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FIXED ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | 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 |
Schedule of Capital Leased Assets | 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 |
Property Plant and Equipment Schedule of Significant Acquisitions | 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.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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- Definition Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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