XML 20 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income/(loss) $ 6,075,059 $ (20,596,558)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 16,266,421 16,265,056
Amortization of financing costs 744,271 793,212
Unrealized (gain)/loss on derivatives 6,070,789 (1,707,616)
Stock-based compensation expense 1,305,827 1,632,538
Unrealized foreign currency (gain)/loss, net (6,270) 133,579
Other non-cash items, net (202,681) 23,370
Changes in operating assets and liabilities    
Trade receivables, net and accrued revenue (272,908) 325,625
Prepaid expenses and other current assets 428,174 (291,354)
Due from related parties (20,548,112) (7,026,698)
Inventories (25,916) (819,287)
Other non-current assets (383,571) 5,291
Trade accounts payable 800,984 1,432,822
Accrued expenses and other liabilities (503,869) (412,057)
Due to related parties (478,482) (315,803)
Payments for drydocking costs (575,737) (1,405)
Net cash provided by (used in) operating activities 8,693,979 (10,559,285)
Cash flows from investing activities:    
Vessel-related capital expenditures (1,446,937) (60,320)
Payments to acquire other fixed assets (100,097)  
Net cash used in investing activities (1,547,034) (60,320)
Cash flows from financing activities:    
Proceeds from long-term debt borrowings   65,137,500
Repayment of long-term debt borrowings (15,992,102) (82,228,759)
Purchase of treasury stock (269,388) (461,489)
Financing costs paid   (160,611)
Net cash used in financing activities (16,261,490) (17,713,359)
Effects of exchange rates on cash and cash equivalents (7,093) (107,132)
Net decrease in cash, cash equivalents and restricted cash (9,121,638) (28,440,096)
Cash, cash equivalents, and restricted cash at the beginning of the period 66,472,646 129,368,380
Cash, cash equivalents, and restricted cash at the end of the period $ 57,351,008 $ 100,928,284