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Recently Adopted Accounting Pronouncements (Tables)
 6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Disaggregation of Revenue
The following table shows the revenues earned from time charters and voyage charters for the three and six months ended June 30, 2018:
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2018
 
 
 
 
Time charters
$
37,355,472

 
$
66,678,691

Voyage charters
37,583,228

 
87,630,618

 
$
74,938,700

 
$
154,309,309
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 June 30, 2018:
 
As of June 30, 2018
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Assets
 
 
 
 
 
Accounts receivable
$
13,072,691

 
$
13,982,571

 
$
(909,880
)
Other current assets
2,540,427

 
2,178,304

 
362,123

Liabilities
 
 
 
 
 
Unearned charter hire revenue
4,901,453

 
4,709,434

 
192,019


The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Statement of Operations:
    
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2018
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
 
As Reported
 
Balances without Adoption of ASC 606
 
Effect of Change
Revenue,net
$
74,938,700

 
$
75,293,766

 
$
(355,066
)
 
$
154,309,309

 
$
153,827,542

 
$
481,767

 
 
 
 
 
 
 
 
 
 
 
 
Voyage expenses
17,204,964

 
17,236,431

 
31,467

 
39,719,556

 
39,505,136

 
(214,420
)
Charter hire expenses
10,108,258

 
10,128,774

 
20,516

 
20,376,322

 
20,161,169

 
(215,153
)
 
 
 
 
 
 
 
 
 
 
 
 
Net income
3,450,767

 
3,753,850

 
(303,083
)
 
3,503,512

 
3,451,318

 
52,194

 
 
 
 
 
 
 
 
 
 
 
 
Basic income per share
$
0.05

 
$
0.05

 
$
0.00

 
$
0.05

 
$
0.05

 
$
0.00

Diluted income per share
$
0.05

 
$
0.05

 
$
0.00

 
$
0.05

 
$
0.05

 
$
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 adjustment to other current assets includes 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 voyages in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations are met.