Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (27,212,260)	$ (81,133,287)
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities:
Depreciation	21,436,051	26,573,461
Amortization of deferred drydocking costs	3,058,346	2,331,597
Amortization of debt issuance costs	4,558,145	3,092,193
Amortization of fair value below contract value of time charter acquired	(546,308)	(456,175)
Payment-in-kind interest on debt	7,749,872	4,782,863
Impairment of vessels	0	6,167,262
Net unrealized loss on fair value of derivative instruments	126,651	15,150
Stock-based compensation expense	6,998,960	933,550
Fees paid on termination of time charter agreement	(1,500,000)	0
Drydocking expenditures	(2,772,678)	(3,715,179)
Loss / (gain) on sale of vessels	(2,100,386)	101,860
Changes in operating assets and liabilities:
Accounts receivable	(5,068,678)	622,722
Other current and non-current assets	(1,917,446)	148,227
Prepaid expenses	972,635	594,856
Inventories	(1,725,658)	(1,421,413)
Accounts payable	97,856	(1,757,451)
Accrued interest	11,578	(401,232)
Other accrued and other non-current liabilities	(2,211,819)	160,755
Unearned revenue	1,527,824	3,267,481
Net cash provided by/(used in) operating activities	1,482,685	(40,092,760)
Cash flows from investing activities:
Vessel Improvements	(676,405)	(199,675)
Purchase of vessels	(173,327,881)	0
Proceeds from sale of vessels	18,400,000	13,001,000
Changes in restricted cash	0	66,244
Purchase of other fixed assets	(183,344)	(456,125)
Net cash (used in)/provided by investing activities	(155,787,630)	12,411,444
Cash flows from financing activities:
Repayment of loans	(9,200,000)	(21,276,000)
Proceeds from the common stock private placement, net of issuance costs	96,030,003	85,700,535
Cash used to settle net share equity awards	0	(2,938)
Financing costs paid to lender	(918,000)	(600,000)
Other financing costs	0	(2,467,647)
Net cash provided by financing activities	142,112,003	101,353,950
Net (decrease)/increase in cash and cash equivalents	(12,192,942)	73,672,634
Cash and cash equivalents at beginning of period	76,516,110	24,896,161
Cash and cash equivalents at end of period	64,323,168	98,568,795
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the year for interest	8,821,178	7,627,417
Non-cash deferred financing costs included in other accrued liabilities	575,000	0
Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from Ultraco Debt Facility	61,200,000	0
Term Loan
Cash flows from financing activities:
Proceeds from Loans and Lien Facility	0	60,000,000
Revolver Loan
Cash flows from financing activities:
Proceeds from Loans and Lien Facility	0	10,158,500
Repayment of loans	$ (5,000,000)	$ (30,158,500)