Eagle Bulk Shipping (EGLE) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 16, 2015
Entity Registrant Name	Eagle Bulk Shipping Inc.
Entity Central Index Key	1,322,439
Trading Symbol	egle
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		38,232,054
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - Successor [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 25,283,350	$ 39,975,287
Accounts receivable	11,094,138	14,731,301
Prepaid expenses	1,555,719	3,212,930
Inventories	6,547,466	5,749,273
Investment	1,046,977	8,300,740
Other current assets	474,390	4,621,312
Total current assets	46,002,040	76,590,843
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $38,910,877 and $8,766,830, respectively	794,917,415	834,052,684
Other fixed assets, net of accumulated amortization of $135,962 and $118,232, respectively	170,506	230,805
Restricted cash	66,243	66,243
Deferred drydock costs	9,685,030	1,960,792
Deferred financing costs	464,786	550,753
Other assets	102,956	424,702
Total noncurrent assets	805,406,936	837,285,979
Total assets	851,408,976	913,876,822
Current liabilities:
Accounts payable	8,364,800	11,663,697
Accrued interest	342,416	531,918
Other accrued liabilities	9,539,398	9,142,229
Fair value below contract value of time charters acquired	1,401,799	1,648,740
Unearned charter hire revenue	2,223,731	2,389,595
Current portion of long-term debt	15,625,000	15,625,000
Total current liabilities	37,497,144	41,001,179
Noncurrent liabilities:
Long-term debt	212,586,273	$ 204,106,928
Other liabilities	624,604
Fair value below contract value of time charters acquired	3,684,381	$ 4,678,049
Total noncurrent liabilities	216,895,258	208,784,977
Total liabilities	$ 254,392,402	$ 249,786,156
Commitment and contingencies
Stockholders' equity:
Common stock, $.01 par value, 150,000,000 shares authorized, 37,639,352 and 37,504,541 shares issued and outstanding, respectively	$ 376,394	$ 375,045
Additional paid-in capital	676,975,876	675,264,349
Accumulated deficit	(80,100,712)	$ (11,548,728)
Accumulated other comprehensive loss	(234,984)
Total stockholders' equity	597,016,574	$ 664,090,666
Total liabilities and stockholders' equity	$ 851,408,976	$ 913,876,822

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - Successor [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accumulated depreciation, vessels	$ 38,910,877	$ 8,766,830
Accumulated amortization, other fixed assets	$ 135,962	$ 118,232
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	37,639,352	37,504,541
Common stock, shares outstanding\ (in shares)	37,639,352	37,504,541

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Successor [Member]
Revenues, net of commissions	$ 29,127,482		$ 78,116,020
Voyage expenses	5,202,219		13,540,698
Vessel expenses	23,979,906		67,596,014
Charter hire expenses	1,248,649		3,697,745
Depreciation and amortization	11,284,454		32,739,674
General and administrative expenses	$ 4,420,097		13,714,594
Loss on sale of vessel			5,696,675
Total operating expenses	$ 46,135,325		136,985,400
Operating loss	(17,007,843)		(58,869,380)
Interest expense	$ 3,048,180		9,197,163
Interest Income			(2,955)
Other expense	$ 320,597		$ 488,396
Reorganization expenses
Total other expense, net	$ 3,368,777		$ 9,682,604
Net loss	$ (20,376,620)		$ (68,551,984)
Basic (in shares)	37,639,352		37,602,316
Diluted (in shares)	37,639,352		37,602,316
Basic net loss (in dollars per share)	$ (0.54)		$ (1.82)
Diluted net loss (in dollars per share)	$ (0.54)		$ (1.82)
Predecessor [Member]
Revenues, net of commissions		$ 29,846,038		$ 118,021,488
Voyage expenses		5,062,030		12,379,345
Vessel expenses		$ 24,842,113		$ 71,932,268
Charter hire expenses
Depreciation and amortization		$ 19,611,354		$ 58,042,662
General and administrative expenses		$ 6,566,185		$ 12,832,270
Loss on sale of vessel
Total operating expenses		$ 56,081,682		$ 155,186,545
Operating loss		(26,235,644)		(37,165,057)
Interest expense		12,312,139		60,466,686
Interest Income		$ (1,369)		$ (8,125)
Other expense
Reorganization expenses		$ 7,311,240		$ 15,483,981
Total other expense, net		19,622,010		75,942,542
Net loss		$ (45,857,654)		$ (113,107,599)
Basic (in shares)		19,172,717		17,785,290
Diluted (in shares)		19,172,717		17,785,290
Basic net loss (in dollars per share)		$ (2.39)		$ (6.36)
Diluted net loss (in dollars per share)		$ (2.39)		$ (6.36)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Successor [Member]
Net loss	$ (20,376,620)		$ (68,551,984)
Other comprehensive income:
Change in unrealized gain/(loss) on investment	(48,406)		(234,984)
Total other comprehensive income/(loss)	(48,406)		(234,984)
Comprehensive loss	$ (20,425,026)		$ (68,786,968)
Predecessor [Member]
Net loss		$ (45,857,654)		$ (113,107,599)
Other comprehensive income:
Change in unrealized gain/(loss) on investment		256,781		(442,288)
Total other comprehensive income/(loss)		256,781		(442,288)
Comprehensive loss		$ (45,600,873)		$ (113,549,887)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity (Unaudited) - 9 months ended Sep. 30, 2015 - Successor [Member] - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Net Income (Loss) [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2014	37,504,541
Balance at Dec. 31, 2014	$ 375,045	$ 675,264,349		$ (11,548,728)		$ 664,090,666
Net loss			$ (68,551,984)	(68,551,984)		(68,551,984)
Unrealized Loss reported in OCI					$ (234,984)	(234,984)
Vesting of restricted shares, net of shares withheld for employee tax (in shares)	134,811
Vesting of restricted shares, net of shares withheld for employee tax	$ 1,349	(1,286,855)				(1,285,506)
Non-cash compensation		2,998,382				2,998,382
Balance (in shares) at Sep. 30, 2015	37,639,352
Balance at Sep. 30, 2015	$ 376,394	$ 676,975,876		$ (80,100,712)	$ (234,984)	$ 597,016,574

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Successor [Member]
Cash flows from operating activities:
Net loss	$ (68,551,984)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	30,783,330
Amortization of deferred drydocking costs	1,956,344
Amortization of deferred financing costs	$ 85,967
Amortization of Debtor In-Possession Loan Facility deferred financing costs
Amortization of discount on Exit Financing Facility	$ 1,698,095
Amortization of fair value below contract value of time charter acquired	$ (1,240,609)
Payment-in-kind interest on debt
Loss on sale of vessel	$ 5,696,675
Realized loss from investment	$ 112,589
Allowance for accounts receivable
Non-cash compensation expense	$ 2,998,382
Drydocking expenditures	$ (9,680,582)
Reorganization items, non cash
Changes in operating assets and liabilities:
Accounts receivable	$ 3,637,163
Other current assets	4,468,668
Prepaid expenses	1,657,211
Inventories	(798,193)
Accounts payable	(3,298,897)
Accrued interest	$ (189,502)
Accrued interest subject to compromise
Other Accrued Liabilities	$ 1,021,773
Unearned revenue	(165,864)
Net cash used in operating activities	(29,809,434)
Cash flows from investing activities:
Vessels and vessel improvements	(1,508,778)
Purchase of other fixed assets	(11,201)
Proceeds from sale of vessel	4,235,542
Proceeds from sale of investment	6,906,190
Net cash provided by/(used in) investing activities	$ 9,621,753
Cash flows from financing activities:
Debtor In Possession Loan Facility
Proceeds from Revolver Loan	$ 23,000,000
Fee paid to the lenders	$ (500,000)
Deferred financing costs
Repayment of Term Loan under the Exit Financing Facility	$ (15,718,750)
Cash used to settle net share equity awards	(1,285,506)
Net cash provided by financing activities	5,495,744
Net (decrease) / increase in cash and cash equivalents	(14,691,937)
Cash and cash equivalents at beginning of period	39,975,287
Cash and cash equivalents at end of period	$ 25,283,350
Predecessor [Member]
Cash flows from operating activities:
Net loss		$ (113,107,599)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		55,670,788
Amortization of deferred drydocking costs		2,371,874
Amortization of deferred financing costs		16,278,544
Amortization of Debtor In-Possession Loan Facility deferred financing costs		$ 576,923
Amortization of discount on Exit Financing Facility
Amortization of fair value below contract value of time charter acquired
Payment-in-kind interest on debt		$ 17,858,132
Loss on sale of vessel
Realized loss from investment
Allowance for accounts receivable		$ 1,824,519
Non-cash compensation expense		765,339
Drydocking expenditures		(4,008,903)
Reorganization items, non cash		3,107,207
Changes in operating assets and liabilities:
Accounts receivable		(2,846,887)
Other current assets		(3,702,486)
Prepaid expenses		1,584,689
Inventories		(972,777)
Accounts payable		(826,763)
Accrued interest		(63,955)
Accrued interest subject to compromise		15,102,925
Other Accrued Liabilities		2,238,703
Unearned revenue		(2,944,853)
Net cash used in operating activities		(11,094,580)
Cash flows from investing activities:
Vessels and vessel improvements		(149,756)
Purchase of other fixed assets		$ (190,530)
Proceeds from sale of vessel
Proceeds from sale of investment
Net cash provided by/(used in) investing activities		$ (340,286)
Cash flows from financing activities:
Debtor In Possession Loan Facility		$ 25,000,000
Proceeds from Revolver Loan
Fee paid to the lenders
Deferred financing costs		$ (750,000)
Repayment of Term Loan under the Exit Financing Facility
Cash used to settle net share equity awards
Net cash provided by financing activities		$ 24,250,000
Net (decrease) / increase in cash and cash equivalents		12,815,134
Cash and cash equivalents at beginning of period		19,682,724
Cash and cash equivalents at end of period		$ 32,497,858

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	Note 1. Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company”, “we” or “our”). References to “Predecessor” refer to the Company between the period January 1, 2014 and October 15, 2014. References to “Successor” refer to the Company after October 16, 2014. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment. The Company is a holding company incorporated in 2005 under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares or limited liability company interests of its subsidiaries. The primary activity of each of the subsidiaries, other than the Company’s management subsidiaries, is the ownership of a vessel. The operations of the vessels are managed by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company. As of September 30, 2015, the Company owned and operated a modern fleet of 44 oceangoing vessels comprised of 43 Supramax vessels and 1 Handymax vessel with a combined carrying capacity of 2,404,064 deadweight tons, or “dwt” (a unit of a vessel’s capacity for cargo, fuel oil, stores and crew, measured in metric tons of 1,000 kilograms; a vessel’s dwt is the total weight the vessel can carry when loaded to a particular load line) and an average age of approximately 8.2 years. The Company also charters in a Handylog bulk carrier beginning October 2, 2014 for a period of seven years. The following table represents certain information about the Company's charterers that individually accounted for more than 10% of the Company's revenue during the periods indicated: % of Revenue Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Charterer Charterer A - - - 11% Charterer B* 12% 37% 23% 26% *Charter revenue from a pool in which the Company participated. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the Consolidated financial statements and notes thereto included in the Company’s 2014 Annual Report on Form 10-K, filed with the SEC on April 2, 2015. The accompanying unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair statement of its financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are useful lives of fixed assets and intangibles, the period of amortization, the allowances for bad debt, and the fair value of warrants and stock-based compensation. Bankruptcy Filing On August 6, 2014, the Company entered into a restructuring support agreement (the “Restructuring Support Agreement”) with lenders constituting the “Majority Lenders” (as such term is defined in the Company’s Fourth Amended and Restated Credit Agreement, dated June 20, 2012 (the “Credit Agreement”)) under its Credit Agreement (the “Consenting Lenders”), which contemplated a plan of reorganization through a balance sheet restructuring of the Company’s obligations upon the terms specified therein. On the same day, the Company filed a voluntary prepackaged case (the “Prepackaged Case”) under chapter 11 (“Chapter 11”) of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”). The Prepackaged Case was filed only in respect of the parent company, Eagle Bulk Shipping Inc., but not any of its subsidiaries. Through the Prepackaged Case, the Company sought to implement a balance sheet restructuring pursuant to the terms of its prepackaged plan of reorganization filed with the Court (the “Plan”). The Company continued to operate its business as a “debtor in possession” under the jurisdiction of the Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Court. The commencement of the Prepackaged Case constituted an event of default that accelerated the Company’s obligations under the Credit Agreement, subject to an automatic stay of any action to collect, assert or recover a claim against the Company and the application of the applicable provisions of the Bankruptcy Code. As part of the Prepackaged Case, the Company obtained debtor-in-possession financing (the “DIP Loan Facility”), as further described below, pursuant to authorization from the Court. The Company funded its ongoing operations during the pendency of the Prepackaged Case through available borrowings under the DIP Loan Facility as well as cash generated from operations. Subsequent to the filing of the Prepackaged Case, the Company received approval from the Court to continue using its existing cash management system and to pay or otherwise honor certain pre-petition obligations generally designed to stabilize the Company’s operations, such as certain employee wages, salaries and benefits, certain taxes and fees, customer obligations, obligations to logistics providers and pre-petition amounts owed to certain critical vendors. The Company continued to honor payments to vendors and other providers in the ordinary course of business for goods and services received after the filing date of the Prepackaged Case. The Company retained legal and financial professionals to advise the Company in connection with the Prepackaged Case and certain other professionals to provide services and advice in the ordinary course of business. On September 22, 2014, the Court entered an order (the “Confirmation Order”) confirming the Plan. On October 15, 2014 (the “Effective Date”), the Company completed its balance sheet restructuring and emerged from Chapter 11 through a series of transactions contemplated by the Plan, and the Plan became effective pursuant to its terms. Key components of the Plan included: ● Entry into a new senior secured credit facility (the “Exit Financing Facility”) as of October 9, 2014, in the amount of $275 million (inclusive of a $50 million revolving credit facility). ● The cancellation of all outstanding equity interests in the Company as of the Effective Date, with the current holders of such equity interests (other than the Consenting Lenders on account of certain warrants held by them or shares of common stock received upon conversion of such warrants ) receiving (i) shares of the reorganized Company’s common stock (“New Eagle Common Stock”) equal to 0.5% of the total number of shares of New Eagle Common Stock issued and outstanding on the Effective Date (subject to dilution by the New Eagle Equity Warrants (as defined below) and the Management Incentive Program (as defined below)), and (ii) an aggregate of 3,045,327 New Eagle Equity Warrants. Each New Eagle Equity Warrant has a seven year term (commencing on the Effective Date) and is exercisable for one share of New Eagle Common Stock (subject to adjustment as set forth in the New Eagle Equity Warrant Agreement and dilution by the Management Incentive Program). ● The extinguishment of all loans and other obligations under the Credit Agreement as of the Effective Date, with the current holders thereof receiving (i) shares of New Eagle Common Stock equal to 99.5% of the total number of shares of New Eagle Common Stock issued and outstanding on the Effective Date, subject to dilution by the New Eagle Equity Warrants and the Management Incentive Program, and (ii) a cash distribution as contemplated by the Plan. On the Effective Date, the Credit Agreement was terminated, and the liens and mortgages thereunder were released. ● All claims of unsecured creditors of Eagle Bulk Shipping Inc. were unaffected and will be paid in full in the ordinary course of business. ● The establishment of a Management Incentive Program (the “Management Incentive Program”) that provides senior management and certain other employees of the reorganized Company with 2% of the New Eagle Common Stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the New Eagle Common Stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company and a premium to the equity value, each of the foregoing to vest generally over a four year schedule through 25% annual installments commencing on the first anniversary of the Effective Date. The Management Incentive Program also provides for the reservation of certain additional shares for future issuance thereunder, as further described in the Plan. The Plan also provided for certain releases of various parties by certain holders of claims against and equity interests in the Company. Exit Financing Facility On October 9, 2014, Eagle Bulk Shipping Inc., as borrower, and certain of its subsidiaries, as guarantors, entered into the Exit Financing Facility with certain lenders (the “Exit Lenders”). The Exit Financing Facility is in the amount of $275 million, including a $50 million revolving credit facility, and matures on October 15, 2019. A fee of $5.5 million was paid to the lenders in connection with the Exit Financing Facility as a reduction of proceeds. Amounts drawn under the Exit Financing Facility bear interest at a rate of LIBOR plus a margin ranging between 3.50% and 4.00% per annum. The revolving credit facility is subject to an annual commitment fee of 40% of the margin on the undrawn portion of the facility. The Exit Financing Facility is described further in Note 5 below. Registration Rights Agreement On the Effective Date, and in accordance with the Plan, the Company entered into the Registration Rights Agreement with certain parties that received shares of New Eagle Common Stock under the Plan. The Registration Rights Agreement provided such parties with demand and piggyback registration rights. New Eagle Equity Warrant Agreement On the Effective Date, and in accordance with the Plan, the Company issued new equity warrants (the “New Eagle Equity Warrants”) pursuant to the terms of the warrant agreement (the “New Eagle Equity Warrant Agreement”). Each New Eagle Equity Warrant has a 7-year term (commencing on the Effective Date) and is exercisable for one share of New Eagle Common Stock (subject to adjustment as set forth in the New Eagle Equity Warrant Agreement and dilution by the Management Incentive Program). The New Eagle Equity Warrants are exercisable at an exercise price of $27.82 per share (subject to adjustment as set forth in the New Eagle Equity Warrant Agreement). The New Eagle Equity Warrant Agreement contains customary anti-dilution adjustments in the event of any stock split, reverse stock split, stock dividend, reclassification, dividend or other distributions (including, but not limited to, cash dividends), or business combination transaction. FRESH START ACCOUNTING Financial Statement Presentation Upon the Company’s emergence from the Prepackaged Case on October 15, 2014, the Company adopted fresh-start accounting in accordance with provisions of ASC 852, Reorganizations Business Combinations, Under ASC 852, fresh-start accounting is required upon emergence from Chapter 11 if (i) the value of the assets of the emerging entity immediately before the date of confirmation is less than the total of all post-petition liabilities and allowed claims; and (ii) holders of existing voting shares immediately before confirmation receive less than 50% of the voting shares of the emerging entity. Accordingly, the Company qualified for and adopted fresh-start accounting as of the Effective Date. Adopting fresh-start accounting results in a new reporting entity with no beginning retained earnings or deficits. The cancellation of all existing shares outstanding on the Effective Date and issuance of new shares of the reorganized entity caused a change of control of the Company under ASC 852.

Note 2 - New Accounting Pronoun

Note 2 - New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 2 . New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard, as extended by the FASB, is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This ASU establishes specific guidance to an organization's management on their responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern. The provisions of this ASU are effective for interim and annual periods beginning after December 15, 2016. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In April 2015, the FASB issued ASU No.2015-3, “Simplifying the Presentation of Debt Issuance Costs”. The new guidance specifies that debt issuance costs under the new standard are to be netted against the carrying value of the financial liability. The guidance should be applied on a retrospective basis. The effective date of the new guidance is for fiscal years beginning after December 15, 2015. In August 2015, the FASB issued ASU 2015-15, "Interest—Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." ASU 2015-15 amends Subtopic 835-30 to include that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of debt issuance costs over the term of the line-of-credit arrangement, whether or not there are any outstanding borrowings on the line-of-credit arrangement. This guidance is effective for fiscal years (and interim reporting periods within fiscal years) beginning after December 15, 2015. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. The new guidance specifies that the inventory be measured at the lower of cost and net realizable value. The amendment would apply prospectively and would be effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods within annual reporting periods after December 15, 2017. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements.

Note 3 - Vessels

Note 3 - Vessels	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 3 . Vessels Vessels and Vessel Improvements At September 30, 2015, the Company’s operating fleet consisted of 44 drybulk vessels. At October 15, 2014, the Company’s vessels were adjusted to a fair value aggregating $842,625,000 as part of fresh start accounting. The fair values were based primarily on valuations obtained from third-party specialists principally utilizing the market value approach. Successor Vessels and Vessel Improvements, at December 31, 2014 $ 834,052,684 Purchase of Vessel Improvements 1,508,778 Disposal of Vessel (9,932,217 ) Depreciation Expense (30,711,830 ) Vessels and Vessel Improvements, at September 30, 2015 $ 794,917,415 In April 2015, the Company decided to sell the Kite, a 1997-built Handymax, and reached an agreement to sell the vessel for $4,297,100 after brokerage commissions payable to a third party. The Kite was not available for delivery before April 29, 2015. On May 7, 2015, the Company realized a net loss of $5,696,675 and received net proceeds of $4,235,542 related to the sale after the associated transaction costs.

Note 4 - Investment

Note 4 - Investment	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Investment [Text Block]	Note 4. Investment Korea Line Corporation The Company’s investment in capital stock of the Korea Line Corporation (“KLC”) is designated as Available For Sale (“AFS”) and is reported at its fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”). The fair value of the KLC shares are determined from the market price as quoted on the Korean Stock Exchange and by converting the South-Korean Won (“KRW”) extended value into USD with the exchange rate applicable on date of conversion. The Company reviews the investment in KLC for impairment on a quarterly basis. The Company concluded that for the Successor Company as of September 30, 2015 and for the Predecessor Company as of September 30, 2014, the change in the fair value of the KLC investment was “temporary”. The Company recorded cumulative unrealized losses in the amount of $ 0.2 million and $ 0.4 million as of September 30, 2015, and 2014 respectively. As of December 31, 2014, the Company recorded an impairment loss of $ 1.0 million. As such, there is no unrealized gain or (loss) as of December 31, 2014. The following table provides information on the Company’s investment in KLC capital stock which is recorded at fair value: No. of KLC Shares Cost Basis-Adjusted Fair Value Unrealized Loss reported in A OC I Balance at January 1, 2014 (Predecessor) 566,529 $ 13,817,439 $ 13,817,439 - Fair Value-Adjustments, net - - (442,288 ) $ (442,228 ) Balance at September 30, 2014 (Predecessor) 566,529 $ 13,817,439 $ 13,375,151 $ (442,288 ) Balance at January 1, 2015 (Successor) 387,453 $ 8,300,740 $ 8,300,740 - KLC Stock Sold (327,615 ) (7,018,779 ) (6,906,190 ) - Loss on sale of KLC Stock - - (112,589 ) - Fair Value-Adjustments, net - - (234,984 ) (234,984 ) Balance at September 30, 2015 (Successor) 59,838 $ 1,281,961 $ 1,046,977 $ (234,984 )

Note 5 - Debt

Note 5 - Debt	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Long-term Debt [Text Block]	Note 5 . Debt Long-term Debt consists of the following: Successor September 30, 2015 December 31, 2014 Exit Financing Facility $ 232,281,250 $ 225,000,000 Discount on Exit Financing Facility (4,069,977 ) (5,268,072 ) Less: Current Portion (15,625,000 ) (15,625,000 ) Total Long-Term debt $ 212,586,273 $ 204,106,928 Exit Financing Facility On October 9, 2014, the Company entered into the Exit Financing Facility with the Exit Lenders. The Exit Financing Facility is in the amount of $275 million, including a $50 million revolving credit facility of which the Company borrowed $23 million as of September 30, 2015, and matures on October 15, 2019. Amounts drawn under the Exit Financing Facility bear interest at a rate of LIBOR plus margin ranging between 3.5% to 4.0% per annum. The revolving credit facility is subject to an annual commitment fee of 40% of the margin on the undrawn portion of the credit facility. The Company’s obligations under the Exit Financing Facility are secured by a first priority mortgage on each of the vessels in its fleet and such other vessels that it may from time to time include with the approval of the Exit Lenders, a first assignment of its earnings account, its liquidity account and its vessel-owning subsidiaries’ earnings accounts, a first assignment of all charters (having a term which is not reasonably likely to exceed 18 months), freights, earnings, insurances, requisition compensation and management agreements with respect to the vessels and a first priority pledge of the membership interests of each of its vessel-owning subsidiaries. The Company may grant additional security to the Exit Lenders from time to time in the future. The Exit Financing Facility contains financial covenants requiring the Company, among other things, to ensure that the aggregate market value of the vessels in the Company’s fleet at all times does not fall below between 150% and 165% of the aggregate principal amount of debt outstanding under the Exit Financing Facility; the total financial indebtedness of the Company and all of its subsidiaries on a consolidated basis divided by the sum of (i) the total shareholders’ equity for the Company and all of its subsidiaries (minus goodwill and other non-tangible items) and (ii) the total financial indebtedness of the Company and all of its subsidiaries on a consolidated basis, shall not be more than 0.65; the aggregate of the Company’s and its subsidiaries’ EBITDA will not be less than 2.5x of the aggregate amount of interest incurred and net amounts payable under interest rate hedging arrangements during the relevant trailing twelve month period with the measurement beginning December 31, 2015; and the Company maintains a minimum liquidity of not less than the greater of (i) $20,000,000 and (ii) $500,000 per vessel in the Company’s fleet. In addition, the Exit Financing Facility also imposes operating restrictions on the Company including limiting the Company’s ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; acquire and sell capital assets (including vessels); merge or consolidate with, or transfer all or substantially all of the Company’s assets to, another person; and enter into a new line of business. The Company shall repay the Exit Financing Facility in 20 equal consecutive quarterly principal repayment installments each in an amount of $3,906,250. The Exit Financing Facility also includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light of which, in the Exit Lenders’ judgment, there is significant risk that the Company is or would become insolvent. The Company is not permitted to pay dividends if there is a default or a breach of a loan covenant under the Exit Financing Facility or if the payment of the dividends would result in a default or breach of a loan covenant. Indebtedness under the Exit Financing Facility may also be accelerated if the Company experiences a change of control. On August 14, 2015, the Company entered into an Amendatory Agreement (the “Amendatory Agreement”) with certain Exit Lenders under the Exit Financing Facility. Pursuant to the Amendatory Agreement, the Exit Lenders have agreed to, among other things, defer the compliance with the minimum interest coverage covenant under the Exit Financing Facility from December 31, 2015 to December 31, 2016 and amend the method of calculating the Minimum Interest Coverage Ratio (as defined in the Exit Financing Facility) as follows: (i) on a trailing two quarter basis for the fiscal quarter ending December 31, 2016 (ii) on a trailing three quarter basis for the fiscal quarter ending March 31, 2017 and (iii) on a trailing four quarter basis for each succeeding fiscal quarter thereafter. Further, the Amendatory Agreement amended the minimum required security cover covenant under the Exit Financing Facility as follows: (i) for the period prior to June 30, 2017, 165 percent of the Loan (as defined in the Exit Financing Facility) (ii) for the period on or after July 1, 2017 and on or before October 14, 2017, 157.5 percent of the Loan and (iii) thereafter, 165 percent of the Loan. In connection with entering into the Amendatory Agreement, the Company paid the Exit Lenders an amendment fee of $0.5 million. The fees has been capitalized along with the existing unamortized discount on Exit Financing Facility and amortized as interest expense. For the three months ended September 30, 2015, interest rates on our outstanding debt ranged from 4.06% to 4.08%, including a margin over LIBOR applicable under the terms of the Exit Financing Facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.10% For the three months ended September 30, 2014, interest expense included 2.00% default interest on the unpaid interest as of June 30, 2014 and 6.00% interest on the DIP Loan Facility post filing of the Chapter 11 case in addition to interest under the Company’s old term loan facility at 3.50% margin over Libor. Interest expense ceased being accrued as of August 6, 2014 under the old term loan facility except for the interest in respect of the DIP Loan Facility. For the nine months ended September 30, 2015, interest rates on our outstanding debt ranged from 4.04% to 4.08%, including a margin over LIBOR applicable under the terms of the amended Exit Financing Facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.30%. For the nine months ended September 30, 2014, interest rates on the outstanding debt ranged from 3.73% to 8.23%, including a margin of 3.50% over LIBOR. The weighted average effective interest rate for this period was 2.94%. Interest Expense consisted of : Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Exit Financing Facility Interest $ 2,520,432 $ 7,413,101 Amortization of Facility Deferred Financing Costs 28,970 85,967 Amortization of Discount on Facility 498,778 1,698,095 Old Term Loan Interest $ 7,380,769 $ 43,299,761 DIP Loan Facility Interest 311,458 311,458 Amortization of DIP Loan Facility deferred financing costs 576,923 576,923 Amortization of Old Term Loan Deferred Financing Costs 4,042,989 16,278,544 Total Interest Expense $ 3,048,180 $ 12,312,139 $ 9,197,163 $ 60,466,686 Interest paid amounted to $7,602,603 for the nine months ended September 30, 2015 and $10,714,117 for the nine months ended September 30, 2014.

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	Note 6 . Derivative Instruments and Fair Value Measurements Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash— Debt Investment— The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, restricted cash accounts and investment. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Investment $ 1,046,977 — — $ 8,300,740 — —

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 7 . Commitments and Contingencies Legal Contingencies The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. The Company records a liability when it is probable that a loss has been incurred and that amount is reasonably estimable. In November 2015, the Company filed a voluntary self-disclosure report with the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) regarding certain apparent violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the transportation of cargo to or from Myanmar (formerly Burma). At the time of such apparent violations, the Company had a different senior operational management team. Notwithstanding the fact that the apparent violations took place under a different senior operational management team and although the Company's new board and management have implemented robust remedial measures and significantly enhanced compliance safeguards to ensure that our activities are in compliance with U.S. sanctions laws, there can be no assurance that OFAC will not conclude that these past actions warrant the imposition of civil penalties and/or referral for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency’s review, consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the Company’s financial condition or results of operations. Vessel Technical Management Contract The Company has technical management agreements for certain of its vessels with independent technical managers. The Company paid average monthly technical management fees of $11,042 and $10,708 for the three months ended September 30, 2015 and 2014, respectively. The Company paid average monthly technical management fees of $10,861 and $10,708 per vessel during the nine months ended September 30, 2015 and 2014, respectively. On August 24, 2015, the Company provided three months’ notice to its third party technical manager to terminate the technical management contract. The Company intends to transfer those vessels to Company’s in-house technical management. Other Commitments On October 14, 2015, the Company entered into a lease termination and surrender agreement for the New York office space effective on March 31, 2016. Under the agreement the Company will pay $1.76 million as an early termination fee. On October 15, 2015, the Company entered into a new commercial lease agreement as a subtenant for office space in Stamford, Connecticut. The lease is effective from January 1, 2016 through June 29, 2023, with an average annual rent of $419,536.

Note 8 - Transactions with Form

Note 8 - Transactions with Former Related Parties	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 8 . Transactions with former related parties On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, KEP VI, LLC and the Company's former Chief Executive Officer, Sophocles Zoullas. Delphin was formed for the purpose of acquiring and operating dry bulk and other vessels. Under the terms of the Management Agreement, the Company provided commercial and technical supervisory vessel management services to dry bulk vessels acquired by Delphin for a monthly fee of $15,834 for the first 10 vessels, $11,667 for the second 10 vessels and $8,750 for the third 10 vessels. Pursuant to the terms of the Management Agreement, the Company was granted an opportunity to acquire for its own account any dry bulk vessel that Delphin proposes to acquire. The Company was also granted a right of first refusal on any dry bulk charter opportunity, other than a renewal of an existing charter for a Delphin-owned vessel that the Company reasonably deems suitable for a Company-owned vessel. The Management Agreement provided the Company a right of first offer on the sale of any dry bulk vessel by Delphin. The term of the Management Agreement was one year and was renewable for successive one year terms at the option of Delphin. On October 15, 2014, the above referenced Management Agreement was amended and restated (as so amended and restated, the “Amended Management Agreement”). As per the Amended Management Agreement, the technical management fee is $700 per vessel per day. The commercial management fee is 1.25% of charter hire; provided, however, that no commercial management fee shall be payable with respect to a charter hire that is earned while a vessel is a member of a pool and with respect to which a fee is paid to the pool manager. Following Mr. S. Zoullas’ resignation on March 9, 2015, the Company no longer considers the Amended Management Agreement to be a related party transaction. On May 22, 2015, the Company received a termination notice to the Amended Management Agreement from Delphin. The notice of termination was given pursuant to the terms of the Amended Management Agreement and became effective as of August 22, 2015. Total management fees for the three and nine month Successor periods ended September 30, 2015, amounted to $854,634 and $2,473,964 respectively. The total reimbursable expenses for the three and nine month periods ended September 30, 2015 amounted to $137,965 and $220,530, respectively. Total management fees for the three and nine month Predecessor periods ended September 30, 2014 amounted to $545,022 and $1,635,066 respectively. The total reimbursable expenses for the three and nine month periods ended September 30, 2014 amounted to $44,724 and $181,595, respectively.

Note 9 - Earnings (Loss) Per Co

Note 9 - Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 9 . Loss Per Common Share The computation of basic net loss per share is based on the weighted average number of common shares outstanding for the three and nine months periods ended September 30, 2015 and September 30, 2014 for the Successor and Predecessor, respectively. The Predecessor net loss per share for the period ended September 30, 2014 reflects the weighted average of the underlying warrant shares issuable upon exercise of the 615,997 warrants at the exercise price of $0.01 per share. Diluted net loss per share as of September 30, 2014, does not include 123,667 restricted stock units and 1,727,667 stock options as their effect was anti-dilutive. In accordance with the accounting literature, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net loss per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of September 30, 2015 does not include 574,660 stock awards, 1,185,312 stock options and 3,045,327 warrants as their effect was anti-dilutive. Three Months Ended Nine Months Ended September 30, 2015 Successor September 30, 2014 Predecessor September 30, 2015 Successor September 30, 2014 Predecessor Net loss $ (20,376,620 ) $ (45,857,654 ) $ (68,551,984 ) $ (113,107,599 ) Weighted Average Shares – Basic 37,639,352 19,172,717 37,602,316 17,785,290 Dilutive effect of stock options and restricted stock units - - - - Weighted Average Shares - Diluted 37,639,352 19,172,717 37,602,316 17,785,290 Basic Loss Per Share $ (0.54 ) $ (2.39 ) $ (1.82 ) $ (6.36 ) Diluted Loss Per Share $ (0.54 ) $ (2.39 ) $ (1.82 ) $ (6.36 )

Note 10 - Stock Incentive Plans

Note 10 - Stock Incentive Plans	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 10 . Stock Incentive Plans 2014 Management Incentive Plan On the Effective Date, in accordance with the Plan, the Company adopted the post-emergence Management Incentive Plan, which provides for the distribution of New Eagle MIP Primary Equity in the form of shares of New Eagle Common Stock, and New Eagle MIP Options, to the participating senior management and other employees of the reorganized Company with 2% of the New Eagle Common Stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the New Eagle Common Stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company and a premium to the equity value, each of the foregoing to vest generally over a four year schedule through 25% annual installments commencing on the first anniversary of the Effective Date. The New Eagle MIP Primary Equity is subject to vesting, but the holder thereof is entitled to receive all dividends paid with respect to such shares as if such New Eagle MIP Primary Equity had vested on the grant date (subject to forfeiture by the holder in the event that such grant is terminated prior to vesting unless the administrator of the Management Incentive Program determines otherwise). The New Eagle MIP Options contains adjustment provisions to reflect any transaction involving shares of New Eagle Common Stock, including as a result of any dividend, recapitalization, or stock split, so as to prevent any diminution or enlargement of the holder’s rights under the award. On March 9, 2015, the Company’s former Chief Executive Officer resigned from the Company. In connection with the resignation, the Company entered into a Separation Agreement and General Release with its former Chief Executive Officer. The agreement provides, among other things, a vesting of 270,270 of New Eagle MIP Primary Equity of the Company previously granted to its former Chief Executive Officer. All other equity awards previously granted by the Company to its former Chief Executive Officer were forfeited without consideration pursuant to such Separation Agreement. On April 27, 2015, the Company’s former Chief Operating Officer separated from the Company. On May 1, 2015, the Company and its former Chief Operating Officer entered into a Separation Agreement and General Release. The Separation Agreement provides among other things, a vesting of 40,000 of New Eagle MIP Primary Equity of the Company previously granted to its former Chief Operating Officer, payable in accordance with and subject to certain terms and conditions of such Separation Agreement. All other equity awards previously granted by the Company to its former Chief Operation Officer were forfeited without consideration pursuant to such Separation Agreement. On June 12, 2015, the Company granted 55,000 restricted shares to an employee. The fair value of the New Eagle MIP Primary Equity equivalent to the market value at the date of grant was $493,900. Amortization of this charge, which is included in the General and administrative expenses, for the nine months ended September 30, 2015, was $77,737. On July 7, 2015, the Company announced that it appointed Gary Vogel as Chief Executive Officer of the Company, effective as of September 1, 2015 (the “CEO Effective Date”). The Company entered into an employment agreement with Mr. Vogel on July 6, 2015. Pursuant to the employment agreement, on September 29, 2015, the Company granted to Mr. Vogel 325,000 restricted shares of common stock of the Company, an option to purchase 325,000 shares of Common Stock at an exercise price of $5.87 per share, and an option to purchase 325,000 shares of Common Stock at an exercise price of $13.00 per share, in each case, (i) subject to the terms of the Company’s 2014 Equity Incentive Plan and the applicable award agreement and (ii) pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation D thereunder. The options have a five year term and will vest ratably on each of the first four anniversaries of the CEO Effective Date. All of the restricted shares will vest on the third anniversary of the CEO Effective Date subject to Mr. Vogel’s continued employment. The fair value of Mr. Vogel’s restricted stock award is equivalent to the market value at the date of grant was $1,907,750. Amortization of this charge, which is included in non-cash compensation expense, for the quarter ended September 30, 2015, was $95,042. The fair value of each of the option was $623,828 for the $5.87 options and $200,160 for the $13.00 options. For the purposes of determining the non-cash compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation", the fair value of the options was estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptions used included a risk free interest rate of 1.09%, an expected stock price volatility factor of 41.6% and a dividend rate of 0%. The aggregate fair value of these stock options awards on the date of grant was $823,988. Amortization of this charge, which is included in non-cash compensation expense, for the quarter ended September 30, 2015, was $34,986. As of September 30, 2015, stock awards covering a total of 574,660 of the Company’s shares are outstanding. The stock awards vest ratably over four years. The Company is amortizing to General and Administrative expenses the fair value of the non-vested stock awards at the grant date over the vesting period. As of September 30, 2015, options covering 1,185,312 of the Company’s common shares are outstanding with exercise prices ranging from $5.87 to $25.25 per share. The options granted to members of the Company's management under the Management Incentive Plan vest and become exercisable in four equal annual installments beginning on the grant date. All options expire within five to seven years from the effective date. For the three months ended September 30, 2015 and 2014, the Company has recorded non-cash compensation charges included in General and administrative expenses of $790,803 and $196,979, respectively. For the nine months ended September 30, 2015 and 2014, the Company has recorded non-cash compensation charges included in General and administrative expenses of $2,998,382 and $765,339, respectively. The estimated remaining expense for each of the years ending 2015, 2016 and 2017 will be $966,167, $2,698,919 and $1,350,132, respectively.

Note 1 - Basis of Presentatio18

Note 1 - Basis of Presentation and General Information (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule Of Consolidated Revenue From Major Charters [Table Text Block]	% of Revenue Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Charterer Charterer A - - - 11% Charterer B* 12% 37% 23% 26%

Note 3 - Vessels (Tables)

Note 3 - Vessels (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule Of Vessel And Vessel Improvements [Table Text Block]	Successor Vessels and Vessel Improvements, at December 31, 2014 $ 834,052,684 Purchase of Vessel Improvements 1,508,778 Disposal of Vessel (9,932,217 ) Depreciation Expense (30,711,830 ) Vessels and Vessel Improvements, at September 30, 2015 $ 794,917,415

Note 4 - Investment (Tables)

Note 4 - Investment (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Investment [Table Text Block]	No. of KLC Shares Cost Basis-Adjusted Fair Value Unrealized Loss reported in A OC I Balance at January 1, 2014 (Predecessor) 566,529 $ 13,817,439 $ 13,817,439 - Fair Value-Adjustments, net - - (442,288 ) $ (442,228 ) Balance at September 30, 2014 (Predecessor) 566,529 $ 13,817,439 $ 13,375,151 $ (442,288 ) Balance at January 1, 2015 (Successor) 387,453 $ 8,300,740 $ 8,300,740 - KLC Stock Sold (327,615 ) (7,018,779 ) (6,906,190 ) - Loss on sale of KLC Stock - - (112,589 ) - Fair Value-Adjustments, net - - (234,984 ) (234,984 ) Balance at September 30, 2015 (Successor) 59,838 $ 1,281,961 $ 1,046,977 $ (234,984 )

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Debt [Table Text Block]	Successor September 30, 2015 December 31, 2014 Exit Financing Facility $ 232,281,250 $ 225,000,000 Discount on Exit Financing Facility (4,069,977 ) (5,268,072 ) Less: Current Portion (15,625,000 ) (15,625,000 ) Total Long-Term debt $ 212,586,273 $ 204,106,928
Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block]	Three Months Ended Nine Months Ended Successor Predecessor Successor Predecessor September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Exit Financing Facility Interest $ 2,520,432 $ 7,413,101 Amortization of Facility Deferred Financing Costs 28,970 85,967 Amortization of Discount on Facility 498,778 1,698,095 Old Term Loan Interest $ 7,380,769 $ 43,299,761 DIP Loan Facility Interest 311,458 311,458 Amortization of DIP Loan Facility deferred financing costs 576,923 576,923 Amortization of Old Term Loan Deferred Financing Costs 4,042,989 16,278,544 Total Interest Expense $ 3,048,180 $ 12,312,139 $ 9,197,163 $ 60,466,686

Note 6 - Derivative Instrumen22

Note 6 - Derivative Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2015 December 31, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Investment $ 1,046,977 — — $ 8,300,740 — —

Note 9 - Earnings (Loss) Per 23

Note 9 - Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, 2015 Successor September 30, 2014 Predecessor September 30, 2015 Successor September 30, 2014 Predecessor Net loss $ (20,376,620 ) $ (45,857,654 ) $ (68,551,984 ) $ (113,107,599 ) Weighted Average Shares – Basic 37,639,352 19,172,717 37,602,316 17,785,290 Dilutive effect of stock options and restricted stock units - - - - Weighted Average Shares - Diluted 37,639,352 19,172,717 37,602,316 17,785,290 Basic Loss Per Share $ (0.54 ) $ (2.39 ) $ (1.82 ) $ (6.36 ) Diluted Loss Per Share $ (0.54 ) $ (2.39 ) $ (1.82 ) $ (6.36 )

Note 1 - Basis of Presentatio24

Note 1 - Basis of Presentation and General Information (Details Textual) $ / shares in Units, $ in Millions	Oct. 09, 2014USD ($)$ / sharesshares	Oct. 02, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Oct. 15, 2019USD ($)
Supramax Vessels [Member]
Vessels In Operation			43	43
Handymax Vessels [Member]
Vessels In Operation			1	1
Line of Credit [Member] | Scenario, Forecast [Member] | Restructuring Support Agreement and Plan of Reorganization [Member]
Line of Credit Facility, Maximum Borrowing Capacity | $						$ 275
Line of Credit [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Line of Credit [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Line of Credit [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					3.50%
Line of Credit [Member] | Restructuring Support Agreement and Plan of Reorganization [Member]
Line of Credit Facility, Commitment Fee Percentage	40.00%		40.00%	40.00%
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				3.50%
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				4.00%
Revolving Credit Facility [Member] | Scenario, Forecast [Member] | Restructuring Support Agreement and Plan of Reorganization [Member]
Line of Credit Facility, Maximum Borrowing Capacity | $						$ 50
Revolving Credit Facility [Member] | Restructuring Support Agreement and Plan of Reorganization [Member]
Line of Credit Facility, Commitment Fee Percentage	40.00%
Cancellation of All Outstanding Equity Interests [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | Bankruptcy Exchanged to Common Stockholders [Member]
Restructuring Covenant Percentage of Equity Exchanged	0.50%
Extinguishment of All Loans and Other Obligations [Member] | Restructuring Support Agreement and Plan of Reorganization [Member] | Bankruptcy Exchanged to Common Stockholders [Member]
Restructuring Covenant Percentage of Equity Exchanged	99.50%
Restructuring Support Agreement and Plan of Reorganization [Member] | Bankruptcy Exchanged to Common Stockholders [Member] | New Eagle Equity Warrants [Member]
Class of Warrant or Right, Outstanding	3,045,327
Warrant Term	7 years
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Restructuring Support Agreement and Plan of Reorganization [Member] | Management Equity Incentive Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	5.50%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Restructuring Support Agreement and Plan of Reorganization [Member] | Management Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	2.00%
New Eagle Equity Warrants [Member]
Warrant Term	7 years
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 27.82
Vessels In Operation			44	44
Dead Weight Tonnage of Operating Fleet			2,404,064	2,404,064
Average Age in Years of Operating Fleet				8 years 73 days
Charters Agreement Term	1 year 180 days	7 years
Line of Credit Facility, Commitment Fee Amount | $	$ 5.5

Note 1 - Consolidated Revenue f

Note 1 - Consolidated Revenue from Major Charters (Details)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Charterer A [Member] | Successor [Member]
Charterer
Charterer A [Member] | Predecessor [Member]
Charterer					11.00%
Charterer B [Member] | Successor [Member]
Charterer	[1]	12.00%		23.00%
Charterer B [Member] | Predecessor [Member]
Charterer	[1]		37.00%		26.00%
[1]	Charter revenue from a pool in which the Company participated.

Note 3 - Vessels (Details Textu

Note 3 - Vessels (Details Textual)	May. 07, 2015USD ($)	Apr. 30, 2015USD ($)	Sep. 30, 2015	Oct. 15, 2014USD ($)
Vessels and Vessel Improvements [Member]
Assets, Fair Value Disclosure				$ 842,625,000
Kite [Member]
Proceeds from Sale of Property Plant and Equipment before Associated Costs		$ 4,297,100
Gain (Loss) on Disposition of Property Plant Equipment	$ (5,696,675)
Proceeds from Sale of Property, Plant, and Equipment	$ 4,235,542
Number Of Vessels			44

Note 3 - Vessels and Vessl Impr

Note 3 - Vessels and Vessl Improvements (Details) - Successor [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Vessels and Vessel Improvements [Member]
Vessels and Vessel Improvements	$ 834,052,684
Purchase of Vessel Improvements	1,508,778
Disposal of Vessel	(9,932,217)
Depreciation Expense	(30,711,830)
Vessels and Vessel Improvements	794,917,415
Vessels and Vessel Improvements	834,052,684
Vessels and Vessel Improvements	$ 794,917,415

Note 4 - Investment (Details Te

Note 4 - Investment (Details Textual) - Korea Line Corporation [Member] - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Unrealized Gain (Loss) on Investments	$ (200,000)	$ (400,000)	$ 0
Other than Temporary Impairment Losses, Investments			$ (1,000,000)

Note 4 - Summary of KLC Capital

Note 4 - Summary of KLC Capital Stock (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Predecessor [Member] | Korea Line Corporation [Member]
KLC Shares (in shares)				566,529
Cost Basis-Adjusted				$ 13,817,439
Fair value				13,817,439
Fair Value-Adjustments				(442,288)
Unrealized Loss reported in OCI				$ (442,228)
KLC Shares (in shares)		566,529		566,529
Cost Basis-Adjusted		$ 13,817,439		$ 13,817,439
Fair value		13,375,151		13,375,151
Unrealized Loss reported in OCI				(442,288)
Predecessor [Member]
Unrealized Loss reported in OCI		$ 256,781		$ (442,288)
Loss on sale of KLC Stock
Successor [Member] | Korea Line Corporation [Member]
KLC Shares (in shares)			387,453
Cost Basis-Adjusted			$ 8,300,740
Fair value			8,300,740
Fair Value-Adjustments			(234,984)
Unrealized Loss reported in OCI			$ (234,984)
KLC Shares (in shares)	59,838		59,838
Cost Basis-Adjusted	$ 1,281,961		$ 1,281,961
Fair value	1,046,977		1,046,977
Unrealized Loss reported in OCI			$ (234,984)
KLC Stock Sold (in shares)			(327,615)
KLC Stock Sold			$ (7,018,779)
KLC Stock Sold			(6,906,190)
Loss on sale of KLC Stock			(112,589)
Successor [Member]
Unrealized Loss reported in OCI	$ (48,406)		(234,984)
Loss on sale of KLC Stock			$ (112,589)

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual)	Aug. 14, 2015USD ($)	Oct. 09, 2014USD ($)$ / item	Oct. 02, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2014	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Oct. 15, 2019USD ($)
Restructuring Support Agreement and Plan of Reorganization [Member] | Scenario, Forecast [Member] | Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 275,000,000
Restructuring Support Agreement and Plan of Reorganization [Member] | Scenario, Forecast [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate						3.50%
Restructuring Support Agreement and Plan of Reorganization [Member] | Scenario, Forecast [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate						4.00%
Restructuring Support Agreement and Plan of Reorganization [Member] | Scenario, Forecast [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 50,000,000
Restructuring Support Agreement and Plan of Reorganization [Member] | Until June 30, 2016 [Member] | Line of Credit [Member]
Minimum Required Security Cover	165.00%
Restructuring Support Agreement and Plan of Reorganization [Member] | Period between July 1, 2016 and October 14, 2017 [Member] | Line of Credit [Member]
Minimum Required Security Cover	157.50%
Restructuring Support Agreement and Plan of Reorganization [Member] | After October 14, 2017 [Member] | Line of Credit [Member]
Minimum Required Security Cover	165.00%
Restructuring Support Agreement and Plan of Reorganization [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		3.50%
Restructuring Support Agreement and Plan of Reorganization [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		4.00%
Restructuring Support Agreement and Plan of Reorganization [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							3.50%
Restructuring Support Agreement and Plan of Reorganization [Member] | Line of Credit [Member]
Line of Credit Facility, Commitment Fee Percentage		40.00%		40.00%		40.00%
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold		150.00%
Debt Instrument, Covenant Percentage of Aggregate Principal, Maximum Threshold		165.00%
Debt Instrument, Covenant Maximum Indebtedness		0.65
Debt Instrument, Covenant, EBITDA to Interest Minimum Multiple		2.5
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold		$ 20,000,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel | $ / item		500,000
Debt Instrument, Number of Installments		20
Debt Instrument, Periodic Payment		$ 3,906,250
Amendment Fee	$ 500,000
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum				4.06%		4.04%	3.73%
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum				4.08%		4.08%	8.23%
Debt Instrument, Interest Rate During Period				5.10%		5.30%	2.94%
Restructuring Support Agreement and Plan of Reorganization [Member] | Revolving Credit Facility [Member]
Long-term Line of Credit				$ 23,000,000		$ 23,000,000
Line of Credit Facility, Commitment Fee Percentage		40.00%
Default Interest Rate on Unpaid Interest [Member] | Line Of Credit Converted To Term Loan [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage					2.00%		2.00%
London Interbank Offered Rate (LIBOR) [Member] | Line Of Credit Converted To Term Loan [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debt Instrument, Basis Spread on Variable Rate					3.50%
Line Of Credit Converted To Term Loan [Member] | Fourth Amended and Restated Credit Agreement [Member]
Debtor-in-Possession Financing, Interest Rate on Borrowings Outstanding					6.00%		6.00%
Charters Agreement Term		1 year 180 days	7 years
Interest Paid						$ 7,602,603
Interest Paid Excluding Payment In Kind							$ 10,714,117

Note 5 - Summary of Debt (Detai

Note 5 - Summary of Debt (Details) - Successor [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Exit Financing Facility	$ 232,281,250	$ 225,000,000
Discount on Exit Financing Facility	(4,069,977)	(5,268,072)
Less: Current Portion	(15,625,000)	(15,625,000)
Total Long-Term debt	$ 212,586,273	$ 204,106,928

Note 5 - Interest Expense (Deta

Note 5 - Interest Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Successor [Member] | Line of Credit [Member]
Amortization of deferred financing costs	$ 28,970		$ 85,967
Successor [Member] | Term Loan [Member]
Amortization of deferred financing costs
Successor [Member]
Exit Financing Facility Interest	$ 2,520,432		$ 7,413,101
Amortization of deferred financing costs			85,967
Amortization of discount on Exit Financing Facility	$ 498,778		$ 1,698,095
Old Term Loan Interest
DIP Loan Facility Interest
Amortization of Debtor In-Possession Loan Facility deferred financing costs
Total Interest Expense	$ 3,048,180		$ 9,197,163
Predecessor [Member] | Line of Credit [Member]
Amortization of deferred financing costs
Predecessor [Member] | Term Loan [Member]
Amortization of deferred financing costs		$ 4,042,989		$ 16,278,544
Predecessor [Member]
Exit Financing Facility Interest
Amortization of deferred financing costs				$ 16,278,544
Amortization of discount on Exit Financing Facility
Old Term Loan Interest		$ 7,380,769		$ 43,299,761
DIP Loan Facility Interest		311,458		311,458
Amortization of Debtor In-Possession Loan Facility deferred financing costs		576,923		576,923
Total Interest Expense		$ 12,312,139		$ 60,466,686

Note 6 - Summary of Assets and

Note 6 - Summary of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 1 [Member]
Assets:
Investment	$ 1,046,977	$ 8,300,740
Fair Value, Inputs, Level 2 [Member]
Assets:
Investment
Fair Value, Inputs, Level 3 [Member]
Assets:
Investment

Note 7 - Commitments and Cont34

Note 7 - Commitments and Contingencies (Details Textual) - USD ($)	Aug. 24, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 29, 2023	Mar. 31, 2016
Predecessor [Member]
Monthly Technical Management Fees		$ 11,042	$ 10,708	$ 10,861	$ 10,708
Subsequent Event [Member] | Lease Agreement for New York Office Space [Member]
Lease Termination Agreement, Early Termination Fee							$ 1,760,000
Subsequent Event [Member] | Lease Agreement for Office Space in Stamford [Member]
Operating Leases, Rent Expense						$ 419,536
Notice to Terminate the Technical Management Contract	90 days

Note 8 - Transactions with Fo35

Note 8 - Transactions with Former Related Parties (Details Textual)	3 Months Ended		9 Months Ended		10 Months Ended	62 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Aug. 22, 2015USD ($)	Oct. 14, 2014USD ($)
Delphin Shipping L L C [Member] | First Ten Vessels [Member]
Management Fees Revenue, Per Vessel, Per Month						$ 15,834
Number Of Vessels						10
Delphin Shipping L L C [Member] | Second Ten Vessels [Member]
Management Fees Revenue, Per Vessel, Per Month						$ 11,667
Number Of Vessels						10
Delphin Shipping L L C [Member] | Third Ten Vessels [Member]
Management Fees Revenue, Per Vessel, Per Month						$ 8,750
Number Of Vessels						10
Delphin Shipping L L C [Member] | Successor [Member]
Management Fees Revenue	$ 854,634		$ 2,473,964
Reimbursement Of Expenses	$ 137,965		$ 220,530
Delphin Shipping L L C [Member] | Predecessor [Member]
Management Fees Revenue		$ 545,022		$ 1,635,066
Reimbursement Of Expenses		$ 44,724		$ 181,595
Delphin Shipping L L C [Member]
Management Agreement Term						1 year
Management Agreement Renewal Term						1 year
Management Fees Revenue, Per Vessel, Per Day					$ 700
Commercial Management Fee, Percent of Charter Hire					1.25%
Number Of Vessels	44		44

Note 9 - Earnings (Loss) Per 36

Note 9 - Earnings (Loss) Per Common Share (Details Textual) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Warrant [Member] | Predecessor [Member]
Weighted Average Underlying Warrant Shares Issuable		615,997
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01
Warrant [Member] | Successor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,045,327
Restricted Stock [Member] | Predecessor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		123,667
Restricted Stock [Member] | Successor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	574,660
Employee Stock Option [Member] | Predecessor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,727,667
Employee Stock Option [Member] | Successor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,185,312

Note 9 - Earnings Per Share, Ba

Note 9 - Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Successor [Member]
Net loss	$ (20,376,620)		$ (68,551,984)
Weighted Average Shares – Basic (in shares)	37,639,352		37,602,316
Weighted Average Shares - Diluted (in shares)	37,639,352		37,602,316
Basic Loss Per Share (in dollars per share)	$ (0.54)		$ (1.82)
Diluted Loss Per Share (in dollars per share)	$ (0.54)		$ (1.82)
Predecessor [Member]
Net loss		$ (45,857,654)		$ (113,107,599)
Weighted Average Shares – Basic (in shares)		19,172,717		17,785,290
Weighted Average Shares - Diluted (in shares)		19,172,717		17,785,290
Basic Loss Per Share (in dollars per share)		$ (2.39)		$ (6.36)
Diluted Loss Per Share (in dollars per share)		$ (2.39)		$ (6.36)

Note 10 - Stock Incentive Pla38

Note 10 - Stock Incentive Plans (Details Textual) - USD ($)	Sep. 29, 2015	Sep. 01, 2015	Jun. 12, 2015	Apr. 27, 2015	Mar. 09, 2015	Oct. 15, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Management Incentive Plan 2014 [Member] | With Different Striking Prices [Member]
Percent of Common Stock for Distribution						5.50%
Management Incentive Plan 2014 [Member] | Annual Installments [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						25.00%
Management Incentive Plan 2014 [Member] | Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period				40,000	270,270
Management Incentive Plan 2014 [Member] | Restricted Stock [Member] | General and Administrative Expense [Member]
Allocated Share-based Compensation Expense									$ 77,737
Management Incentive Plan 2014 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			55,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value			$ 493,900
Management Incentive Plan 2014 [Member]
Percent of Common Stock for Distribution						2.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						4 years
Equity Incentive Plan [Member] | Chief Executive Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		325,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period, Fair Value	$ 1,907,750
Share-based Compensation Arrangement by Share-based Payment Award, Amortization of Market Value on Grant Date							$ 95,042
Equity Incentive Plan [Member] | Chief Executive Officer [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Amortization of Market Value on Grant Date							$ 34,986
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate							1.09%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate							41.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate							0.00%
Equity Incentive Plan [Member] | Chief Executive Officer [Member] | Exercise Price per Share Equal $5.85 Per Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		325,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 5.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Graned in Period, Fair Value							$ 623,828
Equity Incentive Plan [Member] | Chief Executive Officer [Member] | Exercise Price per Share Equal to $13.00 per Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		325,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 13
Share-based Compensation Arrangement by Share-based Payment Award, Options, Graned in Period, Fair Value							200,160
Equity Incentive Plan [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Graned in Period, Fair Value							$ 823,988
Equity Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period									4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number							574,660		574,660
Equity Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term									5 years
Equity Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term									7 years
Equity Incentive Plan [Member]
Allocated Share-based Compensation Expense							$ 790,803	$ 196,979	$ 2,998,382	$ 765,339
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number							1,185,312		1,185,312
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit									$ 5.87
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit									$ 25.25
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term									4 years
Non-cash Compensation Cost, Remainder of Fiscal Year							$ 966,167		$ 966,167
Non-cash Compensation Cost, Year Two							2,698,919		2,698,919
Non-cash Compensation Cost, Year Three							$ 1,350,132		$ 1,350,132