XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.24.4

Secured Long-term Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consists of the following:
|  | December 31, 2023 |  | December 31, 2022 |  | Interest Rate (%) (1) |  | Maturity Date
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) |  | $ | 12,512,080 |  |  | $ | 14,395,409 |  |  | 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) |  | 39,800,000 |  |  | 44,600,000 |  |  | 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) |  | 9,033,325 |  |  | 10,099,993 |  |  | 4.39 | % |  | May 2024
–Bulk Nordic Six Ltd. - Tranche B |  | — |  |  | 2,070,000 |  |  | — | % |  | Paid in full in January 10, 2023
–Bulk Pride - Tranche C (2) |  | 1,900,000 |  |  | 3,000,000 |  |  | 5.39 | % |  | May 2024
–Bulk Independence - Tranche E (2) |  | 9,500,000 |  |  | 10,500,000 |  |  | 3.54 | % |  | May 2024
Bulk Valor Corp. Loan and Security Agreement (2) |  | 10,087,642 |  |  | 11,424,507 |  |  | 3.29 | % |  | June 2028
Bulk Promise Corp. (2) |  | 9,685,334 |  |  | 11,069,630 |  |  | 5.45 | % |  | October 2027
Bulk Sachuest (2) |  | 7,733,094 |  |  | 8,500,000 |  |  | 6.19 | % |  | October 2029
109 Long Wharf Commercial Term Loan |  | — |  |  | 374,466 |  |  | — | % |  | Paid in full in January 24, 2023
Total |  | $ | 100,251,475 |  |  | $ | 116,034,005 |  |  |  |  |
Less: unamortized bank fees (5) |  | (1,053,440) |  |  | (1,431,736) |  |  |  |  |
|  | $ | 99,198,035 |  |  | $ | 114,602,269 |  |  |  |  |
Less: current portion |  | (30,751,726) |  |  | (15,782,530) |  |  |  |  |
Secured long-term debt, net |  | $ | 68,446,309 |  |  | $ | 98,819,739 |  |  |  |  |
(1)As of December 31, 2023. (2)Interest rates on the loan facilities are fixed. (3)The borrowers under this facility are owned by NBHC. The Company has two-third's ownership interest and STST 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)A portion of unamortized debt issuance costs were reclassified as a reduction of the finance leases liabilities. Refer to Note 10 "Finance Leases" for additional information.
Schedule of Maturities of Long-Term Debt | The future minimum annual payments under the debt agreements are as follows:
| Years ending December 31,
2024 | $ | 30,751,726 |
2025 | 10,476,019 |
2026 | 10,638,024 |
2027 | 39,955,014 |
2028 | 5,322,454 |
Thereafter | 3,108,240 |
| $ | 100,251,477 |

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://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration