Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net (loss) income	$ (6,769,646)	$ 4,481,006
Adjustments to reconcile net income to net cash (used in) provided by operations:
Depreciation and amortization expense	4,242,251	4,377,188
Amortization of deferred financing costs	176,526	182,802
Amortization of prepaid rent	30,568	29,649
Unrealized loss (gain) on derivative instruments	2,917,094	(2,289,786)
Gain from equity method investee	(429,360)	(128,250)
Earnings attributable to non-controlling interest recorded as interest expense	(27,643)	0
(Recovery) provision for doubtful accounts	(185,331)	487,372
Gain on sale of vessel	(77,990)	0
Drydocking costs	(2,903,277)	(381,059)
Share-based compensation	1,102,769	674,599
Change in operating assets and liabilities:
Accounts receivable	5,354,584	15,264,298
Bunker inventory	1,844,194	3,806,864
Advance hire, prepaid expenses and other current assets	1,369,179	(872,860)
Accounts payable, accrued expenses and other current liabilities	(6,729,172)	(5,363,850)
Deferred revenue	(6,759,499)	(8,308,254)
Net cash (used in) provided by operating activities	(6,844,753)	11,959,719
Investing activities
Purchase of vessels and vessel improvements	(283,446)	(11,426,174)
Investment in newbuildings in-process	(33,445)	0
Purchase of fixed assets and equipment	0	(159,619)
Proceeds from sale of vessels	8,397,142	0
Purchase of derivative instrument	(628,000)	0
Net cash used in investing activities	7,452,251	(11,585,793)
Financing activities
Payments of related party debt	(90,135)	(838,102)
Payments of financing fees and debt issuance costs	(149,118)	(260,225)
Payments of long-term debt	(3,284,067)	(4,203,014)
Proceeds from finance leases	0	13,000,000
Payments of finance lease obligations	(7,376,320)	(1,429,275)
Accrued common stock dividends paid	(499,302)	(1,135,000)
Cash paid for incentive compensation shares relinquished	(43,164)	0
Contributions from non-controlling interest recorded as long-term liability	322,750	0
Payments to non-controlling interest recorded as long-term liability	(70,487)	0
Net cash (used in) provided by financing activities	(11,189,843)	5,134,384
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,582,345)	5,508,310
Cash, cash equivalents and restricted cash at beginning of period	53,055,091	56,114,735
Cash, cash equivalents and restricted cash at end of period	42,472,746	61,623,045
Supplemental cash flow information
Cash and cash equivalents	39,972,746	59,123,045
Restricted cash	2,500,000	2,500,000
Total cash, cash equivalents and restricted cash	$ 42,472,746	$ 61,623,045