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Debt (Tables) | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following:
|  | September 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) |  | 3,887,500 |  |  | 5,737,500 |
Bulk Juliana Secured Note (1) |  | 2,028,126 |  |  | 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) |  | 71,700,000 |  |  | 77,325,001 |
Bulk Atlantic Secured Note |  | — |  |  | 5,350,000 |
Bulk Phoenix Secured Note (1) |  | 4,916,663 |  |  | 6,816,685 |
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) |  | 6,119,550 |  |  | 7,097,820 |
Bulk Nordic Oasis Ltd. Loan Agreement (2) |  | 18,875,000 |  |  | 20,000,000 |
Bulk Nordic Six Ltd. Loan Agreement |  | 19,135,000 |  |  | — |
Bulk Freedom Loan Agreement |  | 5,325,000 |  |  | — |
109 Long Wharf Commercial Term Loan |  | 949,864 |  |  | 1,032,067 |
Phoenix Bulk Carriers (US) LLC Automobile Loan |  | 24,483 |  |  | 28,582 |
Phoenix Bulk Carriers (US) LLC Master Loan |  | 197,362 |  |  | 236,242 |
Total |  | 133,158,548 |  |  | 128,794,208 |
Less: unamortized bank fees |  | (1,897,347 | ) |  | (1,528,511 | )
|  | 131,261,201 |  |  | 127,265,697 |
Less: current portion |  | (17,830,996 | ) |  | (19,627,846 | )
Secured long-term debt, net |  | $ | 113,430,205 |  |  | $ | 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 September 30,
| (unaudited)
2018 | $ | 17,830,996 |
2019 | 17,999,412 |
2020 | 25,225,098 |
2021 | 18,921,949 |
2022 | 52,779,228 |
Thereafter | 401,865 |
| $ | 133,158,548 |

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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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