Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

September 30, 2020

			Fair Value
	Carrying Value (5)		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	85,281,060	$	85,281,060	$	—
Liabilities
Norwegian Bond Debt (2)	184,000,000		—		174,110,000
New Ultraco Debt Facility (3)	209,240,668		—		209,240,668
Super Senior Facility (3)	15,000,000		—		15,000,000
Convertible Bond Debt (4)	114,120,000		—		87,159,150

December 31, 2019

			Fair Value
	Carrying Value (5)		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 $1.9 million at September 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 September 15, 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 September 30, 2020.

(4) The fair value of the Convertible Bond Debt is based on the last trade on October 6, 2020 and November 21, 2019 on Bloomberg.com.

(5) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.