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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Schedule of 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")

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- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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.

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