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Derivative Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations The effect of non-designated derivative instruments on the Consolidated Statements of Operations:
 
  For the Years Ended
Derivatives not designated as hedging instrumentsLocation of (gain)/loss recognizedDecember 31, 2019December 31, 2018December 31, 2017
FFAsOther expense/(income)$(109,602) $(471,679) $375,672  
Bunker swapsOther expense/(income)259,234  345,438  (413,577) 
Total$149,632  $(126,241) $(37,905) 
   
Fair value of derivatives
Derivatives not designated as hedging instrumentsBalance Sheet LocationDecember 31, 2019December 31, 2018
FFAs - Unrealized gainOther current assets$475,650  $669,240  
Bunker Swaps - Unrealized lossFair value of derivatives756,229  929,313  
Bunker Swaps - Unrealized gainOther current assets96,043  —  
Fair Value, by Balance Sheet Grouping
Assets and liabilities measured at fair value:

Fair Value
Carrying Value (5)
Level 1Level 2
December 31, 2019
Assets
Cash and cash equivalents (1)
$59,130,285  $59,130,285  $—  
Liabilities
Norwegian Bond Debt (2)
188,000,000  —  192,626,680  
New Ultraco Debt Facility (3)
172,613,988  —  172,613,988  
Convertible Bond Debt (4)
114,120,000  —  118,844,568  

Fair Value
Carrying Value (5)
Level 1Level 2
December 31, 2018
Assets
Cash and cash equivalents (1)
$78,163,638  $78,163,638  $—  
Liabilities
Norwegian Bond Debt (2)
196,000,000  —  195,040,000  
New First Lien Facility (3)
60,000,000  —  60,000,000  
Original Ultraco Debt Facility (3)
82,600,000  —  82,600,000  
(1)
 Includes restricted cash (current and non-current) of $5.5 million at December 31, 2019 and $10.9 million at December 31, 2018.
(2)
The fair value of the bonds is based on the last trade on December 31, 2019 and December 21, 2018.
(3)
The fair value of the New Ultraco Debt Facility, New First Lien Facility and the Original Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2019 and 2018. The New First Lien Facility and Original Ultraco Debt Facility were fully discharged as part of the refinancing transaction on January 25, 2019. Please see Note 6 Debt to the consolidated financial statements.
(4)
The fair value of the Convertible Bond Debt is based on the last trade on November 21, 2019.
(5)
The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.