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Secured Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
|  | December 31, 2020 |  | December 31, 2019 |  | Interest Rate (%) (1) |  | Maturity Date
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2) |  | $ | 25,466,300 |  |  | $ | 28,466,300 |  |  | 4.01 | % |  | October 2021
Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. Loan Agreement (2) |  | — |  |  | 12,854,405 |  |  | N/A |  | December 2020
Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) |  | 12,004,295 |  |  | 13,504,295 |  |  | 2.48 | % |  | October 2021
Bulk Nordic Oasis Ltd. Loan Agreement (2) |  | 14,000,000 |  |  | 15,500,000 |  |  | 4.30 | % |  | October 2021
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) |  | 18,000,000 |  |  | — |  |  | 2.95 | % |  | December 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3) |  |  |  |  |  |  |  |
–Bulk Nordic Six Ltd. - Tranche A (3) |  | 12,233,329 |  |  | 13,299,997 |  |  | 3.69 | % |  | May 2024
–Bulk Nordic Six Ltd. - Tranche B (3) |  | 2,590,000 |  |  | 2,850,000 |  |  | 1.93 | % |  | May 2024
–Bulk Pride - Tranche C (3) |  | 5,200,000 |  |  | 6,300,000 |  |  | 4.69 | % |  | May 2024
–Bulk Independence - Tranche E (3) |  | 12,500,000 |  |  | 13,500,000 |  |  | 2.84 | % |  | May 2024
Bulk Freedom Loan Agreement |  | 3,200,000 |  |  | 3,800,000 |  |  | 4.03 | % |  | June 2022
109 Long Wharf Commercial Term Loan |  | 593,666 |  |  | 703,266 |  |  | 2.14 | % |  | April 2026
Total |  | $ | 105,787,590 |  |  | $ | 110,778,263 |  |  |  |  |
Less: unamortized bank fees |  | (3,897,208) |  |  | (4,137,872) |  |  |  |  |
|  | $ | 101,890,382 |  |  | $ | 106,640,391 |  |  |  |  |
Less: current portion |  | (57,382,674) |  |  | (22,990,674) |  |  |  |  |
Secured long-term debt, net |  | $ | 44,507,708 |  |  | $ | 83,649,717 |  |  |  |  |
(1)As of December 31, 2020. (2)The borrowers under this facility are owned by NBHC. The Company has two-third's ownership interest and STST has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3)This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company.
Schedule of Maturities of Long-Term Debt | The future minimum annual payments under the debt agreements are as follows:
| Years ending December 31,
2021 | $ | 57,382,674 |
2022 | 7,965,048 |
2023 | 5,419,597 |
2024 | 24,292,430 |
2025 | 2,106,956 |
Thereafter | 8,620,885 |
| $ | 105,787,590 |

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