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Significant Accounting Policies Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Accounting Policies [Abstract]  
Disaggregation of Revenue
The following table shows the revenues earned from time charters and voyage charters for the year ended December 31, 2018:
        
 
For the year ended December 31, 2018
 
 
Time charters
$
140,006,570

Voyage charters
170,087,688

 
$
310,094,258
Schedule of Impact of Adoption of ASC 606
The following table presents the impact of the adoption of ASC 606 on our Consolidated Balance Sheet at December 31, 2018:
 
As of December 31, 2018
 
As Reported
 
Balance without adoption of ASC 606
 
Effect of change
Assets
 
 
 
 
 
Accounts receivable
$
19,785,582

 
$
20,771,299

 
$
(985,717
)
Other current assets
2,246,740

 
1,478,450

 
768,290

Liabilities
 
 
 
 
 
Unearned charter hire revenue
6,926,839

 
6,528,275

 
398,564



The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations:
 
For the year ended December 31, 2018
 
As Reported
 
Balance without adoption of ASC 606
 
Effect of change
Revenues, net
$
310,094,258

 
$
309,894,921

 
$
199,337

 
 
 
 
 
 
Voyage expenses
79,566,452

 
79,292,962

 
273,490

Charter hire expenses
38,045,778

 
37,957,027

 
88,751

 
 
 
 
 
 
Net income
12,574,684

 
12,737,588

 
(162,904
)
 
 
 
 
 
 
Basic income per share
$
0.18

 
$
0.18

 
$
—

 
 
 
 
 
 
Diluted income per share
$
0.18

 
$
0.18

 
$
—










The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:
 
December 31, 2017

 
Effect of adoption of ASC 606
 
January 1, 2018

Assets
 
 
 
 
 
Accounts receivable
$
17,246,540

 
$
(925,983
)
 
$
16,320,557

Other current assets (1)
785,027

 
796,508

 
1,581,535

Liabilities
 
 
 
 
 
Unearned charter hire revenue (2)
5,678,673

 
657,635

 
6,336,308

Stockholders' equity
 
 
 
 
 
Accumulated deficit
(427,164,813
)
 
(787,110
)
 
(427,951,923
)
(1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes bunker expenses of $0.6 million incurred to arrive at the load port for the voyages in progress as of January 1, 2018 and $0.2 million of charter hire expenses on third party chartered-in vessels which were chartered-in to fulfill the performance obligations under the voyage contract.
(2) Under ASC 606, unearned charter hire revenue represents the consideration received for undelivered performance obligations. The Company recorded $0.7 million as unearned revenue on voyages in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations were met.