For:  B+H
      Ocean
      Carriers Ltd.





From:  Navinvest
      Marine Services (USA) Inc.


The
      Sail
      Loft


19
      Burnside Street


Bristol,
      RI 02809








**FOR
      IMMEDIATE RELEASE**





**B+H
      Ocean Carriers, Ltd. Announces $202 Million Refinancing and Unaudited Results
      for the Six Month and Second Quarterly Periods Ended June 30,
      2006**





**NEW
      YORK, NEW YORK,** **August
      29, 2006** **.
      . . . B+H Ocean Carriers Ltd. (AMEX: BHO)** today
      announced that it had concluded a $202 million credit facility with Nordea
      Bank
      Norge ASA, DvB Bank, HSH Nordbank and Bank of Scotland. The first drawdown
      is
      expected within August 2006 and will be used principally to repay existing
      shipmortgage indebtedness. The facility includes $27 million for a payment
      to be
      made in January on a ship already owned by the Company, and approximately
      $50 million for further acquisitions.





The
      Company reported unaudited net income of $13.7 million or $1.93 per share basic
      and $1.87 per share diluted, for the six months ended June 30, 2006, compared
      to
      unaudited net income of $8.5 million, or $1.88 per share basic and $1.78
      diluted, for the six months ended June 30, 2005. EBITDA for the six months
      ended
      June 30, 2006 was $23.9 million as compared to $16.0 million for the comparable
      period of 2005. Basic earnings per share calculations are based on weighted
      average shares outstanding of 7,082,781 and 4,523,317 respectively, for the
      six
      months ended June 30, 2006 and 2005. Diluted earnings per share calculations
      are
      based on weighted average shares outstanding of 7,304,323 and 4,784,193
      respectively, for the six months ended June 30, 2006 and 2005. The increase
      in
      the weighted average number of shares outstanding is due to the issuance of
      3,243,243 shares in the Company’s $60 million Equity Offering in May
      2005.





The
      Company reported unaudited net income of $4.8 million or $0.67 per share basic
      and $0.65 per share diluted, for the three months ended June 30, 2006, compared
      to unaudited net income of $6.5 million, or $1.25 per share basic and $1.19
      diluted, for the three months ended June 30, 2005. EBITDA for the three months
      ended June 30, 2006 was $10.6 million as compared to $11.1 million for the
      comparable period of 2005. The decline in EBITDA is primarily attributable
      to
      three vessels being offhire for scheduled drydockings and a general increase
      in
      vessel operating expenses, as discussed below. Basic earnings per share
      calculations are based on weighted average shares outstanding of 7,072,107
      and
      5,191,888 respectively, for the three months ended June 30, 2006 and 2005.
      Diluted earnings per share calculations are based on weighted average shares
      outstanding of 7,293,538 and 5,428,346 respectively, for the three months ended
      June 30, 2006 and 2005. The increase in the weighted average number of shares
      outstanding is due to the issuance of 3,243,243 shares in the Company’s $60
      million Equity Offering in May 2005.





The
      following is a discussion of our financial condition and results of operations
      for the six month and quarterly periods ended June 30, 2006 and 2005.





***Six
      Months ended June 30, 2006 (unaudited) versus June 30, 2005
      (unaudited)***





***Revenues***





Revenues
      increased $12.1 million in the six months ended June 30, 2006 over the
      comparable period in 2005 and time-charter equivalent (“TCE”) revenue increased
      $10.1 million or 34.3% for the six months ended June 30, 2006 over the six
      months ended June 30, 2005. TCE revenue represents gross revenue less voyage
      related expenses. This measure is used to compare time-charter and voyage
      revenues. The increases in revenue and TCE are due to the increase in the number
      of vessels in the fleet. The Company, through wholly-owned subsidiaries,
      acquired one combination carrier and one Panamax product tanker in the third
      quarter of 2005 and one combination carrier in the first quarter of 2006. The
      Company sold one MR product tanker in the third quarter of 2005. In addition,
      the three combination carriers acquired in the first quarter of 2005 were owned
      for 347 days in the six months ended June 30, 2005 versus 543 days in the six
      months ended June 30, 2006.





Other
      revenue includes $0.9 million earned in respect of the combination carrier
      acquired in 2006, in lieu of time-charter revenue, from the January 15, 2006
      effective date of the purchase until the closing date and $0.2 million
      representing settlement proceeds from the Company’s claim against Enron for lost
      time-charter revenue.





*Voyage
      expenses*





Voyage
      expenses increased $1.9 million in the six month period ended June 30, 2006
      as
      compared the same period of 2005. This increase is due to the fact that there
      were 242 voyage days in the six months ended June 30, 2006 and only 155 voyage
      days in the same period of 2005. Voyage expenses include port, canal and fuel
      charges for which the shipowner is responsible on a voyage charter but not
      when
      a vessel is on either a time or bareboat charter. In addition, voyage expenses
      include brokerage commissions on time-charters and other commercial
      overhead.





*Vessel
      operating expenses*





Vessel
      operating expenses increased $3.4 million from the six month period ended June
      30, 2005 to the same period of 2006. The increase is due to the increase in
      the
      number of vessels comprising the fleet, as noted above, including those
      purchased during the first half of 2005 which were owned for the full six month
      period in 2006.





*Vessel
      depreciation*





Vessel
      depreciation increased $2.3 million for the six month period ended June 30,
      2006
      as compared to the comparable period of 2005. This increase is due to the
      increase in the number of vessels and to the higher cost of the vessels as
      compared to the MR fleet.





*General
      and administrative expenses*





Management
      fees increased by $0.2 million, or 42%, to $0.5 million for the six month period
      ended June 31, 2006 as compared to $0.3 million for the prior period. The
      increase is due to the increase in the number of vessels and therefore the
      number of months during which fees were incurred. Consulting, professional
      and
      other expenses increased $0.6 million or 39%. A portion of the increase is
      attributable to an increase in consulting fees and the balance is attributable
      to costs for director and officers insurance, legal
      fees, administrative fees, travel
      and public relations.





*Interest
      expense and interest income*





The
      $2.5
      million (118%) increase in interest expense for the six months ended June 30,
      2006, as compared to the same period in 2005, is due to the increase in debt
      for
      the acquisition of two vessels in the third and fourth quarters of 2005 and
      the
      acquisition of a combination carrier in 2006. The outstanding debt increased
      $49.2 million from June 30, 2005 to June 30, 2006. In addition, the average
      daily interest rate for the six months ended June 30, 2006 was 4.84% versus
      an
      average daily rate of 2.87% for the six month period ended June 30, 2005. The
      increase in interest income of $0.9 million is also due to the increase in
      interest rates. In addition, the average cash balance for the first six months
      of 2006 was $54.5 million as compared to the average cash balance for the same
      period of 2005 of $28.5 million.





*Equity
      in income of Nordan OBO II*





Equity
      in
      income of Nordan OBO II of $0.8 million represents income from the Company’s 50%
      interest in an entity which is the disponent owner of a 1992-built 75,000 DWT
      combination carrier through a bareboat charter party.





*Gain
      on fair value of interest rate swaps*





The
      Company entered into two interest rate swaps during 2005 which are required
      to
      be marked to market through the statement of income. The net increase in the
      value of these swaps from December 31, 2005 to June 30, 2006 was $1.4 million.





***Quarter
      Ended June 30, 2006 (unaudited) versus June 30, 2005
      (unaudited)***





*Revenues*





Revenues
      from voyage and time charters increased $4.3 million or 23% from the three
      month
      period ending June 30, 2005 and time-charter equivalent (“TCE”) revenue
      increased $1.7 million or 9.8% from the second quarter of 2005 to the same
      period of 2006. TCE revenue represents gross revenue less voyage related
      expenses. This measure is used to compare time-charter and voyage revenues.





The
      increases in revenue and TCE are predominantly due to the vessel acquisitions
      made in 2005 and 2006. The Company, through wholly-owned subsidiaries, acquired
      one combination carrier and one Panamax product tanker in the third quarter
      of
      2005, one combination carrier and a 50% interest in another combination carrier
      during the first quarter of 2006 and one Panamax product tanker at the end
      of
      June 2006. One MR product tanker was sold in the third quarter of 2005. In
      addition, the Company had 72 days of offhire in the second quarter related
      to
      two special surveys and the conversion of one MR tanker to a double hulled
      vessel. This offhire reduced the Company’s TCE by approximately $1.3 million. As
      a result of these transactions and activity, there was a net increase in revenue
      earning days of approximately 11%.





Other
      revenue of $0.2 million represents settlement of the Company’s claim against
      Enron for lost time-charter revenue.





*Voyage
      expenses*





Voyage
      expenses for the quarter ended June 30, 2006 increased $2.6 million or 215%
      from
      the quarter ended June 30, 2005. The increase is due to the fact that there
      were
      219 voyage days in the three month period ended June 30, 2006, whereas there
      were no voyage days during the three month period ended June 30, 2005. Voyage
      expenses include port, canal and fuel charges for which the ship owner is
      responsible on a voyage charter but not when a vessel is on either a time or
      bareboat charter. In addition, voyage expenses include brokerage commissions
      on
      time-charters and other commercial overhead.





*Vessel
      operating Expenses*





Vessel
      operating expenses for the quarter ended June 30, 2006 increased $2.5 million
      or
      42% as compared to the comparable period in 2005. This increase is the result
      of
      the increase in number of vessels comprising the Company’s fleet, as described
      above. However, the vessels continue to incur operating expenses during offhire
      periods. Additionally, the vessels acquired since the second quarter of 2005
      are
      on average larger and more complex and therefore more expensive to operate
      than
      the former fleet.





*Vessel
      depreciation*





Vessel
      depreciation for the quarter ended June 30, 2006 increased $0.9 million over
      the
      quarter ended June 30, 2005. This increase is due to the acquisitions made,
      as
      discussed above.





*Consulting
      and professional fees and other expenses*





Consulting
      and professional fees and other expenses increased $0.2 million from the three
      months ended June 30, 2005 to the three months ended June 30, 2006.
      Approximately $0.1 million of the increase relates to consulting fees and the
      balance is dispersed amongst several categories including legal fees,
      administrative fees, directors and officers insurance and public
      relations.





*Interest
      expense and interest income*





The
      $1.1
      million (72%) increase in interest expense for the quarter ended June 30, 2006,
      as compared to the same period in 2005, is due to the increase in debt for
      the
      acquisition of two vessels in the third and fourth quarters of 2005 and the
      acquisition of a combination carrier in 2006. The outstanding debt increased
      $49.2 million from June 30, 2005 to June 30, 2006. In addition, the average
      daily interest rate for the three months ended June 30, 2006 was 5.07% versus
      an
      average daily rate of 3.11% for the three month period ended June 30, 2005.
      The
      increase in interest income of $0.4 million is also due to the increase in
      interest rates.





*Equity
      in income of Nordan OBO II*





Equity
      in
      income of Nordan OBO II of $0.3 million represents income from the Company’s 50%
      interest in an entity which is the disponent owner of a 1992-built 75,000 DWT
      combination carrier through a bareboat charter party.





*Gain
      on fair value of interest rate swaps*





The
      Company entered into two interest rate swaps during 2005 which are required
      to
      be marked to market through the statement of income. The net increase in the
      value of these swaps from December 31, 2005 to March 31, 2006 was $0.9 million
      and the net increase in the value of these swaps from March 31, 2006 to June
      30,
      2006 was $0.5 million.





***Liquidity
      and Capital Resources***





Cash
      at
      June 30, 2006, amounted to $39.9 million, a decrease of $20.9 million as
      compared to December 31, 2005. The decrease in the cash balance is
      attributable to outflows for investing activities of $29.2 million and outflows
      for financing activities of $14.5 million. This was offset by cash flow from
      operations of $22.8 million.





The
      outflow for investing activities is attributable to the purchase and investment
      in vessels of $17.2 million and the net investment in Nordan OBO II of $12.1
      million. This was offset by an increase in the fair value of marketable
      securities of $0.2 million.





The
      outflow for financing activities is primarily attributable to the repayment
      of
      long-term debt of $12.3 million, the purchase of treasury stock of $2.1 million
      and payments for common stock issuance costs of $0.1 million.





The
      Company intends to continue its vessel acquisition program to expand its
      presence in its two current sectors of the tanker market: combination carriers
      capable of transporting both wet and dry bulk cargoes, and  product
      carriers; however, there can be no assurance that the Company will be able
      to
      purchase any of such vessels on favorable terms or at all.





The
      Company’s fleet currently consists of six medium range product tankers, six
      combination carriers and a 50% interest in another and two panamax product
      carriers. Twelve of the vessels are currently fixed on long-term time charters,
      which varied in original length of between one and five years. One of the
      remaining three vessels is presently being converted to a double-hull MR tanker,
      another is undergoing a special survey and the third is being operated in the
      spot market at this time.





We
      provide EBITDA (earnings before interest expense, taxes, depreciation and
      amortization) information as a guide to the operating performance of the
      Company. EBITDA, which is not a term recognized under generally accepted
      accounting principles, is calculated as net income plus interest expense, income
      taxes (benefit), depreciation and amortization, and an adjustment for book
      value
      gains and losses on the sale of vessels. Included in the depreciation and
      amortization for the purpose of calculating EBITDA is depreciation of vessels,
      including capital improvements and amortization of mortgage fees. EBITDA, as
      calculated by the Company, may not be comparable to calculations of similarly
      titled items reported by other companies.





Safe
      Harbor Statement





Certain
      statements contained in this press release, including, without limitation,
      statements containing the words “believes,” “anticipates,” “expects,” “intends,”
and words of similar import, constitute “forward-looking statements” as defined
      in the Private Securities Litigation Reform Act of 1995 or by the Securities
      and
      Exchange Commission in its rules, regulations and releases, regarding the
      Company’s financial and business prospects. Such forward-looking statements
      involve known and unknown risks, uncertainties and other factors that may cause
      the actual results, performance or achievements of the Company, or industry
      results, to be materially different from any future results, performance or
      achievements expressed or implied by such forward-looking statements. Such
      factors include, but are not limited to, those set forth in the Company’s Annual
      Report and filings with the Securities and Exchange Committee. Given these
      uncertainties, undue reliance should not be placed on such forward-looking
      statements. The Company disclaims any obligation to update any such factors
      or
      to publicly announce the result of any revisions to any of the forward-looking
      statements contained or incorporation by reference herein to reflect future
      events or developments.











#
      #
      #








For
      further information, including previous announcements, access the Company’s
      website: www.bhocean.com





Company
      Contact:   John
      LeFrere


917.225.2800





**B+H
                  Ocean Carriers Ltd.****Unaudited
                  Consolidated Balance Sheets****Unaudited**
              
              **Audited**
              
              **Unaudited**ASSETS
              
              
              **June
                  30, 2006**
              
              
              **December
                  31, 2005**
              
              
              **June
                  30, 2005**CURRENT
                  ASSETS:Cash
                  and cash equivalents
              
              $
              39,953,172
              
              $
              60,827,651
              
              $
              62,970,459Marketable
                  securities
              
              
              353,518
              
              
              567,566
              
              
              207,941Trade
                  accounts receivable, less allowance for doubtful accounts of $229,000
                  at
                  June 30, 2006 and December 31, 2006 and $137,000 at June 30, 2005
              
              
              1,686,898
              
              
              2,258,572
              
              
              500,108Cash
                  on deposit for vessel acquisition
              
              
              -
              
              
              -
              
              
              3,325,000Inventories
              
              
              2,449,443
              
              
              855,086
              
              
              453,920Prepaid
                  expenses and other current assets
              
              
              1,326,567
              
              
              1,210,915
              
              
              1,159,963**Total
                  current assets**
              
              
              45,769,598
              
              
              65,719,790
              
              
              68,617,391Vessels,
                  at cost:Vessels
              
              
              301,998,582
              
              
              249,067,385
              
              
              206,923,330Less
                  - Accumulated depreciation
              
              
              (42,432,792
              )
              
              (34,900,653
              )
              
              (36,818,471
              )259,565,790
              
              
              214,166,732
              
              
              170,104,859Investment
                  in Nordan OBO II Ltd
              
              
              12,182,945
              
              
              -
              
              
              -Other
                  assets
              
              
              1,435,272
              
              
              1,536,764
              
              
              1,362,785Fair
                  value of derivative asset
              
              
              1,442,499
              
              
              -
              
              
              -**Total
                  assets**
              
              $
              320,396,104
              
              $
              281,423,286
              
              $
              240,085,035LIABILITIES
                  AND SHAREHOLDERS' EQUITYCURRENT
                  LIABILITIES:Accounts
                  payable
              
              $
              4,739,908
              
              $
              4,025,919
              
              $
              3,635,941Accrued
                  liabilities
              
              
              6,152,147
              
              
              1,747,909
              
              
              1,911,898Accrued
                  interest
              
              
              436,690
              
              
              454,620
              
              
              468,935Current
                  portion of mortgage payable
              
              
              31,691,000
              
              
              32,602,000
              
              
              29,650,000Deferred
                  income
              
              
              3,541,726
              
              
              2,727,416
              
              
              3,033,811Other
                  liabilities
              
              
              158,058
              
              
              59,836
              
              
              312,470**Total
                  current liabilities**
              
              
              46,719,529
              
              
              41,617,700
              
              
              39,013,055Deferred
                  income - long term charters
              
              
              3,629,000
              
              
              2,688,000
              
              
              -Unsecured
                  debt
              
              
              36,105,622
              
              
              -
              
              
              -Long
                  term debt
              
              
              102,325,360
              
              
              117,063,472
              
              
              91,315,472Commitments
                  and contingencies
              
              
              -
              
              
              -
              
              
              -SHAREHOLDERS'
                  EQUITY:Preferred
                  stock, $0.01 par value; 20,000,000 shares authorized;no
                  shares issued and outstanding
              
              
              -
              
              
              -
              
              
              -Common
                  stock, $0.01 par value; 30,000,000 shares authorized;7,557,268
                  shares issued, 7,087,785, 7,081,920 and 3,908,847 sharesoutstanding
                  as of June 30, 2006, December 31, 2005 and June 30, 2005,
                  respectively
              
              
              75,572
              
              
              75,572
              
              
              75,572Paid-in
                  capital
              
              
              93,962,034
              
              
              94,042,310
              
              
              94,336,805Retained
                  earnings
              
              
              43,596,864
              
              
              29,905,939
              
              
              18,308,057Treasury
                  stock
              
              
              (6,017,877
              )
              
              (3,969,707
              )
              
              (2,963,926
              )**Total
                  shareholders' equity**
              
              
              131,616,593
              
              
              120,054,114
              
              
              109,756,508**Total
                  liabilities and shareholders' equity**
              
              $
              320,396,104
              
              $
              281,423,286
              
              $
              240,085,035





**B+H
                  Ocean Carriers Ltd.****Unaudited
                  Consolidated Statements of Income****For
                  the six**
              
              **For
                  the six**
              
              **For
                  the three**
              
              **For
                  the three****months
                  ended**
              
              **months
                  ended**
              
              **months
                  ended**
              
              **months
                  ended****June
                  30, 2006**
              
              **June
                  30, 2005**
              
              **June
                  30, 2006**
              
              **June
                  30, 2005**Revenues:Voyage,
                  time and bareboat charter revenues
              
              $ 45,055,406
              
              $
                  32,956,689
              
              $
                  23,427,676
              
              $
                  19,114,679Other
                  revenue
              
              1,081,596
              
              16,474
              
              194,921
              
              -Total
                  revenues
              
              46,137,002
              
              32,973,163
              
              23,622,597
              
              19,114,679Operating
                  expenses:Voyage
                  expenses
              
              5,416,617
              
              3,435,928
              
              3,752,995
              
              1,191,931Vessel
                  operating expenses, drydocking and survey costs
              
              15,337,398
              
              11,959,297
              
              8,602,127
              
              6,069,116Vessel
                  depreciation
              
              7,532,139
              
              5,209,961
              
              3,940,427
              
              3,022,206Amortization
                  of deferred charges
              
              164,215
              
              101,051
              
              82,306
              
              68,164General
                  and administrative:Management
                  fees to related party
              
              533,482
              
              374,488
              
              270,741
              
              199,010Consulting
                  and professional fees, and other expenses
              
              2,044,744
              
              1,466,825
              
              973,576
              
              795,759Total
                  operating expenses
              
              
              31,028,595
              
              
              22,547,550
              
              
              17,622,172
              
              
              11,346,186Income
                  from vessel operations
              
              
              15,108,407
              
              
              10,425,613
              
              
              6,000,425
              
              
              7,768,493Other
                  income (expense):Equity
                  in income of Nordan OBO II
              
              
              753,302
              
              
              -
              
              
              321,492
              
              
              -Interest
                  expense
              
              
              (4,695,244
              )
              
              (2,157,334
              )
              
              (2,572,083
              )
              
              (1,493,349
              )Interest
                  income
              
              
              1,091,344
              
              
              222,813
              
              
              585,639
              
              
              200,272Gain
                  on trading marketable securities
              
              
              (9,383
              )
              
              9,671
              
              
              (134,959
              )
              
              6,943Gain
                  on fair value of interest rate swap
              
              
              1,442,499
              
              
              -
              
              
              559,470
              
              
              -Total
                  other expenses, net
              
              
              (1,417,482
              )
              
              (1,924,850
              )
              
              (1,240,441
              )
              
              (1,286,134
              )Net
                  income
              
              $
              13,690,925
              
              $
              8,500,763
              
              $
              4,759,984
              
              $
              6,482,359Basic
                  earnings per common share
              
              $
              1.93
              
              $
              1.88
              
              $
              0.67
              
              $
              1.25Diluted
                  earnings per common share
              
              $
              1.87
              
              $
              1.78
              
              $
              0.65
              
              $
              1.19Weighted
                  average number of common shares outstanding:Basic
              
              
              7,082,781
              
              
              4,523,317
              
              
              7,066,317
              
              
              5,191,888Diluted
              
              
              7,304,323
              
              
              4,784,193
              
              
              7,287,748
              
              
              5,428,346





**B+H
                  Ocean Carriers Ltd.****Unaudited
                  Consolidated Statements of Cash Flows****For
                  the six**
              
              **For
                  the six****months
                  ended**
              
              **months
                  ended****June
                  30, 2006**
              
              **June
                  30, 2005**CASH
                  FLOWS FROM OPERATING ACTIVITIES:Net
                  income
              
              $
              13,690,925
              
              $
              8,500,763Adjustments
                  to reconcile net income to net cash provided by operating activities:Vessel
                  depreciation
              
              
              7,532,139
              
              
              5,209,961Amortization
                  of deferred charges
              
              
              164,215
              
              
              101,051Loss
                  (gain) on fair value of marketable securities
              
              
              9,383
              
              
              (9,671
              )Gain
                  on fair value of interest rate swaps
              
              
              (1,442,499
              )
              
              -Changes
                  in assets and liabilities:Decrease
                  in trade accounts receivable
              
              
              571,674
              
              
              5,045,397(Increase)
                  decrease in inventories
              
              
              (1,594,357
              )
              
              316,461Increase
                  in prepaid expenses and other assets
              
              
              (115,652
              )
              
              (393,136
              )Increase
                  (decrease) in accounts payable
              
              
              713,989
              
              
              (1,695,087
              )Increase
                  (decrease) in accrued liabilities
              
              
              4,404,238
              
              
              (386,926
              )(Decrease)
                  increase in accrued interest
              
              
              (17,930
              )
              
              201,093Increase
                  in deferred income
              
              
              1,755,310
              
              
              1,734,397Increase
                  in other liabilities
              
              
              98,222
              
              
              236,384Payments
                  for special surveys
              
              
              (2,974,409
              )
              
              (2,017,837
              )Total
                  adjustments
              
              
              9,104,323
              
              
              8,342,087Net
                  cash provided by operating activities
              
              
              22,795,248
              
              
              16,842,850CASH
                  FLOWS FROM INVESTING ACTIVITIES:Purchase
                  and investment in vessels
              
              
              (17,194,165
              )
              
              (110,200,000
              )Investment
                  in Nordan OBO II
              
              
              (13,932,945
              )Dividend
                  received from Nordan OBO II
              
              
              1,750,000
              
              
              -Cash
                  on deposit for vessel acquisition
              
              
              -
              
              
              (3,325,000
              )Increase
                  in marketable securities
              
              
              204,664
              
              
              -Net
                  cash used in investing activities
              
              
              (29,172,446
              )
              
              (113,525,000
              )CASH
                  FLOWS FROM FINANCING ACTIVITIES:Payments
                  for debt issuance costs
              
              
              (65,345
              )
              
              (1,002,521
              )Mortgage
                  proceeds
              
              
              -
              
              
              102,000,000Purchase
                  of treasury stock
              
              
              (2,073,836
              )Issuance
                  of treasury shares
              
              
              75,410
              
              
              61,540Issuance
                  of common stock, net of issuance costs
              
              
              (130,020
              )
              
              56,830,568Payments
                  of long-term debt
              
              
              (12,303,490
              )
              
              (10,300,000
              )Net
                  cash provided by financing activities
              
              
              (14,497,281
              )
              
              147,589,587Net
                  decrease in cash and cash equivalents
              
              
              (20,874,479
              )
              
              50,907,437Cash
                  and cash equivalents, beginning of period
              
              
              60,827,651
              
              
              12,063,022Cash
                  and cash equivalents, end of period
              
              $
              39,953,172
              
              $
              62,970,459