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Other Current Assets
 12 Months Ended
Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets

NOTE D – OTHER CURRENT ASSETS

Our other current assets consist of the following:

 

     December 31,
2016		      December 31,
2015		  

Prepaid expenses

    $ 582,616    $ 497,118  

Deposits

      26,846        5,580  
  

 

 

     

 

 

  

Total other current assets

    $ 609,462      $ 502,698  
  

 

 

     

 

 

  

For the period ended December 31, 2016, prepaid expenses consisted of $260,321 for directors and officers insurance, $132,316 marine insurance, $166,389 of professional services and $23,590 of other insurances. The deposit balance is comprised of deposits for office space and professional services. 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. 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.