Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net (loss) income	$ (3,474,384)	$ 9,640,072
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	8,587,958	8,868,515
Amortization of deferred financing costs	346,985	365,564
Amortization of prepaid rent	61,136	59,299
Unrealized loss (gain) on derivative instruments	1,512,777	(2,504,957)
Gain from equity method investee	(795,988)	(247,312)
Earnings attributable to non-controlling interest recorded as interest expense	28,166	0
(Recovery) provision for doubtful accounts	(185,331)	320,491
Loss on impairment of vessels	1,801,039	0
Loss on sale of vessel	219,485	0
Drydocking costs	(2,882,109)	(1,545,094)
Share-based compensation	1,523,486	1,045,507
Change in operating assets and liabilities:
Accounts receivable	10,296,790	7,984,657
Bunker inventory	9,352,691	1,775,598
Advance hire, prepaid expenses and other current assets	3,991,371	(1,821,751)
Accounts payable, accrued expenses and other current liabilities	(14,444,003)	1,546,305
Deferred revenue	(9,033,002)	(5,902,610)
Net cash provided by operating activities	6,907,067	19,584,284
Investing activities
Purchase of vessels and vessel improvements	(1,652,366)	(25,557,060)
Investment in newbuildings in-process	(33,445)	(7,657,000)
Purchase of fixed assets and equipment	(7,801)	(281,011)
Proceeds from sale of vessels	8,099,667	0
Purchase of derivative instrument	(628,000)	0
Net cash provided by (used in) investing activities	5,778,055	(33,495,071)
Financing activities
Proceeds from long-term debt	0	14,000,000
Payments of related party debt	0	(1,691,964)
Payments of financing fees and debt issuance costs	(149,118)	(277,577)
Payments of long-term debt	(6,568,134)	(12,242,949)
Proceeds from finance leases	0	13,000,000
Dividends paid to non-controlling interests	0	(4,666,665)
Payments of finance lease obligations	(9,091,570)	(2,908,693)
Accrued common stock dividends paid	(536,461)	(3,754,985)
Cash paid for incentive compensation shares relinquished	(154,126)	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	(16,247,146)	1,457,167
Net decrease in cash, cash equivalents and restricted cash	(3,562,024)	(12,453,620)
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	49,493,067	43,661,115
Supplemental cash flow information
Cash and cash equivalents	46,993,067	41,161,115
Restricted cash	2,500,000	2,500,000
Total cash, cash equivalents and restricted cash	$ 53,055,091	$ 43,661,115