Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

	September 30, 2017			December 31, 2016
First Lien Facility	$	194,899,000		$	209,099,000
Debt issuance costs - First Lien	(3,465,859		)	(4,746,682		)
First Lien Facility, net of debt issuance costs	191,433,141			204,352,318
Second Lien Facility	75,077,715			67,327,843
Debt discount and debt issuance costs - Second Lien Facility	(12,536,970		)	(15,736,617		)
Second Lien Facility, net of debt issuance costs and debt discount	62,540,745			51,591,226
Ultraco Debt Facility	61,200,000			—
Debt discount and debt issuance costs - Ultraco Debt Facility	(1,415,325		)	—
Ultraco Debt Facility, net of debt issuance costs and debt discount	59,784,675			—
Total debt	$	313,758,561		$	255,943,544

Schedule Of Interest Expense

Interest Expense consisted of:

	Three Months Ended				Nine Months Ended
	September 30, 2017		September 30, 2016		September 30, 2017		September 30, 2016
First Lien Facility/Exit Financing Facility	$	2,822,208	$	2,482,080	$	8,233,130	$	7,279,603
Amortization of Debt issuance costs	1,656,197		2,292,545		4,558,145		3,092,193
Payment in kind interest on Second Lien Facility	2,772,652		2,659,531		7,749,872		4,782,863
Ultraco Debt Facility	585,942		—		599,599		—
Total Interest Expense	$	7,836,999	$	7,434,156	$	21,140,746	$	15,154,659

Schedule of Debt Maturities

The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years and in total thereafter.

	First Lien Facility		Second Lien Facility		Ultraco Debt Facility		Total
2017	$	—	$	—	$	—	$	—
2018	—		—		—		—
2019	194,899,000		—		6,409,080		201,308,080
2020	—		75,077,715		6,409,080		81,486,795
2021	—		—		6,409,080		6,409,080
Thereafter	—		—		41,972,760		41,972,760
	$	194,899,000	$	75,077,715	$	61,200,000	$	331,176,715