assets | 12 Months Ended
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Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Current Assets | NOTE F – OTHER CURRENT ASSETS Our other current assets consist of the following:
|  | 2014 |  |  | 2013 |
Prepaid expenses |  | $ | 650,157 |  |  | $ | 1,025,083 |
Deposits |  |  | 5,505 |  |  |  | 55,281 |
Total other current assets |  | $ | 655,662 |  |  | $ | 1,080,364 |
For the period ended December 31, 2014, prepaid expenses consisted of $360,962 of prepaid insurance premiums, $168,731 for vessel fuel not yet consumed, $29,180 of deferred financing fees, and $91,284 of other operating prepaid costs. 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. 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. + References No definition available. + Details
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