Paragon Shipping (PRGNF) 20-F 10 Apr 17 2016 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2016shares
Entity Registrant Name	Paragon Shipping Inc.
Entity Central Index Key	1,401,112
Document Type	20-F
Trading Symbol	PRGNF
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Common Class A [Member]
Entity Common Stock, Shares Outstanding	10,821,336
Common Class B [Member]
Entity Common Stock, Shares Outstanding

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 331,300
Restricted cash		2,496,369
Trade receivables, net	23,764	2,883,417
Other receivables	53,204	487,238
Prepaid expenses	90,030	1,115,017
Due from related parties	6,157	220,568
Inventories		1,260,929
Vessels held for sale		13,740,200
Total current assets	504,455	22,203,738
FIXED ASSETS:
Vessels, net		73,928,185
Advances for vessels under construction		10,845,000
Other fixed assets, net	195,311	247,605
Total fixed assets	195,311	85,020,790
Other assets	6,183	6,183
Restricted cash	10,000	10,000
Total Assets	715,949	107,240,711
CURRENT LIABILITIES:
Trade accounts payable	535,322	2,818,241
Accrued expenses	1,852,225	3,436,607
Due to related parties	337,904	1,259,780
Interest rate swaps		18,700
Deferred income		221,605
Liabilities associated with vessels held for sale		47,587,119
Current portion of long-term debt	16,574,961	97,086,782
Total current liabilities	19,300,412	152,428,834
Total liabilities	19,300,412	152,428,834
SHAREHOLDERS' DEFICIT:
Preferred shares, $0.001 par value; 25,000,000 authorized; none issued and outstanding
Class A common shares, $0.001 par value; 750,000,000 authorized; 664,458 and 10,821,336 issued and outstanding at December 31, 2015 and 2016, respectively	10,821	665
Class B common shares, $0.001 par value; 5,000,000 authorized; none issued and outstanding
Additional paid-in capital	539,032,539	536,225,387
Accumulated deficit	(557,627,823)	(581,414,175)
Total shareholders' deficit	(18,584,463)	(45,188,123)
Total Liabilities and Shareholders' Deficit	$ 715,949	$ 107,240,711

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	755,000,000	755,000,000
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	10,821,336	664,458
Common stock, shares outstanding	10,821,336	664,458
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUE:
Commercial services fees - related party	$ 6,157
Charter revenue	2,097,103	35,884,659	58,138,104
Commissions (including related party of $708,153, $437,817 and $24,931 in 2014, 2015 and 2016, respectively)	(122,326)	(2,168,704)	(3,374,426)
Net Revenue	1,980,934	33,715,955	54,763,678
EXPENSES / (INCOME):
Voyage expenses, net	1,005,751	7,562,879	14,744,648
Vessels operating expenses (including related party of $1,282,699, $1,203,487 and $46,104 in 2014, 2015 and 2016, respectively)	3,063,747	21,245,142	22,666,036
Dry-docking expenses (including related party of $123,840, $71,057 and $0 in 2014, 2015 and 2016, respectively)	8,728	1,378,210	2,193,110
Management fees - related party	575,258	4,840,491	6,266,270
Depreciation	52,294	16,913,785	18,357,377
General and administrative expenses (including related party of $5,775,899, $3,276,739 and $495,261 in 2014, 2015 and 2016, respectively)	2,175,945	5,971,644	8,707,819
Loss related to vessels held for sale (including related party of $0, $775,050 and $0 in 2014, 2015 and 2016, respectively)		116,788,543
Impairment loss (including related party of $0, $0 and $198,487 in 2014, 2015 and 2016, respectively)	11,615,889	96,643,651	15,695,282
Bad debt provisions	109,273	1,017	130,720
(Gain) / loss from sale of assets (including related party of $745,000, $87,079 and $66,053 in 2014, 2015 and 2016, respectively)	2,037,128	26,660,515	(402,805)
Loss from marketable securities, net		134,529	25,529
Other expenses	285,973	238,419	210,709
Total Expenses	20,929,986	298,378,825	88,594,695
Operating loss	(18,949,052)	(264,662,870)	(33,831,017)
OTHER INCOME / (EXPENSES):
Interest and finance costs	(3,807,740)	(9,818,079)	(9,324,395)
Loss on derivatives, net		(213,007)	(387,740)
Interest income	281	4,497	20,940
Equity in net income of affiliate		173,002	471,079
Gain from debt extinguishment	42,312,609	5,921,524
Loss on investment in affiliate		(206,835)	(8,840,343)
Other income	4,290,000
Foreign currency gain / (loss), net	(59,746)	94,446	95,295
Total other (expenses) / income, net	42,735,404	(4,044,452)	(17,965,164)
NET (LOSS) / INCOME	23,786,352	(268,707,322)	(51,796,181)
Other Comprehensive Income / (Loss)
Unrealized gain on cash flow hedges			131,238
Transfer of realized loss on cash flow hedges to "Interest and finance costs"			98,656
Equity in other comprehensive income of affiliate			16,139
Transfer of equity in other comprehensive loss of affiliate to "Loss on investment in affiliate"		13,779
Unrealized (loss) / gain on change in fair value of marketable securities		2,678	(162,737)
Transfer of loss on change in fair value of marketable securities to "(Gain) / loss from marketable securities, net"		134,529	25,529
Total Other Comprehensive Income / (Loss)		150,986	108,825
COMPREHENSIVE (LOSS) / INCOME	$ 23,786,352	$ (268,556,336)	$ (51,687,356)
(Loss) / earnings per Class A common share, basic (in dollars per share)	$ 5.41	$ (409.93)	$ (82.84)
(Loss) / earnings per Class A common share, diluted (in dollars per share)	$ 2.03	$ (409.93)	$ (82.84)

CONSOLIDATED STATEMENTS OF COM5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Commissions related party	$ 24,931	$ 437,817	$ 708,153
Vessels operating expenses related party	46,104	1,203,487	1,282,699
Dry-docking expenses related party	0	71,057	123,840
General and administrative expenses related party	495,261	3,276,739	5,775,899
Loss related to vessels held for sale related party	0	775,050	0
Impairment loss related party	198,487	0	0
(Gain) / loss from sale of assets related party	$ 66,053	$ 87,079	$ 745,000

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY / (DEFICIT) - USD ($)	Class A Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Balance at beginning at Dec. 31, 2013	$ 465	$ 493,820,795	$ (259,811)	$ (260,910,672)	$ 232,650,777
Balance at beginning (in shares) at Dec. 31, 2013	464,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common shares	$ 182	39,740,970			39,741,152
Issuance of Class A common shares (in shares)	182,124
Cancellation of Class A common shares	$ (1)	(170,460)			(170,461)
Cancellation of Class A common shares (in shares)	(790)
Issuance of non-vested Class A common share awards	$ 7	(7)
Issuance of non-vested Class A common share awards (in shares)	6,632
Cancellation of non-vested Class A common share awards	$ 0	0
Cancellation of non-vested Class A common share awards (in shares)	(79)
Share based compensation		1,866,431			1,866,431
Net loss / Net income				(51,796,181)	(51,796,181)
Other comprehensive income			108,825		108,825
Balance at end at Dec. 31, 2014	$ 653	535,257,729	(150,986)	(312,706,853)	222,400,543
Balance at end (in shares) at Dec. 31, 2014	652,873
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common shares	$ 10	745			755
Issuance of Class A common shares (in shares)	9,651
Issuance of non-vested Class A common share awards	$ 3	(3)
Issuance of non-vested Class A common share awards (in shares)	2,632
Cancellation of non-vested Class A common share awards	$ (1)	1
Cancellation of non-vested Class A common share awards (in shares)	(698)
Share based compensation		966,915			966,915
Net loss / Net income				(268,707,322)	(268,707,322)
Other comprehensive income			150,986		150,986
Balance at end at Dec. 31, 2015	$ 665	536,225,387		(581,414,175)	(45,188,123)
Balance at end (in shares) at Dec. 31, 2015	664,458
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common shares	$ 10,156	2,484,339			2,494,495
Issuance of Class A common shares (in shares)	10,156,878
Share based compensation		322,813			322,813
Net loss / Net income				23,786,352	23,786,352
Other comprehensive income
Balance at end at Dec. 31, 2016	$ 10,821	$ 539,032,539		$ (557,627,823)	$ (18,584,463)
Balance at end (in shares) at Dec. 31, 2016	10,821,336

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net (loss) / income	$ 23,786,352	$ (268,707,322)	$ (51,796,181)
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Depreciation	52,294	16,913,785	18,357,377
Loss related to vessels held for sale		116,432,515
Impairment loss	10,845,000	96,643,651	15,695,282
Loss on investment in affiliate		206,835	8,840,343
(Gain) / loss from sale of assets	1,621,514	26,660,515	(402,805)
Amortization and write off of financing costs	1,435,220	2,652,909	2,108,716
Bad debt provisions	109,273	1,017	130,720
Share based compensation	322,813	967,670	1,866,431
(Gain) / loss from marketable securities, net		134,529	25,529
Gain from debt extinguishment	(40,791,265)	(5,500,000)
Unrealized gain on interest rate swaps	(18,700)	(522,090)	(504,602)
Equity in net income of affiliate, net of dividends received		(173,002)	(471,079)
Interest on convertible notes and exchange agreements	21,356
Changes in assets and liabilities:
Trade receivables, net	2,750,380	4,137,154	1,383,932
Other receivables	434,034	765,893	(673,144)
Prepaid expenses	1,024,987	(611,908)	46,167
Inventories	1,260,929	662,210	(868,623)
Due from related parties	214,411	668,716	(861,314)
Trade accounts payable	(2,282,919)	209,079	75,994
Accrued expenses	(1,542,703)	113,925	1,285,140
Due to related parties	(921,876)	1,093,426	84,280
Deferred income	(221,605)	(11,640)	(504,006)
Net Cash used in Operating Activities	(1,900,505)	(7,262,133)	(6,181,843)
Cash Flows from Investing Activities:
Net proceeds from sale of assets	12,118,686	12,838,398	9,995,000
Acquisition of vessels and capital expenditures		(4,955,986)	(110,664,356)
Proceeds from the sale of marketable securities		958,215	498,056
Net proceeds from the sale of investment in affiliate		2,936,196
Other fixed assets		(72,604)	(496,093)
(Increase in) / release of restricted cash	2,496,369	11,382,803	(3,879,172)
Net Cash (used in) / from Investing Activities	14,615,055	23,087,022	(104,546,565)
Cash Flows from Financing Activities:
Proceeds from long-term debt			179,144,427
Repayment of long-term debt	(13,883,250)	(22,290,903)	(128,480,615)
Purchase of treasury stock			(170,460)
Payment of financing costs		(564,493)	(3,777,546)
Proceeds from the issuance of Class A common shares		53,640	42,235,790
Class A common shares offering costs		(53,640)	(2,494,638)
Proceeds from convertible notes	1,500,000
Net Cash from / (used in) Financing Activities	(12,383,250)	(22,855,396)	86,456,958
Net (decrease) / increase in cash and cash equivalents	331,300	(7,030,507)	(24,271,450)
Cash and cash equivalents at the beginning of the year		7,030,507	31,301,957
Cash and cash equivalents at the end of the year	331,300		7,030,507
Supplemental disclosure of cash flow information
Cash paid during the year for interest (excluding capitalized interest)	50,000	6,229,875	5,000,188
Non-cash investing activities - unpaid capital expenditures for acquisition of vessels		368,167	572,561
Non-cash financing activities - unpaid financing costs			$ 395,000

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information Basis of Presentation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Paragon Shipping Inc. and its wholly-owned subsidiaries (collectively the “Company”) listed below: Non-Vessel Owning Subsidiaries: Vessel Owning Company Date of Incorporation Country of Incorporation Vessel’s Name Delivery Date Sale Date Trade Force Shipping S.A. (1) November 15, 2006 Marshall Islands Deep Seas December 2006 January 2016 Frontline Marine Company November 15, 2006 Marshall Islands Calm Seas December 2006 January 2016 Fairplay Maritime Ltd. (1) November 15, 2006 Marshall Islands Kind Seas December 2006 January 2016 Donna Marine Co. (1) July 4, 2007 Marshall Islands Pearl Seas August 2007 January 2016 Imperator I Maritime Company (1) September 27, 2007 Marshall Islands Coral Seas November 2007 May 2016 Canyon I Navigation Corp. September 27, 2007 Marshall Islands Golden Seas December 2007 March 2016 Coral Ventures Inc. August 5, 2009 Liberia Prosperous Seas May 2012 March 2016 Winselet Shipping And Trading Co. Ltd. (1) April 6, 2010 Liberia Precious Seas June 2012 March 2016 Aminta International S.A. May 5, 2010 Liberia Priceless Seas January 2013 April 2016 Adonia Enterprises S.A. May 5, 2010 Liberia Proud Seas January 2014 March 2016 Dolphin Sunrise Limited (2) February 25, 2014 Marshall Islands - - - Nautilus Investment Limited (2) February 25, 2014 Marshall Islands - - - Oceanus Investments Limited (2) February 25, 2014 Marshall Islands - - - Explorer Shipholding Limited November 15, 2006 Marshall Islands - - - Epic Investments Inc. December 21, 2006 Marshall Islands - - - Protea International Inc. July 17, 2007 Liberia - - - Amphitrite Shipping Inc. (3) June 17, 2013 Liberia - - - Mirabel International Maritime Co. (3) June 17, 2013 Liberia - - - Camelia Navigation S.A. (1) November 15, 2006 Marshall Islands - - - Reading Navigation Co. (1) July 17, 2007 Liberia - - - (1) In 2016, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active (2) Companies related to the Kamsarmax newbuilding drybulk carriers with Hull numbers YZJ1144, YZJ1145 and YZJ1142, respectively (Note 5) (3) Refer to Note 5 The Company outsourced the technical and commercial management of its vessels to Allseas Marine S.A. (“Allseas”) and Seacommercial Shipping Services S.A. (“Seacommercial”), both related parties wholly owned by Mr. Michael Bodouroglou, the Company’s Chairman, President, Chief Executive Officer and Interim Chief Financial Officer (refer to Note 4). Major Charterers: Charterer Percentage of charter revenue 2014 2015 2016 Glencore Grain B.V. - 24.0 % 30.9 % MLE Logistics & Chartering Corp. - - 22.4 % Louis Dreyfus Commodities - - 15.0 % Trafigura - - 10.4 % Cargill International S.A. 11.6 % - - Total 11.6 % 24.0 % 78.7 %

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies (a) Principles of Consolidation: (b) Use of Estimates: (c) Other Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Cash and Cash Equivalents: (f) Restricted Cash: (g) Trade Receivables (net): (h) Insurance Claims: (i) Inventories: (j) Vessel Cost: (k) Impairment of Long-Lived Assets: The undiscounted projected net operating cash flows for each vessel are determined by considering the contracted charter revenues from existing charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days (based on the most recent ten year historical average of similar size vessels) over the remaining estimated life of the vessel, assumed to be 25 years from the date of initial delivery from the shipyard, net of brokerage commissions, the salvage value of each vessel, which is estimated to be $300 per lightweight ton, expected outflows for vessels’ future dry-docking expenses and estimated vessel operating expenses, assuming an average annual inflation rate where applicable. The Company uses the historical ten-year average as it is considered a reasonable estimation of expected future charter rates over the remaining useful life of the Company’s vessels since it represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers of the sample before computing the historic ten-year average of the one-year time charter rate. (l) Vessel Depreciation: Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard, including secondhand vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. (m) Other Fixed Assets: (n) Investments in Affiliate: (o) Dry-docking and Special Survey Costs: (p) Financing Costs: (q) Debt restructurings: (r) Pension and Retirement Benefit Obligations—Crew: (s) Revenue and Expenses: Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time Charter Revenue: Revenue / Voyage charters: Commissions: Voyage Expenses: Vessel Operating Expenses: (t) Share based Compensation: (u) Segment Reporting: (v) Derivatives: The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense. (w) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data. (x) Earnings per Share (EPS): (y) Subsequent Events: (z) Recent Accounting Standards Adopted Going Concern: In August 2014, the FASB issued ASU No. 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15, which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The Company has adopted the provisions of ASU 2014-05 (Note 3) on December 31, 2016. (aa) Recent Accounting Pronouncements: Revenue from Contracts with Customers: Inventories : Simplifying the Measurement of Inventory Leases: Leases Stock Compensation: , Statement of Cash Flows: Restricted cash: Business Combinations:

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2016
Disclosure Text Block [Abstract]
Going Concern	3. Going Concern As of December 31, 2016, the Company had no vessels and related debt outstanding and had shareholders’ deficit of $18,584,463. Following the sale of vessels, the Company entered into commercial services agreement with a ship-owning company affiliated with Mr. Michael Bodouroglou which currently constitutes its revenue generating operations. General and administrative expenses are expected to exceed revenues from commercial services agreement over the next 12 months from the date of issuance of the financial statements, resulting in an operating cash deficit, which is expected to continue to affect, the Company’s ability to satisfy its obligations under the senior unsecured notes. As described in Note 7, the Company is in default under its senior unsecured notes obligations. Thus, as of December 31, 2016, the Company has classified its long-term debt, net of deferred financing costs, as current. The Company’s existence is dependent upon its ability to convert the outstanding senior unsecured notes to shares of its Class A common shares through exchange agreements or exchange offers, as discussed in Note 7. If repayment of all of the Company’s indebtedness was accelerated as a result of its current event of default, the Company may not have sufficient funds at the time of acceleration to repay its indebtedness and it may not be able to find additional or alternative financing to refinance any such accelerated obligations on terms acceptable to the Company or on any terms, which could have a material adverse effect on its ability to continue as a going concern. The above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company is also exploring several alternatives aiming to manage its working capital requirements and other commitments, including additional bank debt, future equity or debt security offerings including convertible notes, as well as taking steps to further reduce and/or postpone overhead and administrative expenditures. The consolidated financial statements were prepared assuming that the Company will continue as a going concern. Therefore, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2016
Related Party Transaction, Due from (to) Related Party [Abstract]
Transactions with Related Parties	4. Transactions with Related Parties As of December 31, 2015, the Company did not take delivery of the Ultramax newbuilding drybulk carrier with Hull number DY4050 from Yangzhou Dayang Shipbuilding Co. Ltd., or Dayang, that was scheduled to be delivered in the fourth quarter of 2015. Furthermore, the Company sent to Dayang notices for the cancellation of the Ultramax newbuilding drybulk carrier with Hull number DY4052 that was scheduled to be delivered at the end of December 2015. Dayang rejected such cancellation notices and related arbitration proceedings commenced in London thereafter. In May 2016, the Company received notice from Dayang to take delivery of Hull number DY4050. On May 24, 2016, Dayang sent a default notice for Hull number DY4050 to the Company and it commenced arbitration proceedings. The Company lacked the resources to undertake potential liabilities and litigation risks and costs associated with the delivery of vessels and on June 6, 2016, it entered into an agreement with Allseas, pursuant to which Allseas agreed to write-off approximately $2,000,000 in amounts due from the Company, waived fees for certain services it provided to the Company and assumed all contractual obligations under the shipbuilding contracts with Dayang in relation to the construction of the Ultramax newbuilding drybulk carriers with Hull numbers DY4050 and DY4052 in return for 550,000 of the Company’s Class A common shares, which were issued to Loretto. Further to the above transaction, the following transactions with related parties occurred during the years ended December 31, 2014, 2015 and 2016: (a) Allseas: 2014 2015 2016 Included in Commissions Charter hire commissions $ 708,153 $ - $ - Included in Vessel operating expenses Superintendent fees $ 481,200 $ 580,119 $ - Included in Dry-docking expenses Superintendent fees $ 123,840 $ 71,057 $ - Management fees - related party Management fees $ 4,628,813 $ 4,139,724 $ 416,602 Financial accounting and reporting services $ 757,442 $ 700,012 $ 158,656 Loretto agreement $ 880,015 $ 755 $ - Total Management fees $ 6,266,270 $ 4,840,491 $ 575,258 Included in General and administrative expenses Administrative fees $ 37,746 $ 32,843 $ 22,219 Executive services fees $ 5,689,152 $ 3,203,195 $ 444,047 Included in (Gain) / loss from sale of assets Vessel sale & purchase commissions $ 745,000 $ - $ - Superintendent fees $ - $ 17,079 $ 66,053 Included in Impairment loss Newbuildings supervision and superintendent fees $ - $ - $ 198,487 During the year ended December 31, 2015, Allseas charged technical management and superintendent fees relating to newbuilding vessels of $1,845,161, which were capitalized and were included in advances for vessels under construction in the accompanying 2015 consolidated balance sheet. In January 2015, the Company’s vessel owning subsidiaries signed amended and restated management agreements with Allseas, according to which a portion of the services that were previously provided by Allseas ceased. Pursuant to the terms of the amended and restated management agreements, effective January 2015, Allseas no longer provided chartering and sale and purchase services, and as such the fees related to these services were terminated. More specifically, the commissions representing the 1.25% of the gross freight, demurrage and charter hire collected from the employment of the vessels (“Charter Hire Commission”), and the 1.00% of the price of any vessel bought, constructed or sold on behalf of the Company, calculated in accordance with the relevant memorandum of agreement (“Vessel Commission”) were no longer payable to Allseas. (1) Ship-Owning Company Management Agreements (i) Management Services (ii) Pre-Delivery Services – (iii) Superintendent Services Following the sale of the last of the Company’s vessels during 2016, the respective management agreements were terminated. (2) Accounting Agreement (3) Tripartite Agreement between the Company, Allseas and Loretto Finance Inc. (4) Administrative Service Agreement - (5) Newbuildings Supervision Agreement (6) Compensation Agreement (7) Executive Services Agreement As of December 31, 2015, $220,568 was due from Allseas, while as of December 31, 2016, $176,164 was due to Allseas. (b) Seacommercial: Charter hire commissions charged by Seacommercial for the years ended December 31, 2015 and 2016, amounted to $437,817 and $24,931, respectively, and are included in Commissions in the consolidated statements of comprehensive income / (loss). In the third quarter of 2015, following the sale of all of the issued and registered shares of the vessel-owning subsidiaries of the M/V Dream Seas, M/V Gentle Seas, M/V Peaceful Seas and M/V Friendly Seas to an entity controlled by Mr. Michael Bodouroglou, the Company proceeded with the payment of 1.00% Vessel Commission, or $632,000, to Seacommercial, which is included in Loss related to vessels held for sale in the consolidated statements of comprehensive income / (loss). In addition, an amount of $143,050 relating to 1.00% Vessel Commission on the sale of vessels M/V Pearl Seas, M/V Kind Seas, M/V Calm Seas and M/V Deep Seas is included in Loss related to vessels held for sale and paid to Seacommercial in January 2016 following the delivery of vessels to their new owners. In December 2015, following the sale of the M/V Sapphire Seas and the M/V Diamond Seas, the Company proceeded with the payment of a 1.00% Vessel Commission, or $70,000, to Seacommercial, which is included in (Gain) / loss from sale of assets. As of December 31, 2015 and 2016, the amounts due to Seacommercial were $12,104 and $0, respectively. Following the sale of the last of the Company’s vessels during 2016, the brokerage services agreements were terminated. (c) Granitis Glyfada Real Estate Ltd. ("Granitis") - Leasing: (d) Crewcare Inc. (“Crewcare”): (1) Manning Agency Agreements (2) Cadetship Program Agreements The balances due to Crewcare amounted to $1,247,676 and $161,740 as of December 31, 2015 and 2016, respectively. Following the sale of the last of the Company’s vessels during 2016, the manning and cadetship program agreements were terminated. (e) Milia Shipping Co. (“Milia”): (i) Chartering Commissions (ii) Sale & Purchase Commissions Commercial services fees charged by the Company for the year ended December 31, 2016 amounted to $6,157 and are separately reflected in Commercial services fees – related party in the consolidated statements of comprehensive income / (loss). As of December 31, 2016, the amount due from Milia was $6,157 and is separately reflected in Due from related parties in the 2016 consolidated balance sheet.

Advances for Vessels under Cons

Advances for Vessels under Construction	12 Months Ended
	Dec. 31, 2016
Advances for Vessels under Construction [Abstract]
Advances for Vessels under Construction	5. Advances for Vessels Under Construction As discussed in Note 4, the Company sold all the issued and outstanding share capital of Amphitrite Shipping Inc. and Mirabel International Maritime Co. owning the shipbuilding contracts for the Ultramax newbuilding drybulk carriers with Hull numbers DY4050 and DY4052, respectively, to entities nominated by Allseas. As of December 31, 2015, the Company had agreed with Jiangsu Yangzijiang Shipbuilding Co., or Yangzijiang, to extend the deliveries of its three Kamsarmax newbuilding drybulk carriers (Hull numbers YZJ1144, YZJ1145 and YZJ1142), to the third and fourth quarter of 2016, subject to certain conditions, at no extra cost to the Company. In October 2016, the Company received a cancellation notice from Yangzijiang. The prevailing market conditions, coupled with the financial condition of the Company, did not allow the Company to take delivery of the Kamsarmax newbuilding drybulk carrier with Hull number YZJ2013-1144 by September 30, 2016, the latest date to complete such vessel acquisition. Following the failure to take delivery of the Kamsarmax newbuilding drybulk carrier with Hull number YZJ2013-1144, Yangzijiang cancelled the contracts for all three Kamsarmax newbuilding drybulk carriers, pursuant to the terms of the ship-building contracts. Following the above, an aggregate impairment loss of $11,615,889 was recorded and is included in Impairment loss in the 2016 accompanying consolidated statement of comprehensive income (refer to Note 8).

Vessels, Net _ Vessels Held for

Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net	12 Months Ended
	Dec. 31, 2016
Vessels Net [Abstract]
Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net	6. Vessels, Net / Vessels Held for Sale Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2015 $ 457,244,533 $ (88,211,560 ) $ 369,032,973 Depreciation - (16,687,357 ) (16,687,357 ) Disposals (165,075,995 ) 21,991,963 (143,084,032 ) Transfer to Vessels Held for Sale (147,153,000 ) 64,287,231 (82,865,769 ) Impairment loss (71,087,353 ) 18,619,723 (52,467,630 ) Balance December 31, 2015 73,928,185 - 73,928,185 Disposals (73,928,185 ) - (73,928,185 ) Balance December 31, 2016 $ - $ - $ - In connection with the settlement agreement with Bank of Ireland dated January 7, 2016, discussed in Note 7, on December 1, 2015 the Company entered into a memorandum of agreement for the sale of the M/V Kind Seas to an unrelated third party. The M/V Kind Seas was delivered to her new owners in January 2016. In connection with the settlement agreement with Nordea Bank Finland Plc dated March 9, 2016 discussed in Note 7, on March 17, 2016, the Company entered into memoranda of agreement, for the sale of the remaining six vessels of its operating fleet, the M/V Coral Seas, the M/V Golden Seas, the M/V Prosperous Seas, the M/V Priceless Seas, the M/V Proud Seas and the M/V Precious Seas, to an unrelated third party. The vessels were delivered to their new owners in March, April and May 2016.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt The table below presents a breakdown of the Company’s long-term debt as of December 31, 2015 and 2016: 2015 2016 (a) Commerzbank AG (August 12, 2011) $ 25,912,500 $ - (b) Unicredit Bank AG (November 19, 2007) 13,885,750 - (c) Bank of Ireland (March 30, 2009) 7,825,000 - (d) Nordea Bank Finland Plc (May 6, 2014) 73,928,185 - (e) Senior unsecured notes due 2021 25,000,000 16,517,275 (f) Convertible Note (issued in November 2016) - 500,000 Total $ 146,551,435 17,017,275 Less: related deferred financing costs 1,877,534 442,314 Total debt, net of deferred financing costs $ 144,673,901 $ 16,574,961 Disclosed as follows in the Consolidated Balance Sheets Liabilities associated with vessels held for sale $ 47,587,119 $ - Current portion of long-term debt 97,086,782 16,574,961 Total $ 144,673,901 $ 16,574,961 As of December 31, 2016, the minimum annual principal payments for the outstanding debt required to be made after the balance sheet date, are as follows: To December 31, 2017 $ 500,000 2018 - 2019 - 2020 - 2021 16,517,275 Total $ 17,017,275 (a) Commerzbank AG (August 12, 2011): (b) Unicredit Bank AG (November 19, 2007): (c) Bank of Ireland (March 30, 2009): (d) Nordea Bank Finland Plc (May 6, 2014): Following the completion of above agreements, a gain from debt extinguishment of $35,036,863 or $7.98 and $2.99 per basic and dilutive common share, respectively, which includes unpaid and accrued interest, was recognized and is included in gain from debt extinguishment in the 2016 consolidated statement of comprehensive income. (e) Senior unsecured notes due 2021: The indenture governing the Notes contains certain restrictive covenants, including limitations on asset sales and: · Limitation on Borrowings: Net borrowings not to exceed 70% of total assets. · Limitation on Minimum Net Worth: Net worth to always exceed $100,000,000. As of December 31, 2016, the Company was not in compliance with the covenants described above. In January 2016 and April 2016, the Company entered into exchange agreements with unrelated third parties, whereas the Notes holder exchanged 20,000 and 50,000 Notes, respectively, for shares of the Company’s Class A common shares. In February 2016 and September 2016, the Company commenced an offer to exchange all Notes for its Class A common shares (the “Exchange Offer”). As part of the Exchange Offer, holders were also required to consent to the removal of certain covenants and sections of the Notes’ indenture (together with the Exchange Offer, “Exchange Offer and Consent Solicitation”). On March 18, 2016 and October 31, 2016, 184,721 and 84,588 Notes, respectively, were delivered and not validly withdrawn from the Exchange Offer. In relation to the issued and outstanding Notes, the Company did not proceed with the interest payments since February 15, 2016, due to lack of liquidity. Following the completion of the above exchange agreements and exchange offers, a gain from debt extinguishment of $7,275,746 or $1.66 and $0.62 per basic and dilutive common share, respectively, was recognized and is included in gain from debt extinguishment in the 2016 consolidated statement of comprehensive income. Based on the Company’s cash flow projections for 2017, cash on hand and cash provided by operating activities will not be sufficient to cover scheduled interest payments relating to its Notes due in 2017. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments. (f) Convertible Notes: Other Information: The interest cost charged for the years ended December 31, 2014, 2015 and 2016 amounted to $7,451,854, $8,039,677 and $2,062,395, respectively. The capitalized interest for the years ended December 31, 2014, 2015 and 2016 amounted to $1,618,836, $1,704,937 and $0, respectively. The weighted average interest rate for the years ended December 31, 2014, 2015 and 2016 was 3.53%, 4.07% and 6.59%, respectively.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	8. Financial Instruments and Fair Value Disclosures The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade receivables, amounts due from related parties, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of senior unsecured notes due 2021 and convertible note, trade accounts payable, amounts due to related parties and accrued liabilities. (a) Interest rate risk: (b) Concentration of credit risk: (c) Fair value: FINRA has designated the Notes as corporate bonds that are TRACE eligible under the symbol "PRGN4153414". Since the transfer of listing of the Company’s Class A common shares from NASDAQ to the OTC Markets’ OTCQB Venture Market, no transactions occurred in relation to the Notes. Therefore, the fair value of the Notes is based on the latest Exchange Offer (Note 7) and is considered Level 2 item in accordance with the fair value hierarchy. As of December 31, 2016, the fair value of the Company’s Notes based on the latest Exchange Offer ratio (one Note for ten Class A common shares) of $2.79 per Note was $1,841,464 in the aggregate. Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains / (losses) in the consolidated statements of comprehensive income / (loss) and shareholders’ equity are shown below: Derivative Instruments – Balance Sheet Location December 31, 2015 December 31, 2016 Fair Value Fair Value Balance Sheet Location Derivatives not designated as hedging instruments Interest rate swaps Current liabilities – Interest rate swaps $ 18,700 $ - Total derivatives $ 18,700 $ - Effect of Derivative Instruments not designated as hedging instruments Year Ended December 31, Location of Gain / (Loss) Recognized 2015 2016 Interest rate swaps – Fair value Loss on derivatives, net $ 522,090 $ - Interest rate swaps – Realized Loss Loss on derivatives, net (735,097 ) - Net loss on derivatives $ (213,007 ) $ - Financial Instruments and Assets that are measured at fair value on a recurring basis Interest rate swaps Following the sale of vessels and settlement of related debt obligations, all interest rate swap agreements were terminated. Financial Instruments and Assets that are measured at fair value on a non-recurring basis Advances for vessels under construction: During the year ended December 31, 2016, in accordance with the accounting guidance relating to long-lived assets held and used, the Company recognized an impairment loss of $11,615,889 on the advances for vessels under construction relating to the five newbuilding vessels with Hull numbers DY4050, DY4052, YZJ1144, YZJ1145 and YZJ1142. During the year ended December 31, 2015, in accordance with the accounting guidance relating to long-lived assets held and used, the Company recognized an impairment loss on the advances for vessels under construction relating to the five newbuilding vessels with Hull numbers DY4050, DY4052, YZJ1144, YZJ1145 and YZJ1142. Details for the impairment charge on the advances for vessels under construction are noted in the table below: Significant Other Observable Inputs (Level 2) Loss Advances for vessels under construction $ 10,845,000 $ 43,878,294 The fair value is based on the Company’s best estimate of the value of the vessels on a time charter free basis, and is supported by the reported resale prices of an independent shipbroker as of December 31, 2015, which are mainly based on recent sales and purchase transactions of similar vessels. Vessels, net: As of December 31, 2015, the Company reviewed the carrying amount in connection with the estimated recoverable amount for the remaining six vessels. Due to the sale of vessels in 2016, the review indicated that such carrying amount was not recoverable and was written down to $73,928,185 and an impairment charge of $52,467,630 was recorded and is included in Impairment loss in the 2015 accompanying consolidated statement of comprehensive loss. The fair value of the vessels was based on the memoranda of agreement, discussed in Note 6, and was considered to be determined through Level 2 inputs of the fair value hierarchy. Vessels, held for sale: As of December 31, 2015, the Company reviewed the carrying amount in connection with the estimated recoverable amount for the vessels classified as held for sale. Due to the sale of vessels in 2016, the review indicated that such carrying amount was not recoverable and was written down to $13,740,200 and a loss of $69,125,569 was recorded and is included in Loss related to vessels held for sale in the 2015 accompanying consolidated statement of comprehensive loss. The fair value of the vessels was based on the memoranda of agreement, and was considered to be determined through Level 2 inputs of the fair value hierarchy. As of December 31, 2015 and 2016, the Company did not have any assets or liabilities measured at fair value on a recurring or non-recurring basis, other than the ones discussed above.

Capital Structure

Capital Structure	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Capital Structure	9. Capital Structure (a) Common Stock: Under the amended and restated articles of incorporation, the Company's authorized common stock consists of 755,000,000 shares of common stock, par value $0.001 per share, divided into 750,000,000 Class A common shares and 5,000,000 Class B common shares. Each holder of Class A common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of Class A common shares are entitled to receive ratably all dividends, if any, declared by the Company's Board of Directors out of funds legally available for dividends. Upon dissolution, liquidation or sale of all or substantially all of the Company's assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, Class A common shareholders are entitled to receive pro rata the Company's remaining assets available for distribution. Holders of Class A common shares do not have conversion, redemption or pre-emptive rights. Effective March 1, 2016, the Company effectuated a 38-for-1 reverse stock split on its issued and outstanding Class A common shares, which resulted in issuance of 6,092 Class A common shares to settle fractional shares adjustments. All share and per share amounts disclosed in the consolidated financial statements give effect to the respective stock split retroactively, for all the periods presented. On February 18, 2014, the Company completed a public offering of 178,553 of its Class A common shares at $237.50 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 23,290 additional common shares. The net proceeds from the offering amounted to $39,741,152, net of underwriting discounts and commissions and other offering expenses payable by the Company. In connection with the offering, effective February 18, 2014, 3,571 Class A common shares, representing the 2.0% of the 178,553 Class A common shares sold in the public offering, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on February 18, 2014, was $880,015, which was recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2014. On May 12, 2014, the Company’s Board of Directors authorized a share buyback program of up to $10,000,000 for a period of twelve months. Pursuant to the share buyback program, as of December 31, 2014, the Company had purchased and cancelled 790 of its common shares at an average price of $215.92 per share. Following the expiration of the twelve-month period, on May 12, 2015, the share buyback program was ended. On September 4, 2015, the Company entered into an equity distribution agreement with Maxim Group LLC for the offer and sale of up to $4,000,000 of its Class A common shares. The Company may offer and sell the shares from time to time and at its discretion during the next twelve months. The net proceeds of this offering are expected to be used for general corporate purposes, which may include the payment of a portion of the outstanding contractual cost of the Company’s existing newbuilding vessels, and the repayment of debt. Under this offering, the Company proceeded with the sale and issuance of 9,461 Class A common shares. In connection with this offering, effective December 18, 2015, 190 Class A common shares were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on December 18, 2015, was $755, which was recorded as share based compensation and is included in Management Fees – related party in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2015. During 2016, pursuant to the convertible notes, Notes exchange agreements and exchange offers, discussed in Note 7, 9,600,786 Class A common shares were issued. In addition, as discussed in Note 4, 550,000 Class A common shares were issued to Loretto. As of December 31, 2015 and 2016, the Company had a total of 664,458 and 10,821,336 Class A common shares outstanding, respectively, and no other class of shares outstanding. (b) Preferred Stock: Under the amended and restated articles of incorporation, the Company's authorized preferred stock consists of 25,000,000 shares of preferred stock, par value $0.001 per share, and there was none issued and outstanding at December 31, 2015 and 2016.

Share Based Payments

Share Based Payments	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Payments	10. Share Based Payments Equity incentive plan – March 26, 2014 On March 26, 2014, the Company adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive options to acquire shares of Class A common shares. A total of 52,632 Class A common shares were reserved for issuance under the plan. The Board of Directors administers the plan. Under the terms of the plan, the Board of Directors are able to grant new options exercisable at a price per Class A common share to be determined by the Board of Directors but in no event less than fair market value as of the date of grant. The plan also permits the Board of Directors to award non-vested share units, non-qualified options, stock appreciation rights and non-vested shares. (a) Options As of December 31, 2015, there were 2,800 options with an exercise price of $4,560 outstanding and exercisable, which vested in 2010 and expired in November 2016. (b) Non-vested share awards As of December 31, 2015, there were 3,923 non-vested share awards which vested in 2016. A summary of the activity for non-vested share awards for the year ended December 31, 2016 is as follows: Number Weighted Non-vested, December 31, 2015 3,923 $ 84.74 Vested (3,923 ) 84.74 Non-vested, December 31, 2016 - $ - Share based compensation amounted to $986,416, $966,915 and $322,813 for the years ended December 31, 2014, 2015 and 2016, respectively and is included in general and administrative expenses.

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2016
Other Income and Expenses [Abstract]
Other Expenses	11. Other Expenses During 2014, 2015 and 2016, the Company recognized a charge of $250,283, $246,022 and $285,973, in relation to a special contribution. According to the Greek Law 4301/2014, the charge is a voluntary contribution calculated based on the carrying capacity of the Company’s fleet, and is payable annually for four fiscal years, until 2017. The special contribution is included in Other expenses in the accompanying consolidated statements of comprehensive income / (loss).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	12. Income Taxes The Company and its subsidiaries are incorporated either in the Marshall Islands or Liberia and under the laws of the Marshall Islands and Liberia, are not subject to income taxes. The Company is also subject to United States federal income taxation in respect of income that was derived from the international operation of ships and the performance of services directly related thereto ("Shipping Income"), unless exempt from United States federal income taxation. If the Company does not qualify for the exemption from tax under Section 883, it will be subject to a 4% tax on its “U.S. source shipping income,” imposed without the allowance for any deductions. For these purposes, "U.S. source shipping income" means 50% of the shipping income that will be derived by the Company that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For 2014, 2015 and 2016, the Company qualified for the benefits of Section 883.

Earnings _ (Loss) per Share (EP

Earnings / (Loss) per Share (EPS)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Earnings / (Loss) per Share (EPS)	13. Earnings / (Loss) per Share (“EPS”) The following table sets forth the computation of basic and diluted net earnings / (loss) per share for the years ended December 31, 2014, 2015 and 2016: Basic EPS – Class A Common Shares The two class method EPS is calculated as follows: Years Ended December 31, 2014 2015 2016 Numerator Net income / (loss) $ (51,796,181 ) $ (268,707,322 ) $ 23,786,352 Less: (Net income) / loss attributable to non-vested share awards 832,333 4,606,096 (20,977 ) Net income / (loss) attributable to common shareholders $ (50,963,848 ) $ (264,101,226 ) $ 23,765,375 Denominator Weighted average common shares outstanding, basic 613,844 644,260 4,392,688 Effect of convertible note, if converted to common shares - - 7,326,007 Weighted average common shares outstanding, diluted 613,844 644,260 11,718,695 Net income / (loss) per common share, basic $ (82.84 ) $ (409.93 ) $ 5.41 Net income / (loss) per common share, diluted $ (82.84 ) $ (409.93 ) $ 2.03 Weighted Average Shares – Basic - Weighted Average Shares – Diluted - • Unvested share awards outstanding under the Company’s Stock Incentive Plan • Class A common shares issuable upon exercise of the Company’s outstanding convertible note The Company excluded the dilutive effect of 2,800 stock option awards in 2014 and 2015, and 3,923 and 9,172 non-vested share awards in 2015 and 2014, respectively, in calculating dilutive LPS for its Class A common shares as their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any claim or contingent liability, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying financial statements. Rental Expense In relation to the rental agreement with Granitis as discussed in Note 4, fixed future minimum non-cancelable rent commitments as of December 31, 2016, based on the Euro/U.S. dollar exchange rate of €1.0000:$1.0525 as of December 30, 2016, amount to: For the year ending Amount December 31, 2017 $ 13,085 Total $ 13,085

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Convertible Note Pursuant to the securities purchase agreement we entered into in November 2016 with an unrelated third party (Note 7), 11,083,092 Class A common shares were issued.

Significant Accounting Polici23

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	(a) Principles of Consolidation:
Use of Estimates	(b) Use of Estimates:
Other Comprehensive Income / (Loss)	(c) Other Comprehensive Income / (Loss):
Foreign Currency Translation	(d) Foreign Currency Translation:
Cash and Cash Equivalents	(e) Cash and Cash Equivalents:
Restricted Cash	(f) Restricted Cash:
Trade Receivables (net)	(g) Trade Receivables (net):
Insurance Claims	(h) Insurance Claims:
Inventories	(i) Inventories:
Vessel Cost	(j) Vessel Cost:
Impairment of Long-Lived Assets	(k) Impairment of Long-Lived Assets: The undiscounted projected net operating cash flows for each vessel are determined by considering the contracted charter revenues from existing charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days (based on the most recent ten year historical average of similar size vessels) over the remaining estimated life of the vessel, assumed to be 25 years from the date of initial delivery from the shipyard, net of brokerage commissions, the salvage value of each vessel, which is estimated to be $300 per lightweight ton, expected outflows for vessels’ future dry-docking expenses and estimated vessel operating expenses, assuming an average annual inflation rate where applicable. The Company uses the historical ten-year average as it is considered a reasonable estimation of expected future charter rates over the remaining useful life of the Company’s vessels since it represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers of the sample before computing the historic ten-year average of the one-year time charter rate.
Vessel Depreciation	(l) Vessel Depreciation: Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard, including secondhand vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
Other Fixed Assets	(m) Other Fixed Assets:
Investments in Affiliate	(n) Investments in Affiliate:
Dry-docking and Special Survey Costs:	(o) Dry-docking and Special Survey Costs:
Financing Costs	(p) Financing Costs:
Debt restructurings	(q) Debt restructurings:
Pension and Retirement Benefit Obligations - Crew	(r) Pension and Retirement Benefit Obligations—Crew:
Revenue and Expenses	(s) Revenue and Expenses: Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time Charter Revenue: Revenue / Voyage charters: Commissions: Voyage Expenses: Vessel Operating Expenses:
Share based Compensation	(t) Share based Compensation:
Segment Reporting	(u) Segment Reporting:
Derivatives	(v) Derivatives: The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.
Fair value of financial instruments	(w) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that are not corroborated by market data.
Earnings per Share (EPS)	(x) Earnings per Share (EPS):
Subsequent Events	(y) Subsequent Events:
Recent Accounting Standards Adopted	(z) Recent Accounting Standards Adopted Going Concern: In August 2014, the FASB issued ASU No. 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15, which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The Company has adopted the provisions of ASU 2014-05 (Note 3) on December 31, 2016.
Recent Accounting Pronouncements	(aa) Recent Accounting Pronouncements: Revenue from Contracts with Customers: Inventories : Simplifying the Measurement of Inventory Leases: Leases Stock Compensation: , Statement of Cash Flows: Restricted cash: Business Combinations:

Basis of Presentation and Gen24

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of non-vessel owning subsidiaries	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Paragon Shipping Inc. and its wholly-owned subsidiaries (collectively the “Company”) listed below: Non-Vessel Owning Subsidiaries: Vessel Owning Company Date of Incorporation Country of Incorporation Vessel’s Name Delivery Date Sale Date Trade Force Shipping S.A. (1) November 15, 2006 Marshall Islands Deep Seas December 2006 January 2016 Frontline Marine Company November 15, 2006 Marshall Islands Calm Seas December 2006 January 2016 Fairplay Maritime Ltd. (1) November 15, 2006 Marshall Islands Kind Seas December 2006 January 2016 Donna Marine Co. (1) July 4, 2007 Marshall Islands Pearl Seas August 2007 January 2016 Imperator I Maritime Company (1) September 27, 2007 Marshall Islands Coral Seas November 2007 May 2016 Canyon I Navigation Corp. September 27, 2007 Marshall Islands Golden Seas December 2007 March 2016 Coral Ventures Inc. August 5, 2009 Liberia Prosperous Seas May 2012 March 2016 Winselet Shipping And Trading Co. Ltd. (1) April 6, 2010 Liberia Precious Seas June 2012 March 2016 Aminta International S.A. May 5, 2010 Liberia Priceless Seas January 2013 April 2016 Adonia Enterprises S.A. May 5, 2010 Liberia Proud Seas January 2014 March 2016 Dolphin Sunrise Limited (2) February 25, 2014 Marshall Islands - - - Nautilus Investment Limited (2) February 25, 2014 Marshall Islands - - - Oceanus Investments Limited (2) February 25, 2014 Marshall Islands - - - Explorer Shipholding Limited November 15, 2006 Marshall Islands - - - Epic Investments Inc. December 21, 2006 Marshall Islands - - - Protea International Inc. July 17, 2007 Liberia - - - Amphitrite Shipping Inc. (3) June 17, 2013 Liberia - - - Mirabel International Maritime Co. (3) June 17, 2013 Liberia - - - Camelia Navigation S.A. (1) November 15, 2006 Marshall Islands - - - Reading Navigation Co. (1) July 17, 2007 Liberia - - - (1) In 2016, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active (2) Companies related to the Kamsarmax newbuilding drybulk carriers with Hull numbers YZJ1144, YZJ1145 and YZJ1142, respectively (Note 5) (3) Refer to Note 5
Shedule of major charterers	The following charterers individually accounted for more than 10% of the Company’s charter revenue for the years ended December 31, 2014, 2015 and 2016: Charterer Percentage of charter revenue 2014 2015 2016 Glencore Grain B.V. - 24.0 % 30.9 % MLE Logistics & Chartering Corp. - - 22.4 % Louis Dreyfus Commodities - - 15.0 % Trafigura - - 10.4 % Cargill International S.A. 11.6 % - - Total 11.6 % 24.0 % 78.7 %

Transactions with Related Par25

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transaction, Due from (to) Related Party [Abstract]
Schedule of related party transactions	The following amounts charged by Allseas are included in the accompanying consolidated statements of comprehensive income / (loss): 2014 2015 2016 Included in Commissions Charter hire commissions $ 708,153 $ - $ - Included in Vessel operating expenses Superintendent fees $ 481,200 $ 580,119 $ - Included in Dry-docking expenses Superintendent fees $ 123,840 $ 71,057 $ - Management fees - related party Management fees $ 4,628,813 $ 4,139,724 $ 416,602 Financial accounting and reporting services $ 757,442 $ 700,012 $ 158,656 Loretto agreement $ 880,015 $ 755 $ - Total Management fees $ 6,266,270 $ 4,840,491 $ 575,258 Included in General and administrative expenses Administrative fees $ 37,746 $ 32,843 $ 22,219 Executive services fees $ 5,689,152 $ 3,203,195 $ 444,047 Included in (Gain) / loss from sale of assets Vessel sale & purchase commissions $ 745,000 $ - $ - Superintendent fees $ - $ 17,079 $ 66,053 Included in Impairment loss Newbuildings supervision and superintendent fees $ - $ - $ 198,487

Vessels, Net _ Vessels Held f26

Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Vessels Net [Abstract]
Scedule of vessels, net	Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2015 $ 457,244,533 $ (88,211,560 ) $ 369,032,973 Depreciation - (16,687,357 ) (16,687,357 ) Disposals (165,075,995 ) 21,991,963 (143,084,032 ) Transfer to Vessels Held for Sale (147,153,000 ) 64,287,231 (82,865,769 ) Impairment loss (71,087,353 ) 18,619,723 (52,467,630 ) Balance December 31, 2015 73,928,185 - 73,928,185 Disposals (73,928,185 ) - (73,928,185 ) Balance December 31, 2016 $ - $ - $ -

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt agreements amounts outstanding	The table below presents a breakdown of the Company’s long-term debt as of December 31, 2015 and 2016: 2015 2016 (a) Commerzbank AG (August 12, 2011) $ 25,912,500 $ - (b) Unicredit Bank AG (November 19, 2007) 13,885,750 - (c) Bank of Ireland (March 30, 2009) 7,825,000 - (d) Nordea Bank Finland Plc (May 6, 2014) 73,928,185 - (e) Senior unsecured notes due 2021 25,000,000 16,517,275 (f) Convertible Note (issued in November 2016) - 500,000 Total $ 146,551,435 17,017,275 Less: related deferred financing costs 1,877,534 442,314 Total debt, net of deferred financing costs $ 144,673,901 $ 16,574,961 D isclosed as follows in the Consolidated Balance Sheets Liabilities associated with vessels held for sale $ 47,587,119 $ - Current portion of long-term debt 97,086,782 16,574,961 Total $ 144,673,901 $ 16,574,961
Schedule of minimum annual principal payments	As of December 31, 2016, the minimum annual principal payments for the outstanding debt required to be made after the balance sheet date, are as follows: To December 31, 2017 $ 500,000 2018 - 2019 - 2020 - 2021 16,517,275 Total $ 17,017,275

Financial Instruments and Fai28

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of derivative instruments - balance sheet location	Derivative Instruments – Balance Sheet Location December 31, 2015 December 31, 2016 Fair Value Fair Value Balance Sheet Location Derivatives not designated as hedging instruments Interest rate swaps Current liabilities – Interest rate swaps $ 18,700 $ - Total derivatives $ 18,700 $ -
Effect of Derivative Instruments not designated as hedging instruments	Effect of Derivative Instruments not designated as hedging instruments Year Ended December 31, 2015 2016 Location of Gain / (Loss) Recognized Interest rate swaps – Fair value Loss on derivatives, net $ 522,090 $ - Interest rate swaps – Realized Loss Loss on derivatives, net (735,097 ) - Net loss on derivatives $ (213,007 ) $ -
Schedule of valuation of advances for vessels under construction	Details for the impairment charge on the advances for vessels under construction are noted in the table below: Significant Other Observable Loss Advances for vessels under construction $ 10,845,000 $ 43,878,294

Share Based Payments (Tables)

Share Based Payments (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of non-vested share awards activity	A summary of the activity for non-vested share awards for the year ended December 31, 2016 is as follows: Number Weighted Non-vested, December 31, 2015 3,923 $ 84.74 Vested (3,923 ) 84.74 Non-vested, December 31, 2016 - $ -

Earnings _ (Loss) per Share (30

Earnings / (Loss) per Share (EPS) (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings / (loss) per share	The following table sets forth the computation of basic and diluted net earnings / (loss) per share for the years ended December 31, 2014, 2015 and 2016: Basic EPS – Class A Common Shares The two class method EPS is calculated as follows: Years Ended December 31, 2014 2015 2016 Numerator Net income / (loss) $ (51,796,181 ) $ (268,707,322 ) $ 23,786,352 Less: (Net income) / loss attributable to non-vested share awards 832,333 4,606,096 (20,977 ) Net income / (loss) attributable to common shareholders $ (50,963,848 ) $ (264,101,226 ) $ 23,765,375 Denominator Weighted average common shares outstanding, basic 613,844 644,260 4,392,688 Effect of convertible note, if converted to common shares - - 7,326,007 Weighted average common shares outstanding, diluted 613,844 644,260 11,718,695 Net income / (loss) per common share, basic $ (82.84 ) $ (409.93 ) $ 5.41 Net income / (loss) per common share, diluted $ (82.84 ) $ (409.93 ) $ 2.03

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of rental expense	In relation to the rental agreement with Granitis as discussed in Note 4, fixed future minimum non-cancelable rent commitments as of December 31, 2016, based on the Euro/U.S. dollar exchange rate of €1.0000:$1.0525 as of December 30, 2016, amount to: For the year ending Amount December 31, 2017 $ 13,085 Total $ 13,085

Basis of Presentation and Gen32

Basis of Presentation and General Information (Details)	12 Months Ended
	Dec. 31, 2016
Date of Incorporation	Apr. 26, 2006
Country of incorporation	Marshall Islands
Trade Force Shipping S.A. [Member] | Deep Seas [Member]
Date of Incorporation	Nov. 15, 2006	[1]
Country of incorporation	Marshall Islands	[1]
Delivery Date	December 2,006	[1]
Sale Date	2016-01	[1]
Frontline Marine Company [Member] | Calm Seas [Member]
Date of Incorporation	Nov. 15, 2006
Country of incorporation	Marshall Islands
Delivery Date	December 2,006
Sale Date	2016-01
Fairplay Maritime Ltd. [Member] | Kind Seas [Member]
Date of Incorporation	Nov. 15, 2006	[1]
Country of incorporation	Marshall Islands	[1]
Delivery Date	December 2,006	[1]
Sale Date	2016-01	[1]
Donna Marine Co. [Member] | Pearl Seas [Member]
Date of Incorporation	Jul. 4, 2007	[1]
Country of incorporation	Marshall Islands	[1]
Delivery Date	August 2,007	[1]
Sale Date	2016-01	[1]
Imperator I Maritime Company [Member] | Coral Seas [Member]
Date of Incorporation	Sep. 27, 2007	[1]
Country of incorporation	Marshall Islands	[1]
Delivery Date	November 2,007	[1]
Sale Date	2016-05	[1]
Canyon I Navigation Corp. [Member] | Golden Seas [Member]
Date of Incorporation	Sep. 27, 2007
Country of incorporation	Marshall Islands
Delivery Date	December 2,007
Sale Date	2016-03
Coral Ventures Inc. [Member] | Prosperous Seas [Member]
Date of Incorporation	Aug. 5, 2009
Country of incorporation	Liberia
Delivery Date	May 2,012
Sale Date	2016-03
Winselet Shipping And Trading Co. Ltd. [Member] | Precious Seas [Member]
Date of Incorporation	Apr. 6, 2010	[1]
Country of incorporation	Liberia	[1]
Delivery Date	June 2,012	[1]
Sale Date	2016-03	[1]
Aminta International S.A. [Member] | Priceless Seas [Member]
Date of Incorporation	May 5, 2010
Country of incorporation	Liberia
Delivery Date	January 2,013
Sale Date	2016-04
Adonia Enterprises S.A. [Member] | Proud Seas [Member]
Date of Incorporation	May 5, 2010
Country of incorporation	Liberia
Delivery Date	January 2,014
Sale Date	2016-03
Dolphin Sunrise Limited [Member]
Date of Incorporation	Feb. 25, 2014	[2]
Country of incorporation	Marshall Islands	[2]
Nautilus Investment Limited [Member]
Date of Incorporation	Feb. 25, 2014	[2]
Country of incorporation	Marshall Islands	[2]
Oceanus Investments Limited [Member]
Date of Incorporation	Feb. 25, 2014	[2]
Country of incorporation	Marshall Islands	[2]
Explorer Shipholding Limited [Member]
Date of Incorporation	Nov. 15, 2006
Country of incorporation	Marshall Islands
Epic Investments Inc. [Member]
Date of Incorporation	Dec. 21, 2006
Country of incorporation	Marshall Islands
Protea International Inc. [Member]
Date of Incorporation	Jul. 17, 2007
Country of incorporation	Liberia
Amphitrite Shipping Inc. [Member]
Date of Incorporation	Jun. 17, 2013	[3]
Country of incorporation	Liberia	[3]
Mirabel International Maritime Co. [Member]
Date of Incorporation	Jun. 17, 2013	[3]
Country of incorporation	Liberia	[3]
Camelia Navigation S.A. [Member]
Date of Incorporation	Nov. 15, 2006	[1]
Country of incorporation	Marshall Islands	[1]
Reading Navigation Co. [Member]
Date of Incorporation	Jul. 17, 2007	[1]
Country of incorporation	Liberia	[1]
[1]	In 2016, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active.
[2]	Companies related to the Kamsarmax newbuilding drybulk carriers with Hull numbers YZJ1144, YZJ1145 and YZJ1142, respectively (Note 5).
[3]	Refer to Note 5.

Basis of Presentation and Gen33

Basis of Presentation and General Information (Details 1)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Percentage of charter revenue	78.70%	24.00%	11.60%
Glencore Grain B.V. [Member]
Percentage of charter revenue	30.90%	24.00%
MLE Logistics & Chartering Corp. [Member]
Percentage of charter revenue	22.40%
Louis Dreyfus Commodities [Member]
Percentage of charter revenue	15.00%
Trafigura [Member]
Percentage of charter revenue	10.40%
Cargill International S.A. [Member]
Percentage of charter revenue			11.60%

Basis of Presentation and Gen34

Basis of Presentation and General Information (Details Narrative)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Apr. 26, 2006
Country of incorporation	Marshall Islands

Significant Accounting Polici35

Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncement, Early Adoption [Line Items]
Allowance for doubtful accounts	$ 8,428	$ 602,128
Vessels' salvage value per lightweight ton	300
Depreciation	$ 52,294	16,913,785	$ 18,357,377
Vessels [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Useful life	25 years
Computer Systems Software [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Useful life	5 years
Vehicle [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Useful life	6 years
Other Fixed Assets [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Depreciation	$ 52,294	$ 226,428	$ 203,357

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure Text Block [Abstract]
Shareholders' Equity / (Deficit)	$ (18,584,463)	$ (45,188,123)	$ 222,400,543	$ 232,650,777

Transactions with Related Par37

Transactions with Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Included in Commissions
Charter hire commissions	$ 24,931	$ 437,817	$ 708,153
Included in Dry-docking expenses
Superintendent fees	0	71,057	123,840
Management fees - related party
Total Management fees	575,258	4,840,491	6,266,270
Allseas Marine [Member]
Included in Commissions
Charter hire commissions			708,153
Included in Vessel operating expenses
Superintendent fees		580,119	481,200
Included in Dry-docking expenses
Superintendent fees		71,057	123,840
Management fees - related party
Management fees	416,602	4,139,724	4,628,813
Financial accounting and reporting services	158,656	700,012	757,442
Loretto agreement		755	880,015
Total Management fees	575,258	4,840,491	6,266,270
Included in General and administrative expenses
Administrative fees	22,219	32,843	37,746
Executive services fees	444,047	3,203,195	5,689,152
Included in (Gain) / loss from sale of assets
Vessel sale & purchase commissions			745,000
Superintendent fees	66,053	17,079
Included in Impairment loss
Newbuildings supervision and superintendent fees	$ 198,487

Transactions with Related Par38

Transactions with Related Parties (Details Narrative)

Jun. 06, 2016USD ($)shares

Jun. 01, 2016USD ($)

May 18, 2015shares

Dec. 01, 2012

Jan. 31, 2017EUR (€)

Jan. 31, 2015

Jan. 02, 2014EUR (€)

Dec. 31, 2016USD ($)shares

Dec. 31, 2016EUR (€)shares

Dec. 31, 2015USD ($)

Dec. 31, 2015EUR (€)

Dec. 31, 2014USD ($)

Dec. 31, 2014EUR (€)

Related Party Transaction [Line Items]

Euro / U.S. dollar exchange rate

1.0525

Due from related parties

$ 6,157

$ 220,568

Due to related parties

$ 337,904

1,259,780

Common Class A [Member]

Related Party Transaction [Line Items]

Number of common stock issued | shares

9,600,786

6,092

6,092

Euro

Related Party Transaction [Line Items]

Euro / U.S. dollar exchange rate

1

Allseas Marine [Member]

Related Party Transaction [Line Items]

Capitalized expenses

1,845,161

Due from related parties

220,568

Due to related parties

$ 176,164

Amended and Restated Management Agreements [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Percentage of charter hire commission payable

1.25%

Percentage of commission payable for the purchase, sale and construction of vessels

1.00%

Ship-Owning Company Management Agreements [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Pre-delivery services amount payable

15,000

Ship-Owning Company Management Agreements [Member] | Allseas Marine [Member] | Euro

Related Party Transaction [Line Items]

Daily management fee | €

€ 666.45

€ 666.45

€ 664.46

Superintendents management fee payable per day | €

500

Accounting Services Agreement [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Annual fee per vessel payable financial reporting services cost

$ 30,000

Agreement term

1 year

Accounting Services Agreement [Member] | Allseas Marine [Member] | Euro

Related Party Transaction [Line Items]

Annual fee payable for financial accounting services | €

€ 250,000

Accounting Services Agreement [Member] | Allseas Marine [Member] | Euro | Subsequent Event [Member]

Related Party Transaction [Line Items]

Annual fee payable for financial accounting services | €

€ 60,000

Tripartite Agreement [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Percentage of common shares issued

2.00%

Tripartite Agreement [Member] | Loretto Finance Inc. [Member] | Common Class A [Member]

Related Party Transaction [Line Items]

Number of common stock issued | shares

12,557

12,557

Newbuildings Supervision Agreement [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Flat fee for newbuilding supervision services

$ 375,000

Newbuildings Supervision Agreement [Member] | Allseas Marine [Member] | Euro

Related Party Transaction [Line Items]

Daily fee for newbuilding vessels' supervision | €

€ 115

Superintendents management fee payable per day | €

500

Compensation Agreement [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Euro / U.S. dollar exchange rate

1.0525

Compensation for involuntary termination of contract

$ 3,157,500

Compensation Agreement [Member] | Allseas Marine [Member] | Euro

Related Party Transaction [Line Items]

Euro / U.S. dollar exchange rate

1

Compensation for involuntary termination of contract | €

€ 3,000,000

Executive Services Agreement [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Annual executive services fee payable

$ 300,000

Agreement term

5 years

Years for computation of compensation to the management company

3

Number of the issued and oustanding shares of the company, issuable to the management company | shares

78,948

Incentive compensation paid to executives

$ 0

$ 0

$ 1,848,900

Executive Services Agreement [Member] | Allseas Marine [Member] | Euro

Related Party Transaction [Line Items]

Annual executive services fee payable | €

€ 2,900,000

Arbitration Proceedings [Member] | Various Agreement [Member] | Allseas Marine [Member]

Related Party Transaction [Line Items]

Amount of payable write-off

$ 2,000,000

Arbitration Proceedings [Member] | Various Agreement [Member] | Allseas Marine [Member] | Common Class A [Member]

Related Party Transaction [Line Items]

Number of common stock issued | shares

550,000

Transactions with Related Par39

Transactions with Related Parties (Details Narrative 1) - USD ($)	Jan. 02, 2015	Jan. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Commissions related party					$ 24,931	$ 437,817	$ 708,153
Due to related parties			$ 1,259,780		337,904	1,259,780
Seacommercial [Member]
Related Party Transaction [Line Items]
Commissions related party					24,931	437,817
Due to related parties			$ 12,104		$ 0	12,104
Seacommercial [Member] | MV Pearl Seas And MV Kind Seas And MV Calm Seas And MV Deep Seas [Member]
Related Party Transaction [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels		1.00%
Commission amount payable to the management company for the purchase, sale and construction of vessels		$ 143,050
Seacommercial [Member] | MV Sapphire Seas And MV Diamond Seas [Member]
Related Party Transaction [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels			1.00%
Commission amount payable to the management company for the purchase, sale and construction of vessels			$ 70,000			$ 70,000
Seacommercial [Member] | M/V Dream Seas And M/V Gentle Seas And M/V Peaceful Seas And M/V Friendly Seas [Member]
Related Party Transaction [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels				1.00%
Commission amount payable to the management company for the purchase, sale and construction of vessels				$ 632,000
Brokerage Services Agreements [Member] | Seacommercial [Member]
Related Party Transaction [Line Items]
Charter hire commission payable to the management company	1.25%
Commission rate payable to the management company for the purchase, sale and construction of vessels	1.00%

Transactions with Related Par40

Transactions with Related Parties (Details Narrative 2) - Granitis Glyfada Real Estate Ltd. ("Granitis") [Member]	Jun. 02, 2016EUR (€)	Oct. 01, 2012EUR (€)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Related Party Transaction [Line Items]
Rent expense | $			$ 28,995	$ 40,701	$ 49,001
Rental Agreement [Member] | Office Space, Athens [Member]
Related Party Transaction [Line Items]
Agreement term		5 years
Rental fee additional tax	3.60%
Rental Agreement [Member] | Office Space, Athens [Member] | Euro
Related Party Transaction [Line Items]
Initial monthly rental fee | €	€ 1,500	€ 3,000

Transactions with Related Par41

Transactions with Related Parties (Details Narrative 3) - USD ($)	Oct. 05, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to related parties		$ 337,904	$ 1,259,780
Crewcare Inc. [Member]
Related Party Transaction [Line Items]
Due to related parties		161,740	1,247,676
Cadetship Program Agreement [Member] | Crewcare Inc. [Member]
Related Party Transaction [Line Items]
Lump sum fee per cadet employed	$ 5,000
Cadetship program expenses		5,000	190,000	$ 360,000
Agreement term	1 year
Manning Agency Agreements [Member] | Crewcare Inc. [Member]
Related Party Transaction [Line Items]
Monthly manning service fee per seaman		95
One-off recruitment fees per seaman		120
In-house training fee per seaman		30
Extra inhouse training fee per seaman		50
Manning expenses		$ 41,104	$ 433,368	$ 441,499

Transactions with Related Par42

Transactions with Related Parties (Details Narrative 4) - USD ($)	Dec. 01, 2016	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from related parties		$ 6,157	$ 220,568
Commercial Services Agreement [Member] | Milia Shipping Co. [Member]
Related Party Transaction [Line Items]
Commercial services fees		6,157
Due from related parties		$ 6,157
Commercial Services Agreement [Member] | Milia Shipping Co. [Member] | M/V Mykonos Seas [Member]
Related Party Transaction [Line Items]
Agreement term	5 years
Percentage of charter hire commission payable	2.00%
Percentage of commission payable for the purchase, sale and construction of vessels	1.00%

Advances for Vessels Under Co43

Advances for Vessels Under Construction (Details Narrative)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Property, Plant and Equipment [Line Items]
Impairment loss	$ 11,615,889	$ 96,643,651	$ 15,695,282
YZJ1144, YZJ1145 And YZJ1142 [Member] | Kamsarmax Vessels [Member]
Property, Plant and Equipment [Line Items]
Number of new buildings		3

Vessels, Net _ Vessels Held f44

Vessels, Net / Vessels Held for Sale (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Balance beginning of period	$ 73,928,185
Depreciation for the period	(52,294)	$ (16,913,785)	$ (18,357,377)
Impairment loss	(11,615,889)	(96,643,651)	(15,695,282)
Balance end of period		73,928,185
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Balance beginning of period	73,928,185	457,244,533
Depreciation for the period
Disposals	(73,928,185)	(165,075,995)
Transfer to Vessels Held for Sale		(147,153,000)
Impairment loss		(71,087,353)
Balance end of period		73,928,185	457,244,533
Vessel Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Balance beginning of period		(88,211,560)
Depreciation for the period		(16,687,357)
Disposals		21,991,963
Transfer to Vessels Held for Sale		64,287,231
Impairment loss		18,619,723
Balance end of period		(88,211,560)
Vessel Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Balance beginning of period	73,928,185	369,032,973
Depreciation for the period		(16,687,357)
Disposals	$ (73,928,185)	(143,084,032)
Transfer to Vessels Held for Sale		(82,865,769)
Impairment loss		(52,467,630)
Balance end of period		$ 73,928,185	$ 369,032,973

Vessels, Net _ Vessels Held f45

Vessels, Net / Vessels Held for Sale (Details Narrative)	Mar. 17, 2016
Vessels Net [Abstract]
Number of vessels to be sold	6

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total	$ 17,017,275	$ 146,551,435
Less: related deferred financing costs	442,314	1,877,534
Total debt, net of deferred financing costs	16,574,961	144,673,901
Convertible Note (issued in November 2016) [Member]
Debt Instrument [Line Items]
Total	500,000
Commerzbank AG (August 12, 2011) [Member]
Debt Instrument [Line Items]
Total		25,912,500
Unicredit Bank AG (November 19, 2007) [Member]
Debt Instrument [Line Items]
Total		13,885,750
Bank of Ireland (March 30, 2009) [Member]
Debt Instrument [Line Items]
Total		7,825,000
Nordea Bank Finland Plc (May 6, 2014) [Member]
Debt Instrument [Line Items]
Total		73,928,185
Senior unsecured notes due 2021 [Member]
Debt Instrument [Line Items]
Total	$ 16,517,275	$ 25,000,000

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Liabilities associated with vessels held for sale		$ 47,587,119
Current portion of long-term debt	16,574,961	97,086,782
Total	$ 16,574,961	$ 144,673,901

Long-Term Debt (Details 2)

Long-Term Debt (Details 2) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 500,000
2,018
2,019
2,020
2,021	16,517,275
Total	$ 17,017,275	$ 146,551,435

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative)

Jan. 07, 2016USD ($)

Nov. 30, 2016USD ($)

Oct. 31, 2016Notes

Jun. 30, 2016USD ($)shares

Apr. 30, 2016Notes

Jan. 31, 2016USD ($)Notesshares

Mar. 18, 2016Notes

Jun. 30, 2016USD ($)

Aug. 08, 2014USD ($)Notes

Dec. 31, 2016USD ($)$ / shares

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Mar. 09, 2016USD ($)

Dec. 08, 2015USD ($)

Debt Instrument [Line Items]

Outstanding balance

$ 16,574,961

$ 144,673,901

Trading symbol

PRGNF

Gain from debt extinguishment

$ 42,312,609

5,921,524

Interest and finance costs

2,062,395

8,039,677

7,451,854

Capitalized interest

$ 0

$ 1,704,937

$ 1,618,836

Weighted average interest rate

6.59%

4.07%

3.53%

Loan Agreement [Member] | Unicredit Bank AG, [Member]

Debt Instrument [Line Items]

Payment for interest

$ 50,000

Commerzbank AG II [Member]

Debt Instrument [Line Items]

Outstanding balance

$ 38,237,500

Gain from debt extinguishment

$ 5,921,524

Bank Of Ireland II [Member]

Debt Instrument [Line Items]

Outstanding balance

$ 4,384,750

Extinguishment of debt amount

2,192,375

Debt conversion, Amount converted

$ 2,192,375

Nordea Bank Finland Plc [Member]

Debt Instrument [Line Items]

Outstanding balance

$ 73,928,185

Settlement of vessels' trading debt

$ 4,290,000

Banks [Member]

Debt Instrument [Line Items]

Extinguishment of debt amount

$ 35,036,863

Extinguishment debt of basic | $ / shares

$ 7.98

Extinguishment debt of dilutive | $ / shares

$ 2.99

Senior unsecured notes due 2021 [Member]

Debt Instrument [Line Items]

Number of notes sold in public offering | Notes

1,000,000

Face amount

$ 25

Interest rate

8.375%

Debt maturity date

Aug. 15, 2021

Trading symbol

PRGN4153414

Debt instrument, redemption description

The Notes will mature on August 15, 2021, and may be redeemed in whole or in part at any time or from time to time after August 15, 2017

Redempion period, start date

Aug. 15, 2017

Minimum net worth

$ 100,000,000

Senior unsecured notes due 2021 [Member] | Exchange Offer [Member]

Debt Instrument [Line Items]

Number of notes exchanged | Notes

84,588

184,721

Senior unsecured notes due 2021 [Member] | Maximum [Member]

Debt Instrument [Line Items]

Ratio of net borrowings to total assets

70.00%

Senior unsecured notes due 2021 [Member] | Unrelated Third Parties [Member]

Debt Instrument [Line Items]

Extinguishment debt of basic | $ / shares

$ 1.66

Extinguishment debt of dilutive | $ / shares

$ 0.62

Gain from debt extinguishment

$ 7,275,746

Senior unsecured notes due 2021 [Member] | Unrelated Third Parties [Member] | Exchange Agreement [Member]

Debt Instrument [Line Items]

Number of notes exchanged | Notes

50,000

20,000

Convertible Debt [Member] | Securities Purchase Agreement [Member] | Unrelated Third Parties [Member]

Debt Instrument [Line Items]

Face amount

$ 500,000

$ 500,000

$ 500,000

$ 500,000

Number of shares issued on debt conversion | shares

6,724,634

6,724,634

Outstanding balance

$ 500,000

Interest rate

8.00%

Debt maturity date

Nov. 11, 2017

Debt conversion price description

The Company’s Class A common shares at a conversion price equal to 65% of the lowest volume weighted average price of the Company’s Class A common shares during the 21 trading days prior to conversion date.

Percentage of debt default rate

18.00%

Financial Instruments and Fai50

Financial Instruments and Fair Value Disclosures (Details) - Non designated [Member] - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivatives not designated as hedging instruments
Total derivatives		$ 18,700
Current Liabilities Interest Rate Swaps [Member]
Derivatives not designated as hedging instruments
Interest rate swaps		$ 18,700

Financial Instruments and Fai51

Financial Instruments and Fair Value Disclosures (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net loss on derivatives		$ (213,007)	$ (387,740)
Loss On Derivatives, Net [Member]
Interest rate swaps - Fair value		522,090
Interest rate swaps - Realized Loss		$ (735,097)

Financial Instruments and Fai52

Financial Instruments and Fair Value Disclosures (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances for vessels under construction	$ 10,845,000
Advances for vessels under construction - Loss	43,878,294
Fair Value Inputs Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Advances for vessels under construction	$ 10,845,000

Financial Instruments and Fai53

Financial Instruments and Fair Value Disclosures (Details Narrative)	12 Months Ended
	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)Notes	Dec. 31, 2014USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vessels, net		$ 73,928,185
Impairment loss	11,615,889	96,643,651	$ 15,695,282
Vessels held for sale		13,740,200
Loss related to vessels held for sale		$ 116,788,543
Vessel Net Book Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of vessels | Notes		6
Vessels, net		$ 73,928,185	$ 369,032,973
Impairment loss		52,467,630
Vessels Held For Sale [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vessels held for sale		13,740,200
Loss related to vessels held for sale		$ 69,125,569
Exchange Offer [Member] | Common Class A [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Exchange offer ratio	One Note for ten
Exchange offer per share (in dollars per share) | $ / shares	$ 2.79
Aggregate of exchange offer	$ 1,841,464

Capital Structure (Details Narr

Capital Structure (Details Narrative) - USD ($)	Jun. 06, 2016	Mar. 01, 2016	Feb. 18, 2014	May 12, 2014	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 18, 2015	Dec. 31, 2014	Sep. 04, 2015
Class of Stock [Line Items]
Common stock - shares authorized						755,000,000	755,000,000
Proceeds from issuance of common stock, net of commissions			$ 39,741,152				$ 53,640		$ 42,235,790
Preferred stock shares authorized						25,000,000	25,000,000
Preferred stock par value (in dollars per share)						$ 0.001	$ 0.001
Reverse stock split		The Company effectuated a 38-for-1 reverse stock split on its issued and outstanding common stock.
Public Offerings [Member]
Class of Stock [Line Items]
Common stock, shares issued			178,553
Issue price (in dollars per share)			$ 237.50
Maximum amount of common shares at-the-market offering								$ 4,000,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Common stock, shares issued			23,290
Common Class B [Member]
Class of Stock [Line Items]
Common stock - shares authorized						5,000,000	5,000,000
Common stock - par value						$ 0.001	$ 0.001
Common stock, shares outstanding						0	0
Common stock, shares issued						0	0
Common Class A [Member]
Class of Stock [Line Items]
Common stock - shares authorized						750,000,000	750,000,000
Common stock - par value						$ 0.001	$ 0.001
Common stock, shares outstanding						10,821,336	664,458
Common stock, shares issued						10,821,336	664,458
Issuance of common shares	9,600,786					6,092
Share Buyback Program [Member]
Class of Stock [Line Items]
Authorized amount				$ 10,000,000
Number of shares repurchased and retired					790
Period in force				12 months
Average price per share (common shares purchased and cancelled)					$ 215.920
Loretto Finance Inc. [Member]
Class of Stock [Line Items]
Share based compensation			$ 880,015					$ 755
Common stock, shares issued			3,571				12,557	190
Maxim Group LLC [Member]
Class of Stock [Line Items]
Common stock, shares issued										9,461
Maxim Group LLC [Member] | Public Offerings [Member]
Class of Stock [Line Items]
Maximum amount of common shares at-the-market offering										$ 4,000,000
Allseas Marine [Member] | Common Class A [Member] | Arbitration Proceedings [Member] | Various Agreement [Member]
Class of Stock [Line Items]
Issuance of common shares	550,000

Share Based Payments (Details)

Share Based Payments (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Number of Shares
Non-vested, December 31, 2015 | shares	3,923
Vested | shares	(3,923)
Non-vested, December 31, 2016 | shares
Weighted Average Fair Value
Non-vested, December 31, 2015 | $ / shares	$ 84.74
Vested | $ / shares	84.74
Non-vested, December 31, 2016 | $ / shares

Share Based Payments (Details N

Share Based Payments (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 26, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of shares reserved for issuance under the plan				52,632
Number of outstanding options		2,800
Number of exercisable options		2,800
Options outstanding exercise price (in dollars per share)		$ 4,560
Options exercisable exercise price (in dollars per share)		$ 4,560
Share based compensation	$ 322,813	$ 966,915	$ 986,416

Other Expenses (Details Narrati

Other Expenses (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Income and Expenses [Abstract]
Voluntary special contribution	$ 285,973	$ 246,022	$ 250,283

Earnings _ (Loss) Per Share (58

Earnings / (Loss) Per Share (EPS) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator
Net Income / (loss)	$ 23,786,352	$ (268,707,322)	$ (51,796,181)
Less: (Net income) / loss attributable to non-vested share awards	(20,977)	4,606,096	832,333
Net income / (loss) attributable to common shareholders	$ 23,765,375	$ (264,101,226)	$ (50,963,848)
Denominator
Weighted average number of common shares outstanding, basic and diluted (in shares)	4,392,688	644,260	613,844
Effect of convertible note, if converted to common shares (in shares)	7,326,007
Weighted average common shares outstanding, diluted (in shares)	11,718,695	644,260	613,844
Net income / (loss) per common share, basic (in dollars per shares)	$ 5.41	$ (409.93)	$ (82.84)
Net income / (loss) per common share, diluted (in dollars per shares)	$ 2.03	$ (409.93)	$ (82.84)

Earnings _ (Loss) Per Share (59

Earnings / (Loss) Per Share (EPS) (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	2,800	2,800
Non Vested Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	3,923	9,172

Commitments and Contingencies60

Commitments and Contingencies (Details)	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 13,085
Total	$ 13,085

Commitments and Contingencies61

Commitments and Contingencies (Details Narrative)	Dec. 31, 2016
Euro / U.S. dollar exchange rate	1.0525
Euro
Euro / U.S. dollar exchange rate	1

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Common Class A [Member] - shares	Jun. 06, 2016	Apr. 06, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Number of common stock issued	9,600,786		6,092
Securities Purchase Agreement [Member] | Convertible Debt [Member] | Unrelated Third Parties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of common stock issued		11,083,092