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Related Party Transactions | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following:
|  | December 31, 2019 |  | Activity |  | December 31, 2020
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) |  | $ | 457,629 |  |  | $ | (350,670) |  |  | $ | 106,959 |
Included in accounts payable and accrued expenses on the consolidated balance sheets: |  |  |  |  |  |
Trade payables due to Seamar (ii) |  | $ | 5,679,768 |  |  | $ | (1,528,576) |  |  | $ | 4,151,192 |
Included in current related party notes payable on the consolidated balance sheets: |  |  |  |  |  |
Interest payable – 2011 Founders Note |  | 332,987 |  |  | (90,135) |  |  | 242,852 |
Promissory Note |  | — |  |  | — |  |  | — |
Total current related party notes payable |  | $ | 332,987 |  |  | $ | (90,135) |  |  | $ | 242,852 |
i.King George Slag LLC is a joint venture of which the Company owns 25%. ii.Seamar Management S.A. ("Seamar")
There was no related party dividends payable at December 31, 2020 and the related party dividends payable was $478,359 at December 31, 2019. Refer to Note 9, "Common Stock and Non-Controlling Interest," of the Company's Financial Statements for additional information. Under the terms of a technical management agreement between the Company and Seamar Management S.A. (Seamar), an equity method investee, Seamar is responsible for the day-to-day operation of some of the Company’s owned vessels. During the years ended December 31, 2020 and 2019, the Company incurred technical management fees of 2,761,800 and $3,364,200 under this arrangement, which is included in vessel operating expenses in the consolidated statements of income. The total amounts payable to Seamar at December 31, 2020 and 2019, (including amounts due for vessel operating expenses), were $4,151,192 and $5,679,768, respectively.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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