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Recently Adopted Accounting Pronouncements (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Disaggregation of Revenue
The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2018:
 
Three Months Ended March 31, 2018
 
 
Time charters
$
29,323,219

Voyage charters
50,047,390

 
$
79,370,609
Schedule of Impact of Adoption of ASC 606
The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Balance Sheet at March 31, 2018:
 
As of March 31, 2018
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Assets
 
 
 
 
 
Accounts Receivable
$
13,976,108

 
$
14,531,212

 
$
(555,104
)
Other current assets
1,577,556

 
1,055,071

 
522,485

Liabilities
 
 
 
 
 
Unearned charter hire revenue
6,231,209

 
6,950,116

 
718,907

Other Accrued liabilities
5,984,737

 
5,961,064

 
(23,673
)
 
 
 
 
 
 

The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations:
    
 
For the three months ended March 31, 2018
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Revenue,net
$
79,370,609

 
$
78,533,776

 
$
836,833

 
 
 
 
 
 
Voyage expenses
22,514,592

 
22,268,705

 
(245,887
)
Charter hire expenses
10,268,064

 
10,032,395

 
(235,669
)
 
 
 
 
 
 
Net income/(loss)
52,745

 
(302,532
)
 
355,277

 
 
 
 
 
 
Basic income/(loss) per share
$
0.00

 
$
0.00

 
$
0.01

Diluted income/(loss) per share
$
0.00

 
$
0.00

 
$
0.00

The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:
 
December 31, 2017

 
Effect of Adoption of ASC 606
 
January 1, 2018
Assets
 
 
 
 
 
Other current assets (1)
$
785,027

 
$
796,508

 
$
1,581,535

Liabilities
 
 
 
 
 
Unearned charter hire revenue (2)
5,678,673

 
1,583,618

 
7,262,291

Stockholders' equity
 
 
 
 
 
Accumulated deficit
(427,164,813
)
 
(787,110
)
 
(427,951,923
)
(1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The Other current assets consists of bunker expenses of $0.6 million incurred to arrive at the load port for the voyages in progress as of January 1, 2018 and $0.2 million of charter hire expenses on third party chartered-in vessels which were chartered-in to fulfill the performance obligations under the voyage contract.

(2) Under ASC 606, unearned charter hire revenue represents the consideration received for undelivered performance obligations. The Company recorded $1.5 million as the unearned revenue on voyage in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations are met.