Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

June 30, 2019

			Fair Value
	Carrying Value		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	65,462,883	$	65,462,883	$	—
Liabilities
Norwegian Bond Debt (2)	187,151,901		—		192,240,000
New Ultraco Debt Facility (3)	145,269,421		—		148,391,329

December 31, 2018

			Fair Value
	Carrying Value		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	78,163,638	$	78,163,638	$	—
Liabilities
Norwegian Bond Debt (2)	190,469,155		—		195,040,000
New First Lien Facility (4)	58,939,307		—		60,000,000
Original Ultraco Debt Facility (4)	81,351,115		—		82,600,000

(1) Includes non-current restricted cash aggregating $26.9 million at June 30, 2019 and $11.0 million at December 31, 2018.

(2) The fair value of the Bonds is based on the last trades on June 25, 2019 and December 21, 2018 on Bloomberg.com.

(3) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on June 30, 2019.

(4 ) The New First Lien Facility and the Original Ultraco Debt Facility were discharged in full at the fair value mentioned in this table on January 25, 2019 as part of the debt refinancing transaction. Please see Note 4. Debt to the condensed consolidated financial statements.