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Debt | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Debt | DEBT Long-term debt consists of the following:
|  | June 30, 2022 |  | December 31, 2021 |  | Interest Rate (%) (1) |  | Maturity Date
|  | (unaudited) |  |  |  |  |  |
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) |  | 15,316,518 |  |  | 16,224,189 |  |  | 2.95 | % |  | December 2027
Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) |  | 47,000,000 |  |  | 49,400,000 |  |  | 3.38 | % |  | June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (4) |  |  |  |  |  |  |  |
Bulk Nordic Six Ltd. - Tranche A (2) |  | 10,633,327 |  |  | 11,166,661 |  |  | 4.39 | % |  | May 2024
Bulk Nordic Six Ltd. - Tranche B |  | 2,200,000 |  |  | 2,330,000 |  |  | 3.37 | % |  | May 2024
Bulk Pride - Tranche C (2) |  | 3,550,000 |  |  | 4,100,000 |  |  | 5.39 | % |  | May 2024
Bulk Independence - Tranche E (2) |  | 11,000,000 |  |  | 11,500,000 |  |  | 3.54 | % |  | May 2024
Bulk Freedom Loan Agreement |  | — |  |  | 2,600,000 |  |  | 4.55 | % |  | June 2022
Bulk Valor Corp. Loan and Security Agreement (2) |  | 12,076,114 |  |  | 12,718,279 |  |  | 3.29 | % |  | June 2028
Bulk Promise Corp. (5) |  | 11,761,778 |  |  | 12,453,926 |  |  | 3.34 | % |  | October 2027
109 Long Wharf Commercial Term Loan |  | 429,266 |  |  | 484,066 |  |  | 3.62 | % |  | April 2026
Total |  | $ | 113,967,003 |  |  | $ | 122,977,121 |  |  |  |  |
Less: unamortized issuance costs, net |  | (1,487,524) |  |  | (1,697,209) |  |  |  |  |
|  | $ | 112,479,479 |  |  | $ | 121,279,912 |  |  |  |  |
Less: current portion |  | (12,891,501) |  |  | (15,443,115) |  |  |  |  |
Secured long-term debt, net |  | $ | 99,587,978 |  |  | $ | 105,836,797 |  |  |  |  |
(1)As of June 30, 2022. (2)Interest rates on the loan facilities are fixed. (3)The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4)This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. (5)This facility was fixed at 5.45% on July 15, 2022 through maturity. The future minimum annual payments under the debt agreements are as follows:
|  | Years ending December 31,
|  | (unaudited)
2022 (remainder of the year) |  | $ | 6,432,998 |
2023 |  | 12,940,758 |
2024 |  | 31,857,187 |
2025 |  | 9,718,626 |
2026 |  | 9,761,812 |
Thereafter |  | 43,255,622 |
|  | $ | 113,967,003 |
Financial Covenants Under the Company's respective debt agreements, the Company is required to comply with certain financial covenants, including to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios and to maintain positive working capital. The Company was in compliance with all applicable financial covenants as of June 30, 2022 and December 31, 2021.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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