Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:

	September 30, 2020		December 31, 2019
	(unaudited)
Money market accounts – cash equivalents	$	26,518,566	$	32,150,342
Cash (1)	19,040,385		18,404,749
Total cash and cash equivalents	$	45,558,951	$	50,555,091
Restricted cash	2,500,000		2,500,000
Total cash, cash equivalents and restricted cash	$	48,058,951	$	53,055,091

(1) Consists of cash deposits at various major banks.

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure

Advance hire, prepaid expenses and other current assets were comprised of the following:  

	September 30, 2020		December 31, 2019
	(unaudited)
Advance hire	$	5,531,783	$	3,985,826
Prepaid expenses	3,287,976		4,924,557
Accrued receivables	8,370,234		6,466,068
Margin deposit	2,053,309		269,379
Other current assets	3,178,833		3,124,995
	$	22,422,135	$	18,770,825

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable, accrued expenses and other current liabilities were comprised of the following:

	September 30, 2020		December 31, 2019
	(unaudited)
Accounts payable	$	23,587,531	$	24,173,291
Accrued expenses	10,586,481		14,883,555
Derivative liabilities	1,374,948		472,073
Deferred consideration - Note 8	2,500,000		—
Other accrued liabilities	1,043,674		444,716
	$	39,092,634	$	39,973,635