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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, 2022December 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 B2,200,000 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 Loan429,266 484,066 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 
202312,940,758 
202431,857,187 
20259,718,626 
20269,761,812 
Thereafter43,255,622 
$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.