Cash, cash equivalents, and Restricted cash (Tables)

6 Months Ended

Jun. 30, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of Cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Condensed Consolidated Statements of Cash Flows:

	June 30, 2021		December 31, 2020		June 30, 2020		December 31, 2019
Cash and cash equivalents	$	79,278,151	$	69,927,594	$	98,532,141	$	53,583,898
Restricted cash - current *	4,446,177		18,846,177		—		5,471,470
Restricted cash - noncurrent *	75,000		75,000		74,917		74,917
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	83,799,328	$	88,848,771	$	98,607,058	$	59,130,285

*Amounts included in restricted cash represent the letter of credit on our office leases and the cash required to be set aside by the Norwegian Bond Debt, as defined in Note 4 Debt above. The restriction lapsed when the funds were used for the purchase of two Ultramax vessels or the installation of scrubbers.