pgas20180331

0001437749-18-009863.txt : 20180515 0001437749-18-009863.hdr.sgml : 20180515 20180515094249 ACCESSION NUMBER: 0001437749-18-009863 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Petrogress, Inc. CENTRAL INDEX KEY: 0001558465 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 208484256 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55854 FILM NUMBER: 18833644 BUSINESS ADDRESS: STREET 1: 757 THIRD AVENUE STREET 2: SUITE 2110 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-376-5228 MAIL ADDRESS: STREET 1: 757 THIRD AVENUE STREET 2: SUITE 2110 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: 800 Commerce, Inc. DATE OF NAME CHANGE: 20120918 10-Q 1 pgas20180331_10q.htm FORM 10-Q pgas20180331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark one)

[ X ]

Quarterly Report under Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2018

[ ]	Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

For the transition period from ___________________________ to _________________________________

Commission File Number: 000-55854

Petrogress, Inc.

(Exact name of registrant as specified in its charter)

Delaware	27-2019626
(State or jurisdiction of incorporation of organization)	(I.R.S. Employer Identification No.)

757 Third Avenue, Suite 2110, New York, New York	10017
(Address of principal executive offices)	(Zip Code)

(212) 376-5228

(Registrant ’s telephone number, including area code)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X ] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “ large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[ ]	Accelerated filer	[ ]
Non-accelerated filer	[ ]	(Do not check if a smaller reporting company)
		Smaller reporting company	[X]
		Emerging growth company	[X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes [ ] No [X]

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: The number of shares of the registrant’s Common Stock, par value $0.001 per share, outstanding as of May 7, 2018 was 344,607,672.

Table of Contents

	Page
INTRODUCTORY COMMENT	1

Caution Regarding Forward-Looking Information	1

Part I - Financial Information

Item 1 - Financial Statements	2

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3 - Quantitative and Qualitative Disclosures About Market Risk	21

Item 4 - Controls and Procedures	21

Part II - Other Information

Item 1 - Legal Proceedings	22

Item 1A - Risk Factors	22

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds	22

Item 3 - Defaults Upon Senior Securities	22

Item 4 - Mine Safety Disclosures	22

Item 5 - Other Information	22

Item 6 – Exhibits	22

Signatures	23

INTRODUCTORY COMMENT

Throughout this Annual Report on Form 10-K (the "Report”), the terms “we,” “us,” “our,” “Petrogress,” or the “Company” refers to Petrogress, Inc., a Delaware corporation and its subsidiary companies. The significant subsidiaries are Petrogres Co. Limited, Petronav Carriers LLC, Petrogress Int’l LLC, and Petrogress Oil & Gas Energy Inc.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

All statements in this Quarterly Report on Form 10-Q (the “Report”) that are not representations of historical fact are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. The disclosure and analysis set forth in this Report includes assumptions, expectations, projections, intentions and beliefs about future events in a number of places, particularly in relation to our operations, cash flows, financial position, plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These statements are intended as forward-looking statements. In some cases, predictive, future-tense or forward-looking words such as “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “may,” “should” and “expect” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.

We caution that the forward-looking statements included in this Report represent our estimates and assumptions only as of the date hereof and are not intended to give any assurance as to future results. These forward-looking statements are not statements of historical fact and represent only our management’s belief as of the date hereof, and involve risks and uncertainties that could cause actual results to differ materially and inversely from expectations expressed in or indicated by the forward-looking statements. Assumptions, expectations, projections, intentions and beliefs about future events may, and often do, vary from actual results and these differences can be material. As a result, the forward-looking events discussed in this Report might not occur and our actual results may differ materially from those anticipated in the forward-looking statements. Accordingly, you should not unduly rely on any forward-looking statements.

We undertake no obligation to update or revise any forward-looking statements contained in this, whether as a result of new information, future events, a change in our views or expectations or otherwise. New factors emerge from time to time, and it is not possible for us to predict all of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

Part I - Financial Information

Item 1 - Financial Statements

PETROGRESS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	As of March 31, 2018 (Unaudited)			As of December 31, 2017
ASSETS
Current Assets
Cash and cash equivalents	$	500,186		$	1,150,999
Accounts receivable, net		6,141,023			4,508,885
Inventories		173,376			171,500
Prepaid expenses and other current assets		992,510			1,043,623
Total current assets		7,807,095			6,875,007
Non-Current Assets
Goodwill		900,000			900,000
Vessels and other fixed assets, net		5,138,929			5,281,949
Security deposit		7,655			7,573
Total non-current assets		6,046,584			6,189,522
Total Assets	$	13,853,679		$	13,064,529

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses	$	1,862,656		$	1,299,964
Due to related party		1,069,782			1,243,753
Loan facility from related party		85,400			297,400
Accrued Interest		-			9,639
Total current liabilities		3,017,838			2,850,756
Total liabilities	$	3,017,838		$	2,850,756

Commitments and Contingencies

Shareholders' equity:
Series A Preferred shares, $100 par value, 100 shares authorized, 100 and 0 shares issued and outstanding as of March 31, 2018 and December 31, 2017 respectively		10,000			10,000
Preferred shares, $0.001 par value, 10,000,000 shares authorized, 100 shares and 0 shares issued and outstanding as of March 31, 2018 and December 31, 2017		-			-
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 344,607,672 and 317,875,807 shares issued and outstanding as of March 31, 2018 and December 31, 2017 respectively		344,608			317,876
Additional paid-in capital		9,266,828			8,786,060
Accumulated comprehensive income		(7,020	)		(7,744	)
Accumulated profit		1,129,303			1,008,823
Equity attributable to Owners of the Company		10,743,719			10,115,015
Non-controlling interests		92,122			98,758
Total liabilities and shareholders' equity	$	13,853,679		$	13,064,529

The accompanying notes are an integral part of these financial statements.

PETROGRESS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2018			2017
	(Unaudited)			(Unaudited)
Revenues	$	2,565,264		$	4,019,113
Costs of goods sold		(1,406,537	)		(1,839,989	)

Gross profit		1,158,727			2,179,124

Operating expenses:
Corporate expenses		(300,138	)		(73,398	)
General operating and administrative expenses		(541,313	)		(1,680,419	)
Depreciation expense		(227,619	)		(219,094	)
Total operating expenses		(1,069,070	)		(1,972,911	)

Operating income/ (loss) before other expenses and income taxes		89,657			206,213
Other income/ (expense), net:
Interest and finance expenses		(1,427	)		-
Other income, net		25,614			1,105
Total other income, net		24,187			1,105

Income before income taxes		113,844			207,318

Income tax expense		-			-

Net income	$	113,844		$	207,318

Net income attributable to:
Owners of the company		120,480			207,318
Non-controlling interests		(6,636	)		-
	$	113,844		$	207,318

Other comprehensive income

Foreign currency translation adjustment		724			-

Comprehensive income	$	114,568		$	207,318

Comprehensive income attributable to:
Owners of the company		121,204			207,318
Non-controlling interests		(6,636	)		-
	$	114,568		$	207,318

Weighted average number of shares of Common Stock:
Basic		329,923,391			161,016,555
Diluted		529,323,931			164,474,106

Basic earnings per share	$	(0.0003	)	$	0.0013
Diluted earnings per share	$	(0.0002	)	$	0.0013

The accompanying notes are an integral part of these financial statements.

PETROGRESS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2018			2017
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income:	$	113,844		$	207,318
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		227,619			219,094
Net cash acquired in recapitalization					(502	)
Change in Fair value of share-based payments issued for services		153,178			-
Gain on settlement of convertible promissory notes		(12,835	)		-
Changes in working capital:
- (Increase)/Decrease in Accounts receivable, net		(1,632,138	)		(622,043	)
- (Increase)/ decrease in Inventories		(1,876	)		-
-Amounts due from related party		58,529			-
- (Increase)/Decrease in Prepaid expenses and other current assets		(102,146	)		386,788
Increase/(decrease) in:
- Increase in Accounts payable and accrued expenses		562,692			102,477
- Decrease in Amounts due to related party		-			(26,100	)
- Increase/ (decrease) in Accrued Interest		3,196			-
Net cash provided by/ (used in) operating activities		(629,937	)		267,032

Purchase of property plant and equipment		(84,600	)		-
Contribution in Joint Venture		-			-
Net cash used in investing activities		(84,600	)		-

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loan facility from related party		63,000			-
Net cash provided by/ (used in) financing activities		63,000			-

Effect of exchange rate changes on cash		724			-

Net (decrease)/ increase in cash and cash equivalents		(650,813	)		267,032

Cash and cash equivalents, Beginning of Period		1,150,999			362,083

Cash and cash equivalents, End of Period	$	500,186		$	629,115



Cash paid for interest expense	$	-		$	-
Cash paid for income taxes	$	-		$	-
Non-cash investing and financing activities:
Common stock issued for settlement of notes and interest payable	$	297,500		$	-
Common stock issued for settlement of services	$	210,000		$	-

The accompanying notes are an integral part of these financial statements.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 1 - Background and Description of Business and Preparation of Financial Statements

Nature of the Business

Petrogress, Inc. was incorporated on February 10, 2010 under the laws of the State of Florida as 800 Commerce, Inc. (“800 Commerce”) and was formed for the purpose of marketing credit card processing services on behalf of merchant payment processing service providers.

On February 29, 2016, 800 Commerce entered into an Agreement concerning the Exchange of Securities (“SEA”) with Petrogres Co. Limited, a Marshall Islands corporation, and its sole shareholder, Christos Traios, a Greek citizen. 800 Commerce issued 136,000,000 shares of restricted Common Stock, representing approximately 85% of the post-transaction issued and outstanding shares, to Mr. Traios in exchange for 100% of the shares of Petrogres Co. Limited. In connection with the transaction, Mr. Traios was appointed as a director of 800 Commerce, and it amended its constituent documents to increase its authorized capital to 490,000,000 shares of Common Stock, par value $0.001, and 10,000,000 preferred shares, par value $0.001.

800 Commerce’s acquisition of Petrogres Co. Limited effected a change in control and was accounted for as a “reverse acquisition” whereby Petrogres Co. Limited was the acquirer for financial statement purposes. Accordingly, the historical financial statements of 800 Commerce are those of Petrogres Co. Limited and its subsidiaries from their respective inception and those of the consolidated entity subsequent to the February 29, 2016 transaction date.

On March 9, 2016, 800 Commerce’s Board of Directors approved an amendment to 800 Commerce’s Articles of Incorporation to change the name of the Company to Petrogress, Inc. On March 15, 2016, Mr. Traios was appointed Chief Executive Officer. On November 16, 2016, Petrogress filed Articles of Merger and Plan of Merger in Florida and Delaware to change the Company’s domicile by merging with and into a Delaware corporation formed solely for the purpose of effecting the reincorporation. The Company’s name and capitalization remained the same, and the Articles of Incorporation and Bylaws of the Delaware corporation are the constituent documents of the surviving corporation.

The Company operates as a fully integrated international merchant of petroleum products, focused on the supply and trade of light petroleum fuel oil (LPFO), refined oil products and other petrochemical products to local refineries in West Africa and Mediterranean countries. The Company operates as a holding company and provides its services primarily through its four wholly-owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of its beneficially-owned affiliated tanker fleet, currently consisting of four vessels; Petrogress Int’l LLC, which is a holding company for subsidiaries currently conducting business in Cyprus and Ghana; and Petrogress Oil & Gas Energy Inc., which is primarily focused on purchasing interests in oil fields in Texas and exporting liquefied natural gas.

The accompanying unaudited condensed interim consolidated financial statements (the “Interim Statements”) have been prepared pursuant to the rules and regulations for reporting on Securities and Exchange Commission (the “SEC”) Form 10-Q. Accordingly, certain information and disclosures required by generally accepted accounting principles for complete consolidated financial statements are not included herein. The Interim Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC on March 29, 2018. The interim results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim periods.

The Company’s management team operates from its principal offices located in Piraeus, Greece.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 1 - Background and Description of Business and Preparation of Financial Statements (continued)

Basis of Presentation

The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and has elected a year-end of December 31.

Principles of consolidation

The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries. We list our significant subsidiaries below. All intercompany accounts and transactions have been eliminated in consolidation.

Petrogres Co. Limited (Marshall Islands)

Petrogress Oil & Gas Energy, Inc. (Texas)

Petronav Carriers LLC (Delaware)

Petrogress Int’l LLC (Delaware)

Overview of Significant Subsidiaries

Petrogres Co. Limited

Petrogres Co. Limited, is a Marshall Islands corporation, incorporated in 2009 with the purpose of supplying crude oil and other oil products in West Africa. Since its inception, Petrogres Co. Limited has evolved its business from focusing solely on fleet and tanker ship operations to expand into the oil and gas industry as a trader and merchant of oil. Over the last five years, Petrogres Co. Limited has strengthened its position in the oil and gas industry by combining its regional market knowledge with over 25 years of experience to successfully establish both its midstream and downstream operations to serve markets primarily located in West Africa and the Mediterranean.

On February 28, 2018 Petrogres Co. Limited entered into a Partnership Agreement with Platon Gas Oil Ghana Limited, an oil refinery and importer of various petroleum products based in Ghana (“Platon”) that is intended to be renewed on an annual basis, pursuant to which Petrogres Co. Limited will supply crude oil for storage, refinement, marketing and distribution in Ghana by Platon. Under the Partnership Agreement, Petrogres Co. Limited is expected to deliver 3,000-5,000 metric tons of crude oil on a monthly basis for storage and processing by Platon into various petroleum products, including crude oil, blend stocks, cutter stock and other feedstock. Platon will also be expected to market and distribute the refined petroleum products. Net profits from the sale of the petroleum products will be split evenly between Petrogres Co. Limited and Platon. As of the execution of the Partnership Agreement, Petrogres Co. Limited appointed its local commercial manager and its accountant to perform the daily supervision and monitoring of the storage, processing and of the sales of the refined products to local buyers, including the marketing and distribution.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 1 - Background and Description of Business and Preparation of Financial Statements (continued)

Petronav Carriers LLC

Petronav Carriers LLC, is a Delaware limited liability company, incorporated in March 2016 for the purpose of managing the day-to-day operations of four vessels, which are used to transport the Company’s petroleum products within various countries in West Africa.

Petronav Carriers LLC is actively exploring opportunities to expand its operations by identifying and acquiring additional vessels to expand its fleet. On these grounds, Petronav Carriers LLC is currently in negotiations with certain owners/sellers to purchase more tanker vessels, subject to establishing the necessary financing.

Petrogress Int’l LLC

Petrogress Int’l LLC, is a Delaware limited liability company, acquired by the Company in September 2017 with the purpose of acting as a holding company for conducting business across the world, including Cyprus, Middle East, and West Africa as an oil energy corporation.

In September 2017, through Petrogress Int’l LLC, the Company formed PG Cypyard & Offshore Service Terminal Ltd., to obtain a long term lease from Cyprus Port Authorities (CPA), the area that F&T Investment used as shipyard located at Limassol port. PG Cypyard & Offshore Service Terminal Ltd. is also expected to improve the leased area by providing facilities and services to offshore platforms that will be operating in the exploration and production of natural gas in Cyprus economy zone. The project is ongoing and we are in close negotiations with CPA.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 1 - Background and Description of Business and Preparation of Financial Statements (continued)

In February 2018, Petrogress Int’l LLC executed a Representation/Agency agreement with Mr. Louizos George, with the aim of establishing its representation in Erbil, Iraq. Mr. Louizos is handling on behalf of Petrogress Int’l LLC the negotiations with SOMO (the Iraqi National Oil Company) to register the company as a buyer and obtain an allocation of Basrah Light Crude Oil for 1,000,000 barrels per month under a long term contract. The registration process is ongoing and we hope to finalize it within the second quarter 2018.

In March 2018, the Company appointed Mr. Osy Adah as its representative in Nigeria. Mr. Adah is a Nigerian Citizen who has previously worked as a manager in major Nigerian oil companies. Through our representative, we have commenced the procedures for the registration of Petrogress Int’l LLC with Nigeria National Petroleum Company (NNPC) for an allocation for supplying half million barrels of Bonny light on monthly terms.

On March 23, 2018, Petrogress Int’l LLC, executed another Partnership agreement with a Nigeria Oil storing company Gonzena Hydrocarbons and Energy Co. Ltd (“Gonzena”), which is located in Koko Town of Delta River and operates in the store and distribution of oil products into local Nigerian market. A new entity will be formed which is to be named P&G Nigeria Oil Company Ltd (“PEGNOC)” to which Petrogress Int’l LLC and Gonzena will participate in 55% and 45% respectively. PEGNOC will be assigned from Gonzena two oil tanks each with a capacity of 15,000 liters.

Petrogress Oil & Gas Energy Inc.

Petrogress Oil & Gas Energy Inc., is a Texas corporation, incorporated in December 2015 and is focused on identifying and acquiring suitable interests in oil fields in Texas to allow for the Company’s expansion of its operations to include oil refinery production based within the United States and to export liquefied natural gas (“LNG”) to Mediterranean markets.

On September 2017, Petrogress Oil & Gas Energy Inc. through its affiliated company Petrogres Africa Company Limited, commenced negotiations with Ghana National Petroleum Company (“GNPC”) for the exploration of the oil fields in Saltpond basin and the repairs of the oil rig-platform “APG-1” where a survey on the of the platform is carried-out by a US specialist, for the assessment of the repairs cost of the platform and the improvement of the oil production.

PEtrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 1 - Background and Description of Business and Preparation of Financial Statements (continued)

The Saltpond oil fields, including the APG-1 platform, were operated by the Texas corporation Lushann International Energy, Inc. (“Lushann”), under a Petroleum Agreement with GNPC since 2004 (the “Petroleum Agreement”). Due to financial and technical issues the Petroleum Agreement was suspended by GNPC on August 2017 and the operations in Saltpond ceased.

Based on our interest on re-commencing the operations and to continue the oil production, we conducted negotiations with Lushann, which were concluded on February 16 2018, with the execution of a Memorandum of Understanding between Petrogress Oil & Gas Energy Inc. and Lushann. Under the terms of this memorandum, Petrogress Oil & Gas Energy Inc. elected to play the role of a farm-in-partner in the crude oil and the associated gas production in the developing area of 12 km² of the Saltpond oil field. The parties have agreed to form a Ghanaian limited liability company to be named PG – Saltpond Offshore Oil Production & Development Co., Limited (“SODCO”). Subject to the removal of the suspension of the Petroleum Agreement, and the assignment of 65% of SODCO to Petrogress Oil & Gas Energy Inc., the latter intends to undertake the necessary repairs and improvements of the APG-1 platform, and arrange a cash investment of $3.5 million plus a credit line of $15.0 million. The agreement is expected to be finalized in May 2018.

Our business structure affords us with full control of the logistics involved in oil sourcing and the transportation of our products by our affiliated vessels, which we believe to be a competitive advantage in West African markets. By directly controlling all aspects of our operations, as opposed to engaging the services of third-parties at potentially higher costs, we are able to keep costs low and thus generate revenue from a number of different sources.

Emerging Growth Company

We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period.

Reclassifications

For the three months ended March 31, 2017 we reclassified specific amounts of expenses in order to conform to current year presentations of our results. In the year ended 2017, the Company identified and renamed certain income statement classifications. Reclassifications were made in line to more accurately present the nature of the business.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates.

During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements filed with the SEC on its Form 10-K for the year ended December 31, 2017. The information presented within these Interim Statements may not include all disclosures required by GAAP and the users of financial information provided for interim periods should refer to the annual financial information and footnotes when reviewing the interim financial results presented herein.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 1 - Background and Description of Business and Preparation of Financial Statements (continued)

In the opinion of management, the accompanying interim financial statements, prepared in accordance with the SEC’s instructions for Form 10-Q, are unaudited and contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows of the Company for the respective interim periods presented. The current period results of operations are not necessarily indicative of results which ultimately will be reported for the full fiscal year ending December 31, 2018.

Note 2 - Summary of Significant Accounting Policies

Cash and Cash Equivalents

We consider all highly liquid investments with an original term of three months or less to be cash equivalents.

Accounts Receivable, net

The amount shown as Accounts receivables, net at each balance sheet date includes estimated recoveries from customers and charterers for sales of oil products, hires, freight and demurrage billings, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of non-payment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not recoverable. The determination of bad debt allowance constitutes a significant estimate.

For the three months ended March 31, 2018 and three months ended March 31, 2017, there were no allowances for doubtful debts.

Inventories

The Company's inventories consist primarily of purchased gas oil and crude oil at the respective balance sheet date, and is valued at the lower of cost or market using the mark-to-market method of valuation.

Vessels and other fixed assets, net

In accordance with the appropriate sections of the Fixed Asset topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. For the three months ended March 31, 2018 and 2017, respectively, management has not provided any impairment for the future recoverability of these assets.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 2 - Summary of Significant Accounting Policies (continued)

We depreciate our vessels on a straight-line basis over the estimated useful life which is 10 years from the date of their transfer to the Company. Depreciation is calculated based on a vessel’s cost less the estimated residual value. The estimated useful lives of vessels and equipment are as follows:

Vessels (in years)			10
Office equipment and furniture (in years)			10
Computer hardware (in years)			5

Organization costs

We have adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred.

Income taxes

We file income tax returns in various jurisdictions, as appropriate and required. We were not subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2012.

We account for income taxes in accordance with ASC 740-10, Income Taxes. We recognize deferred tax assets and liabilities to reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. We record a valuation allowance related to a deferred tax asset when it is more likely than not that some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.

ASC 740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. We classify interest and penalties as a component of interest and other expenses. To date, we have not incurred any liability for unrecognized tax benefits, including assessments of penalties and/or interest.

We measure and record uncertain tax positions by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than-not recognition threshold at the effective date may be recognized or continue to be recognized. Our tax years subsequent to 2011 remain subject to examination by federal and state tax jurisdictions.

Earnings Per Share

The Company reports earnings per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing net income (loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing income by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 2 - Summary of Significant Accounting Policies (continued)

Accounting for Equity -based Payments

We account for stock awards issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective measurement dates based on the trading price of our common stock and recognized as expense during the period in which services are provided.

Comprehensive Income

We adopted ASC Topic 220, "Comprehensive Income." This statement establishes standards for reporting comprehensive income and its components in a financial statement. Comprehensive income as defined includes all changes in equity (net assets) during a period from non-owner sources. Items included in Comprehensive loss consist of cancellation of available-for-sale securities and foreign currency translation adjustments.

Revenue Recognition

We recognize revenue in accordance with FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria are met (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably assured.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, accounts receivable, inventory, accounts payable and accrued expenses.

The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, as applicable, approximates fair value due to the short -term nature of these items and/or the current interest rates payable in relation to current market conditions.

Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do not use derivative instruments to moderate its exposure to interest rate risk, if any.

Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do not use derivative instruments to moderate its exposure to financial risk, if any.

Fair value measurements are determined under a three-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of the reporting entity (“observable inputs”) and the reporting entity ’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we primarily use prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). We also consider the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are not orderly.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 2 - Summary of Significant Accounting Policies (continued)

The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The three hierarchy levels are defined as follows:

Level 1 - Quoted prices in active markets that is unadjusted and accessible at the measure ment date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly;

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Credit risk adjustments are applied to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments but incorporates the Company’s own credit risk as observed in the credit default swap market.

Effects of Recent Accounting Pronouncements not yet adopted

We discuss new accounting standards which have been issued but not yet adopted, their required date of adoption and/or planned date to adopt, if earlier, and the anticipated impact that adoption of the standards are expected to have on our financial position and results of operations in Part I, Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations, of this Report.

Note 3 – Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivables. Concentrations of credit risk with respect to trade receivables are limited due to the short payment terms dictated by the industry and operating environment. As of March 31, 2018, and December 31, 2017, management is of the opinion that the Company had no significant concentrations of credit risk.

Note 4 - Fair Value of Financial Instruments

The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, respectively, for each fair value hierarchy level:

	Total		Level 1		Level 2		Level 3
March 31, 2018
Loan facility from related party	$	85,400	$	85,400	$	-	$	-

December 31, 2017
Loan facility from related party	$	297,400	$	297,400	$	-	$	-

Note 5 - Vessels and other fixed assets, net

Vessels and other fixed assets, net consisted of the following as of March 31, 2018 and December 31, 2017:

	March 31, 2018			December 31, 2017			Estimated useful life (in years)
Marine vessels	$	10,171,930		$	10,171,930			10
Furniture and equipment		177,895			93,295			10
Accumulated depreciation		(5,210,896	)		(4,983,276	)
Net property and equipment	$	5,138,929		$	5,281,949

Depreciation for the three months ended March 31, 2018 and March 31, 2017, was $227,619 and $219,094, respectively.

Note 6 – Loan facility from related party

On July 13, 2017, the Company entered into a Revolving Line of Credit Agreement (the “Agreement”) with Christos Traios, our President, Chief Executive Officer and sole Director. In accordance with the Agreement the Company also issued a $1,000,000 Line of Credit Convertible Promissory Note (the “LOC Note”) to Christos Traios. Mr. Traios has provided the Company with additional working capital as required from time-to-time to support its operations, and the LOC Note formalizes that commitment and confirms amounts previously advanced under an informal agreement between Mr. Traios and the Company.

The LOC Note bears interest payable on the outstanding principal at eight percent (8%) per annum. The principal and any accrued but unpaid interest on the LOC Note is due and payable on or before July 13, 2018. At the maturity date, the Company may extend and renew the LOC Note for additional terms of twelve (12) months, with a new effective and maturity date assigned for each successive extension and renewal. Interest is due and payable every six (6) months and on the Maturity Date, and each successive iteration of such dates upon extension and renewal thereafter. The principal amount of the LOC Note may be prepaid by the Company, in whole or in part, without penalty, at any time.

Upon the interest due date or maturity date, or any of them, regardless of any event of default, the LOC Note holder may demand payment of any or all of the interest due on the principal amount by delivery of a number of common shares converted at a rate of $0.001 per share. There is no provision for any of the principal to be repaid in common stock of the Company. Except in the event of a default, in no instance may the LOC Note holder convert amounts due for accrued interest to the extent that said repayment in common stock will cause the Company to issue a number of shares constituting ten percent (10%) or more of the Company’s then issued and outstanding common shares.

In consideration of Mr. Traios’s extension of credit to the Company, the Company agreed to issue to him a Warrant (the "Warrant") to purchase 15,000,000 shares of the Company’s common stock at an exercise price of $0.05 for a period of five years. The Warrant will provide for cashless exercise privileges, and be transferrable or assignable at the Holder’s option, with the Company’s approval. The Warrant has not been issued as of March 31, 2018.

Advances from Christos Traios from inception, including activity on the LOC Note, are as follows:

Balance December 31, 2017	$	297,400
New amounts loaned to the Company by Christos Traios		63,000
Amount converted in shares of Common stock		(275,000	)
Balance March 31, 2018	$	85,400

An amount of $15,000 and $7,500 that Mr. Traios had borrowed to Petrogress Int'l LLC and Petrogress Oil & Gas Energy Inc., respectively, were also converted into shares of Common stock during the three months ended March 31, 2018. See also Note 7 – Common Stock Transactions below for further discussion.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 7 - Common Stock Transactions

On September 12, 2017, the Company issued 1,200,000 shares of Common Stock to Mammoth upon the conversion of $18,120 of principal at a conversion price of $0.06623 per share. This transaction and a cash payment of $26,767 on August 30, 2017, settled in full the Mammoth debt.

On October 20, 2017, the Company issued 10,000,000 shares of Common Stock to Charles L. Stidham as compensation for future services rendered over a two- year period. The share consideration and the agreement with Mr. Stidham were disclosed in a Form S- 8 registration statement effective September 22, 2017. During the quarter ended March 31, 2018, approximately $153,000 were expensed in relation to these awards and included in Corporate expenses in the Condensed Consolidated Income Statement.

On December 21, 2017, the Company issued 139,880,000 shares of Common Stock to Christos Traios, our President, Chief Executive Officer and sole Director as settlement of the 8% Convertible Promissory Note signed on May 12, 2017 for a capital of $134,600 along with the respective interest accrued as of this date.

On January 12, 2018 the Company issued 2,903,225 shares of Common Stock to Christos Traios, our President, Chief Executive Officer and sole Director for the settlement of wages due equal to $90,000 that had been accrued by parent company Petrogress, Inc. as of December 31, 2017.

On February 23, 2018 the Company issued 4,758,128 shares of Common Stock to Mr. Traios for the settlement of wages due equal to $120,000 that had been incurred by the parent company Petrogress, Inc. for the year ended December 31, 2016.

On February 23, 2018 the Company issued 19,070,512 shares of Common Stock to Christos Traios, our President, Chief Executive Officer and sole Director as a settlement of loans equal to $297,500 he had provided to the Company as of that date. Specifically, the Company settled $275,000 of loans that Mr. Traios had provided to parent company Petrogress, Inc., and $15,000 and $7,500 that Mr. Traios had provided to Petrogress Int'l LLC and Petrogress Oil & Gas Energy Inc. respectively.

Note 8 – Preferred stock

On July 14, 2017, Christos Traios, our President, Chief Executive Officer and sole Director approved a resolution authorizing the establishment of Series A Preferred Stock. The Series A Preferred Stock consists of 100 shares in total with a re-designated par value of $100 per share. The holder(s) of the Series A shares has/have rights as a class to a number of votes equal to two (2) times the sum of: (i) the total number of shares of Common Stock which are issued and outstanding at the time of any election or vote by the shareholders; plus (ii) the number of shares of Preferred Stock issued and outstanding of any other class that has voting rights, if any. These voting rights may be exercised for any matter requiring shareholder approval by vote or consent, and may, if required, permit a number of votes in excess of the total number of shares authorized. The holder(s) of the Series A shares is/are not entitled to convert the Series A shares to shares of Common Stock or any other class of the Corporation’s stock. The Series A shares shall not be entitled to dividends, but, in the event of liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, the holder(s) of the Series A shares will be entitled to receive out of the assets of the Corporation, prior to and in preference to any distribution of the assets or surplus funds of the Corporation to the holders of any other class of preferred stock or the Common Stock, the amount of One Hundred Dollars ($100) per share, and will not be entitled to receive any portion of the remaining assets of the Company except by reason of ownership of shares of any other class of the Company’s stock. The Series A shares are not subject to redemption by the Company.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 8 – Preferred stock (continued)

On October 6, 2017, the Company issued the above 100 Series A shares of Preferred stock to Christos Traios, our President, Chief Executive Officer and sole Director as provided in his employment agreement.

Note 9 – Related parties transactions

Officer’s compensation

During the three months ended March 31, 2018, and March 31, 2017, the Company had recorded officers’ compensation of $60,000 and $30,000, respectively. For the period ended March 31, 2018, $1,471 was paid and the remaining amount was accrued and included in Amounts Due to Related Party on the Consolidated Balance Sheets as of March 31, 2018.

Officer’s advances

During the three months ended March 31, 2017, Christos Traios, our President, Chief Executive Officer and sole Director advanced the Company $78,500.

Revolving Line of Credit

During the three months ended March 31, 2018 Christos Traios provided finance to the Company of $63,000, under the terms of the LOC Note, signed by and between Mr. Traios and Petrogress, Inc. on July 13, 2017. During the year ended December 31, 2017 the respective finance provided by Christos Traios to the Company was $275,000. See Note 6 – Loan facility from related party of the consolidated financial statements for further information.

Capital transactions

Effective September 30, 2017, Petrogress Int’l LLC purchased from Mr. Traios 1,080,000 shares of Petrogres Africa Company Limited (“PGAF”), a Ghanaian limited company. The shares of PGAF acquired comprise 90% of its issued and outstanding shares. The acquisition is vital for the Company’s strategic objective to expand operations and its presence in West Africa. The initial consideration for the forgoing shares was $1,080,000 and Mr. Traios forgave an amount of $180,000 leading to a final consideration of $900,000 included in Amounts due to related party in the Consolidated Balance Sheet as of March 31, 2018 and December 31, 2017.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 9 – Related parties transactions (continued)

PGAF was incorporated in the summer of 2017 and holds a current Ghanaian business permit and is authorized to conduct local sales of oil products and shipping business from the Port of Tema in Greater Accra. Port facilities in Tema will provide a service and operations hub for the Company tankers currently involved in West Africa and Nigerian oil trading and transport. The Port of Tema also serves as a secondary hub for repair, supply and transport ship operators servicing Ghana’s Tano Basin offshore oil fields in the Gulf of Guinea. Through Petrogres Africa Company Limited, the Company will strengthen its presence and position a promising market in West Africa and sub-Saharan countries with a population of more than 1.3 billion people designated as the next developing region.

Mr. Traios initially acquired 90% of PGAF shares at their par value for a consideration of $900,000, on August 17, 2017. The Company has accounted for the purchase of shares of PGAF as a business acquisition under common control and as such, the assets have been transferred at carrying costs as of the date of acquisition, and the activity of the acquired entity has been combined as of the date common control as established in line with the provisions of ASC 805-50-25-2, on August17, 2017. The Company has accounted for the purchase of shares of PGAF as a business acquisition under common control and as such, the assets have been transferred at carrying costs as of the date of acquisition, and the activity of the acquired entity has been combined as of the date common control as established in line with the provisions of ASC 805 - 50 - 25 - 2, on August 17, 2017. The difference between the consideration paid by Mr. Traios, and the net assets of PGAF on August 17, 2017, has been allocated to goodwill. The Company has one year from the date of acquisition to finalize the valuation analysis and has engaged a third -party valuation specialist for this assessment. The business combination is not material for disclosure of pro-forma accounts. The Company has recognized Non-controlling interests equal to $100,000 as of the date common control was established.

Since the date common control was established, PGAF has contributed $1,057,000 of revenue to the Company, of which $332,000 was recognized during the three months ended March 31, 2018.

Partnership Agreement with Platon Gas Oil Ghana Ltd (“Platon”)

On February 28, 2018 Petrogres Co. Limited entered into a Partnership Agreement with Platon, that is intended to be renewed on an annual basis, pursuant to which Petrogres Co. Limited will supply crude oil for storage, refinement, marketing and distribution in Ghana jointly with Platon. Under the Partnership Agreement, Petrogres Co. Limited is expected to deliver 3,000 - 5,000 metric tons of crude oil on a monthly basis for storage and processing by Platon into various petroleum products, including gas oil, blend stocks, cutter stock and other feedstock. Platon will also be expected to market and distribute the refined petroleum products. Net profits from the sale of the petroleum products will be split evenly between Petrogres Co. Limited and Platon. As of the execution of the Partnership Agreement, Petrogres Co. Limited appointed its local commercial manager and its accountant to perform the daily supervision and monitoring of the storage, processing and of the sales of the refined products to local buyers, including the marketing and distribution.

The Company accounts for this agreement under ASC 808-10, Collaborative Agreements, and has recognized the portion of revenues and expenses attributed to the Company. During the three months ended March 31, 2018, the Company has recognized $2,173,264 in proportionate revenues in the Partnership Agreement.

Issuance of 100 Series A Preference shares

During the year ended December 31, 2017, the Company issued to Mr. Traios 100 Series A Preference shares with a par value of $100 each. As of December 31, 2017 this amount is due to the Company and was classified under Additional paid-in capital.

Petrogress, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three Months Ended March 31, 2018 and 2017

Note 9 – Related parties transactions (continued)

The table below presents the movement of the amounts due to Christos Traios during the three months ended March 31, 2018.

Amounts due to related party balance December 31, 2017	$	1,243,753
Wages accrued to Christos Traios		60,000
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.		(210,000	)
Wages paid to Christos Traios, in cash		(1,471	)
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.		(22,500	)
Amounts due to related party balance March 31, 2018	$	1,069,782

Note 10 - Revenue Concentrations

The Company sells to commercial customers in foreign markets. For the three months ended March 2018, two customers represented more than 10.0% each of consolidated revenue. For the three months ended March 2017, five customers presented more than 10% each of consolidated revenues.

As of March 31, 2018 and December 31, 2017, four customers represented more than 10% each of consolidated accounts receivable.

Note 11 - Subsequent Events

Nikolaos Mourtzanos resigned as the Chief Financial Officer of Petrogress, Inc. effective as of April 30, 2018. The responsibilities of the principal financial officer of the company will be undertaken by Christos Traios, our President and Chief Executive Officer, until such time as a successor Chief Financial Officer is appointed.

On May 9, 2018, the Company entered into an Amendment No. 2 to the employment agreement with Christos Traios, President and Chief Executive Officer and sole Director of the Company, pursuant to which the parties agreed to reduce Mr. Traios’ base salary to $5,000 per month.

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview of Business

On February 29, 2016, 800 Commerce entered into an Agreement concerning the Exchange of Securities (“SEA”) with Petrogres Co. Limited, a Marshall Islands corporation, and its sole shareholder, Christos Traios, a Greek ,citizen. 800 Commerce issued 136,000,000 shares of restricted Common Stock, representing approximately 85% of the post-transaction issued and outstanding shares, to Mr. Traios in exchange for 100% of the shares of Petrogres Co. Limited. In connection with the transaction, Mr. Traios was appointed as a director of 800 Commerce, and it amended its constituent documents to increase its authorized capital to 490,000,000 shares of Common Stock, par value $0.001, and 10,000,000 preferred shares, par value $0.001.

The Company’s management team operates from its principal offices located in Piraeus, Greece.

Results of Operations

Comparison of Three Months Ended March 31, 2018 and 2017

The Company has recognized revenues for the three months ended March 31, 2018 and 2017, as follows:

	Three Months Ended March 31,
	2018		2017
Crude oil net sales		2,173,264		2,993,613
Gas oil net sales		332,000		-
Other		60,000		1,025,500
Totals		2,565,264		4,019,113

Total revenues for the three months ended March 31, 2018, decreased by $1,453,849 or 36%.

Crude oil net sales have decreased in the current quarter by $820,349 from $2,993,613 as the Partnership Agreement with Platon was the primary source of crude oil net sales and the agreement only commenced in February of 2018. Management seeks to expand its operations in West Africa through the Partnership Agreement with Platon which owns and operates a refinery and storage tanks of petroleum and Ghana.

Revenues in gas oil has increased by $332,000 due to the acquisition of Petrogres Africa Company Limited (“PGAF”), which has allowed us to enter into the market of sales of gas oil.

‘Other’ revenues which primarily related to hires and chartering of vessels, decreased significantly as the Company focused its activities on the new Partnership Agreement and acquisition of PGAF.

Directly related to our sales activity and volumes, we experienced the following cost of sales amounts for the three months ended March 31, 2018 and 2017, as follows:

	Three Months Ended March 31,
	2018		2017
Oil purchase costs		1,366,221		1,487,686
Fleet operating expenses		40,316		352,303
Totals		1,406,537		1,839,989

Cost of sales relating to Fleet operating expenses decreased by $311,987 from $352,303, directly relating to the decrease in ‘Other’ revenues.

Total Corporate expenses for the three months ended March 31, 2018 and 2017 were $300,138 and $73,398, respectively, an increase of $226,740 or approximately 309%. This increase related to non-cash fees attributed to a consultant for approximately $153,000.

Total General operating and administrative expenses for the three months ended March 31, 2018 and 2017 were $541,313 and $1,680,419, respectively, a decrease of $1,139,106 or approximately 68%. This decrease is directly attributed to the decrease in ‘Other’ revenues.

For the three months ended March 31, 2018 the Company experienced net loss of $420,097 compared to net income of $207,318 for the three months ended March 31, 2018, a decrease or $627,415 or approximately 303%.

Liquidity and Capital Resources

At March 31, 2018 and December 31, 2017, respectively, the Company had cash and cash equivalents of approximately $500,186 and $1,150,999, with corresponding working capital of $4,789,257 and $4,024,251 respectively.

Our need for capital resources is driven by our expansion plans, ongoing maintenance and improvement of our vessels, support of our operational expenses, corporate overhead and expenses associated with SEC regulatory compliance.

Since the reverse acquisition of Petrogres on February 29, 2016, the Company’s principal sources of cash are a) net cash provided from operating activities, which includes the sale and shipment of petroleum products, and b) cash contributed to the Company by Mr. Traios.

During the three months ended March 31, 2018, Mr. Traios loaned the Company $63,000 under the terms of the Revolving Line of Credit facility (the LOC Note).

Management seeks to secure the necessary financing for the expansion of Company’s operations. Additional funding is expected to be generated through equity financing from the sale of common stock and/or debt. If the Company successful in completing equity financing, existing stockholders will experience dilution of their interest in our Company. Management does not currently have any outside financing arranged and cannot provide investors with any assurance that the Company will be able to raise sufficient funding from the sale of our common stock or debt to fund our plans to expand the Company’s operation.

Nevertheless, based on our current plan, we believe our expected cash flows from operations will be sufficient to finance our present activities and capital expenditures for a period of at least 12 months after the date of this Report. Our intention to expand our operations, increase the oil sales or go into new projects-operations will be subject to extra financing support.

Critical Accounting Policies

Our financial statements and related public financial information are based on the application of GAAP. GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.

Our significant accounting policies are summarized in Note 2 of our accompanying consolidated financial statements. While all of these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates.

Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause effect on our results of operations, financial position or liquidity for the periods presented in this report.

Item 3 - Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Reg. 240.12b-2 of the Securities Exchange Act of 1934 and are not required to provide t he information under this item.

Item 4 - Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Christos Traios, our principal executive officer conducted an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Exchange Act) as of March 31, 2018, pursuant to Exchange Act Rule 13a-15. Such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company is accumulated and communicated to the appropriate management on a basis that permits timely decisions regarding disclosure. Based upon that evaluation, the Company's principal executive officer concluded that the Company's disclosure controls and procedures as of March 31, 2018 were not effective to provide reasonable assurance that information required to be disclosed in the Company’s periodic filings under the Exchange Act is accumulated and communicated to our management to allow timely decisions regarding required disclosure.

Limitations on the Effectiveness of Controls

Our disclosure controls and procedures provide our principal executive officer with reasonable assurances that our disclosure controls and procedures will achieve their objectives. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting can or will prevent all human error. A control system, no matter how well designed and implemented, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Furthermore, the design of a control system must reflect the fact that there are internal resource constraints, and the benefit of controls must be weighed relative to their corresponding costs. Because of the limitations in all control systems, no evaluation of controls can provide complete assurance that all control issues and instances of error, if any, within our company are detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur due to human error or mistake. Additionally, controls, no matter how well designed, could be circumvented by the individual acts of specific persons within the organization. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated objectives under all potential future conditions.

Management is aware that there is a lack of segregation of duties due to the fact that the Company only has one director and one executive officer dealing with general administrative and financial matters. This constitutes a significant deficiency in the internal controls. Management has decided that considering the officer and director involved, the control procedures in place, and the outsourcing of certain financial functions, the risks associated with such lack of segregation were low and the potential benefits of adding additional employees to clearly segregate duties did not justify the expenses associated with such increases. Management periodically reevaluates this situation. In light of the Company’s current cash flow situation, the Company does not intend to increase staffing to mitigate the current lack of segregation of duties within the general administrative and financial functions.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal controls over financial reporting during the three months ended March 31, 2018 that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

Part II – Other Information

Item 1 - Legal Proceedings

None.

Item 1A – Risk Factors

We are a smaller reporting company as defined by Reg. 240.12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3 - Defaults Upon Senior Securities

None.

Item 4 - Mine Safety Disclosure

None.

Item 5 - Other Information

None.

Item 6 - Exhibits

The following exhibits are filed with this Quarterly Report on Form 10-Q or are incorporated by reference as described below.

Exhibit	Description
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350**
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350**
101.1	Interactive data files pursuant to Rule 405 of Regulation S-T*

*	Filed herewith.
**	Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

May 15, 2018	Petrogress, Inc.

	By:	/s/ Christos P. Traios
		Christos P. Traios
		President and Chief Executive Officer (Principal Executive Officer and Principal Financial and Accounting Officer)

Exhibit Index

Exhibit	Description
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14a/Rule 14d-14(a)*
32.1	Certification of Principal Executive Officer pursuant to 18 U.S.C. Secti on 1350**
32.2	Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350**
101.1	Interactive data files pursuant to Rule 405 of Regulation S-T*
*	Filed herewith.
**	Furnished herewith

EX-31.1 2 ex_113720.htm EXHIBIT 31.1 ex_113720.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Christos P. Traios, certify that:

(1)	I have reviewed this quarterly report on Form 10-Q of Petrogress, Inc.;

(2)	Based on my knowledge, this report does not contain anyunt rue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods p resented in this report;

(4)

The registrant ’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant ’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant ’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)	The registrant ’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant ’s internal control over financial reporting.

May 15, 2018	/s/ Christos P. Traios
	Christos P. Traios
	Principal Executive Officer

EX-31.2 3 ex_113721.htm EXHIBIT 31.2 ex_113720.htm

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Christos P. Traios, certify that:

(1)	I have reviewed this quarterly report on Form 10-Q of Petrogress, Inc.;

(2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods p resented in this report;

(4)

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensu re that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant ’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant ’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)	The registrant ’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant ’s internal control over financial reporting.

May 15, 2018	/s/ Christos P. Traios
	Christos P. Traios
	Principal Financial Officer

EX-32.1 4 ex_113722.htm EXHIBIT 32.1 ex_113720.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Petrogress, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 (the “Report”), I, Christos P. Traios, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Christos P. Traios

Christos P. Traios

Principal Executive Officer

May 15, 2018

This certification accompanies the Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company or purposes of §18 of the Securities Exchange Act of 1934, as amended.

A signed original of this certification has been provided to the Company and will be retained by the Company and furnished to the Securities an d Exchange Commission or its staff upon request.

EX-32.2 5 ex_113723.htm EXHIBIT 32.2 ex_113720.htm

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Petrogress, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 (the “Report”), I, Christos P. Traios, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ Christos P. Traios

Christos P. Traios

Principal Financial Officer

May 15, 2018

A signed original of this certification has been provided to the Company and will be retained by the Company and furni shed to the Securities and Exchange Commission or its staff upon request.

EX-101.INS 6 pgas-20180331.xml XBRL INSTANCE DOCUMENT false --12-31 Q1 2018 2018-03-31 10-Q 0001558465 344607672 Yes Smaller Reporting Company Petrogress, Inc. No No pgas 9639 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 15%; margin-left: 9pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 82%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance December 31, 2017</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">297,400</div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">New amounts loaned to the Company by Christos Traios</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Amount converted in shares of Common stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(275,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance March 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">85,400</div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> -153178 300138 73398 12835 275000 85400 85400 297400 297400 1000000 -502 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> – Loan facility from related party</div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 13, 2017, </div>the Company entered into a Revolving Line of Credit Agreement (the “Agreement”) with Christos Traios, our President, Chief Executive Officer and sole Director. In accordance with the Agreement the Company also issued a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000,000</div> Line of Credit Convertible Promissory Note (the “LOC Note”) to Christos Traios. Mr. Traios has provided the Company with additional working capital as required from time-to-time to support its operations, and the LOC Note formalizes that commitment and confirms amounts previously advanced under an informal agreement between Mr. Traios and the Company.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The LOC Note bears interest payable on the outstanding principal at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eight</div> percent (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8%</div>) per annum. The principal and any accrued but unpaid interest on the LOC Note is due and payable on or before <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 13, 2018. </div>At the maturity date, the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>extend and renew the LOC Note for additional terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div>) months, with a new effective and maturity date assigned for each successive extension and renewal. Interest is due and payable every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>) months and on the Maturity Date, and each successive iteration of such dates upon extension and renewal thereafter. The principal amount of the LOC Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be prepaid by the Company, in whole or in part, without penalty, at any time.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Upon the interest due date or maturity date, or any of them, regardless of any event of default, the LOC Note holder <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>demand payment of any or all of the interest due on the principal amount by delivery of a number of common shares converted at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001</div> per share. There is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> provision for any of the principal to be repaid in common stock of the Company. Except in the event of a default, in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> instance <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>the LOC Note holder convert amounts due for accrued interest to the extent that said repayment in common stock will cause the Company to issue a number of shares constituting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> percent (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div>) or more of the Company’s then issued and outstanding common shares.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In consideration of Mr. Traios’s extension of credit to the Company, the Company agreed to issue to him a Warrant (the "Warrant") to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000,000</div> shares of the Company’s common stock at an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.05</div> for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years. The Warrant will provide for cashless exercise privileges, and be transferrable or assignable at the Holder’s option, with the Company’s approval. The Warrant has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been issued as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.</div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Advances from Christos Traios from inception, including activity on the LOC Note, are as follows:</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 15%; margin-left: 9pt; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 82%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance December 31, 2017</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">297,400</div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">New amounts loaned to the Company by Christos Traios</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Amount converted in shares of Common stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(275,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;">)</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Balance March 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: thin; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">85,400</div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">An amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,500</div> that Mr. Traios had borrowed to Petrogress Int'l LLC and Petrogress Oil & Gas Energy Inc., respectively, were also converted into shares of Common stock during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>See also Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div> – Common Stock Transactions below for further discussion.</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div></div> 2 5 4 4 2 4 15000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Organization costs</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We have adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred.</div></div></div></div></div></div></div> 1471 3500000 78500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0pt 18pt; text-indent: 0px; font-family: "Times New Roman", Times, Serif; font-size: 10pt; min-; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Vessels (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">10</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Office equipment and furniture (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">10</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Computer hardware (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">5</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> – Concentrations of Credit Risk</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivables. Concentrations of credit risk with respect to trade receivables are limited due to the short payment terms dictated by the industry and operating environment. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>management is of the opinion that the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> significant concentrations of credit risk.</div></div> 5000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 20%; margin-left: 9pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 81%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Amounts due to related party balance December 31, 2017</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,243,753 </div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wages accrued to Christos Traios</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wages paid to Christos Traios, in cash</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,500</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Amounts due to related party balance March 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,069,782 </div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> 19070512 297500 P5Y

1862656

1299964

6141023

4508885

5210896

4983276

-7020

-7744

9266828

8786060

13853679

13064529

7807095

6875007

6046584

6189522

0.9

1080000

180000

500186

1150999

362083

629115

-650813

267032

0.05

15000000

0.001

490000000

344607672

317875807

344607672

317875807

344608

317876

121204

207318

-6636

114568

207318

1406537

1839989

0.001

0.06623

134600

0.08

7655

7573

227619

219094

1069782

1243753

15000

7500

63000

275000

1243753

1069782

-0.0003

0.0013

-0.0002

0.0013

724

0.85

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 10%; margin-left: 9pt; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 1</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 3</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 44%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">March 31, 2018</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loan facility from related party</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loan facility from related party</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">297,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">297,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 7.5pt 0pt 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> - Fair Value of Financial Instruments</div></div> <div style=" margin: 0pt 7.5pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>respectively, for each fair value hierarchy level:</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 10%; margin-left: 9pt; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Total</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 1</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 2</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Level 3</div></div></div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 44%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">March 31, 2018</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loan facility from related party</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Loan facility from related party</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">297,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">297,400</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 11%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Fair Value of Financial Instruments</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: -0.05pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Our financial instruments consist primarily of cash, accounts receivable, inventory, accounts payable and accrued expenses.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, as applicable, approximates fair value due to the short -term nature of these items and/or the current interest rates payable in relation to current market conditions.</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use derivative instruments to moderate its exposure to interest rate risk, if any.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use derivative instruments to moderate its exposure to financial risk, if any.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Fair value measurements are determined under a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of the reporting entity (“observable inputs”) and the reporting entity ’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we primarily use prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). We also consider the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> orderly.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> measurements) and the lowest priority to unobservable inputs (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> hierarchy levels are defined as follows:</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> - Quoted prices in active markets that is unadjusted and accessible at the measure ment date for identical, unrestricted assets or liabilities;</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - Quoted prices for identical assets and liabilities in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly;</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: -0.05pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Credit risk adjustments are applied to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments but incorporates the Company’s own credit risk as observed in the credit default swap market.</div></div></div></div></div></div></div>

900000

1158727

2179124

113844

207318

1632138

622043

562692

102477

-58529

-26100

3196

1876

102146

-386788

1427

173376

171500

3017838

2850756

13853679

13064529

3017838

2850756

0.55

0.45

0.65

297400

85400

63000

15000000

1000000

92122

98758

63000

-84600

-629937

267032

120480

207318

-6636

100000

24187

1105

90000

120000

60000

30000

1471

30000

60000

1069070

1972911

89657

206213

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> - Background and Description of Business and Preparation of Financial Statements</div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Nature of the Business</div></div></div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogress, Inc. was incorporated on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 10, 2010 </div>under the laws of the State of Florida as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce, Inc. (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“800</div> Commerce”) and was formed for the purpose of marketing credit card processing services on behalf of merchant payment processing service providers.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce entered into an Agreement concerning the Exchange of Securities (“SEA”) with Petrogres Co. Limited, a Marshall Islands corporation, and its sole shareholder, Christos Traios, a Greek citizen. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">136,000,000</div> shares of restricted Common Stock, representing approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the post-transaction issued and outstanding shares, to Mr. Traios in exchange for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the shares of Petrogres Co. Limited. In connection with the transaction, Mr. Traios was appointed as a director of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce, and it amended its constituent documents to increase its authorized capital to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">490,000,000</div> shares of Common Stock, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,000,000</div> preferred shares, par value <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.001.</div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce’s acquisition of Petrogres Co. Limited effected a change in control and was accounted for as a “reverse acquisition” whereby Petrogres Co. Limited was the acquirer for financial statement purposes. Accordingly, the historical financial statements of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce are those of Petrogres Co. Limited and its subsidiaries from their respective inception and those of the consolidated entity subsequent to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> transaction date.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 9, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce’s Board of Directors approved an amendment to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">800</div> Commerce’s Articles of Incorporation to change the name of the Company to Petrogress, Inc. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 15, 2016, </div>Mr. Traios was appointed Chief Executive Officer. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16, 2016, </div>Petrogress filed Articles of Merger and Plan of Merger in Florida and Delaware to change the Company’s domicile by merging with and into a Delaware corporation formed solely for the purpose of effecting the reincorporation. The Company’s name and capitalization remained the same, and the Articles of Incorporation and Bylaws of the Delaware corporation are the constituent documents of the surviving corporation.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company operates as a fully integrated international merchant of petroleum products, focused on the supply and trade of light petroleum fuel oil (LPFO), refined oil products and other petrochemical products to local refineries in West Africa and Mediterranean countries. The Company operates as a holding company and provides its services primarily through its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> wholly-owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of its beneficially-owned affiliated tanker fleet, currently consisting of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> vessels; Petrogress Int’l LLC, which is a holding company for subsidiaries currently conducting business in Cyprus and Ghana; and Petrogress Oil & Gas Energy Inc., which is primarily focused on purchasing interests in oil fields in Texas and exporting liquefied natural gas.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The accompanying unaudited condensed interim consolidated financial statements (the “Interim Statements”) have been prepared pursuant to the rules and regulations for reporting on Securities and Exchange Commission (the “SEC”) Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q. Accordingly, certain information and disclosures required by generally accepted accounting principles for complete consolidated financial statements are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included herein. The Interim Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>as filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 29, 2018. </div>The interim results for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results to be expected for the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>or for any future interim periods.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company’s management team operates from its principal offices located in Piraeus, Greece.</div> <div style=" margin: 0pt 13.4pt 0pt 7.5pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"></div></div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and has elected a year-end of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Principles of consolidation</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries. We list our significant subsidiaries below. All intercompany accounts and transactions have been eliminated in consolidation. </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogres Co. Limited (Marshall Islands)</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogress Oil & Gas Energy, Inc. (Texas)</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petronav Carriers LLC (Delaware)</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogress Int’l LLC (Delaware)</div> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Overview of Significant Subsidiaries</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Petrogres Co. Limited</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogres Co. Limited, is a Marshall Islands corporation, incorporated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div> with the purpose of supplying crude oil and other oil products in West Africa. Since its inception, Petrogres Co. Limited has evolved its business from focusing solely on fleet and tanker ship operations to expand into the oil and gas industry as a trader and merchant of oil. Over the last <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years, Petrogres Co. Limited has strengthened its position in the oil and gas industry by combining its regional market knowledge with over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> years of experience to successfully establish both its midstream and downstream operations to serve markets primarily located in West Africa and the Mediterranean.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2018 </div>Petrogres Co. Limited entered into a Partnership Agreement with Platon Gas Oil Ghana Limited, an oil refinery and importer of various petroleum products based in Ghana (“Platon”) that is intended to be renewed on an annual basis, pursuant to which Petrogres Co. Limited will supply crude oil for storage, refinement, marketing and distribution in Ghana by Platon. Under the Partnership Agreement, Petrogres Co. Limited is expected to deliver <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,000</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> metric tons of crude oil on a monthly basis for storage and processing by Platon into various petroleum products, including crude oil, blend stocks, cutter stock and other feedstock. Platon will also be expected to market and distribute the refined petroleum products. Net profits from the sale of the petroleum products will be split evenly between Petrogres Co. Limited and Platon. As of the execution of the Partnership Agreement, Petrogres Co. Limited appointed its local commercial manager and its accountant to perform the daily supervision and monitoring of the storage, processing and of the sales of the refined products to local buyers, including the marketing and distribution.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Petronav Carriers LLC</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petronav Carriers LLC, is a Delaware limited liability company, incorporated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2016 </div>for the purpose of managing the day-to-day operations of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> vessels, which are used to transport the Company’s petroleum products within various countries in West Africa.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Petronav Carriers LLC is actively exploring opportunities to expand its operations by identifying and acquiring additional vessels to expand its fleet. On these grounds, Petronav Carriers LLC is currently in negotiations with certain owners/sellers to purchase more tanker vessels, subject to establishing the necessary financing.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Petrogress Int’l LLC</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogress Int’l LLC, is a Delaware limited liability company, acquired by the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017 </div>with the purpose of acting as a holding company for conducting business across the world, including Cyprus, Middle East, and West Africa as an oil energy corporation.</div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017, </div>through Petrogress Int’l LLC, the Company formed PG Cypyard & Offshore Service Terminal Ltd., to obtain a long term lease from Cyprus Port Authorities (CPA), the area that F&T Investment used as shipyard located at Limassol port. PG Cypyard & Offshore Service Terminal Ltd. is also expected to improve the leased area by providing facilities and services to offshore platforms that will be operating in the exploration and production of natural gas in Cyprus economy zone. The project is ongoing and we are in close negotiations with CPA.</div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>Petrogress Int’l LLC executed a Representation/Agency agreement with Mr. Louizos George, with the aim of establishing its representation in Erbil, Iraq. Mr. Louizos is handling on behalf of Petrogress Int’l LLC the negotiations with SOMO (the Iraqi National Oil Company) to register the company as a buyer and obtain an allocation of Basrah Light Crude Oil for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000,000</div> barrels per month under a long term contract. The registration process is ongoing and we hope to finalize it within the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>the Company appointed Mr. Osy Adah as its representative in Nigeria. Mr. Adah is a Nigerian Citizen who has previously worked as a manager in major Nigerian oil companies. Through our representative, we have commenced the procedures for the registration of Petrogress Int’l LLC with Nigeria National Petroleum Company (NNPC) for an allocation for supplying half million barrels of Bonny light on monthly terms.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 23, 2018, </div>Petrogress Int’l LLC, executed another Partnership agreement with a Nigeria Oil storing company Gonzena Hydrocarbons and Energy Co. Ltd (“Gonzena”), which is located in Koko Town of Delta River and operates in the store and distribution of oil products into local Nigerian market. A new entity will be formed which is to be named P&G Nigeria Oil Company Ltd (“PEGNOC)” to which Petrogress Int’l LLC and Gonzena will participate in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45%</div> respectively. PEGNOC will be assigned from Gonzena <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> oil tanks each with a capacity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,000</div> liters.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Petrogress Oil & Gas Energy Inc.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Petrogress Oil & Gas Energy Inc., is a Texas corporation, incorporated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2015 </div>and is focused on identifying and acquiring suitable interests in oil fields in Texas to allow for the Company’s expansion of its operations to include oil refinery production based within the United States and to export liquefied natural gas (“LNG”) to Mediterranean markets.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017, </div>Petrogress Oil & Gas Energy Inc. through its affiliated company Petrogres Africa Company Limited, commenced negotiations with Ghana National Petroleum Company (“GNPC”) for the exploration of the oil fields in Saltpond basin and the repairs of the oil rig-platform “APG-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1”</div> where a survey on the of the platform is carried-out by a US specialist, for the assessment of the repairs cost of the platform and the improvement of the oil production.</div> <div style=" margin: 0pt 7.5pt; text-align: center; text-transform: uppercase; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Saltpond oil fields, including the APG-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> platform, were operated by the Texas corporation Lushann International Energy, Inc. (“Lushann”), under a Petroleum Agreement with GNPC since <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div> (the “Petroleum Agreement”). Due to financial and technical issues the Petroleum Agreement was suspended by GNPC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017 </div>and the operations in Saltpond ceased.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Based on our interest on re-commencing the operations and to continue the oil production, we conducted negotiations with Lushann, which were concluded on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 16 2018, </div>with the execution of a Memorandum of Understanding between Petrogress Oil & Gas Energy Inc. and Lushann. Under the terms of this memorandum, Petrogress Oil & Gas Energy Inc. elected to play the role of a farm-in-partner in the crude oil and the associated gas production in the developing area of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> km² of the Saltpond oil field. The parties have agreed to form a Ghanaian limited liability company to be named PG – Saltpond Offshore Oil Production & Development Co., Limited (“SODCO”). Subject to the removal of the suspension of the Petroleum Agreement, and the assignment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">65%</div> of SODCO to Petrogress Oil & Gas Energy Inc., the latter intends to undertake the necessary repairs and improvements of the APG-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> platform, and arrange a cash investment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.5</div> million plus a credit line of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.0</div> million. The agreement is expected to be finalized in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2018.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Our business structure affords us with full control of the logistics involved in oil sourcing and the transportation of our products by our affiliated vessels, which we believe to be a competitive advantage in West African markets. By directly controlling all aspects of our operations, as opposed to engaging the services of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div>-parties at potentially higher costs, we are able to keep costs low and thus generate revenue from a number of different sources.</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Emerging Growth Company</div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We qualify as an “emerging growth company” under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2012</div> JOBS Act. Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">107</div> of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>(a)(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Reclassifications</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017 </div>we reclassified specific amounts of expenses in order to conform to current year presentations of our results. In the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> the Company identified and renamed certain income statement classifications. Reclassifications were made in line to more accurately present the nature of the business.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates.  </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements filed with the SEC on its Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017. </div>The information presented within these Interim Statements <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include all disclosures required by GAAP and the users of financial information provided for interim periods should refer to the annual financial information and footnotes when reviewing the interim financial results presented herein.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In the opinion of management, the accompanying interim financial statements, prepared in accordance with the SEC’s instructions for Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q, are unaudited and contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows of the Company for the respective interim periods presented. The current period results of operations are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results which ultimately will be reported for the full fiscal year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div></div>

724

25614

1105

900000

84600

0.001

100

0.001

10000000

100

10000000

100

10000

992510

1043623

63000

113844

207318

10171930

177895

93295

5138929

5281949

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Vessels and other fixed assets, net</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In accordance with the appropriate sections of the Fixed Asset topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively, management has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provided any impairment for the future recoverability of these assets.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We depreciate our vessels on a straight-line basis over the estimated useful life which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years from the date of their transfer to the Company. Depreciation is calculated based on a vessel’s cost less the estimated residual value. The estimated useful lives of vessels and equipment are as follows:</div> <div style=" margin: 0pt; text-align: justify; text-indent: 27.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0pt 18pt; text-indent: 0px; font-family: "Times New Roman", Times, Serif; font-size: 10pt; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Vessels (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">10</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Office equipment and furniture (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">10</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Computer hardware (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">5</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> </table> </div></div></div></div></div></div></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0pt 18pt; text-indent: 0px; font-family: "Times New Roman", Times, Serif; font-size: 10pt; min-; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">March 31,</div> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">2018</div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">December 31,</div> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">2017</div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Estimated useful</div> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">life</div> <div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">(in years)</div> </td> <td style="padding-bottom: 1px; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 49%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Marine vessels</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,171,930</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,171,930</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Furniture and equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177,895</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,295</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Accumulated depreciation</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,210,896</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,983,276</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">)</div> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net property and equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,138,929</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 3px; border-bottom-style: double;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,281,949</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 3px; font-family: "Times New Roman", Times, Serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </td> </tr> </table></div>

P10Y

P5Y

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note</div> <div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> – Related parties transactions</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Officer’s compensation</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>the Company had recorded officers’ compensation of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000,</div> respectively. For the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,471</div> was paid and the remaining amount was accrued and included in Amounts Due to Related Party on the Consolidated Balance Sheets as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Officer’s advances</div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>Christos Traios, our President, Chief Executive Officer and sole Director advanced the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$78,500.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Revolving Line of Credit</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>Christos Traios provided finance to the Company of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$63,000,</div> under the terms of the LOC Note, signed by and between Mr. Traios and Petrogress, Inc. on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 13, 2017. </div>During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>the respective finance provided by Christos Traios to the Company was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$275,000.</div> See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> – Loan facility from related party of the consolidated financial statements for further information.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Capital transactions</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>Petrogress Int’l LLC purchased from Mr. Traios <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,080,000</div> shares of Petrogres Africa Company Limited (“PGAF”), a Ghanaian limited company. The shares of PGAF acquired comprise <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of its issued and outstanding shares. The acquisition is vital for the Company’s strategic objective to expand operations and its presence in West Africa. The initial consideration for the forgoing shares was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,080,000</div> and Mr. Traios forgave an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$180,000</div> leading to a final consideration of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$900,000</div> included in Amounts due to related party in the Consolidated Balance Sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">PGAF was incorporated in the summer of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and holds a current Ghanaian business permit and is authorized to conduct local sales of oil products and shipping business from the Port of Tema in Greater Accra. Port facilities in Tema will provide a service and operations hub for the Company tankers currently involved in West Africa and Nigerian oil trading and transport.   The Port of Tema also serves as a secondary hub for repair, supply and transport ship operators servicing Ghana’s Tano Basin offshore oil fields in the Gulf of Guinea. Through Petrogres Africa Company Limited, the Company will strengthen its presence and position a promising market in West Africa and sub-Saharan countries with a population of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.3</div> billion people designated as the next developing region. </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Mr. Traios initially acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of PGAF shares at their par value for a consideration of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$900,000,</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 17, 2017. </div>The Company has accounted for the purchase of shares of PGAF as a business acquisition under common control and as such, the assets have been transferred at carrying costs as of the date of acquisition, and the activity of the acquired entity has been combined as of the date common control as established in line with the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">August17,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Company has accounted for the purchase of shares of PGAF as a business acquisition under common control and as such, the assets have been transferred at carrying costs as of the date of acquisition, and the activity of the acquired entity has been combined as of the date common control as established in line with the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">805</div> - <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50</div> - <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> - <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 17, 2017.  </div>The difference between the consideration paid by Mr. Traios, and the net assets of PGAF on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 17, 2017, </div>has been allocated to goodwill. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year from the date of acquisition to finalize the valuation analysis and has engaged a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> -party valuation specialist for this assessment. The business combination is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> material for disclosure of pro-forma accounts.  The Company has recognized Non-controlling interests equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000</div> as of the date common control was established.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Since the date common control was established, PGAF has contributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,057,000</div> of revenue to the Company, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$332,000</div> was recognized during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Partnership Agreement with Platon Gas Oil Ghana Ltd (“Platon”)</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2018 </div>Petrogres Co. Limited entered into a Partnership Agreement with Platon, that is intended to be renewed on an annual basis, pursuant to which Petrogres Co. Limited will supply crude oil for storage, refinement, marketing and distribution in Ghana jointly with Platon. Under the Partnership Agreement, Petrogres Co. Limited is expected to deliver <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,000</div> - <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> metric tons of crude oil on a monthly basis for storage and processing by Platon into various petroleum products, including gas oil, blend stocks, cutter stock and other feedstock. Platon will also be expected to market and distribute the refined petroleum products. Net profits from the sale of the petroleum products will be split evenly between Petrogres Co. Limited and Platon. As of the execution of the Partnership Agreement, Petrogres Co. Limited appointed its local commercial manager and its accountant to perform the daily supervision and monitoring of the storage, processing and of the sales of the refined products to local buyers, including the marketing and distribution.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company accounts for this agreement under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">808</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Collaborative Agreements, and has recognized the portion of revenues and expenses attributed to the Company. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company has recognized <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,173,264</div> in proportionate revenues in the Partnership Agreement.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; text-decoration: underline;">Issuance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> Series A Preference shares</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">During the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the Company issued to Mr. Traios <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> Series A Preference shares with a par value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100</div> each. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>this amount is due to the Company and was classified under Additional paid-in capital.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The table below presents the movement of the amounts due to Christos Traios during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 20%; margin-left: 9pt; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 81%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Amounts due to related party balance December 31, 2017</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-top-color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-top-width: thin; border-bottom-width: 1px; border-top-style: solid; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,243,753 </div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wages accrued to Christos Traios</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(210,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Wages paid to Christos Traios, in cash</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,500</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">Amounts due to related party balance March 31, 2018</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">1,069,782 </div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div></div>

26767

275000

15000

7500

1129303

1008823

1057000

332000

2173264

2565264

4019113

541313

1680419

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - Summary of Significant Accounting Policies</div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Cash and Cash Equivalents</div></div></div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We consider all highly liquid investments with an original term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less to be cash equivalents.</div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Accounts Receivable, net</div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The amount shown as Accounts receivables, net at each balance sheet date includes estimated recoveries from customers and charterers for sales of oil products, hires, freight and demurrage billings, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of non-payment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable. The determination of bad debt allowance constitutes a significant estimate.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> allowances for doubtful debts.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Inventories</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company's inventories consist primarily of purchased gas oil and crude oil at the respective balance sheet date, and is valued at the lower of cost or market using the mark-to-market method of valuation.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Vessels and other fixed assets, net</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">In accordance with the appropriate sections of the Fixed Asset topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively, management has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provided any impairment for the future recoverability of these assets.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We depreciate our vessels on a straight-line basis over the estimated useful life which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years from the date of their transfer to the Company. Depreciation is calculated based on a vessel’s cost less the estimated residual value. The estimated useful lives of vessels and equipment are as follows:</div> <div style=" margin: 0pt; text-align: justify; text-indent: 27.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin: 0pt auto 0pt 18pt; text-indent: 0px; font-family: "Times New Roman", Times, Serif; font-size: 10pt; min-width: 700px;"> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Vessels (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">10</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Office equipment and furniture (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">10</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> <tr style="font-family: "Times New Roman", Times, Serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="width: 86.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">Computer hardware (in years)</div> </td> <td style="width: 1.1%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 1.8%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> <td style="width: 9.3%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div><div style=" margin: 0pt; text-align: center; font-family: "Times New Roman", Times, Serif; font-size: 10pt;">5</div> </td> <td style="width: 1.4%; font-family: "Times New Roman", Times, Serif; font-size: 10pt; vertical-align: bottom;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, Serif; font-size: 10pt;"> </div> </td> </tr> </table> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Organization costs</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We have adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Income taxes</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We file income tax returns in various jurisdictions, as appropriate and required. We were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2012.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We account for income taxes in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> Income Taxes. We recognize deferred tax assets and liabilities to reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. We record a valuation allowance related to a deferred tax asset when it is more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that some portion of the deferred tax asset will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. We classify interest and penalties as a component of interest and other expenses. To date, we have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> incurred any liability for unrecognized tax benefits, including assessments of penalties and/or interest.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We measure and record uncertain tax positions by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recognition threshold at the effective date <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recognized or continue to be recognized. Our tax years subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011</div> remain subject to examination by federal and state tax jurisdictions.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Earnings</div></div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Per Share</div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The Company reports earnings per share in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">260,</div> "Earnings per Share." Basic earnings (loss) per share is computed by dividing net income (loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing income by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period.</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"></div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Accounting for</div></div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Equity</div></div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">-based</div></div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Payments</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We account for stock awards issued to non-employees in accordance with ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">505</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50,</div> Equity-Based Payments to Non-Employees. The measurement date is the earlier of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) the date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective measurement dates based on the trading price of our common stock and recognized as expense during the period in which services are provided.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Comprehensive Income</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We adopted ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220,</div> "Comprehensive Income." This statement establishes standards for reporting comprehensive income and its components in a financial statement. Comprehensive income as defined includes all changes in equity (net assets) during a period from non-owner sources. Items included in Comprehensive loss consist of cancellation of available-for-sale securities and foreign currency translation adjustments.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: 36pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We recognize revenue in accordance with FASB ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> Revenue Recognition. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div> requires that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> basic criteria are met (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) persuasive evidence of an arrangement exists, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) delivery of products and services has occurred, (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) the fee is fixed or determinable and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) collectability is reasonably assured.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Fair Value of Financial Instruments</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"> </div></div></div> <div style=" margin: 0pt; text-align: justify; text-indent: -0.05pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Our financial instruments consist primarily of cash, accounts receivable, inventory, accounts payable and accrued expenses.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, as applicable, approximates fair value due to the short -term nature of these items and/or the current interest rates payable in relation to current market conditions.</div> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use derivative instruments to moderate its exposure to interest rate risk, if any.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use derivative instruments to moderate its exposure to financial risk, if any.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Fair value measurements are determined under a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of the reporting entity (“observable inputs”) and the reporting entity ’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we primarily use prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). We also consider the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> orderly.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> measurements) and the lowest priority to unobservable inputs (Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> hierarchy levels are defined as follows:</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> - Quoted prices in active markets that is unadjusted and accessible at the measure ment date for identical, unrestricted assets or liabilities;</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - Quoted prices for identical assets and liabilities in markets that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly;</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; text-indent: -0.05pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Credit risk adjustments are applied to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments but incorporates the Company’s own credit risk as observed in the credit default swap market.</div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Effects of Recent Accounting Pronouncements</div></div> <div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet adopted</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </div> <div style=" margin: 0pt; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt;">We discuss new accounting standards which have been issued but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet adopted, their required date of adoption and/or planned date to adopt, if earlier, and the anticipated impact that adoption of the standards are expected to have on our financial position and results of operations in Part I, Item <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - Management's Discussion and Analysis of Financial Condition and Results of Operations, of this Report.</div></div>

210000

136000000

1080000

1200000

139880000

100

10000000

2903225

4758128

18120

22500

297500

10743719

10115015

529323931

164474106

329923391

161016555

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Foreign currency translation adjustment Depreciation Depreciation, Total Depreciation expense us-gaap_AssetsCurrent Total current assets Non-Current Assets Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] Stockholders' Equity Note Disclosure [Text Block] Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 344,607,672 and 317,875,807 shares issued and outstanding as of March 31, 2018 and December 31, 2017 respectively Measurement Frequency [Axis] Adjustments to reconcile net income to net cash provided by (used in) operating activities: Fair Value, Measurement Frequency [Domain] Fair Value, Measurements, Recurring [Member] Common stock, shares authorized (in shares) Common Stock, Shares Authorized Accounts payable and accrued expenses Common stock, shares issued (in shares) Common stock, par value (in dollars per share) Common Stock, Par or Stated Value Per Share pgas_LineOfCreditFacilityAmountConverted Amount converted in shares of Common stock Amount of credit facility that has been converted. 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Revenue Recognition, Policy [Policy Text Block] Statement [Line Items] pgas_NumberOfCustomers Number of Customers Represents the number of major customers accounting for 10% or more of the specified concentration risk benchmark, which includes, but not limited to, sales revenue, accounts receivable, etc. us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent Allowance for Doubtful Accounts Receivable, Current, Ending Balance Accounts receivable, net Additional paid-in capital Ceded Credit Risk, Disclosure Shareholders' equity: Property, Plant and Equipment, Policy [Policy Text Block] Other income, net Property, Plant and Equipment, Type [Axis] us-gaap_NonoperatingIncomeExpense Total other income, net Property, Plant and Equipment, Type [Domain] Current Assets Net income attributable to: Fair Value Disclosures [Text Block] pgas_GainLossOnSettlementOfDebt Gain on settlement of convertible promissory notes The amount of gain (loss) resulting from the settlement of debt. pgas_ChangeInFairValueOfSharesPrepaidForServices Change in Fair value of share-based payments issued for services Amount of change in fair value of shares prepaid for services to be rendered. us-gaap_NetIncomeLoss Owners of the company Inventory, Policy [Policy Text Block] us-gaap_Liabilities Total liabilities Loan facility from related party pgas_LoanFacilityFromRelatedPartyFairValueDisclosure The fair value of loans held related parties. us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash provided by/ (used in) financing activities us-gaap_NetIncomeLossAttributableToNoncontrollingInterest Non-controlling interests Petrogres Co. 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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2018	May 07, 2018
Document Information [Line Items]
Entity Registrant Name	Petrogress, Inc.
Entity Central Index Key	0001558465
Trading Symbol	pgas
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		344,607,672
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 500,186	$ 1,150,999
Accounts receivable, net	6,141,023	4,508,885
Inventories	173,376	171,500
Prepaid expenses and other current assets	992,510	1,043,623
Total current assets	7,807,095	6,875,007
Non-Current Assets
Goodwill	900,000	900,000
Net property and equipment	5,138,929	5,281,949
Security deposit	7,655	7,573
Total non-current assets	6,046,584	6,189,522
Total Assets	13,853,679	13,064,529
Current Liabilities
Accounts payable and accrued expenses	1,862,656	1,299,964
Due to related party	1,069,782	1,243,753
Loan facility from related party	85,400	297,400
Accrued Interest		9,639
Total current liabilities	3,017,838	2,850,756
Total liabilities	3,017,838	2,850,756
Commitments and Contingencies
Shareholders' equity:
Preferred stock, value
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 344,607,672 and 317,875,807 shares issued and outstanding as of March 31, 2018 and December 31, 2017 respectively	344,608	317,876
Additional paid-in capital	9,266,828	8,786,060
Accumulated comprehensive income	(7,020)	(7,744)
Accumulated profit	1,129,303	1,008,823
Equity attributable to Owners of the Company	10,743,719	10,115,015
Non-controlling interests	92,122	98,758
Total liabilities and shareholders' equity	13,853,679	13,064,529
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred stock, value	$ 10,000	$ 10,000

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	100	0
Preferred stock, shares outstanding (in shares)	100	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares issued (in shares)	344,607,672	317,875,807
Common stock, shares outstanding (in shares)	344,607,672	317,875,807
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 100	$ 0
Preferred stock, shares authorized (in shares)	100	0
Preferred stock, shares issued (in shares)	100	0
Preferred stock, shares outstanding (in shares)	100	0

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 2,565,264	$ 4,019,113
Costs of goods sold	(1,406,537)	(1,839,989)
Gross profit	1,158,727	2,179,124
Operating expenses:
Corporate expenses	(300,138)	(73,398)
General operating and administrative expenses	(541,313)	(1,680,419)
Depreciation expense	(227,619)	(219,094)
Total operating expenses	(1,069,070)	(1,972,911)
Operating income/ (loss) before other expenses and income taxes	89,657	206,213
Other income/ (expense), net:
Interest and finance expenses	(1,427)
Other income, net	25,614	1,105
Total other income, net	24,187	1,105
Income before income taxes	113,844	207,318
Income tax expense
Net income	113,844	207,318
Net income attributable to:
Owners of the company	120,480	207,318
Non-controlling interests	6,636
Net income:	113,844	207,318
Foreign currency translation adjustment	724
Comprehensive income	114,568	207,318
Comprehensive income attributable to:
Owners of the company	121,204	207,318
Non-controlling interests	(6,636)
	$ 114,568	$ 207,318
Weighted average number of shares of Common Stock:
Basic (in shares)	329,923,391	161,016,555
Diluted (in shares)	529,323,931	164,474,106
Basic earnings per share (in dollars per share)	$ (0.0003)	$ 0.0013
Diluted earnings per share (in dollars per share)	$ (0.0002)	$ 0.0013

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income:	$ 113,844	$ 207,318
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	227,619	219,094
Net cash acquired in recapitalization		(502)
Change in Fair value of share-based payments issued for services	153,178
Gain on settlement of convertible promissory notes	(12,835)
Changes in working capital:
- (Increase)/Decrease in Accounts receivable, net	(1,632,138)	(622,043)
- (Increase)/ decrease in Inventories	(1,876)
-Amounts due from related party	58,529
- (Increase)/Decrease in Prepaid expenses and other current assets	(102,146)	386,788
- Increase in Accounts payable and accrued expenses	562,692	102,477
- Decrease in Amounts due to related party		(26,100)
- Increase/ (decrease) in Accrued Interest	3,196
Net cash provided by/ (used in) operating activities	(629,937)	267,032
Purchase of property plant and equipment	(84,600)
Contribution in Joint Venture
Net cash used in investing activities	(84,600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loan facility from related party	63,000
Net cash provided by/ (used in) financing activities	63,000
Effect of exchange rate changes on cash	724
Net (decrease)/ increase in cash and cash equivalents	(650,813)	267,032
Cash and cash equivalents, Beginning of Period	1,150,999	362,083
Cash and cash equivalents, End of Period	500,186	629,115
Cash paid for interest expense
Cash paid for income taxes
Non-cash investing and financing activities:
Common stock issued for settlement of notes and interest payable	297,500
Common stock issued for settlement of services	$ 210,000

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Note 1 - Background and Description of Business and Preparation of Financial Statements	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 - Background and Description of Business and Preparation of Financial Statements Nature of the Business Petrogress, Inc. was incorporated on February 10, 2010 under the laws of the State of Florida as 800 Commerce, Inc. ( “800 Commerce”) and was formed for the purpose of marketing credit card processing services on behalf of merchant payment processing service providers. On February 29, 2016, 800 Commerce entered into an Agreement concerning the Exchange of Securities (“SEA”) with Petrogres Co. Limited, a Marshall Islands corporation, and its sole shareholder, Christos Traios, a Greek citizen. 800 Commerce issued 136,000,000 shares of restricted Common Stock, representing approximately 85% of the post-transaction issued and outstanding shares, to Mr. Traios in exchange for 100% of the shares of Petrogres Co. Limited. In connection with the transaction, Mr. Traios was appointed as a director of 800 Commerce, and it amended its constituent documents to increase its authorized capital to 490,000,000 shares of Common Stock, par value $0.001, and 10,000,000 preferred shares, par value $0.001. 800 Commerce’s acquisition of Petrogres Co. Limited effected a change in control and was accounted for as a “reverse acquisition” whereby Petrogres Co. Limited was the acquirer for financial statement purposes. Accordingly, the historical financial statements of 800 Commerce are those of Petrogres Co. Limited and its subsidiaries from their respective inception and those of the consolidated entity subsequent to the February 29, 2016 transaction date. On March 9, 2016, 800 Commerce’s Board of Directors approved an amendment to 800 Commerce’s Articles of Incorporation to change the name of the Company to Petrogress, Inc. On March 15, 2016, Mr. Traios was appointed Chief Executive Officer. On November 16, 2016, Petrogress filed Articles of Merger and Plan of Merger in Florida and Delaware to change the Company’s domicile by merging with and into a Delaware corporation formed solely for the purpose of effecting the reincorporation. The Company’s name and capitalization remained the same, and the Articles of Incorporation and Bylaws of the Delaware corporation are the constituent documents of the surviving corporation. The Company operates as a fully integrated international merchant of petroleum products, focused on the supply and trade of light petroleum fuel oil (LPFO), refined oil products and other petrochemical products to local refineries in West Africa and Mediterranean countries. The Company operates as a holding company and provides its services primarily through its four wholly-owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of its beneficially-owned affiliated tanker fleet, currently consisting of four vessels; Petrogress Int’l LLC, which is a holding company for subsidiaries currently conducting business in Cyprus and Ghana; and Petrogress Oil & Gas Energy Inc., which is primarily focused on purchasing interests in oil fields in Texas and exporting liquefied natural gas. The accompanying unaudited condensed interim consolidated financial statements (the “Interim Statements”) have been prepared pursuant to the rules and regulations for reporting on Securities and Exchange Commission (the “SEC”) Form 10 -Q. Accordingly, certain information and disclosures required by generally accepted accounting principles for complete consolidated financial statements are not included herein. The Interim Statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s latest Annual Report on Form 10 -K for the year ended December 31, 2017 as filed with the SEC on March 29, 2018. The interim results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018 or for any future interim periods. The Company’s management team operates from its principal offices located in Piraeus, Greece. Basis of Presentation The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and has elected a year-end of December 31. Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries. We list our significant subsidiaries below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Delaware) Petrogress Int’l LLC (Delaware) Overview of Significant Subsidiaries Petrogres Co. Limited Petrogres Co. Limited, is a Marshall Islands corporation, incorporated in 2009 with the purpose of supplying crude oil and other oil products in West Africa. Since its inception, Petrogres Co. Limited has evolved its business from focusing solely on fleet and tanker ship operations to expand into the oil and gas industry as a trader and merchant of oil. Over the last five years, Petrogres Co. Limited has strengthened its position in the oil and gas industry by combining its regional market knowledge with over 25 years of experience to successfully establish both its midstream and downstream operations to serve markets primarily located in West Africa and the Mediterranean. On February 28, 2018 Petrogres Co. Limited entered into a Partnership Agreement with Platon Gas Oil Ghana Limited, an oil refinery and importer of various petroleum products based in Ghana (“Platon”) that is intended to be renewed on an annual basis, pursuant to which Petrogres Co. Limited will supply crude oil for storage, refinement, marketing and distribution in Ghana by Platon. Under the Partnership Agreement, Petrogres Co. Limited is expected to deliver 3,000 - 5,000 metric tons of crude oil on a monthly basis for storage and processing by Platon into various petroleum products, including crude oil, blend stocks, cutter stock and other feedstock. Platon will also be expected to market and distribute the refined petroleum products. Net profits from the sale of the petroleum products will be split evenly between Petrogres Co. Limited and Platon. As of the execution of the Partnership Agreement, Petrogres Co. Limited appointed its local commercial manager and its accountant to perform the daily supervision and monitoring of the storage, processing and of the sales of the refined products to local buyers, including the marketing and distribution. Petronav Carriers LLC Petronav Carriers LLC, is a Delaware limited liability company, incorporated in March 2016 for the purpose of managing the day-to-day operations of four vessels, which are used to transport the Company’s petroleum products within various countries in West Africa. Petronav Carriers LLC is actively exploring opportunities to expand its operations by identifying and acquiring additional vessels to expand its fleet. On these grounds, Petronav Carriers LLC is currently in negotiations with certain owners/sellers to purchase more tanker vessels, subject to establishing the necessary financing. Petrogress Int’l LLC Petrogress Int’l LLC, is a Delaware limited liability company, acquired by the Company in September 2017 with the purpose of acting as a holding company for conducting business across the world, including Cyprus, Middle East, and West Africa as an oil energy corporation. In September 2017, through Petrogress Int’l LLC, the Company formed PG Cypyard & Offshore Service Terminal Ltd., to obtain a long term lease from Cyprus Port Authorities (CPA), the area that F&T Investment used as shipyard located at Limassol port. PG Cypyard & Offshore Service Terminal Ltd. is also expected to improve the leased area by providing facilities and services to offshore platforms that will be operating in the exploration and production of natural gas in Cyprus economy zone. The project is ongoing and we are in close negotiations with CPA. In February 2018, Petrogress Int’l LLC executed a Representation/Agency agreement with Mr. Louizos George, with the aim of establishing its representation in Erbil, Iraq. Mr. Louizos is handling on behalf of Petrogress Int’l LLC the negotiations with SOMO (the Iraqi National Oil Company) to register the company as a buyer and obtain an allocation of Basrah Light Crude Oil for 1,000,000 barrels per month under a long term contract. The registration process is ongoing and we hope to finalize it within the second quarter 2018. In March 2018, the Company appointed Mr. Osy Adah as its representative in Nigeria. Mr. Adah is a Nigerian Citizen who has previously worked as a manager in major Nigerian oil companies. Through our representative, we have commenced the procedures for the registration of Petrogress Int’l LLC with Nigeria National Petroleum Company (NNPC) for an allocation for supplying half million barrels of Bonny light on monthly terms. On March 23, 2018, Petrogress Int’l LLC, executed another Partnership agreement with a Nigeria Oil storing company Gonzena Hydrocarbons and Energy Co. Ltd (“Gonzena”), which is located in Koko Town of Delta River and operates in the store and distribution of oil products into local Nigerian market. A new entity will be formed which is to be named P&G Nigeria Oil Company Ltd (“PEGNOC)” to which Petrogress Int’l LLC and Gonzena will participate in 55% and 45% respectively. PEGNOC will be assigned from Gonzena two oil tanks each with a capacity of 15,000 liters. Petrogress Oil & Gas Energy Inc. Petrogress Oil & Gas Energy Inc., is a Texas corporation, incorporated in December 2015 and is focused on identifying and acquiring suitable interests in oil fields in Texas to allow for the Company’s expansion of its operations to include oil refinery production based within the United States and to export liquefied natural gas (“LNG”) to Mediterranean markets. On September 2017, Petrogress Oil & Gas Energy Inc. through its affiliated company Petrogres Africa Company Limited, commenced negotiations with Ghana National Petroleum Company (“GNPC”) for the exploration of the oil fields in Saltpond basin and the repairs of the oil rig-platform “APG- 1” where a survey on the of the platform is carried-out by a US specialist, for the assessment of the repairs cost of the platform and the improvement of the oil production. The Saltpond oil fields, including the APG- 1 platform, were operated by the Texas corporation Lushann International Energy, Inc. (“Lushann”), under a Petroleum Agreement with GNPC since 2004 (the “Petroleum Agreement”). Due to financial and technical issues the Petroleum Agreement was suspended by GNPC on August 2017 and the operations in Saltpond ceased. Based on our interest on re-commencing the operations and to continue the oil production, we conducted negotiations with Lushann, which were concluded on February 16 2018, with the execution of a Memorandum of Understanding between Petrogress Oil & Gas Energy Inc. and Lushann. Under the terms of this memorandum, Petrogress Oil & Gas Energy Inc. elected to play the role of a farm-in-partner in the crude oil and the associated gas production in the developing area of 12 km² of the Saltpond oil field. The parties have agreed to form a Ghanaian limited liability company to be named PG – Saltpond Offshore Oil Production & Development Co., Limited (“SODCO”). Subject to the removal of the suspension of the Petroleum Agreement, and the assignment of 65% of SODCO to Petrogress Oil & Gas Energy Inc., the latter intends to undertake the necessary repairs and improvements of the APG- 1 platform, and arrange a cash investment of $3.5 million plus a credit line of $15.0 million. The agreement is expected to be finalized in May 2018. Our business structure affords us with full control of the logistics involved in oil sourcing and the transportation of our products by our affiliated vessels, which we believe to be a competitive advantage in West African markets. By directly controlling all aspects of our operations, as opposed to engaging the services of third -parties at potentially higher costs, we are able to keep costs low and thus generate revenue from a number of different sources. Emerging Growth Company We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7 (a)( 2 )(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Reclassifications For the three months ended March 31, 2017 we reclassified specific amounts of expenses in order to conform to current year presentations of our results. In the year ended 2017, the Company identified and renamed certain income statement classifications. Reclassifications were made in line to more accurately present the nature of the business. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements filed with the SEC on its Form 10 -K for the year ended December 31, 2017. The information presented within these Interim Statements may not include all disclosures required by GAAP and the users of financial information provided for interim periods should refer to the annual financial information and footnotes when reviewing the interim financial results presented herein. In the opinion of management, the accompanying interim financial statements, prepared in accordance with the SEC’s instructions for Form 10 -Q, are unaudited and contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows of the Company for the respective interim periods presented. The current period results of operations are not necessarily indicative of results which ultimately will be reported for the full fiscal year ending December 31, 2018.

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Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note

- Summary of Significant Accounting Policies

Cash and Cash Equivalents

We consider all highly liquid investments with an original term of

three

months or less to be cash equivalents.

Accounts Receivable, net

not

recoverable. The determination of bad debt allowance constitutes a significant estimate.

For the

three

months ended

March 31, 2018

and

three

months ended

March 31, 2017,

there were

allowances for doubtful debts.

Inventories

Vessels and other fixed assets, net

three

months ended

March 31, 2018

and

2017,

respectively, management has

not

provided any impairment for the future recoverability of these assets.

We depreciate our vessels on a straight-line basis over the estimated useful life which is

years from the date of their transfer to the Company. Depreciation is calculated based on a vessel’s cost less the estimated residual value. The estimated useful lives of vessels and equipment are as follows:

Vessels (in years)			10
Office equipment and furniture (in years)			10
Computer hardware (in years)			5

Organization costs

Income taxes

We file income tax returns in various jurisdictions, as appropriate and required. We were

not

subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to

January 1, 2012.

We account for income taxes in accordance with ASC

740

10,

Income Taxes. We recognize deferred tax assets and liabilities to reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. We record a valuation allowance related to a deferred tax asset when it is more likely than

not

that some portion of the deferred tax asset will

not

be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.

ASC

740

prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. We classify interest and penalties as a component of interest and other expenses. To date, we have

not

incurred any liability for unrecognized tax benefits, including assessments of penalties and/or interest.

not

recognition threshold at the effective date

may

be recognized or continue to be recognized. Our tax years subsequent to

2011

remain subject to examination by federal and state tax jurisdictions.

Earnings

Per Share

The Company reports earnings per share in accordance with ASC

260,

"Earnings per Share." Basic earnings (loss) per share is computed by dividing net income (loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing income by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period.

Accounting for

Equity

-based

Payments

We account for stock awards issued to non-employees in accordance with ASC

505

50,

Equity-Based Payments to Non-Employees. The measurement date is the earlier of (

) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (

) the date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective measurement dates based on the trading price of our common stock and recognized as expense during the period in which services are provided.

Comprehensive Income

We adopted ASC Topic

220,

"Comprehensive Income." This statement establishes standards for reporting comprehensive income and its components in a financial statement. Comprehensive income as defined includes all changes in equity (net assets) during a period from non-owner sources. Items included in Comprehensive loss consist of cancellation of available-for-sale securities and foreign currency translation adjustments.

Revenue Recognition

We recognize revenue in accordance with FASB ASC

605,

Revenue Recognition. ASC

605

requires that

four

basic criteria are met (

) persuasive evidence of an arrangement exists, (

) delivery of products and services has occurred, (

) the fee is fixed or determinable and (

) collectability is reasonably assured.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, accounts receivable, inventory, accounts payable and accrued expenses.

Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do

not

use derivative instruments to moderate its exposure to interest rate risk, if any.

Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do

not

use derivative instruments to moderate its exposure to financial risk, if any.

Fair value measurements are determined under a

three

-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of the reporting entity (“observable inputs”) and the reporting entity ’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we primarily use prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). We also consider the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are

not

orderly.

The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level

measurements) and the lowest priority to unobservable inputs (Level

measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The

three

hierarchy levels are defined as follows:

Level

- Quoted prices in active markets that is unadjusted and accessible at the measure ment date for identical, unrestricted assets or liabilities;

Level

- Quoted prices for identical assets and liabilities in markets that are

not

active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly;

Level

- Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

Effects of Recent Accounting Pronouncements

not

yet adopted

We discuss new accounting standards which have been issued but

not

yet adopted, their required date of adoption and/or planned date to adopt, if earlier, and the anticipated impact that adoption of the standards are expected to have on our financial position and results of operations in Part I, Item

- Management's Discussion and Analysis of Financial Condition and Results of Operations, of this Report.

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Note 3 - Concentrations of Credit Risk	3 Months Ended
Note 3 - Concentrations of Credit Risk	Mar. 31, 2018
Notes to Financial Statements
Revenue Concentrations Disclosure [Text Block]	Note 3 – Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivables. Concentrations of credit risk with respect to trade receivables are limited due to the short payment terms dictated by the industry and operating environment. As of March 31, 2018, and December 31, 2017, management is of the opinion that the Company had no significant concentrations of credit risk.

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Note 4 - Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note

- Fair Value of Financial Instruments

The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of

March 31, 2018

and

December 31, 2017,

respectively, for each fair value hierarchy level:

	Total		Level 1		Level 2		Level 3
March 31, 2018
Loan facility from related party	$	85,400	$	85,400	$	-	$	-

December 31, 2017
Loan facility from related party	$	297,400	$	297,400	$	-	$	-

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

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Note 5 - Vessels and Other Fixed Assets, Net

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note

Vessels and other fixed assets, net

Vessels and other fixed assets, net consisted of the following as of

March 31, 2018

and

December 31, 2017:

	March 31, 2018			December 31, 2017			Estimated useful life (in years)
Marine vessels	$	10,171,930		$	10,171,930			10
Furniture and equipment		177,895			93,295			10
Accumulated depreciation		(5,210,896	)		(4,983,276	)
Net property and equipment	$	5,138,929		$	5,281,949

Depreciation for the

three

months ended

March 31, 2018

and

March 31, 2017,

was

$227,619

and

$219,094,

respectively.

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Note 6 - Loan Facility From Related Party

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Note Payable to Stockholder Disclosure [Text Block]

Note

– Loan facility from related party

July 13, 2017,

the Company entered into a Revolving Line of Credit Agreement (the “Agreement”) with Christos Traios, our President, Chief Executive Officer and sole Director. In accordance with the Agreement the Company also issued a

$1,000,000

Line of Credit Convertible Promissory Note (the “LOC Note”) to Christos Traios. Mr. Traios has provided the Company with additional working capital as required from time-to-time to support its operations, and the LOC Note formalizes that commitment and confirms amounts previously advanced under an informal agreement between Mr. Traios and the Company.

The LOC Note bears interest payable on the outstanding principal at

eight

percent (

) per annum. The principal and any accrued but unpaid interest on the LOC Note is due and payable on or before

July 13, 2018.

At the maturity date, the Company

may

extend and renew the LOC Note for additional terms of

twelve

(

) months, with a new effective and maturity date assigned for each successive extension and renewal. Interest is due and payable every

six

(

) months and on the Maturity Date, and each successive iteration of such dates upon extension and renewal thereafter. The principal amount of the LOC Note

may

be prepaid by the Company, in whole or in part, without penalty, at any time.

Upon the interest due date or maturity date, or any of them, regardless of any event of default, the LOC Note holder

may

demand payment of any or all of the interest due on the principal amount by delivery of a number of common shares converted at a rate of

$0.001

per share. There is

provision for any of the principal to be repaid in common stock of the Company. Except in the event of a default, in

instance

may

the LOC Note holder convert amounts due for accrued interest to the extent that said repayment in common stock will cause the Company to issue a number of shares constituting

ten

percent (

10%

) or more of the Company’s then issued and outstanding common shares.

In consideration of Mr. Traios’s extension of credit to the Company, the Company agreed to issue to him a Warrant (the "Warrant") to purchase

15,000,000

shares of the Company’s common stock at an exercise price of

$0.05

for a period of

five

years. The Warrant will provide for cashless exercise privileges, and be transferrable or assignable at the Holder’s option, with the Company’s approval. The Warrant has

not

been issued as of

March 31, 2018.

Advances from Christos Traios from inception, including activity on the LOC Note, are as follows:

Balance December 31, 2017	$	297,400
New amounts loaned to the Company by Christos Traios		63,000
Amount converted in shares of Common stock		(275,000	)
Balance March 31, 2018	$	85,400

An amount of

$15,000

and

$7,500

that Mr. Traios had borrowed to Petrogress Int'l LLC and Petrogress Oil & Gas Energy Inc., respectively, were also converted into shares of Common stock during the

three

months ended

March 31, 2018.

See also Note

– Common Stock Transactions below for further discussion.

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Note 7 - Common Stock Transactions	3 Months Ended
Note 7 - Common Stock Transactions	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7 - Common Stock Transactions On September 12, 2017, the Company issued 1,200,000 shares of Common Stock to Mammoth upon the conversion of $18,120 of principal at a conversion price of $0.06623 per share. This transaction and a cash payment of $26,767 on August 30, 2017, settled in full the Mammoth debt. On October 20, 2017, the Company issued 10,000,000 shares of Common Stock to Charles L. Stidham as compensation for future services rendered over a two - year period. The share consideration and the agreement with Mr. Stidham were disclosed in a Form S- 8 registration statement effective September 22, 2017. During the quarter ended March 31, 2018, approximately $153,000 were expensed in relation to these awards and included in Corporate expenses in the Condensed Consolidated Income Statement. On December 21, 2017, the Company issued 139,880,000 shares of Common Stock to Christos Traios, our President, Chief Executive Officer and sole Director as settlement of the 8% Convertible Promissory Note signed on May 12, 2017 for a capital of $134,600 along with the respective interest accrued as of this date. On January 12, 2018 the Company issued 2,903,225 shares of Common Stock to Christos Traios, our President, Chief Executive Officer and sole Director for the settlement of wages due equal to $90,000 that had been accrued by parent company Petrogress, Inc. as of December 31, 2017. On February 23, 2018 the Company issued 4,758,128 shares of Common Stock to Mr. Traios for the settlement of wages due equal to $120,000 that had been incurred by the parent company Petrogress, Inc. for the year ended December 31, 2016. On February 23, 2018 the Company issued 19,070,512 shares of Common Stock to Christos Traios, our President, Chief Executive Officer and sole Director as a settlement of loans equal to $297,500 he had provided to the Company as of that date. Specifically, the Company settled $275,000 of loans that Mr. Traios had provided to parent company Petrogress, Inc., and $15,000 and $7,500 that Mr. Traios had provided to Petrogress Int'l LLC and Petrogress Oil & Gas Energy Inc. respectively.

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Note 8 - Preferred Stock	3 Months Ended
Note 8 - Preferred Stock	Mar. 31, 2018
Notes to Financial Statements
Preferred Stock [Text Block]	Note 8 – Preferred stock On July 14, 2017, Christos Traios, our President, Chief Executive Officer and sole Director approved a resolution authorizing the establishment of Series A Preferred Stock. The Series A Preferred Stock consists of 100 shares in total with a re-designated par value of $100 per share. The holder(s) of the Series A shares has/have rights as a class to a number of votes equal to two ( 2 ) times the sum of: (i) the total number of shares of Common Stock which are issued and outstanding at the time of any election or vote by the shareholders; plus (ii) the number of shares of Preferred Stock issued and outstanding of any other class that has voting rights, if any. These voting rights may be exercised for any matter requiring shareholder approval by vote or consent, and may, if required, permit a number of votes in excess of the total number of shares authorized. The holder(s) of the Series A shares is/are not entitled to convert the Series A shares to shares of Common Stock or any other class of the Corporation’s stock. The Series A shares shall not be entitled to dividends, but, in the event of liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, the holder(s) of the Series A shares will be entitled to receive out of the assets of the Corporation, prior to and in preference to any distribution of the assets or surplus funds of the Corporation to the holders of any other class of preferred stock or the Common Stock, the amount of One Hundred Dollars ( $100 ) per share, and will not be entitled to receive any portion of the remaining assets of the Company except by reason of ownership of shares of any other class of the Company’s stock. The Series A shares are not subject to redemption by the Company. On October 6, 2017, the Company issued the above 100 Series A shares of Preferred stock to Christos Traios, our President, Chief Executive Officer and sole Director as provided in his employment agreement.

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Note 9 - Related Party Transactions

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Note

– Related parties transactions

Officer’s compensation

During the

three

months ended

March 31, 2018,

and

March 31, 2017,

the Company had recorded officers’ compensation of

$60,000

and

$30,000,

respectively. For the period ended

March 31, 2018,

$1,471

was paid and the remaining amount was accrued and included in Amounts Due to Related Party on the Consolidated Balance Sheets as of

March 31, 2018.

Officer’s advances

During the

three

months ended

March 31, 2017,

Christos Traios, our President, Chief Executive Officer and sole Director advanced the Company

$78,500.

Revolving Line of Credit

During the

three

months ended

March 31, 2018

Christos Traios provided finance to the Company of

$63,000,

under the terms of the LOC Note, signed by and between Mr. Traios and Petrogress, Inc. on

July 13, 2017.

During the year ended

December 31, 2017

the respective finance provided by Christos Traios to the Company was

$275,000.

See Note

– Loan facility from related party of the consolidated financial statements for further information.

Capital transactions

Effective

September 30, 2017,

Petrogress Int’l LLC purchased from Mr. Traios

1,080,000

shares of Petrogres Africa Company Limited (“PGAF”), a Ghanaian limited company. The shares of PGAF acquired comprise

90%

of its issued and outstanding shares. The acquisition is vital for the Company’s strategic objective to expand operations and its presence in West Africa. The initial consideration for the forgoing shares was

$1,080,000

and Mr. Traios forgave an amount of

$180,000

leading to a final consideration of

$900,000

included in Amounts due to related party in the Consolidated Balance Sheet as of

March 31, 2018

and

December 31, 2017.

PGAF was incorporated in the summer of

2017

and holds a current Ghanaian business permit and is authorized to conduct local sales of oil products and shipping business from the Port of Tema in Greater Accra. Port facilities in Tema will provide a service and operations hub for the Company tankers currently involved in West Africa and Nigerian oil trading and transport. The Port of Tema also serves as a secondary hub for repair, supply and transport ship operators servicing Ghana’s Tano Basin offshore oil fields in the Gulf of Guinea. Through Petrogres Africa Company Limited, the Company will strengthen its presence and position a promising market in West Africa and sub-Saharan countries with a population of more than

1.3

billion people designated as the next developing region.

Mr. Traios initially acquired

90%

of PGAF shares at their par value for a consideration of

$900,000,

August 17, 2017.

The Company has accounted for the purchase of shares of PGAF as a business acquisition under common control and as such, the assets have been transferred at carrying costs as of the date of acquisition, and the activity of the acquired entity has been combined as of the date common control as established in line with the provisions of ASC

805

August17,

2017.

805

August 17, 2017.

The difference between the consideration paid by Mr. Traios, and the net assets of PGAF on

August 17, 2017,

has been allocated to goodwill. The Company has

one

year from the date of acquisition to finalize the valuation analysis and has engaged a

third

-party valuation specialist for this assessment. The business combination is

not

material for disclosure of pro-forma accounts. The Company has recognized Non-controlling interests equal to

$100,000

as of the date common control was established.

Since the date common control was established, PGAF has contributed

$1,057,000

of revenue to the Company, of which

$332,000

was recognized during the

three

months ended

March 31, 2018.

Partnership Agreement with Platon Gas Oil Ghana Ltd (“Platon”)

February 28, 2018

Petrogres Co. Limited entered into a Partnership Agreement with Platon, that is intended to be renewed on an annual basis, pursuant to which Petrogres Co. Limited will supply crude oil for storage, refinement, marketing and distribution in Ghana jointly with Platon. Under the Partnership Agreement, Petrogres Co. Limited is expected to deliver

3,000

5,000

metric tons of crude oil on a monthly basis for storage and processing by Platon into various petroleum products, including gas oil, blend stocks, cutter stock and other feedstock. Platon will also be expected to market and distribute the refined petroleum products. Net profits from the sale of the petroleum products will be split evenly between Petrogres Co. Limited and Platon. As of the execution of the Partnership Agreement, Petrogres Co. Limited appointed its local commercial manager and its accountant to perform the daily supervision and monitoring of the storage, processing and of the sales of the refined products to local buyers, including the marketing and distribution.

The Company accounts for this agreement under ASC

808

10,

Collaborative Agreements, and has recognized the portion of revenues and expenses attributed to the Company. During the

three

months ended

March 31, 2018,

the Company has recognized

$2,173,264

in proportionate revenues in the Partnership Agreement.

Issuance of

100

Series A Preference shares

During the year ended

December 31, 2017,

the Company issued to Mr. Traios

100

Series A Preference shares with a par value of

$100

each. As of

December 31, 2017

this amount is due to the Company and was classified under Additional paid-in capital.

The table below presents the movement of the amounts due to Christos Traios during the

three

months ended

March 31, 2018.

Amounts due to related party balance December 31, 2017	$	1,243,753
Wages accrued to Christos Traios		60,000
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.		(210,000	)
Wages paid to Christos Traios, in cash		(1,471	)
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.		(22,500	)
Amounts due to related party balance March 31, 2018	$	1,069,782

XML 26 R15.htm IDEA: XBRL DOCUMENT

Note 10 - Revenue Concentrations	3 Months Ended
Note 10 - Revenue Concentrations	Mar. 31, 2018
Notes to Financial Statements
Ceded Credit Risk, Disclosure	Note 10 - Revenue Concentrations The Company sells to commercial customers in foreign markets. For the three months ended March 2018, two customers represented more than 10.0% each of consolidated revenue. For the three months ended March 2017, five customers presented more than 10% each of consolidated revenues. As of March 31, 2018 and December 31, 2017, four customers represented more than 10% each of consolidated accounts receivable.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Note 11 - Subsequent Events	3 Months Ended
Note 11 - Subsequent Events	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11 - Subsequent Events Nikolaos Mourtzanos resigned as the Chief Financial Officer of Petrogress, Inc. effective as of April 30, 2018. The responsibilities of the principal financial officer of the company will be undertaken by Christos Traios, our President and Chief Executive Officer, until such time as a successor Chief Financial Officer is appointed. On May 9, 2018, the Company entered into an Amendment No. 2 to the employment agreement with Christos Traios, President and Chief Executive Officer and sole Director of the Company, pursuant to which the parties agreed to reduce Mr. Traios’ base salary to $5,000 per month.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

We consider all highly liquid investments with an original term of

three

months or less to be cash equivalents.

Receivables, Policy [Policy Text Block]

Accounts Receivable, net

not

recoverable. The determination of bad debt allowance constitutes a significant estimate.

For the

three

months ended

March 31, 2018

and

three

months ended

March 31, 2017,

there were

allowances for doubtful debts.

Inventory, Policy [Policy Text Block]

Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

Vessels and other fixed assets, net

three

months ended

March 31, 2018

and

2017,

respectively, management has

not

provided any impairment for the future recoverability of these assets.

We depreciate our vessels on a straight-line basis over the estimated useful life which is

Vessels (in years)			10
Office equipment and furniture (in years)			10
Computer hardware (in years)			5

Organization Costs, Policy [Policy Text Block]

Organization costs

Income Tax, Policy [Policy Text Block]

Income taxes

We file income tax returns in various jurisdictions, as appropriate and required. We were

not

subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to

January 1, 2012.

We account for income taxes in accordance with ASC

740

10,

not

that some portion of the deferred tax asset will

not

be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment.

ASC

740

not

incurred any liability for unrecognized tax benefits, including assessments of penalties and/or interest.

not

recognition threshold at the effective date

may

be recognized or continue to be recognized. Our tax years subsequent to

2011

remain subject to examination by federal and state tax jurisdictions.

Earnings Per Share, Policy [Policy Text Block]

Earnings

Per Share

The Company reports earnings per share in accordance with ASC

260,

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Accounting for

Equity

-based

Payments

We account for stock awards issued to non-employees in accordance with ASC

505

50,

Equity-Based Payments to Non-Employees. The measurement date is the earlier of (

) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (

Comprehensive Income, Policy [Policy Text Block]

Comprehensive Income

We adopted ASC Topic

220,

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

We recognize revenue in accordance with FASB ASC

605,

Revenue Recognition. ASC

605

requires that

four

basic criteria are met (

) persuasive evidence of an arrangement exists, (

) delivery of products and services has occurred, (

) the fee is fixed or determinable and (

) collectability is reasonably assured.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, accounts receivable, inventory, accounts payable and accrued expenses.

Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do

not

use derivative instruments to moderate its exposure to interest rate risk, if any.

Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do

not

use derivative instruments to moderate its exposure to financial risk, if any.

Fair value measurements are determined under a

three

not

orderly.

The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level

measurements) and the lowest priority to unobservable inputs (Level

measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The

three

hierarchy levels are defined as follows:

Level

- Quoted prices in active markets that is unadjusted and accessible at the measure ment date for identical, unrestricted assets or liabilities;

Level

- Quoted prices for identical assets and liabilities in markets that are

not

active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly;

Level

- Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

New Accounting Pronouncements, Policy [Policy Text Block]

Effects of Recent Accounting Pronouncements

not

yet adopted

We discuss new accounting standards which have been issued but

not

- Management's Discussion and Analysis of Financial Condition and Results of Operations, of this Report.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Property, Plant and Equipment, Estimated Useful Lives [Table Text Block]

Vessels (in years)			10
Office equipment and furniture (in years)			10
Computer hardware (in years)			5

XML 30 R19.htm IDEA: XBRL DOCUMENT

Note 4 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	Total		Level 1		Level 2		Level 3
March 31, 2018
Loan facility from related party	$	85,400	$	85,400	$	-	$	-

December 31, 2017
Loan facility from related party	$	297,400	$	297,400	$	-	$	-

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 5 - Vessels and Other Fixed Assets, Net (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Property, Plant and Equipment [Table Text Block]

	March 31, 2018			December 31, 2017			Estimated useful life (in years)
Marine vessels	$	10,171,930		$	10,171,930			10
Furniture and equipment		177,895			93,295			10
Accumulated depreciation		(5,210,896	)		(4,983,276	)
Net property and equipment	$	5,138,929		$	5,281,949

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 6 - Loan Facility From Related Party (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Activity on Line of Credit Note [Table Text Block]

Balance December 31, 2017	$	297,400
New amounts loaned to the Company by Christos Traios		63,000
Amount converted in shares of Common stock		(275,000	)
Balance March 31, 2018	$	85,400

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 9 - Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Schedule of Amounts Due to Related Parties [Table Text Block]

Amounts due to related party balance December 31, 2017	$	1,243,753
Wages accrued to Christos Traios		60,000
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.		(210,000	)
Wages paid to Christos Traios, in cash		(1,471	)
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.		(22,500	)
Amounts due to related party balance March 31, 2018	$	1,069,782

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 1 - Background and Description of Business and Preparation of Financial Statements (Details Textual) $ / shares in Units, $ in Millions	Mar. 23, 2018 l	Feb. 28, 2018 bbl	Feb. 16, 2018 USD ($)	Feb. 29, 2016 $ / shares shares	Mar. 31, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares	Mar. 09, 2016
Common Stock, Shares Authorized				490,000,000	490,000,000	490,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares				$ 0.001	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized				10,000,000	10,000,000	0
Preferred Stock, Par or Stated Value Per Share \| $ / shares				$ 0.001	$ 0.001	$ 0
Number of Oil Tanks Assigned	2
Oil Tank Capacity \| l	15,000
Scenario, Plan [Member]
Proceeds from Investors \| $			$ 3.5
Line of Credit Facility, Maximum Borrowing Capacity \| $			$ 15.0
Petronav Carriers LLC [Member]
Number of Vessels in Tanker Fleet							4
Petrogress Int'l LLC [Member] \| PEGNOC [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	55.00%
Petrogress Int'l LLC [Member] \| SOMO [Member]
Long-term Purchase Commitment, Barrels of Oil Per Month \| bbl		1,000,000
Gonzena [Member] \| PEGNOC [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	45.00%
Petrogres Oil & Gas [Member] \| SODCO [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			65.00%
Acquisition of Petrogres Co. Limited [Member]
Stock Issued During Period, Shares, Acquisitions				136,000,000
Equity Method Investment, Ownership Percentage				85.00%
Business Acquisition, Percentage of Voting Interests Acquired				100.00%

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 0	$ 0
Unrecognized Tax Benefits, Ending Balance	0
Unrecognized Tax Benefits, Income Tax Penalties Accrued	0
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 0

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Vessels and Equipment (Details)	3 Months Ended
	Mar. 31, 2018
Vessels [Member]
Useful Life (Year)	10 years
Office Equipment and Furniture [Member]
Useful Life (Year)	10 years
Computer Hardware and Software [Member]
Useful Life (Year)	5 years

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 4 - Fair Value of Financial Instruments - Financial Instruments Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Loan facility from related party	$ 85,400	$ 297,400
Fair Value, Inputs, Level 1 [Member]
Loan facility from related party	85,400	297,400
Fair Value, Inputs, Level 2 [Member]
Loan facility from related party
Fair Value, Inputs, Level 3 [Member]
Loan facility from related party

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 5 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Depreciation, Total	$ 227,619	$ 219,094

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 5 - Vessels and Other Fixed Assets, Net - Summary of Estimated Useful Lives of Vessels and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Accumulated depreciation	$ (5,210,896)	$ (4,983,276)
Net property and equipment	5,138,929	5,281,949
Vessels [Member]
Property and equipment, gross	$ 10,171,930	10,171,930
Useful Life (Year)	10 years
Office Equipment and Furniture [Member]
Property and equipment, gross	$ 177,895	$ 93,295
Useful Life (Year)	10 years

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 6 - Loan Facility From Related Party (Details Textual) - USD ($)	Jul. 13, 2017	Mar. 31, 2018	Sep. 12, 2017	May 12, 2017
Debt Instrument, Interest Rate, Stated Percentage				8.00%
Debt Instrument, Convertible, Conversion Price			$ 0.06623
Mr. Traios [Member] \| Petrogress Int'l LLC [Member]
Due to Related Parties, Total		$ 15,000
Mr. Traios [Member] \| Petrogress, Inc. [Member]
Due to Related Parties, Total		$ 7,500
Warrant Issued to Mr. Traios [Member]
Class of Warrant or Right, Outstanding	15,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.05
Warrant, Term	5 years
Revolving Credit Facility [Member] \| Principal Stockholder and Sole Officer/Director [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Convertible, Conversion Price	$ 0.001

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 6 - Loan Facility From Related Party - Activity on LOC Note (Details)	3 Months Ended
	Mar. 31, 2018 USD ($)
Balance	$ 297,400
New amounts loaned to the Company by Christos Traios	63,000
Amount converted in shares of Common stock	(275,000)
Balance	$ 85,400

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 7 - Common Stock Transactions (Details Textual) - USD ($)							12 Months Ended
	Feb. 23, 2018	Jan. 12, 2018	Dec. 21, 2017	Oct. 20, 2017	Sep. 12, 2017	Aug. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	May 12, 2017
Stock Issued During Period, Shares, Conversion of Convertible Securities			139,880,000		1,200,000
Stock Issued During Period, Value, Conversion of Convertible Securities					$ 18,120
Debt Instrument, Convertible, Conversion Price					$ 0.06623
Repayments of Convertible Debt						$ 26,767
Debt Instrument, Interest Rate, Stated Percentage									8.00%
Debt Instrument, Face Amount									$ 134,600
Petrogress Int'l LLC [Member]
Repayments of Notes Payable	$ 15,000
Petrogress, Inc. [Member]
Repayments of Notes Payable	$ 7,500
Charles L. Stidham [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross				10,000,000
Christos P. Traios [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross	4,758,128	2,903,225
Salary and Wage, Officer, Excluding Cost of Good and Service Sold							$ 120,000	$ 90,000
Stock Issued During Period, Shares, Debt Settlement Agreement	19,070,512
Stock Issued During Period, Value, Debt Settlement Agreement	$ 297,500
Repayments of Notes Payable	$ 275,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 8 - Preferred Stock (Details Textual) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Oct. 06, 2017	Jul. 14, 2017	Feb. 29, 2016
Preferred Stock, Shares Authorized	10,000,000	0			10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0			$ 0.001
Preferred Stock, Shares Issued, Total	100	0
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	100	0
Preferred Stock, Par or Stated Value Per Share	$ 100	$ 0
Preferred Stock, Shares Issued, Total	100	0
Series A Preferred Stock [Member] \| Sole Director, President and Chief Executive Officer [Member]
Preferred Stock, Shares Authorized				100
Preferred Stock, Par or Stated Value Per Share				$ 100
Preferred Stock, Shares Issued, Total			100

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 9 - Related Party Transactions (Details Textual) - USD ($)		3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Feb. 29, 2016
Revenues, Total		$ 2,565,264	$ 4,019,113
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001	$ 0	$ 0.001
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share		$ 100		$ 100	$ 0
Partnership Agreement with Platon [Member]
Revenues, Total		$ 2,173,264
Petrogres Africa Co. Ltd [Member]
Stock Issued During Period, Shares, Acquisitions	1,080,000
Business Acquisition, Percentage of Voting Interests Acquired	90.00%
Business Combination, Consideration Transferred, Total	$ 1,080,000
Payments to Acquire Businesses, Gross	900,000
Noncontrolling Interest, Increase from Business Combination	100,000
Revenues, Total		332,000		$ 1,057,000
Chief Executive Officer [Member]
Proceeds from Related Party Advances		78,500
Due to Related Parties, Total		63,000		$ 63,000	$ 275,000
Chief Executive Officer [Member] \| Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues					100
Preferred Stock, Par or Stated Value Per Share					$ 100
Chief Executive Officer [Member] \| Petrogres Africa Co. Ltd [Member]
Business Combination, Consideration Transferred, Total	$ 180,000
Chief Executive Officer [Member] \| Petrogress, Inc. [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold			30,000
Chief Executive Officer [Member] \| Petrogres Co. Limited [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold		30,000	$ 1,471
Chief Executive Officer [Member] \| Corporate Expense [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold		$ 60,000

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 9 - Related Party Transactions - Amounts Due to Related Party (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.	$ (210,000)
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.	(297,500)
President, Chief Executive Officer and Chief Financial Officer [Member]
Amounts due to related party balance December 31, 2017	1,243,753
Wages accrued to Christos Traios	60,000
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.	(210,000)
Wages paid to Christos Traios, in cash	(1,471)
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc.	(22,500)
Amounts due to related party balance March 31, 2018	$ 1,069,782

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 10 - Revenue Concentrations (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Sales Revenue, Net [Member]
Number of Customers	2	5
Accounts Receivable [Member]
Number of Customers	4		4

XML 47 R36.htm IDEA: XBRL DOCUMENT

Note 11 - Subsequent Events (Details Textual)	May 09, 2018 USD ($)
Subsequent Event [Member] \| President, Chief Executive Officer and Chief Financial Officer [Member]
Salary and Wage, Officer, Per Month	$ 5,000

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