Net cash provided by investing activities during the six-month period ended 2012, was $309,866, compared with net cash used in investing activities of $101,725,929 during the corresponding six-month period ended June 30, 2011. Investing activities during the six-month period ended June 30, 2011, related primarily to making progress payments and incurring related vessel construction expenses for the newbuilding vessels.
Net cash used in financing activities during the six-month period ended June 30, 2012 and 2011 was $6,773,199 and $2,710,177, respectively. The increase was primarily due to additional expenses incurred related to the amendment and restatement of the Company's credit agreement.
As of June 30, 2012, our cash balance was $17,148,510, compared to a cash balance of $25,075,203 at December 31, 2011. Also recorded in Restricted Cash is an amount of $291,891, of which $276,056 collateralizes letters of credit relating to our office leases.
Debt consists of the following:
|June 30, 2012||December 31, 2011|
|Credit Facility||—||$ 1,129,478,741|
|Less: Current portion||—||(32,094,006)|
|Long-term debt||$ 1,130,186,429||$ 1,097,384,735|
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