Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

September 30, 2021

			Fair Value
	Carrying Value (7)		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	125,644,368	$	125,644,368	$	—
Collateral on derivatives	31,369,664		31,369,664		—
Other current assets (2)	1,097,484		—		1,097,484
Liabilities
Norwegian Bond Debt (3)	176,000,000		—		179,960,000
New Ultraco Debt Facility (4)	158,671,371		—		158,671,371
Holdco Revolving Credit Facility (4)	24,000,000		—		24,000,000
Convertible Bond Debt (5)	114,119,000		—		171,178,500
Fair value of Derivatives - current (6)	24,381,091		—		24,381,091

December 31, 2020

			Fair Value
	Carrying Value (7)		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	88,848,771	$	88,848,771	$	—
Other current assets (2)	483,739		131,340		352,399
Liabilities
Norwegian Bond Debt (3)	180,000,000		—		173,250,000
New Ultraco Debt Facility (4)	166,429,594		—		166,429,594
Super Senior Facility (4)	15,000,000		—		15,000,000
Convertible Bond Debt (5)	114,120,000		—		92,748,748
Fair value of Derivatives - current and noncurrent (6)	1,132,398		—		1,132,398

(1) Includes restricted cash (current and noncurrent) of $25.6 million at September 30, 2021 and $18.9 million at December 31, 2020.

(2) Relates to unrealized mark-to-market gains on bunker swaps as of September 30, 2021 and December 31, 2020. Includes $0.1 million of collateral on derivatives as of December 31, 2020.

(3) The fair value of the bond is based on the last trades on September 20, 2021 and December 14, 2020 on Bloomberg.com.

(4) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on September 30, 2021.

(5) The fair value of the Convertible Bond Debt is based on the last trade on September 28, 2021 and December 21, 2020 on Bloomberg.com.

(6) Includes $24.4 million of unrealized mark-to-market losses on FFAs as of September 30, 2021 and $1.1 million of unrealized losses on our interest swaps as of December 31, 2020.

(7) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.