Derivative Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations

The effect of non-designated derivative instruments on the consolidated statements of operations:



		Amount of gain/(loss)
		For the Years Ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	December 31, 2017			December 31, 2016			December 31, 2015
FFAs	Other income/(expense)	$	(284,097	)	$	(541,677	)	$	—
Bunker swaps	Other income/(expense)	413,577			—			—
Commissions	Other income/(expense)	(91,575		)	(19,818		)	—
Total		$	37,905		$	(561,495	)	$	—



Derivatives not designated as hedging instruments	Balance Sheet Location	Fair value of derivatives
		December 31, 2017			December 31, 2016

FFAs - Unrealized loss	Fair value of Derivatives	$	(73,170	)	$	—
Bunker Swaps - Unrealized gain	Other current assets	128,845			—
		$	55,675		$	—

Fair Value, by Balance Sheet Grouping

Assets and liabilities measured at fair value:



			Fair Value
	Carrying Value		Level 1		Level 2
December 31, 2017
Assets
Cash and cash equivalents (1)	$	56,325,961	$	56,325,961	—
Short-term investment	$	4,500,000	—		$	4,500,000
Liabilities
Norwegian Bond Debt *	$	189,950,329	—		$	200,990,000
New First Lien Facility **	$	63,758,185	—		$	65,000,000
Ultraco Debt Facility **	$	59,975,162	—		$	61,200,000

* The fair value of the bonds is based on the last trade on December 21, 2017 on Bloomberg.com.

** The fair value of the New First Lien Facility and the Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2017.



			Fair Value
	Carrying Value		Level 1	Level 2
December 31, 2016
Assets
Cash and cash equivalents (1)	$	76,591,027	76,591,027	—
Liabilities
First Lien Facility	$	204,352,318	—	$	209,099,000
Second Lien Facility	$	51,591,226	—	$	67,327,843

(1) Includes non-current restricted cash of 74,917 at December 31, 2017 and December 31, 2016.