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Fixed Assets | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
Fixed Assets | FIXED ASSETS At December 31, fixed assets consisted of the following:
|  | 2020 |  | 2019
Vessels and vessel upgrades |  | $ | 344,212,881 |  |  | $ | 341,705,712 |
Capitalized dry docking |  | 12,716,442 |  |  | 6,857,482 |
|  | 356,929,323 |  |  | 348,563,194 |
Accumulated depreciation and amortization |  | (82,887,697) |  |  | (69,636,742) |
Vessels, vessel upgrades and capitalized dry docking, net |  | 274,041,626 |  |  | 278,926,452 |
Land and building |  | 2,541,085 |  |  | 2,541,085 |
Internal use software |  | 2,318,247 |  |  | 1,932,640 |
Other fixed assets |  | 4,859,332 |  |  | 4,473,725 |
Accumulated depreciation |  | (2,159,207) |  |  | (1,925,320) |
Other fixed assets, net |  | 2,700,125 |  |  | 2,548,405 |
Total fixed assets, net |  | $ | 276,741,751 |  |  | $ | 281,474,857 |
At December 31, vessels under finance leases consisted of the following:
| 2020 |  | 2019
Vessels under finance lease | $ | 51,229,372 |  |  | 58,780,630 |
Accumulated depreciation and amortization | (5,989,174) |  |  | (5,165,325) |
Vessels under finance lease, net | $ | 45,240,198 |  |  | $ | 53,615,305 |
The net carrying value of the Company’s fleet consists of the following:
| December 31,
| 2020 |  | 2019
Owned vessels |  |  |
m/v BULK PANGAEA | $ | 13,636,241 |  |  | $ | 14,988,076 |
m/v NORDIC ODYSSEY | 24,481,390 |  |  | 22,897,029 |
m/v NORDIC ORION | 22,625,141 |  |  | 23,688,812 |
m/v NORDIC OSHIMA | 26,966,257 |  |  | 28,325,078 |
m/v NORDIC OLYMPIC | 27,341,460 |  |  | 28,094,764 |
m/v NORDIC ODIN | 27,421,649 |  |  | 27,931,771 |
m/v NORDIC OASIS | 28,029,024 |  |  | 29,190,935 |
m/v BULK ENDURANCE | 24,024,593 |  |  | 25,037,775 |
m/v BULK NEWPORT | 11,966,186 |  |  | 12,975,767 |
m/v BULK FREEDOM | 9,457,640 |  |  | 8,269,777 |
m/v BULK PRIDE | 14,628,727 |  |  | 12,996,311 |
m/v BULK SPIRIT (1) | 12,849,322 |  |  | 12,867,060 |
m/v BULK INDEPENDENCE | 14,020,964 |  |  | 14,000,946 |
m/v BULK FRIENDSHIP | 13,431,253 |  |  | 14,052,500 |
MISS NORA G. PEARL | 3,161,779 |  |  | 3,609,851 |
| $ | 274,041,626 |  |  | $ | 278,926,452 |
Vessels under finance lease (2) |  |  |
m/v BULK PODS | 13,095,023 |  |  | 13,445,308 |
m/v BULK DESTINY | $ | 20,636,264 |  |  | $ | 21,484,733 |
m/v BULK TRIDENT | 11,508,911 |  |  | 12,095,727 |
m/v BULK BEOTHUK | — |  |  | 6,589,537 |
| $ | 45,240,198 |  |  | $ | 53,615,305 |
(1)On October 26, 2018, the Company entered into an agreement to purchase a 2009 built Supramax (m/v Bulk Spirit) for $13.0 million, and placed a deposit of $1.95 million. The vessel was delivered in February 2019. (2)Refer to Note 10, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease. The Company capitalized dry-docking costs on three vessels in 2020 and 2019. The 5 year amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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