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Other Current Assets
 12 Months Ended
Dec. 31, 2015
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:

 

     December 31, 2015      December 31, 2014  

Prepaid expenses

    $ 497,118       $ 650,157   

Deposits

      5,580         5,505   
  

 

 

     

 

 

  

Total other current assets

    $ 502,698       $ 655,662   
  

 

 

     

 

 

  

For the period ended December 31, 2015, prepaid expenses consisted of $292,674 of prepaid insurance premiums, $105,707 for vessel fuel not consumed from a terminated charter for which we are due a credit and $98,737 for other operating prepaid costs. 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. 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.