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Fixed Assets (Tables) | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Summary of Property, Plant and Equipment | At December 31, fixed assets consisted of the following:
|  | 2022 |  | 2021
Vessels and vessel upgrades |  | $ | 565,107,408 |  |  | $ | 554,241,221 |
Capitalized dry docking |  | 15,409,851 |  |  | 13,414,394 |
|  | 580,517,259 |  |  | 567,655,615 |
Accumulated depreciation and amortization |  | (106,652,852) |  |  | (97,943,561) |
Vessels, vessel upgrades and capitalized dry docking, net |  | 473,864,407 |  |  | 469,712,054 |
Land and building |  | 2,541,085 |  |  | 2,541,085 |
Computers, equipment and internal use software |  | 2,311,076 |  |  | 1,975,603 |
Other fixed assets |  | 4,852,161 |  |  | 4,516,688 |
Accumulated depreciation |  | (2,191,816) |  |  | (2,315,932) |
Other fixed assets, net |  | 2,660,345 |  |  | 2,200,756 |
Total fixed assets, net |  | $ | 476,524,752 |  |  | $ | 471,912,810 |
Advances for vessel purchases |  | $ | — |  |  | 1,990,000 |
At December 31, vessels under finance leases consisted of the following:
|  | 2022 |  | 2021
Vessels under finance lease |  | $ | 56,061,223 |  |  | 53,601,534 |
Accumulated depreciation and amortization |  | (12,139,654) |  |  | (8,405,775) |
Vessels under finance lease, net |  | $ | 43,921,569 |  |  | $ | 45,195,759 |
Property Plant and Equipment Schedule of Significant Acquisitions | The net carrying value of the Company’s fleet consists of the following:
| December 31,
| 2022 |  | 2021
Owned vessels |  |  |
m/v BULK PANGAEA | $ | — |  |  | $ | 11,802,463 |
m/v NORDIC ODYSSEY (1) | 20,685,092 |  |  | 22,456,407 |
m/v NORDIC ORION (1) | 21,406,429 |  |  | 23,057,114 |
m/v NORDIC OSHIMA (1) | 24,292,108 |  |  | 25,612,412 |
m/v NORDIC OLYMPIC (1) | 24,627,857 |  |  | 25,982,802 |
m/v NORDIC ODIN (1) | 24,726,033 |  |  | 26,073,841 |
m/v NORDIC OASIS (1) | 26,232,723 |  |  | 27,650,350 |
m/v NORDIC NULUUJAAK (2) (4) | 37,518,857 |  |  | 38,949,402 |
m/v NORDIC QINNGUA (2) (4) | 37,428,322 |  |  | 38,838,142 |
m/v NORDIC SANNGIJUQ (2) (4) | 37,000,230 |  |  | 38,377,457 |
m/v NORDIC SIKU (2) (4) | 37,393,171 |  |  | 38,776,359 |
m/v BULK ENDURANCE | 23,106,438 |  |  | 23,069,545 |
m/v BULK COURAGEOUS (4) | 15,755,839 |  |  | 16,356,730 |
m/v BULK CONCORD (4) | 19,394,966 |  |  | — |
m/v BULK NEWPORT | 10,211,578 |  |  | 11,566,639 |
m/v BULK FREEDOM | 7,464,118 |  |  | 8,476,937 |
m/v BULK PRIDE | 12,174,942 |  |  | 13,560,656 |
m/v BULK SPIRIT (4) | 11,703,170 |  |  | 12,293,336 |
m/v BULK SACHUEST | 17,188,278 |  |  | — |
m/v BULK INDEPENDENCE | 14,879,681 |  |  | 13,466,530 |
m/v BULK FRIENDSHIP (4) | 13,680,578 |  |  | 14,526,423 |
m/v BULK VALOR | 17,106,444 |  |  | 17,797,021 |
m/v BULK PROMISE | 17,619,467 |  |  | 18,306,557 |
MISS NORA G. PEARL (3) | 2,268,086 |  |  | 2,714,931 |
| $ | 473,864,407 |  |  | $ | 469,712,054 |
Other fixed assets, net | 2,660,345 |  |  | 2,200,756 |
Total fixed assets, net | $ | 476,524,752 |  |  | $ | 471,912,810 |
Vessels under finance lease (4) |  |  |
m/v BULK XAYMACA (5) | 13,082,596 |  |  | 12,661,804 |
m/v BULK DESTINY | $ | 19,814,777 |  |  | $ | 20,074,619 |
m/v BULK TRIDENT | 11,024,196 |  |  | 12,459,336 |
| $ | 43,921,569 |  |  | $ | 45,195,759 |
Advances for vessel purchases |  |  |
m/v BULK CONCORD (6) | $ | — |  |  | $ | 1,990,000 |
(1)Vessels are owned by NBHC, a consolidated joint venture in which the Company has a two-third ownership interest at December 31, 2022 and December 31, 2021. (2)Vessels are owned by NBP, a consolidated joint venture in which the Company has a 50% ownership interest at December 31, 2022 and 2021. (3)Barge is owned by a 50% owned consolidated subsidiary. (4)Refer to Note 10, "Finance Leases," of our Financial Statements for additional information related to the vessels under finance lease. (5)Formerly known as m/v Bulk PODS. (6)On November 5, 2021, the Company entered into an agreement to purchase a 2009 built Panamax for $19.9 million, and placed a deposit of $2.0 million. The vessel was delivered in February 2022 and renamed the m/v Bulk Concord.

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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