XML 62 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenues, net $ 74,110,376 $ 69,092,740 $ 220,891,288 $ 223,402,049
Voyage expenses 19,446,294 15,126,287 66,259,590 54,845,843
Vessel expenses 19,953,680 19,568,961 60,005,794 61,224,734
Charter hire expenses 11,345,615 7,459,921 34,017,002 27,836,243
Depreciation and amortization 10,055,938 9,460,192 29,224,368 28,009,067
General and administrative expenses 8,450,831 8,882,790 24,901,561 27,692,259
Gain on sale of vessels (971,129) (235,695) (6,044,479) (340,768)
Total operating expenses 68,281,229 60,262,456 208,363,836 199,267,378
Operating income 5,829,147 8,830,284 12,527,452 24,134,671
Interest expense 8,117,293 6,574,826 21,612,451 19,222,906
Interest income (640,220) (130,020) (1,467,702) (337,248)
Loss on debt extinguishment 0 0 2,268,452 0
Other expense/(income) 2,915,063 (199,344) 639,913 (839,321)
Total other expense, net 10,392,136 6,245,462 23,053,114 18,046,337
Net (loss)/income $ (4,562,989) $ 2,584,822 $ (10,525,662) $ 6,088,334
Weighted average shares outstanding:        
Basic (in shares) 71,349,895 70,649,556 71,327,454 70,539,951
Diluted (in shares) 71,349,895 72,356,655 71,327,454 71,855,683
Per share amounts:        
Basic net (loss)/income (in usd per share) $ (0.06) $ 0.04 $ (0.15) $ 0.09
Diluted net (loss)/income (in usd per share) $ (0.06) $ 0.04 $ (0.15) $ 0.08