Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income	$ 4,812,333	$ 20,058,832
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	12,818,260	13,521,078
Amortization of deferred financing costs	513,092	538,427
Amortization of prepaid rent	91,704	88,948
Unrealized loss (gain) on derivative instruments	1,530,875	(2,203,899)
Income from equity method investee	(1,097,531)	(416,435)
Earnings attributable to non-controlling interest recorded as interest expense	104,662	0
Recovery for doubtful accounts	(45,661)	(47,351)
Loss on impairment of vessels	1,801,039	0
Loss on sale of vessel	705,065	0
Drydocking costs	(3,112,910)	(1,561,689)
Share-based compensation	1,915,188	1,365,968
Change in operating assets and liabilities:
Accounts receivable	8,416,171	(692,306)
Bunker inventory	4,768,430	2,219,986
Advance hire, prepaid expenses and other current assets	(2,553,779)	(15,220,967)
Accounts payable, accrued expenses and other current liabilities	(4,236,385)	6,171,148
Deferred revenue	(3,989,219)	(419,835)
Net cash provided by operating activities	22,441,334	23,401,905
Investing activities
Purchase of vessels and vessel improvements	(2,072,496)	(40,201,356)
Investment in newbuildings in-process	(33,446)	(7,691,522)
Purchase of fixed assets and equipment	0	(293,385)
Acquisition of non-controlling interest	(15,000,000)	0
Proceeds from sale of vessels	11,691,507	0
Purchase of derivative instrument	(628,000)	0
Net cash used in investing activities	(6,042,435)	(48,186,263)
Financing activities
Proceeds from long-term debt	0	14,000,000
Payments of related party debt	0	(1,681,063)
Payments of financing fees and debt issuance costs	(167,984)	(646,538)
Payments of long-term debt	(9,852,201)	(17,343,675)
Proceeds from finance leases	0	25,600,000
Dividends paid to non-controlling interests	0	(4,666,665)
Payments of finance lease obligations	(10,817,136)	(4,678,761)
Accrued common stock dividends paid	(532,834)	(5,242,613)
Cash paid for incentive compensation shares relinquished	(154,126)	0
Contributions from non-controlling interest recorded as long-term liability	322,750	0
Payments to non-controlling interest recorded as long-term liability	(193,508)	0
Net cash (used in) provided by financing activities	(21,395,039)	5,340,685
Net decrease in cash, cash equivalents and restricted cash	(4,996,140)	(19,443,673)
Cash, cash equivalents and restricted cash at beginning of period	53,055,091	56,114,735
Cash, cash equivalents and restricted cash at end of period	48,058,951	36,671,062
Deferred consideration related to acquisition of non-controlling interest	7,500,000	0
Supplemental cash flow information
Cash and cash equivalents	45,558,951	34,171,062
Restricted cash	2,500,000	2,500,000
Total cash, cash equivalents and restricted cash	$ 48,058,951	$ 36,671,062