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