Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Debt [Abstract]

Long-Term Debt Including Related Party Debt

The amount of long-term debt (including related party debt discussed under Note 3) shown in the accompanying consolidated balance sheet of December 31, 2020, is analyzed as follows:

		Year Ended
Loan facilities	Borrowers- Issuers	December 31, 2019			December 31, 2020
$11.0 Million Alpha Bank Facility (a)	Spetses- Pikachu	$	11,000,000		$	9,400,000
$4.5 Million Chailease Financial Services Facility (b)	Bistro		—			4,050,000
Total long-term debt		$	11,000,000		$	13,450,000
Less: Deferred financing costs			(242,940	)		(264,134	)
Total long-term debt, net of deferred finance costs		$	10,757,060			13,185,866
Presented:
Current portion of long-term debt		$	1,600,000		$	2,200,000
Less: Current portion of deferred finance costs			(77,105	)		(97,963	)
Current portion of long-term debt, net of deferred finance costs		$	1,522,895		$	2,102,037
Non-Current portion of long-term debt			9,400,000			11,250,000
Less: Non-Current portion of deferred finance costs			(165,835	)		(166,171	)
Non-Current portion of long-term debt, net of deferred finance costs		$	9,234,165		$	11,083,829
Debt instruments from related party
$5.0 Million Term Loan Facility (Note 3(c))	Castor		5,000,000			5,000,000
Total long-term debt from related party		$	5,000,000		$	5,000,000

Annual Principal Payments

The annual principal payments for the Company’s outstanding debt arrangements as of December 31, 2020 (including related party debt discussed under Note 3), required to be made after the balance sheet date, are as follows:

Year ending December 31,	Amount
2021	$	7,200,000
2022		2,200,000
2023		2,200,000
2024		5,200,000
2025		1,650,000
Total long-term debt (including related party debt)	$	18,450,000