Debt (Tables)

6 Months Ended

Jun. 30, 2020

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.

Schedule of Maturities of Long-term Debt

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details