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FIXED ASSETS | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Fixed Assets | FIXED ASSETS At December 31, fixed assets consisted of the following:
|  | 2018 |  | 2017
Vessels and vessel upgrades |  | $ | 338,469,378 |  |  | $ | 352,874,660 |
Capitalized dry docking |  | 11,609,896 |  |  | 10,230,173 |
|  | 350,079,274 |  |  | 363,104,833 |
Accumulated depreciation and amortization |  | (71,276,800 | ) |  | (59,893,556 | )
Vessels, vessel upgrades and capitalized dry docking, net |  | 278,802,474 |  |  | 303,211,277 |
Land and building |  | 2,541,085 |  |  | 2,541,085 |
Internal use software |  | 2,414,650 |  |  | 1,922,140 |
Other fixed assets |  | 4,955,735 |  |  | 4,463,225 |
Accumulated depreciation |  | (1,866,524 | ) |  | (1,381,847 | )
Other fixed assets, net |  | 3,089,211 |  |  | 3,081,378 |
Total fixed assets, net |  | $ | 281,891,685 |  |  | $ | 306,292,655 |
At December 31, vessels under capital leases consisted of the following:
| 2018 |  | 2017
Vessels under capital lease | $ | 58,112,177 |  |  | $ | 30,878,062 |
Accumulated depreciation and amortization | (2,535,400 | ) |  | (883,850 | )
Vessels under capital lease, net | $ | 55,576,777 |  |  | $ | 29,994,212 |
The net carrying value of the Company’s fleet consists of the following:
| December 31,
| 2018 |  | 2017
Owned vessels |  |  |
m/v BULK PANGAEA | $ | 15,231,305 |  |  | $ | 16,398,650 |
m/v BULK PATRIOT | 10,130,797 |  |  | 11,111,437 |
m/v BULK JULIANA | 10,651,029 |  |  | 11,411,052 |
m/v NORDIC ODYSSEY | 24,283,497 |  |  | 25,634,743 |
m/v NORDIC ORION | 25,095,469 |  |  | 26,467,928 |
m/v BULK TRIDENT(1) | — |  |  | 14,195,098 |
m/v BULK NEWPORT | 13,965,092 |  |  | 13,139,242 |
m/v NORDIC BARENTS | 4,370,817 |  |  | 4,846,522 |
m/v NORDIC BOTHNIA | 4,322,490 |  |  | 4,787,388 |
m/v NORDIC OSHIMA | 28,897,931 |  |  | 30,122,172 |
m/v NORDIC OLYMPIC | 29,151,529 |  |  | 30,548,435 |
m/v NORDIC ODIN | 29,321,599 |  |  | 30,371,285 |
m/v NORDIC OASIS | 30,416,651 |  |  | 31,608,785 |
m/v BULK ENDURANCE | 26,020,505 |  |  | 27,030,918 |
m/v BULK FREEDOM | 8,467,058 |  |  | 8,834,746 |
m/v BULK PRIDE | 13,531,561 |  |  | 14,007,731 |
MISS NORA G. PEARL | 2,995,144 |  |  | 2,695,145 |
m/v BULK SPIRIT(2) | 1,950,000 |  |  | — |
| 278,802,474 |  |  | 303,211,277 |
Other fixed assets, net | 3,089,211 |  |  | 3,081,378 |
Total fixed assets, net | $ | 281,891,685 |  |  | $ | 306,292,655 |
Vessels under capital lease |  |  |
m/v BULK DESTINY(5) | $ | 22,307,701 |  |  | $ | 23,153,850 |
m/v BULK BEOTHUK(4) | 6,528,981 |  |  | 6,840,362 |
m/v BULK TRIDENT(1) | 12,664,906 |  |  | — |
m/v BULK PODS(3) | 14,075,189 |  |  | — |
| $ | 55,576,777 |  |  | $ | 29,994,212 |
(1) | On June 7, 2018, the m/v Bulk Trident was sold and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10.
(2) | On October 26, 2018, the Company entered into an agreement to purchase a 2009 built Supramax (m/v Bulk Spirit) for $13 million., and placed a deposit of $2.0 million. The vessel was delivered in February 2019 (see Note 11).
(3) | The Company acquired the 2006 built Panamax (m/v Bulk PODS) on August 1, 2018. The m/v Bulk PODS was sold on August 21, 2018 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10.
(4) | The m/v Bulk Beothuk was sold on June 15, 2017 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10.
(5) | The Company took delivery of the m/v Bulk Destiny on January 7, 2017 and simultaneously entered into a sale and leaseback financing agreement, the terms of which are discussed in Note 10.
The Company capitalized dry-docking costs on two vessels in 2018. The Company capitalized dry-docking costs on three vessels in 2017. The 5 year amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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