Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

March 31, 2020

			Fair Value
	Carrying Value		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	72,222,728	$	72,222,728	$	—
Liabilities
Norwegian Bond Debt (2)	188,000,000		—		128,780,000
New Ultraco Debt Facility (3)	211,800,316		—		211,800,316
Super Senior Facility (3)	2,500,000		—		2,500,000
Convertible Bond Debt (4)	114,120,000		—		104,020,380

December 31, 2019

			Fair Value
	Carrying Value		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	59,130,285	$	59,130,285	$	—
Liabilities
Norwegian Bond Debt (2)	188,000,000		—		192,626,680
New Ultraco Debt Facility (3)	172,613,988		—		172,613,988
Convertible Bond Debt (4)	114,120,000		—		118,844,868

⁽¹⁾ Includes restricted cash (current and non-current) of $3.0 million at March 31, 2020 and $5.5 million at December 31, 2019.

⁽²⁾ The fair value of the Norwegian Bond Debt is based on the last trades on March 23, 2020 and December 31, 2019 on Bloomberg.com.

⁽³⁾ The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on March 31, 2020.

⁽⁴⁾ The fair value of the Convertible Bond Debt is based on the last trade on February 7, 2020 on Bloomberg.com.