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Debt (Tables) | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following:
|  | June 30, 2017 |  | December 31, 2016
|  | (unaudited) |  |
Bulk Pangaea Secured Note |  | $ | — |  |  | $ | 1,040,625 |
Bulk Patriot Secured Note |  | — |  |  | 1,087,500 |
Bulk Trident Secured Note (1) |  | 4,537,500 |  |  | 5,737,500 |
Bulk Juliana Secured Note (1) |  | 2,535,157 |  |  | 3,042,186 |
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) |  | 73,575,000 |  |  | 77,325,001 |
Bulk Atlantic Secured Note |  | — |  |  | 5,350,000 |
Bulk Phoenix Secured Note (1) |  | 5,616,663 |  |  | 6,816,685 |
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) |  | 6,445,640 |  |  | 7,097,820 |
Bulk Nordic Oasis Ltd. Loan Agreement (2) |  | 19,250,000 |  |  | 20,000,000 |
Bulk Nordic Six Ltd. Loan Agreement |  | 19,400,000 |  |  | — |
Bulk Freedom Loan Agreement |  | 5,500,000 |  |  | — |
109 Long Wharf Commercial Term Loan |  | 977,267 |  |  | 1,032,067 |
Phoenix Bulk Carriers (US) LLC Automobile Loan |  | 25,856 |  |  | 28,582 |
Phoenix Bulk Carriers (US) LLC Master Loan |  | 207,197 |  |  | 236,242 |
Total |  | 138,070,280 |  |  | 128,794,208 |
Less: current portion |  | (18,343,971 | ) |  | (19,627,846 | )
Less: unamortized bank fees |  | (2,036,668 | ) |  | (1,528,511 | )
Secured long-term debt, net |  | $ | 117,689,641 |  |  | $ | 107,637,851 |
(1) | The Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company.
(2) | The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with Accounting Standards Codification ("ASC") 810, Consolidation, and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.
Schedule of Maturities of Long-term Debt | The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows:
| Years ending June 30,
| (unaudited)
2018 | $ | 18,343,971 |
2019 | 16,016,091 |
2020 | 18,224,697 |
2021 | 19,414,413 |
2022 | 65,641,842 |
Thereafter | 429,266 |
| $ | 138,070,280 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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