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Fixed Assets | 6 Months Ended
--- | ---
Jun. 30, 2022
Property, Plant and Equipment [Abstract] |
Fixed Assets | FIXED ASSETS At June 30, 2022, the Company owned twenty-four dry bulk vessels including eight financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows:
| June 30, |  | December 31,
| 2022 |  | 2021
| (unaudited) |  |
m/v NORDIC ODYSSEY (1) | $ | 21,570,749 |  |  | $ | 22,456,407 |
m/v NORDIC ORION (1) | 22,231,771 |  |  | 23,057,114 |
m/v NORDIC OSHIMA (1) | 24,952,260 |  |  | 25,612,412 |
m/v NORDIC OLYMPIC (1) | 25,305,330 |  |  | 25,982,802 |
m/v NORDIC ODIN (1) | 25,399,937 |  |  | 26,073,841 |
m/v NORDIC OASIS (1) | 26,941,537 |  |  | 27,650,350 |
m/v NORDIC NULUUJAAK (2) (5) | 38,234,130 |  |  | 38,949,402 |
m/v NORDIC QINNGUA (2) (5) | 38,133,232 |  |  | 38,838,142 |
m/v NORDIC SANNGIJUQ (2) (5) | 37,688,843 |  |  | 38,377,457 |
m/v NORDIC SIKU(2) (5) | 38,084,765 |  |  | 38,776,359 |
m/v BULK ENDURANCE | 23,707,705 |  |  | 23,069,545 |
m/v BULK COURAGEOUS (5) | 16,056,284 |  |  | 16,356,730 |
m/v BULK CONCORD (5) | 19,845,938 |  |  | — |
m/v BULK NEWPORT | 10,970,171 |  |  | 11,566,639 |
m/v BULK FREEDOM | 7,950,193 |  |  | 8,476,937 |
m/v BULK PRIDE | 12,867,799 |  |  | 13,560,656 |
m/v BULK SPIRIT (5) | 11,997,224 |  |  | 12,293,336 |
m/v BULK INDEPENDENCE | 13,799,729 |  |  | 13,466,530 |
m/v BULK FRIENDSHIP (5) | 14,101,133 |  |  | 14,526,423 |
m/v BULK VALOR | 17,461,842 |  |  | 17,797,021 |
m/v BULK PROMISE | 17,963,804 |  |  | 18,306,557 |
m/v BULK PANGAEA (3) | — |  |  | 11,802,463 |
MISS NORA G PEARL (4) | 2,491,597 |  |  | 2,714,931 |
| 467,755,973 |  |  | 469,712,054 |
Other fixed assets, net | 2,209,235 |  |  | 2,200,756 |
Total fixed assets, net | $ | 469,965,208 |  |  | $ | 471,912,810 |
Right of Use Assets (5) |  |  |
m/v BULK XAYMACA | $ | 14,220,803 |  |  | $ | 12,661,804 |
m/v BULK DESTINY | 20,335,023 |  |  | 20,074,619 |
m/v BULK TRIDENT | 11,740,835 |  |  | 12,459,336 |
| $ | 46,296,661 |  |  | $ | 45,195,759 |
(1) Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at June 30, 2022 and December 31, 2021, respectively. (2) Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at June 30, 2022 and December 31, 2021. (3) On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for $8.6 million after brokerage commissions. The Company recorded an impairment charge of $3.0 million and a loss on sale of vessel of 0.3 million, and the vessel was delivered to the buyer on June 23, 2022. (4) Barge is owned by a 50% owned consolidated subsidiary. (5) Refer to Note 7, "Commitments and Contingencies," of our Financial Statements for additional information related to the vessels under finance lease. Long-lived Assets Impairment Considerations The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. Our assessment is made at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. During the first quarter of 2022, the Company determined that a triggering event occurred related to the sale of a vessel, as the carrying value exceeded its fair value. On April 20, 2022, the Company signed a memorandum of agreement to sell the m/v Bulk Pangaea for a total net consideration of $8.6 million after brokerage commissions. As a result, we recorded an impairment charge of $3.0 million in the first quarter of 2022. The Company concluded that no triggering event had occurred during the during the second quarter of 2022 which would require impairment testing. The Company determined there were no triggering events present during the six months ended June 30, 2021 which would require impairment testing.

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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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