Derivative Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities and Fair Value Disclosure [Abstract]

Effect of Non-Designated Derivative Instruments on Statement of Operations

The effect of non-designated derivative instruments on the condensed consolidated statements of operations is as follows:

Derivatives not designated as hedging instruments	Location of (gain)/loss recognized	Amount of (gain)/loss
		For the Three Months Ended					For the Nine Months Ended
		September 30, 2017			September 30, 2016		September 30, 2017			September 30, 2016
FFAs	Other expense	$	862,224		$	163,499	$	73,509		$	464,284
Bunker Swaps	Other expense	(214,767		)	—		(211,715		)	—
Total		$	647,457		$	163,499	$	(138,206	)	$	464,284

Derivatives not designated as hedging instruments	Balance Sheet location	Fair value of Derivatives
		September 30, 2017			December 31, 2016
FFAs	Fair value of derivatives	$	(281,266	)	$	—
Bunker Swaps	Other current assets	154,615			—
Total		$	(126,651	)	$	—

Schedule of Fair Value Measurements

			Fair Value
	Carrying Value		Level 1		Level 2
September 30, 2017
Assets
Cash and cash equivalents (1)	$	64,398,085	$	64,398,085	$	—
Liabilities
First Lien Facility	191,433,141		—		194,899,000
Second Lien Facility	62,540,745		—		75,077,715
Ultraco Debt Facility	59,784,675		—		61,200,000

			Fair Value
	Carrying Value		Level 1		Level 2
December 31, 2016
Assets
Cash and cash equivalents  (1)	$	76,591,027	$	76,591,027	$	—
Liabilities
First Lien Facility	204,352,318		—		209,099,000
Second Lien Facility	51,591,226		—		67,327,843

⁽¹⁾ Includes non-current restricted cash aggregating $74,917 at September 30, 2017 and December 31, 2016.