XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.22.2

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | 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.
Schedule of Maturities of Long-term Debt |
|  | 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 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration