Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

June 30, 2020

			Fair Value
	Carrying Value		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	98,607,058	$	98,607,058	$	—
Liabilities
Norwegian Bond Debt (2)	184,000,000		—		172,960,000
New Ultraco Debt Facility (3)	237,051,742		—		237,051,742
Super Senior Facility (3)	15,000,000		—		15,000,000
Convertible Bond Debt (4)	114,120,000		—		68,899,950

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 $0.08 million at June 30, 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 June 26, 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 June 30, 2020.

⁽⁴⁾ The fair value of the Convertible Bond Debt is based on the last trade on July 7, 2020 and November 21, 2019 on Bloomberg.com.