XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.19.1

RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Related Party Transactions [Abstract] |
Schedule of Related Party Transactions | Amounts and notes payable to related parties consist of the following:
|  | December 31, 2017 |  | Activity |  | December 31, 2018
Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: |  |  |  |  |  |
Trade receivables due from King George Slag(i) |  | $ | — |  |  | $ | 627,629 |  |  | $ | 627,629 |
Included in accounts payable and accrued expenses on the consolidated balance sheets: |  |  |  |  |  |
Trade payables due to Seamar (ii) |  | $ | 1,421,920 |  |  | $ | 550,015 |  |  | $ | 1,971,935 |
Included in current related party debt on the consolidated balance sheets: |  |  |  |  |  |
Loan payable – 2011 Founders Note |  | $ | 4,325,000 |  |  | $ | (1,730,000 | ) |  | $ | 2,595,000 |
Interest payable – 2011 Founders Note (iii) |  | 684,597 |  |  | (401,851 | ) |  | 282,746 |
Promissory Note |  | 2,000,000 |  |  | (2,000,000 | ) |  | — |
Total current related party debt |  | $ | 7,009,597 |  |  | $ | (4,131,851 | ) |  | $ | 2,877,746 |
i. | King George Slag LLC is a joint venture of which the Company owns 25%.
ii. | Seamar Management S.A. ("Seamar")
iii. | Paid in cash

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration