Related Party Transactions

6 Months Ended

Jun. 30, 2022

RELATED PARTY TRANSACTIONS

Amounts and notes payable to related parties consist of the following:


	December 31, 2021		Activity		June 30, 2022
					(unaudited)



Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
Affiliated companies (trade payables) (i)	$	2,847,910	77,384		$	2,925,294
Commissions payable (trade payables) (ii)	$	38,896	109,144		$	148,040

Included in current related party debt on the consolidated balance sheets:

Interest payable - 2011 Founders Note	242,852		(242,852)		—
Total current related party debt	$	242,852	$	(242,852)	$	—

i.Seamar Management S.A. ("Seamar")

ii.Phoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned Company of a member of the Board of Directors

Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended June 30, 2022 and 2021, the Company incurred technical management fees of approximately $815,400 and 682,800, respectively, under this arrangement. During the six months ended June 30, 2022 and 2021, the Company incurred technical management fees of approximately $1,597,000 and 1,276,800, respectively, under this arrangement.

The Company paid cash dividends of $5.0 million to a non-controlling interest holder of NBHC during the six months ended June 30, 2022.