Derivative Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations

The effect of non-designated derivative instruments on the Consolidated Statements of Operations:

		For the Years Ended
Derivatives not designated as hedging instruments	Location of (gain)/loss recognized	December 31, 2018			December 31, 2017			December 31, 2016
FFAs	Other (income)/expense	$	(471,679	)	$	375,672		$	561,495
Bunker swaps	Other (income)/expense	345,438			(413,577		)	—
Total		$	(126,241	)	$	(37,905	)	$	561,495

Derivatives not designated as hedging instruments	Balance Sheet Location	Fair value of derivatives
		December 31, 2018		December 31, 2017
FFAs - Unrealized loss	Fair value of derivatives	$	—	$	73,170
FFAs - Unrealized gain	Other current assets	669,240		—
Bunker Swaps - Unrealized loss	Fair value of derivatives	929,313		—
Bunker Swaps - Unrealized gain	Other current assets	—		128,845

Fair Value, by Balance Sheet Grouping

Assets and liabilities measured at fair value:

			Fair Value
	Carrying Value		Level 1		Level 2
December 31, 2018
Assets
Cash and cash equivalents (1)	$	78,163,638	$	78,163,638	$	—
Liabilities
Norwegian Bond Debt *	$	190,469,155	$	—	$	195,040,000
New First Lien Facility **	$	58,939,307	$	—	$	60,000,000
Original Ultraco Debt Facility **	$	81,351,115	$	—	$	82,600,000

			Fair Value
	Carrying Value		Level 1		Level 2
December 31, 2017
Assets
Cash and cash equivalents (1)	$	56,325,961	$	56,325,961	$	—
Short-term investment	$	4,500,000	$	—	$	4,500,000
Liabilities
Norwegian Bond Debt *	$	189,950,329	$	—	$	200,990,000
New First Lien Facility **	$	63,758,185	$	—	$	65,000,000
Original Ultraco Debt Facility **	$	59,975,162	$	—	$	61,200,000

(1) Includes non-current restricted cash of $11.0 million at December 31, 2018 and $0.1 million at December 31, 2017.

*

The fair value of the bonds is based on the last trade on December 21, 2018 and December 21, 2017 on Bloomberg.com.

**

The fair value of the New First Lien Facility and the Original Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2018 and 2017. The New First Lien Facility and Original Ultraco Debt Facility were fully discharged as part of the refinancing transaction on January 25, 2019. Please see Note 8. Debt to the consolidated financial statements.