Related Party Transactions

12 Months Ended

Dec. 31, 2020

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.