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Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt DEBT
Long-term debt consists of the following: 
September 30, 2020December 31, 2019
Interest Rate (%) (1)
Maturity Date
(unaudited)
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2)
26,216,300 28,466,300 4.06 %January 2022
Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. Loan Agreement (2) (3)
10,604,406 12,854,405 2.63 %December 2020
Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) (4)
12,379,295 13,504,295 2.48 %September 2021
Bulk Nordic Oasis Ltd. Loan Agreement14,375,000 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 A12,499,996 13,299,997 3.69 %May 2024
Bulk Nordic Six Ltd. - Tranche B2,655,000 2,850,000 2.01 %May 2024
Bulk Pride - Tranche C5,475,000 6,300,000 4.69 %May 2024
Bulk Independence - Tranche E12,750,000 13,500,000 2.84 %May 2024
Bulk Freedom Loan Agreement3,350,000 3,800,000 4.06 %June 2022
109 Long Wharf Commercial Term Loan621,066 703,266 3.69 %April 2026
Total$100,926,063 $110,778,263 
Less: unamortized bank fees(3,792,765)(4,137,872)
$97,133,298 $106,640,391 
Less: current portion(31,619,969)(22,990,674)
Secured long-term debt, net$65,513,329 $83,649,717 

(1)As of September 30, 2020.
(2)The borrower under this facility is NBHC. The Company has two-third's ownership interest and STST has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.
(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%. In September 2020, the lender agreed to an extension of maturity date to December 31, 2020. The Company made its regularly scheduled quarterly principal of $750,000 and accrued interest payment on September 25, 2020. The remaining $10.6 million balloon payment is due on December 31, 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)$13,138,473 
202133,140,563 
202228,602,568 
20233,536,268 
202422,352,925 
Thereafter155,266 
$100,926,063 

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 September 30, 2020 and December 31, 2019.