Fixed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

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

Property Plant and Equipment Schedule of Significant Acquisitions

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.