Debt

6 Months Ended

Jun. 30, 2020

DEBT

Long-term debt consists of the following:


	June 30, 2020		December 31, 2019		Interest Rate (%) ⁽¹⁾		Maturity Date
	(unaudited)
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement ⁽²⁾	26,966,300		28,466,300		4.06	%	January 2022
Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. Loan Agreement ^{(2) (3)}	11,354,406		12,854,405		3.77	%	September 2020
Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement ^{(2) (4)}	12,754,295		13,504,295		2.56	%	September 2021
Bulk Nordic Oasis Ltd. Loan Agreement	14,750,000		15,500,000		4.30	%	December 2021
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) ⁽⁵⁾
Bulk Nordic Six Ltd. - Tranche A	12,766,663		13,299,997		3.69	%	May 2024
Bulk Nordic Six Ltd. - Tranche B	2,720,000		2,850,000		2.97	%	May 2024
Bulk Pride - Tranche C	5,750,000		6,300,000		4.69	%	May 2024
Bulk Independence - Tranche E	13,000,000		13,500,000		2.84	%	May 2024
Bulk Freedom Loan Agreement	3,500,000		3,800,000		4.06	%	June 2022
109 Long Wharf Commercial Term Loan	648,466		703,266		3.69	%	April 2026
Total	$	104,210,130	$	110,778,263
Less: unamortized bank fees	(3,940,004)		(4,137,872)
	$	100,270,126	$	106,640,391
Less: current portion	(21,490,674)		(22,990,674)
Secured long-term debt, net	$	78,779,452	$	83,649,717

⁽¹⁾As of June 30, 2020.

⁽²⁾The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.

⁽³⁾Interest on 50% of the advances to Bulk Nordic Odyssey and Bulk Nordic Orion was fixed at 4.24% in March 2017 and Interest on the remaining advances is floating at LIBOR plus 2.40%. The Company plans to refinance or pay off the balloon payments of $11.4 million maturing in September of 2020.

⁽⁴⁾Interest on 50% of the advance to Bulk Nordic Oshima was fixed at 4.16% in January 2017 and Interest on the remaining advance is floating at LIBOR plus 2.25%.

⁽⁵⁾This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company.

The future minimum annual payments under the debt agreements are as follows:


	Years ending December 31,
	(unaudited)
2020 (remainder of the year)	$	16,422,540
2021	33,140,563
2022	28,602,568
2023	3,536,268
2024	22,352,925
Thereafter	155,266
	$	104,210,130

Financial Covenants

Under the Company's respective debt agreements, the Company is required to comply with certain financial covenants, including to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios and to maintain positive working capital. The Company was in compliance with all applicable financial covenants as of June 30, 2020 and December 31, 2019.