XML 59 R33.htm IDEA: XBRL DOCUMENT v3.4.0.3
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative [Line Items]  
Cash flow hedging instruments
 
Counterparty
Trade Date
Effective Date
Termination Date
Notional Amount
December 31, 2015
Fixed
Rate
Floating Rate
1.
Unicredit Bank
March 20, 2012
May 18, 2012
May 18, 2017
$3,300,000
1.48%
3-month USD LIBOR
2.
Credit Suisse AG
April 19, 2012
May 30, 2012
May 30, 2017
$3,362,500
1.20%
3-month USD LIBOR
3.
Credit Suisse AG
June 1, 2012
May 30, 2012
May 30, 2017
$3,362,500
1.0375%
3-month USD LIBOR
4.
Credit Suisse AG
July 4, 2012
August 30, 2012
May 30, 2017
$3,443,200
0.995%
3-month USD LIBOR
5.
Unicredit Bank
July 5, 2012
August 17, 2012
May 18, 2017
$4,950,000
0.98%
3-month USD LIBOR
6.
Credit Suisse AG
July 10, 2012
August 30, 2012
May 30, 2017
$3,443,200
0.935%
3-month USD LIBOR
7.
ABN AMRO
September 28, 2012
November 6, 2012
May 6, 2017
$8,495,500
0.74%
3-month USD LIBOR
8.
HSH Nordbank
September 28, 2012
November 6, 2012
May 6, 2017
$8,495,500
0.76%
3-month USD LIBOR
 
 
 
 
 
$38,852,400
 
 
Summary of changes in fair value of the Company's Level 3 fair value measurements
 
 
 
Beginning balance
 
$
-
Issuances
 
 
1,556,475
Fair value change of warrants, included in earnings
 
 
(1,274,100
Balance, December 31, 2014
 
$
282,375
Fair value change of warrants, included in earnings
 
 
(278,987
)
Balance, December 31, 2015
 
$
3,388
Assets Measured at Fair Value on a Non reccuring Basis
Vessel
 
Significant Other Observable Inputs (Level 2)
 
Loss
Box Hong Kong
 
$9,125,000
 
$10,768,573
Box China
 
$9,375,000
 
$10,873,516
TOTAL
 
$18,500,000
 
$21,642,089
Derivative Instruments designated as hedging instruments  
Derivative [Line Items]  
Balance Sheet Location
Derivative Instruments designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
2014
 
 
2015
                                                                                                         
Balance Sheet Location
 
Fair Value
 
 
Fair Value
Interest rate swaps
Current liabilities - Interest rate swaps
 
$
18,938
 
 
$
-
Interest rate swaps
Current assets - Interest rate swaps
 
 
(80,947
 ) 
 
 
(37,710
)
Total derivatives
 
 
$
(62,009)
 
 
$
(37,710)
Location of Gain/(Loss) Recognized
Derivative Instruments designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
                                                                                      
Location of Gain/(Loss) Recognized
 
2013
 
 
2014
 
 
2015
Interest rate swaps
Interest and finance costs
 
$
(424,533
 ) 
 
$
(374,843
 ) 
 
$
(105,058
)
Derivative Instruments not designated as hedging instruments  
Derivative [Line Items]  
Balance Sheet Location
Derivative Instruments not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
 
 
2014
 
 
2015
 
                                                                                                         
Balance Sheet Location
 
Fair Value
 
 
Fair Value
 
Interest rate swaps
Current liabilities - Interest rate swaps
 
$
63,185
 
 
$
42,479
 
Interest rate swaps
Current assets - Interest rate swaps
 
 
(4,136
 ) 
 
 
(483
 ) 
Warrant liability
Long-term liabilities - Warrant liability
 
 
282,375
 
 
 
3,388
 
Total derivatives
 
 
$
341,424
 
 
$
45,384
 
Location of Gain/(Loss) Recognized
Derivative Instruments not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
                                                                                      
Location of Gain/(Loss) Recognized
 
2013
 
 
2014
 
 
2015
 
Interest rate swaps
(Loss) / gain on derivatives
 
$
-
 
 
$
(82,160
 ) 
 
$
17,053
 
Warrant liability
Fair value change of warrants
 
 
-
 
 
 
1,274,100
 
 
 
278,987
 
 
  
 
$
-
 
 
$
1,191,940
 
 
$
296,040