XML 99 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
Other Current Assets
 12 Months Ended
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.