FIXED ASSETS

At March 31, 2020, the Company owned eighteen dry bulk vessels including three financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows:



	March 31,		December 31,
	2020		2019
Owned vessels	(unaudited)
m/v BULK PANGAEA	$	14,650,117	$	14,988,076
m/v NORDIC ODYSSEY	22,564,898		22,897,029
m/v NORDIC ORION	23,437,392		23,688,812
m/v BULK NEWPORT	12,722,983		12,975,767
m/v NORDIC OSHIMA	27,985,690		28,325,078
m/v NORDIC ODIN	28,381,196		28,094,764
m/v NORDIC OLYMPIC	28,275,734		27,931,771
m/v NORDIC OASIS	28,900,457		29,190,935
m/v BULK ENDURANCE	24,784,479		25,037,775
m/v BULK FREEDOM	9,918,266		8,269,777
m/v BULK PRIDE	12,858,352		12,996,311
m/v BULK SPIRIT	12,727,209		12,867,060
m/v BULK INDEPENDENCE	13,965,442		14,000,946
m/v BULK FRIENDSHIP	13,897,189		14,052,500
m/v BULK BEOTHUK ⁽¹⁾	6,476,788		—
MISS NORA G PEARL	3,497,833		3,609,851
	285,044,025		278,926,452
Other fixed assets, net	2,489,639		2,548,405
Total fixed assets, net	$	287,533,664	$	281,474,857

Right of Use Assets
m/v BULK DESTINY	$	21,272,616	$	21,484,733
m/v BULK BEOTHUK ⁽¹⁾	—		6,589,537
m/v BULK TRIDENT	11,949,023		12,095,727
m/v BULK PODS	$	13,271,723	13,445,308
	$	46,493,362	$	53,615,305

⁽¹⁾ In January 2020 the Company completed an early buy-out of the lease for a purchase price of $5.5 million.

On February 2020, the Company sold the m/v Nordic Barents and m/v Bulk Patriot. Both were recorded as vessels held for sale at December 31, 2019.

Long-lived Assets Impairment Considerations

The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets, which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, we perform an analysis of the anticipated undiscounted future net cash flows to be derived from the related long-lived assets. Our assessment is made at the asset group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade.

The Company performed its quarterly assessment by evaluating whether a triggering event had occurred as of March 31, 2020 considering current market conditions resulting from the global COVID-19 pandemic. The Company concluded that no triggering event had occurred at March 31, 2020 and will continue to monitor the market for any adverse conditions resulting from the COVID-19 pandemic.

At March 31, 2019, the Company did not identify any potential triggering events and therefore, in accordance with authoritative guidance, did not perform tests of recoverability.