Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 26, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | Petrogress, Inc. | ||
Entity Central Index Key | 1,558,465 | ||
Trading Symbol | pgas | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 344,607,672 | ||
Entity Public Float | $ 1,324,219 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 1,150,999 | $ 362,083 |
Accounts receivable, net | 4,508,885 | 2,427,668 |
Inventories | 171,500 | |
Prepaid expenses and other current assets | 1,043,623 | 1,058,088 |
Marketable securities | 20,940 | |
Total current assets | 6,875,007 | 3,868,779 |
Non-Current Assets | ||
Goodwill | 900,000 | |
Vessels and other fixed assets, net | 5,281,949 | 6,021,285 |
Security deposit | 7,573 | 8,775 |
Total non-current assets | 6,189,522 | 6,030,060 |
Total Assets | 13,064,529 | 9,898,839 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,299,964 | 148,269 |
Due to related party | 1,243,753 | 234,600 |
Loan facility from related party | 297,400 | 157,000 |
Accrued Interest | 9,639 | |
Convertible promissory notes | 44,887 | |
Derivative liabilities | 65,499 | |
Total current liabilities | 2,850,756 | 493,255 |
Total liabilities | 2,850,756 | 493,255 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, value | ||
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 317,875,807 and 166,795,807 shares issued and outstanding as of December 31, 2017 and December 31, 2016 respectively | 317,876 | 166,796 |
Additional paid-in capital | 8,786,060 | 8,423,641 |
Accumulated comprehensive income | (7,744) | 15,660 |
Accumulated profit | 1,008,823 | 799,487 |
Equity attributable to Owners of the Company | 10,115,015 | 9,405,584 |
Non-controlling interests | 98,758 | |
Total liabilities and shareholders' equity | 13,064,529 | 9,898,839 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 10,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0 |
Preferred stock, shares authoirzed (in shares) | 10,000,000 | 0 |
Preferred stock, shares issued (in shares) | 100 | 0 |
Preferred stock, shares outstanding (in shares) | 100 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 490,000,000 | 490,000,000 |
Common stock, shares issued (in shares) | 317,875,807 | 166,795,807 |
Common stock, shares outstanding (in shares) | 317,875,807 | 166,795,807 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 100 | $ 0 |
Preferred stock, shares authoirzed (in shares) | 100 | 0 |
Preferred stock, shares issued (in shares) | 100 | 0 |
Preferred stock, shares outstanding (in shares) | 100 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 9,163,356 | $ 18,075,327 |
Costs of goods sold | (5,619,978) | (14,957,417) |
Gross profit | 3,543,378 | 3,117,910 |
Operating expenses: | ||
Corporate expenses | (465,274) | (518,764) |
Selling, general and administrative expenses | (1,162,930) | (1,373,698) |
Provision for losses on accounts receivable | (395,413) | |
Write offs of accounts receivable | (326,724) | (373,371) |
Depreciation expense | (918,166) | (841,248) |
Total operating expenses | (3,268,507) | (3,106,981) |
Operating income before other expenses | 274,871 | 10,929 |
Other (expense)/ income, net: | ||
Interest and finance expenses | (14,919) | |
Amortization of note discount | (48,974) | |
Total other income, net | 33,475 | 103,195 |
Change in fair market value of derivative liabilities | 152,169 | |
Total other income, net | 18,556 | 103,195 |
Income before income taxes | 293,427 | 114,124 |
Income tax expense | (55,900) | |
Net income | 293,427 | 58,224 |
Net income attributable to: | ||
Owners of the company | 294,669 | 58,224 |
Non-controlling interests | 1,242 | |
Net income | 293,427 | 58,224 |
Other comprehensive loss | ||
Cancellation of marketable securities | (15,660) | |
Foreign currency translation adjustment | (7,744) | |
Comprehensive income | 270,023 | 58,224 |
Comprehensive income attributable to: | ||
Owners of the company | 271,265 | 58,224 |
Non-controlling interests | (1,242) | |
$ 270,023 | $ 58,224 | |
Weighted average number of shares of Common Stock: | ||
Denominator for basic net income per share - weighted average shares (in shares) | 172,962,382 | 161,016,555 |
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | 172,988,791 | 161,016,555 |
Basic net earnings per share (in dollars per share) | $ 0.0017 | $ 0.0004 |
Diluted net earnings per share (in dollars per share) | $ 0.0017 | $ 0.0004 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Series A Preferred Stock [Member]Preferred Stock [Member] | Series A Preferred Stock [Member]Common Stock [Member] | Series A Preferred Stock [Member]Additional Paid-in Capital [Member] | Series A Preferred Stock [Member]AOCI Attributable to Parent [Member] | Series A Preferred Stock [Member]Retained Earnings [Member] | Series A Preferred Stock [Member]Parent [Member] | Series A Preferred Stock [Member]Noncontrolling Interest [Member] | Series A Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balances (in shares) | Scenario, Previously Reported [Member] | 136,000,000 | |||||||||||||||
Balances (in shares) | 136,000,000 | |||||||||||||||
Equity attributable to Owners of the Company | Scenario, Previously Reported [Member] | $ 136,000 | $ 8,666,838 | $ 2,274,125 | $ 11,076,963 | $ 11,076,963 | |||||||||||
Equity attributable to Owners of the Company | Restatement Adjustment [Member] | 267,138 | 267,138 | 267,138 | |||||||||||||
Equity attributable to Owners of the Company | 136,000 | 8,666,838 | 2,541,263 | 11,344,101 | 11,344,101 | |||||||||||
Prior period adjustment on depreciation expense | Scenario, Previously Reported [Member] | 136,000 | 8,666,838 | 2,274,125 | 11,076,963 | 11,076,963 | |||||||||||
Prior period adjustment on depreciation expense | Restatement Adjustment [Member] | 267,138 | 267,138 | 267,138 | |||||||||||||
Prior period adjustment on depreciation expense | $ 136,000 | 8,666,838 | 2,541,263 | 11,344,101 | 11,344,101 | |||||||||||
Balances (in shares) | Scenario, Previously Reported [Member] | 136,000,000 | |||||||||||||||
Balances (in shares) | 136,000,000 | |||||||||||||||
Equity attributable to Owners of the Company | Scenario, Previously Reported [Member] | $ 136,000 | 8,666,838 | 2,274,125 | 11,076,963 | 9,303,366 | |||||||||||
Equity attributable to Owners of the Company | Restatement Adjustment [Member] | 267,138 | 267,138 | 102,218 | |||||||||||||
Equity attributable to Owners of the Company | 136,000 | 8,666,838 | 2,541,263 | 11,344,101 | 9,405,584 | |||||||||||
Prior period adjustment on depreciation expense | Scenario, Previously Reported [Member] | 136,000 | 8,666,838 | 2,274,125 | 11,076,963 | 9,303,366 | |||||||||||
Prior period adjustment on depreciation expense | Restatement Adjustment [Member] | 267,138 | 267,138 | 102,218 | |||||||||||||
Prior period adjustment on depreciation expense | $ 136,000 | 8,666,838 | 2,541,263 | 11,344,101 | 9,405,584 | |||||||||||
Balances (in shares) (Scenario, Previously Reported [Member]) at Dec. 31, 2015 | 136,000,000 | |||||||||||||||
Balances (in shares) at Dec. 31, 2015 | 136,000,000 | |||||||||||||||
Balances (Scenario, Previously Reported [Member]) at Dec. 31, 2015 | $ 136,000 | 8,666,838 | 2,274,125 | 11,076,963 | 11,076,963 | |||||||||||
Balances (Restatement Adjustment [Member]) | 267,138 | 267,138 | 267,138 | |||||||||||||
Balances at Dec. 31, 2015 | 136,000 | 8,666,838 | 2,541,263 | 11,344,101 | 11,344,101 | |||||||||||
Net income | Scenario, Previously Reported [Member] | 223,144 | |||||||||||||||
Net income | Restatement Adjustment [Member] | (164,920) | |||||||||||||||
Net income | 58,224 | 58,224 | 58,224 | |||||||||||||
Reorganization due to recapitalization (in shares) | 23,000,000 | |||||||||||||||
Reorganization due to recapitalization | $ 23,000 | (343,784) | (320,784) | (320,784) | ||||||||||||
Reclassification of derivative liability upon conversion of convertible note | 82,651 | 82,651 | 82,651 | |||||||||||||
Unrealized gain on marketable securities | 15,660 | 15,660 | 15,660 | |||||||||||||
Shares of common stock cancelled (in shares) | (4,193) | |||||||||||||||
Shares of common stock cancelled | $ (4) | 4 | ||||||||||||||
Reclassification of note discount upon conversion of convertible note | 2,700 | 2,700 | 2,700 | |||||||||||||
Common stock issued for convertible notes (in shares) | 7,800,000 | |||||||||||||||
Common stock issued for convertible notes | $ 7,800 | 15,232 | 23,032 | 23,032 | ||||||||||||
Dividend paid | (1,800,000) | (1,800,000) | (1,800,000) | |||||||||||||
Cancellation of marketable securities | ||||||||||||||||
Foreign currency translation adjustment | ||||||||||||||||
Balances (in shares) at Dec. 31, 2016 | 166,795,807 | |||||||||||||||
Balances (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 9,303,366 | |||||||||||||||
Balances (Restatement Adjustment [Member]) | 102,218 | |||||||||||||||
Balances at Dec. 31, 2016 | $ 166,796 | 8,423,641 | 15,660 | 799,487 | 9,405,584 | 9,405,584 | ||||||||||
Balances (in shares) | 166,795,807 | |||||||||||||||
Equity attributable to Owners of the Company | Scenario, Previously Reported [Member] | 9,303,366 | |||||||||||||||
Equity attributable to Owners of the Company | Restatement Adjustment [Member] | 102,218 | |||||||||||||||
Equity attributable to Owners of the Company | $ 166,796 | 8,423,641 | 15,660 | 799,487 | 9,405,584 | 9,405,584 | ||||||||||
Prior period adjustment on depreciation expense | Scenario, Previously Reported [Member] | 9,303,366 | |||||||||||||||
Prior period adjustment on depreciation expense | Restatement Adjustment [Member] | 102,218 | |||||||||||||||
Prior period adjustment on depreciation expense | $ 166,796 | 8,423,641 | 15,660 | 799,487 | 9,405,584 | 9,405,584 | ||||||||||
Balances (in shares) | 166,795,807 | |||||||||||||||
Equity attributable to Owners of the Company | Scenario, Previously Reported [Member] | 9,303,366 | |||||||||||||||
Equity attributable to Owners of the Company | Restatement Adjustment [Member] | 102,218 | |||||||||||||||
Equity attributable to Owners of the Company | $ 166,796 | 8,423,641 | 15,660 | 799,487 | 9,405,584 | 10,115,015 | ||||||||||
Prior period adjustment on depreciation expense | Scenario, Previously Reported [Member] | 9,303,366 | |||||||||||||||
Prior period adjustment on depreciation expense | Restatement Adjustment [Member] | 102,218 | |||||||||||||||
Prior period adjustment on depreciation expense | 166,796 | 8,423,641 | 15,660 | 799,487 | 9,405,584 | 10,115,015 | ||||||||||
Net income | 294,669 | 294,669 | (1,242) | 293,427 | ||||||||||||
Reclassification of derivative liability upon conversion of convertible note | 65,499 | 65,499 | 65,499 | |||||||||||||
Common stock issued for convertible notes (in shares) | 141,080,000 | |||||||||||||||
Common stock issued for convertible notes | $ 141,080 | 16,920 | 158,000 | 158,000 | ||||||||||||
Issuance of Series A Preferred Shares | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||||||
Common stock issued to settle liabilities (in shares) | 10,000,000 | |||||||||||||||
Common stock issued to settle liabilities | $ 10,000 | 290,000 | 300,000 | 300,000 | ||||||||||||
Cancellation of marketable securities | (15,660) | (15,660) | (15,660) | |||||||||||||
Foreign currency translation adjustment | (7,744) | (7,744) | (7,744) | |||||||||||||
Amounts due from related party classified under APIC | (10,000) | (10,000) | (10,000) | |||||||||||||
Consolidation of Petroggres (Hellas) Co. | (85,333) | (85,333) | (85,333) | |||||||||||||
Acquisition of subsidiary | 100,000 | 100,000 | ||||||||||||||
Balances (in shares) at Dec. 31, 2017 | 100 | 317,875,807 | ||||||||||||||
Balances at Dec. 31, 2017 | $ 10,000 | $ 317,876 | 8,786,060 | (7,744) | 1,008,823 | 10,115,015 | 98,758 | 10,115,015 | ||||||||
Balances (in shares) | 100 | 317,875,807 | ||||||||||||||
Equity attributable to Owners of the Company | $ 10,000 | $ 317,876 | 8,786,060 | (7,744) | 1,008,823 | 10,115,015 | 98,758 | 10,115,015 | ||||||||
Prior period adjustment on depreciation expense | $ 10,000 | $ 317,876 | $ 8,786,060 | $ (7,744) | $ 1,008,823 | $ 10,115,015 | $ 98,758 | $ 10,115,015 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 293,427 | $ 58,224 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation | 918,166 | 841,248 |
Provision for doubtful receivables | 395,413 | |
Write off of other receivables | 326,724 | 373,371 |
Amortization of discount on convertible note | 35,006 | |
Net cash acquired in recapitalization | 517 | |
Cash transferred uppon acquisition under common control | 33,553 | |
Cancellation of marketable securities | 5,280 | |
Change in fair value of shares prepaid for services | (80,000) | |
Change in fair value of derivative liabilities | (152,169) | |
Gain on convertible promissory notes settlement | (1,390) | |
Shares of common stock issued for services | 300,000 | |
Changes in working capital: | ||
- Increase in Accounts receivable, net | (2,803,354) | (150,190) |
- Increase in Inventories | (171,500) | |
- Decrease in Prepaid expenses and other current assets | 114,464 | 151,872 |
- Decrease/(Increase) in Security deposits | 1,202 | (8,775) |
- Increase/ (Decrease) in Accounts payable and accrued expenses | 1,100,419 | (667,203) |
- Increase in Amounts due to related party | 266,153 | 234,600 |
- Increase in Accrued Interest | 16,364 | 13,968 |
Net cash provided by operating activities | 714,921 | 730,369 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Vessels and other equipment, net | (179,313) | (450,591) |
Net cash used in investing activities | (179,313) | (450,591) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loan facility from related party | 275,000 | |
Repayment of convertible note payable | (26,767) | |
Dividends paid | (1,800,000) | |
Net cash provided by/ (used in) financing activities | 248,233 | (1,800,000) |
Effect of exchange rate changes on cash | 5,075 | |
Net increase/ (decrease) in cash and cash equivalents | 788,916 | (1,520,222) |
Cash and cash equivalents, Beginning of Period | 362,083 | 1,882,305 |
Cash and cash equivalents, End of Period | 1,150,999 | 362,083 |
Cash paid for income taxes | 55,900 | |
Non-cash investing and financing activities: | ||
Reclassification of derivative liability upon repayment of convertible debt | 65,499 | 48,523 |
Series A Preference Shares issued to related party | 10,000 | |
Common stock issued for settlement of notes and interest payable | 158,000 | 24,732 |
Change in fair value for available for sale marketable securities | (1,860) | |
Cancellation sale marketable securities | (15,660) | |
Acquisition under common control | $ 900,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1: AND BASIS OF PRESENTATION Petrogress, Inc. was incorporated on February 10, 2010 800 “800 On February 19, 2016, 800 800 136,000,000 85% 100% 800 490,000,000 $0.001, 10,000,000 $0.001. 800 ’s acquisition of Petrogres Co. Limited effected a change in control and was accounted for as a “reverse acquisition” whereby Petrogres Co. Limited was the acquirer for financial statement purposes. Accordingly, the historical financial statements of 800 March 15, 2016 On March 9, 2016, 800 800 800 March 15, 2016, November 16, 2016, The Company operates as a fully integrated international merchant of petroleum products, focused on the supply and trade of light petroleum fuel oil (LPFO), refined oil products and other petrochemical products to local refineries in West Africa and Mediterranean countries. The Company operates primarily as a holding company and provides its services through four four ’l LLC, which is a holding company for subsidiaries currently conducting business in Cyprus and Ghana; and Petrogress Oil & Gas Energy Inc., which is primarily focused on purchasing interests in oil fields in Texas and exporting liquefied natural gas. The Company ’s management team operates from its principal offices located in Piraeus, Greece. In June 2017, $20,000 $20,000 Overview of subsidiaries Petrogres Co. Limited , is a Marshall Islands corporation, incorporated in 2009 five 25 In 2014, August 2016, On March 20, 2018 3,000 5,000 In November 2016, In addition to the long term arrangements described above, Petrogres Co Limited also makes sales to individual buyers by supplying them crude oil, gas oil and other feedstock products on spot sales, either on Ship-to-Ship (STS) or Cost & Freight (C&F) terms. Currently Petrogres Co. Limited operates as an international merchant of petroleum products specializing in crude oil and refined products trade within West African and Mediterranean countries, with a focus on the supply and trade of light petroleum fuel oil (“LPFO”), refined oil products and other petrochemical commodities to refineries in West Africa and Mediterranean. Such products are shipped and delivered to these refineries by its four Petronav Carriers LLC , is a Delaware limited liability company, incorporated in March 2016 four In December 2016, may 25% Petronav Carriers LLC is actively exploring opportunities to expand its operations by identifying and acquiring additional vessels to expand its fleet. On these grounds, Petronav Carriers LLC is currently in negotiations with certain owners/sellers based in Dubai to purchase two Petrogress Int ’l LLC, is a Delaware limited liability company, acquired by the Company in September 2017 In September 2017, ’l LLC acquired 90% 1.3 In October 2017, ’l LLC, the Company formed PG Cypyard& Offshore Service Terminal Ltd. to obtain a long term lease from Cyprus Port Authorities (“CPA”), a shipyard located at Limassol port. PG Cypyard& Offshore Service Terminal Ltd. is also expected to improve the leased area by providing facilities and services to offshore platforms that will be operating in the exploration and production of natural gas in Cyprus economy zone. The project is ongoing and we are in close negotiations with CPA. On December 2017, ’l LLC entered into a Memorandum of Understanding with EDT Agency Services, Ltd. to combine the companies’ operations at the Port of Limassol and in additional port facilities in Cyprus. The memorandum covers shore-base and offshore support services from the Port of Limassol, as well as future developments at Vassiliko Energy Port, where the CPA has announced its plans for a $300 On February 2018, ’l LLC entered in a Partnership and Memorandum of Understanding agreements with A&E Petroleum Co. Limited, a Nigerian company who owns its own farm with oil storage tanks and private jetty for loading and unloading petroleum products. A&E Petroleum Co. Limited operates in sales and distribution of gas oil in the local market with available storage capacity for approximately 90,000 8years 55% 45% 5 6,000 On February 2018, ’l LLC executed a Representation/Agency agreement with Mr. Louizos George, with the aim of establishing its representation in Erbil, Iraq. Mr. Louizos is handling on behalf of Petrogress Int’l LLC the negotiations with SOMO (the Iraqi National Oil Company) to register the company as a buyer and obtain an allocation of Basrah Light Crude Oil for 1,000,000 second 2018. On March 2018, ’l LLC with Nigeria National Petroleum Company (NNPC) for an allocation for supplying half million barrels of Bonny light on monthly terms. On March 23, 2018, ’l LLC, executed another Partnership agreement with a Nigeria Oil storing company Gonzena Hydrocarbons and Energy Co. Ltd (“Gonzena”), which is located in Koko Town of Delta River and operates in the store and distribution of oil products into local Nigerian market. A new entity will be formed which is to be named P &G Nigeria Oil Company Ltd(“PEGNOC)” to which Petrogress Int’l LLC and Gonzena will participate in 55% 45%, two 15,000 Petrogress Oil & Gas Energy Inc ., is a Texas corporation, incorporated in December 2015 On September 2017, 1” The Saltpond oil fields, including the APG- 1 2004 August 2017 Based on our interest on re-commencing the operations and to continue the oil production, we conducted negotiations with Lushann, which were concluded on February 16 2018, 12 – Saltpond Offshore Oil Production & Development Co., Limited (“SODCO”). Subject to the removal of the suspension of the Petroleum Agreement, and the assignment of 65% 1 $3.5 $15.0 May 2018. Our business structure affords us with full control of the logistics involved in oil sourcing and the transportation of our products by our affiliated vessels, which we believe to be a competitive advantage in West African markets. By directly controlling all aspects of our operations, as opposed to engaging the services of third Basis of Pre paration The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). The consolidated financial statements of the Company include the consolidated accounts of the Company and its ’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Delaware) Petrogress Int ’l LLC (Delaware) For the year ended December 31, 2017, March 2015 8 not ’s operations. Petrogres (Hellas) Co has euro as its operational and functional currency and the Company has decided to use the current rate method to translate Petrogres (Hellas) Co financial statements, in line with the provisions of ASC 830. Below are the Statements of Balance Sheets of Petrogres (Hellas) Co. As of December 31, 2017 2016 Assets Cash and cash equivalents $ 1,988 $ 77 Due from affiliated companies 45,231 - Prepaid expenses and other current assets 12,692 4,086 Total current assets 59,911 4,164 Security deposit 2,998 2,635 Total Assets $ 62,909 $ 6,799 Liabilities and Shareholders' Equity Liabilities Accounts payable and accrued expenses $ 7,979 $ 1,001 Due to affiliated companies - 86,525 Total current liabilities 7,979 87,527 Total liabilities 7,979 87,527 Commitments and Contingencies - - Shareholders' equity: Currency translation reserve 1,503 4,104 Accumulated profit/ (loss) 53,427 (84,832 ) Equity attributable to Owners of the Company 54,930 (80,728 ) Total liabilities and shareholders' equity $ 62,909 $ 6,799 Accumulated loss of Petrogres (Hellas) Co as of December 31, 2016 $84,832 $501 not The Translation reserve of $( 7,744 Consolidated statements of changes in shareholders’ equity is also related to Petrogres (Hellas) Co. Reclassification s During the year ended December 31, 2017 ’s expenses in order to improve the presentation of the Financial Statements and the level of information users obtain. We included in our Cost of Goods Sold the following categories of expenses: Oil purchase costs, Shipping and handling costs and Direct vessels operating expenses. Oil purchase costs include the costs for purchasing the gas and crude oil that the Company then resells through its subsidiary Petrogres Co limited. Shipping and handling costs include all the costs necessary to bring the commodity to the possession of the final customer. Most significant items in this category of expenses are crew wages, bunkers and port expenses. Direct vessels operating expenses include all the expenses necessary to maintain Company’s vessels in a proper condition in order to be able to serve the Company and its final customers. These expenses mainly consist of maintenance & repairs expenses, provisions and management expenses. In order to better reflect the operations of the Company and also improve the presentation of specific material transactions, we established the following categories of expenses that are depicted in the Consolidated Statements of Comprehensive Income: Corporate expenses, Provisions for losses on accounts receivable, and Write offs of accounts receivable. Corporate expenses mainly include the expenses suffered from Petrogress, Inc. which is the listed company of our group in order to comply with all the regulatory requirements of a public company. These include Compensation of Christos Traios, our President, Chief Executive Officer and sole Director, Consultants and professional services namely legal and audit fees, transfer agent and travel expenses of Mr. Traios to the New York office of the Company. The nature of expenses included in Provisions for losses on accounts receivable, and Write offs of accounts receivable is readily determinable. Finally, we renamed General and administrative expenses to Selling, general and administrative expenses to better reflect the items included therein, mainly being Consultants & Professional fees & Personnel related expenses of Petrogres Co Limited, insurance expenses of the vessels, office expenses and office rents. For the year ended December 31, 2016 2 information on the reclassifications performed. |
Note 2 - Restatement of Consoli
Note 2 - Restatement of Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 2: During the year ended December 31, 2017, 10 December 31, 2016 ● Accumulated profit as of December 31, 2015 $267,138. $2,274,125 December 31, 2016 $2,541,263 ● Accumulated profit as of December 31, 2016 $102,218. $697,269 December 31, 2016 $799,487 December 31, 2015 $267,138, 2016, $164,920 ● Depreciation expense for the year ended December 31, 2016 $164,920. December 31, 2016 $676,328 $841,248, ● Net income of the year ended December 31, 2017 $216,731 ● Net book value of Vessels and other fixed assets, net as of December 31, 2016 $102,218. $5,919,067 December 31, 2016 $6,021,285 December 31, 2015 $267,138, 2016, $164,920 $102,218 December 31, 2016 December 31, 2016. ● Net book value of Vessels and other fixed assets, net as of December 31, 2017 $216,731 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2016 $0.001 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2017 $0.0013 $0.0012 Reclassifications For the year ended December 31, 2016 Specifically we performed the following reclassifications in expenses of the year ended December 31, 2016 - Costs of goods sold were increased by $2,460,203 $1,531,400 $906,303 $22,500 - Selling, general and administrative expenses were decreased by $636,403 $177,970 $373,271 Statements of Comprehensive Income, namely Write offs of accounts receivable; c) an amount of $418,604 - Corporate expenses amount to $518,764 two $418,604 $100,160 - As a result of the foregoing reclassifications, all the expenses previously included in Operating expenses were reclassified in other categories of expenses in order to improve the presentation of our results of operations to the stakeholders of the Company. Following are the restated Consolidated Balance Sheets: December 31, 2016 Restatement December 31, 2016 As filed adjustments Reclassification As restated Assets Cash and cash equivalents $ 362,083 $ - $ - $ 362,083 Accounts receivable, net 2,427,668 - - 2,427,668 Prepaid expenses and other current assets 1,058,088 - - 1,058,088 Marketable securities 20,940 - - 20,940 Total current assets 3,868,779 - - 3,868,779 Vessels and other fixed assets, net 5,919,067 102,218 - 6,021,285 Security deposit 8,775 - - 8,775 Total Assets $ 9,796,621 $ 102,218 $ - $ 9,898,839 Liabilities and Shareholders' Equity Liabilities Accounts payable and accrued expenses $ 148,269 $ - $ - $ 148,269 Due to related party 234,600 - - 234,600 Convertible promissory notes 44,887 - - 44,887 Derivative liabilities 65,499 - - 65,499 Total current liabilities 493,255 - - 493,255 Total liabilities 493,255 - - 493,255 Commitments and Contingencies Shareholders' equity: Common stock 166,796 - - 166,796 Additional paid-in capital 8,423,641 - - 8,423,641 Accumulated comprehensive loss 15,660 - - 15,660 Accumulated profit 697,269 102,218 - 799,487 Equity attributable to Owners of the Company 9,303,366 102,218 - 9,405,584 Non-controlling interests - - - - Total liabilities and shareholders' equity $ 9,796,621 $ 102,218 $ - $ 9,898,839 Following are the restated Consolidated Statements of Comprehensive Income: Year ended December 31, 2016 Restatement December 31, 2016 As filed adjustments Reclassification As restated Revenues $ 18,075,327 $ - $ - 18,075,327 Costs of goods sold (12,497,214 ) - (2,460,203 ) (14,957,417 ) Gross profit 5,578,113 - (2,460,203 ) 3,117,910 Operating expenses: Operating expenses (2,715,835 ) - 2,715,835 - Corporate expenses - - (518,764 ) (518,764 ) Selling, general and administrative expenses (2,010,101 ) - 636,403 (1,373,698 ) Write offs of accounts receivable - - (373,271 ) (373,271 ) Depreciation expense (676,328 ) (164,920 ) - (841,248 ) Total operating expenses (5,402,264 ) (164,920 ) 2,460,203 (3,106,981 ) Operating income before other expenses and income taxes 175,849 (164,920 ) - 10,929 Other (expense)/ income, net: Amortization of note discount (48,974 ) - - (48,974 ) Change in fair market value of derivative liabilities 152,169 - - 152,169 Total other income, net 103,195 - - 103,195 Income before income taxes 279,044 (164,920 ) - 114,124 Income tax expense (55,900 ) - - (55,900 ) Net income 223,144 (164,920 ) - 58,224 Net income attributable to: Owners of the company 223,144 (164,920 ) - 58,224 Basic and dilutive earnings per share Numerator: Net income $ 223,144 - - $ 223,144 Less: Effect of correction in depreciation expense for the period $ - (164,920 ) - $ (164,920 ) Net income attributable to common stockholders $ 223,144 (164,920 ) - $ 58,224 Denominator: Denominator for basic net income per share - weighted average shares 161,016,555 - - $ 161,016,555 Denominator for diluted net income per share - adjusted weighted average shares 161,016,555 - - $ 161,016,555 Basic net earnings per share 0.002 - - 0.0004 Diluted net earnings per share 0.002 - - 0.0004 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 : SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its ’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Delaware) Petrogress Int ’l LLC (Delaware) Emerging Growth Company The Company qualifies as an “emerging growth company” under the 2012 107 7 2 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original term of three Accounts Receivable , net The amount shown as accounts receivables, net at each balance sheet date includes estimated recoveries from customers and charterers for sales of oil products, hires, freight and demurrage billings, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of non-payment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not For the year ended December 31, 2017 $395,413 no December 31, 2016. not For the year ended December 31, 2017, $326,724, Statements of Comprehensive Income. For the year ended December 31, 2016, wrote off Accounts receivables balances of $373,371. 2 Inventor ies The Company's inventor ies consist primarily of purchased gas oil in transit on a marine vessel at the respective balance sheet date, is valued at the lower of cost or market using the mark-to-market method of valuation. Marketable Securities We classify marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses, net of deferred income taxes, reported as accumulated other comprehensive income/ (loss), a separate component of shareholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. Vessels and other fixed assets, net During the year ended December 31, 2017, 10 December 31, 2016 ● Accumulated profit as of December 31, 2015 $267,138. $2,274,125 December 31, 2016 $2,541,263 ● Accumulated profit as of December 31, 2016 $102,218. $697,269 December 31, 2016 $799,487 December 31, 2015 $267,138, 2016, $164,920 ● Depreciation expense for the year ended December 31, 2016 $164,920. December 31, 2016 $676,328 $841,248, ● Net income of the year ended December 31, 2017 $216,731 ● Net book value of Vessels and other fixed assets, net as of December 31, 2016 $102,218. $5,919,067 December 31, 2016 $6,021,285 December 31, 2015 $267,138, 2016, $164,920 $102,218 December 31, 2016 December 31, 2016. ● Net book value of Vessels and other fixed assets, net as of December 31, 2017 $216,731 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2016 $0.001 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2017 $0.0013 $0.0012 The following table presents the adjustments performed to the figures affected from our adjustment on accumulated depreciations: Vessels Furniture & equipment Total Cost Balance at December 31, 2015 $ 9,550,000 $ 85,000 $ 9,635,000 Additions 449,380 2,015 451,395 Disposals - - - Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Accumulated depreciation Balance at December 31, 2015 as originally reported $ (3,440,000 ) $ (51,000 ) $ (3,491,000 ) Prior period adjustment $ 267,138 $ - $ 267,138 Balance at December 31, 2015 as restated $ (3,172,862 ) $ (51,000 ) $ (3,223,862 ) Depreciation for the period as originally reported (667,508 ) (8,820 ) (676,328 ) Depreciation due to adjustment (164,920 ) - (164,920 ) Depreciation for the period as restated (832,428 ) (8,820 ) (841,248 ) Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Vessels and other fixed assets, net - December 31, 2016 $ 5,994,090 $ 27,195 $ 6,021,285 Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 The Company depreciates vessels on a straight-line basis over the estimated useful life which is 10 Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years Organization costs The Company has adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. The Company accounts for income taxes in accordance with ASC 740 10, not not ASC 740 10 We classify interest and penalties as a component of interest and other expenses. To date, we have not The Company measures and records uncertain tax positions by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than- not may 2011 Earnings / (Loss) Per Share The Company reports earnings/ (loss) per share in accordance with ASC 260, As of December 31, 2017 , the basic and dilutive weighted average number of shares of Common Stock of the Company is 172,962,382 172,988,791 As of December 31, 2017, 26,409 December 31, 2017. As of December 31, 201 6, 161,016,555 Potentially dilutive securities for the year ended December 31, 2016 2,380,266 not Accounting for Equity -based Payments The Company accounts for stock awards issued to non-employees in accordance with ASC 505 50, 1 2 Comprehensive Income The Company adopted ASC Topic 220, and foreign currency translation adjustments. Revenue Recognition Th e Company recognizes revenue in accordance with FASB ASC 605, 605 four 1 2 3 4 Fair Value of Financial Instruments Our financial instruments consist primarily of cash, accounts receivable, inventory, marketable securities, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, and convertible debt, as applicable, approximates fair value due to the short term nature of these items and/or the current interest rates payable in relation to current market conditions. Marketable securities are adjusted to fair value each balance sheet date, based on quoted prices; which are considered level 1 Our derivative liability is valued using the level 3 not Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do not Fair value measurements are determined under a three ’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we primarily use prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). We also consider the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are not The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 3 The three Level 1 Level 2 not Level 3 Credit risk adjustments are applied to reflect the Company ’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s own credit risk as observed in the credit default swap market. The following table represents the Company ’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2017 December 31, 2016, Total Level 1 Level 2 Level 3 December 31, 2017 Loan facility from related party $ 297,400 $ 297,400 $ - $ - December 31, 2016 Derivative liabilities $ 65,499 $ - $ - $ 65,499 The following table sets forth a reconciliation of changes in the fair value of our Derivative Liability consideration Level 3 Year ended December 31, 2017 2016 Balance, January 1, $ 65,499 $ - Additions to Level 3 - 65,499 Transfers into Level 3 - - Transfers out of Level 3 - - Change in fair value - Payments (65,499 ) Balance, December 31, $ - $ 65,499 Effects of Recent Accounting Pronouncements not We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effective dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not ’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. The FASB issued several updates on Topic 606 ● ASU 2014 09, 606 ● ASU 2016 08 606 ● ASU 2016 10, 606 ● ASU 2016 11, 605 815 2014 09 2014 16 March 3, 2016 ● ASU 2016 12, 606 ● ASU 2016 20, 606, ● ASU 2017 13, 605 606 840 842 Amendments to SEC Paragraphs Pursuant to the Staff July 20, 2017 The standards provide companies with a single model for use in accounting for revenue arising from contracts with customers that supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. January 1, 2019, not In January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” February 2018, 2018 03, 825 10 No. 2016 01, 825 10 may 820, December 15, 2018 June 15, 2019. January 1, 2019, not 2016 01 In February 2016, No. 2016 02, Leases 2016 02” January 2018, 2018 01, 2016 02. 1 2 not January 1, 2020 not In January 2017, 2017 01, 805 December 15, 201 8. not Date of Management's Review Management has evaluated subsequent events through March 26, 2018, |
Note 4 - Vessels and Other Fixe
Note 4 - Vessels and Other Fixed Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 : VESSELS AND OTHER FIXED ASSETS, NET During the year ended December 31, 2017, 10 December 31, 2016 ● Accumulated profit as of December 31, 2015 $267,138. $2,274,125 December 31, 2016 $2,541,263 ● Accumulated profit as of December 31, 2016 $102,218. $697,269 December 31, 2016 $799,487 December 31, 2015 $267,138, 2016, $164,920 ● Depreciation expense for the year ended December 31, 2016 $164,920. December 31, 2016 $676,328 $841,248, ● Net income of the year ended December 31, 2017 $216,731 ● Net book value of Vessels and other fixed assets, net as of December 31, 2016 $102,218. $5,919,067 December 31, 2016 $6,021,285 December 31, 2015 $267,138, 2016, $164,920 $102,218 December 31, 2016 December 31, 2016. ● Net book value of Vessels and other fixed assets, net as of December 31, 2017 $216,731 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2016 $0.001 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2017 $0.0013 $0.0012 The following table presents the adjustments performed to the figures affected from our adjustment on accumulated depreciations: Vessels Furniture & equipment Total Cost Balance at December 31, 2015 $ 9,550,000 $ 85,000 $ 9,635,000 Additions 449,380 2,015 451,395 Disposals - - - Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Accumulated depreciation Balance at December 31, 2015 as originally reported $ (3,440,000 ) $ (51,000 ) $ (3,491,000 ) Prior period adjustment $ 267,138 $ - $ 267,138 Balance at December 31, 2015 as restated $ (3,172,862 ) $ (51,000 ) $ (3,223,862 ) Depreciation for the period as originally reported (667,508 ) (8,820 ) (676,328 ) Depreciation due to adjustment (164,920 ) - (164,920 ) Depreciation for the period as restated (832,428 ) (8,820 ) (841,248 ) Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Vessels and other fixed assets, net - December 31, 2016 $ 5,994,090 $ 27,195 $ 6,021,285 Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 We depreciate our vessels on a straight-line basis over the estimated useful life which is 10 ’s cost less the estimated residual value. The estimated useful lives of vessels and equipment are as follows: Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years |
Note 5 - Concentration of Sales
Note 5 - Concentration of Sales and Credit Risk | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Revenue Concentrations Disclosure [Text Block] | NOTE 5 : CONCENTRATION OF SALES AND CREDIT RISK Sales and Accounts Receivable The following is a summary of customers who accounted for more than ten 10% ’s revenues for the years ended December 31, 2017 2016 December 31, 2017: Accounts receivable balance as of Customer % Sales 2017 % Sales 2016 December 31, 2017 A 44% 0% 1,989,051 B 16% 20% 743,916 C 13% 25% 595,375 D 4% 14% 200,000 E 0% 22% - None overdue as of March 15, 2018. |
Note 6 - Income Tax
Note 6 - Income Tax | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6 : INCOME TAXES The components of income tax/ (benefit) expense for the years ended December 31, 2017 2016 Year ended December 31, 2017 2016 Federal: Domestic – current - - Foreign – current - 55,900 Deferred - - Total federal taxes - 55,900 State: Current - Deferred - Total state taxes - - Total taxes $ - $ 55,900 |
Note 7 - Convertible Promissory
Note 7 - Convertible Promissory Notes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 : CONVERTIBLE PROMISSORY NOTES On May 1, 2015, $21,500 May 26, 2015, $24,000. December 9, 2015, both of these Notes were acquired by Mammoth Corporation and restructured to the principal amount of $31,259 $38,280, September 9, 2016. Each note was non-interest bearing and contained a conversion feature, at the option of the holder, whereby the principal amount and any accrued interest, if any, could be converted to common stock of the Company at a conversion price of 54% ’s common stock during the 20 The Company determined that the conversion feature of the Mammoth notes represented an embedded derivative since they are convertible into a variable number of shares upon conversion. Accordingly, the Mammoth Notes were not 00 19 $48,975 $300,321. The Company tendered a cash payment of approximately $44,887 July 3, 2017. 1.2 $26,767. A summary of the derivative liability of the Mammoth Notes as of December 31, 2017 December 31, 2016, December 31, 2015 - Balance assumed $ 300,321 Reduction for conversion in prior periods (82,652 ) Fair value changes over time (152,170 ) December 31, 2016 $ 65,499 Cancellation due to debt repayment (65,499 ) December 31, 2017 $ - The fair value at the assumption and re-measurement dates for the Company ’s derivative liabilities were based upon the following management assumptions as of December 31, 2017 December 31, 2016, Assumption date Remeasurement date December 31, 2017 Expected dividends $-0- $-0- Expected volatility 363% 366% Expected term in months 6 3 Risk yield 0.49% 0.28% December 31, 2016 Expected dividends $-0- $-0- Expected volatility 363% 366% Expected term in months 6 3 Risk yield 0.49% 0.28% A summary of the convertible notes payable balance as of December 31, 2017 December 31, 2016 December 31, 2015 - Balance assumed February 29, 2016 $ 69,619 Conversion of debt in March and April 2016 (24,732 ) December 31, 2016 $ 44,887 Settlement of note (44,887 ) December 31, 2017 $ - |
Note 8 - Prepaid Expenses and O
Note 8 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | NOTE 8 : PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following for the year ended December 31, 2017 2016: Year ended December 31, 2017 2016 Prepayment in shares 299,945 (1) - Prepayments to Company's staff - 245,000 Prepayments to Company's representatives 61,875 355,154 Prepayments for Saltpond project 460,000 380,000 Prepayments related to MoU with F&T 20,000 - Other current assets 201,803 77,934 Totals $ 1,043,623 $ 1,058,088 ( 1 July 31, 2017, 10,000,000 October 20, 2017. Statements of Comprehensive Income. For the year ended December 31, 2017 $80,000 |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9 : SHAREHOLDERS’ EQUITY Common stock Upon completion of the SEA on March 15, 2016 136,000,000 one hundred 100% Effective March 15, 2016, 1,101,642 ’s common stock to Agritek Holdings, Inc. pursuant to a Debt Settlement Agreement in full settlement of the amount owed to Agritek of $283,547. On March 7, 2016, 1,000,000 $2,700 $0.0027 [A1] The issuance was effected by the old management and without the knowledge of the new CEO. On April 11, 2016, 6,800,000 $22,032 $0.00324 On November 16, 2016, ’s domicile from Florida to Delaware by means of a merger with and into a Delaware corporation formed solely for the purpose of effecting the reincorporation. The Articles of Incorporation and Bylaws of the Delaware corporation are the Articles of Incorporation and Bylaws of the surviving corporation. Such Articles of Incorporation maintained the Company’s corporate name of Petrogress, Inc. and modified the Company’s capital structure to allow for the issuance of up to 490,000,000 $0.001 10,000,000 $0.001 first first On September 12, 2017, 1,200,000 $18,120 $0.06623 $26,767 August 30, 2017, On October 20, 2017, 10,000,000 8 8 September 22, 2017. On December 21, 2017, 139,880,000 Christos Traios, our President, Chief Executive Officer and sole Director as settlement of the 8% May 12, 2017 $134,600 Preferred stock On July 14, 2017, Christos Traios, our President, Chief Executive Officer and sole Director approved a resolution authorizing the establishment of Series A Preferred Stock. The Series A Preferred Stock consists of 100 $100 two 2 may may, not not $100 not not On October 6, 2017, 100 Christos Traios, our President, Chief Executive Officer and sole Director as provided in his employment agreement. Dividends During the year ended December 31, 2016 $1,800,000 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 : RELATED PARTY TRANSACTIONS Officer ’s compensation During the year ended December 31, 2017, $120,000 150,000 $270,000 Statements of Comprehensive Income. Of these wages, Mr. Traios was repaid $21,695 During the year ended December 31, 2016 $100,000 ’s compensation, in recognition of agreeing to compensate the Christos Traios, our President, Chief Executive Officer and sole Director $10,000 April 1, 2016 $100,000 D uring the year ended December 31, 2016 $240,000 During the year ended December 31, 2017, 2016. $10,000. The table below presents the amounts recorded by the Company in relation to wages of Mr. Traios, for the year ended December 31, 2017 & December 31, 2016: Years ended December 31, 2017 2016 President, Chief Executive Officer and sole Director $ 270,000 $ 330,000 Officer ’s advances During the year ended December 31, 2017, President, Chief Executive Officer and sole Director advanced the Company $52,500 December 31, 2017 no $24,652. Revolving Line of Credit During the year ended December 31, 2017 $275,000, July 13, 2017. 12 no line of credit agreement, these amounts were included in line Due to related party of the Consolidated Balance Sheets for the year ended December 31, 2016. $157,000 December 31, 2016 December 31, 2017. The table below presents the movement of the Loan facility from related party during the year ended December 31, 2017. Balance February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lended to the Company by Christos Traios 275,000 Amout converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 Convertible promissory note On May 12, 2017, $134,600 8%. $139,880 139,880,000 ’s Common Stock on December 21, 2017. Capital transactions Effective September 30, 2017, ’l LLC purchased from Mr. Traios 1,080,000 90% $1,080,000 $180,000 $900,000 December 31, 2017. Petrogres Africa Company Limited was incorporated in the summer of 2017 The Port of Tema also serves as a secondary hub for repair, supply and transport ship operators servicing Ghana’s Tano Basin offshore oil fields in the Gulf of Guinea. Through Petrogres Africa Company Limited, the Company will strengthen its presence and position a promising market in West Africa and sub-Saharan countries with a population of more than 1.3 Since the date common control was established, Petrogres Africa Company Limited has already contributed $725,500 17, 2017. The Company has accounted for the purchase of shares of PGAF as a business acquisition under common control and as such, the assets have been transferred at carrying costs as of the date of acquisition, and the activity of the acquired entity has been combined as of the date common control as established in line with the provisions of ASC 805 50 25 2, August 17, 2017. August 17, 2017, one third not $100,000 During the year ended December 31, 2017 100 $100 December 31, 2017 The table below presents the movement of the amounts due to Christos Traios during the year ended December 31, 2017. Balance December 31, 2016 $ 234,600 Reclassification of amount due to Christos Traios as of December 31, 2016 related to advances made to the Company (157,000 ) Advances from Christos Traios 52,500 Advances to Christos Traios (24,652 ) Wages accrued to Christos Traios 270,000 Wages paid to Christos Traios (21,695 ) Correction of wages accrued for 2016 (10,000 ) Value of shares of Petrogres Africa owed to Christos Traios from Petrogres Int'l LLC 900,000 Balance December 31, 2017 $ 1,243,753 Intercompany transactions All intercompany accounts and transactions have been eliminated in consolidation, including: ● $971,294 LLC. for vessel hires, freights reduced by the amount of operating expenses of Petronav that were paid from Petrogress Co Limited; ● $984,000 Company Limited, owes to Petrogres Co. Limited for gas oil purchased; ● $122,500 Company Limited as of December 31, 2017; ● $5,000 ● $17,250 ● $100,000 |
Note 11 - Accounts Receivable,
Note 11 - Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 11: ACCOUNTS RECEIVABLE, NET The table below sets forth Accounts Receivable, net of the Company for the years ended December 31, 2017 December 31, 2016. Year ended December 31, 2017 2016 Trade receivables $ 4,904,298 $ 1,970,771 Less: Provision for doubtful accounts (395,413 ) - Trade receivables, net 4,508,885 1,970,771 Other receivables - 456,897 Accounts receivable, net $ 4,508,885 $ 2,427,668 During the year ended December 31, 2017 r doubtful accounts of $395,413 No December 31, 2016. During the year ended December 31, 2017 Accounts receivables balances of $326,724 not December 31, 2016 $373,371. 2 |
Note 12 - Loan Facility From Re
Note 12 - Loan Facility From Related Party | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Note Payable to Stockholder Disclosure [Text Block] | NOTE 1 2 : LOAN FACILITY FROM RELATED PARTY In conjunction with the aforementioned change-in-control transaction on March 15, 2016, 1934, For the period March 15, 2016 July 13, 2017, July 13, 2017, $1,000,000 The LOC Note bears interest payable on the outstanding principal at eight 8% July 13, 2018. not ’s option may twelve 12 Interest is due and payable every six 6 may Upon the interest due date or maturity date, or any of them, regardless of any event of default, the LOC Note holder may $0.001 no no may ten 10% ’s then issued and outstanding common shares. In consideration of Lender's extending the Credit Line to the Company, the Company agreed to issue to Mr. Traios a Warrant (the "Warrant") to purchase 15,000,000 ’s common stock at an exercise price of $0.05 five not December 31, 2017. Advances from Christos Traios from inception, including activity on the LOC Note, are as follows: Balance February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lended to the Company by Christos Traios 275,000 Amout converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 |
Note 13 - Accounts Payable and
Note 13 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 1 3 : ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following items for the years ended December 31, 2017 2016: Year ended December 31, 2017 2016 Service providers 113,333 21,547 Wages & salaries payable 62,867 41,770 Oil providers 1,068,714 71,702 Providers of lubricants 55,050 13,250 Totals $ 1,299,964 $ 148,269 The increase in the accounts payable balance on December 31, 2017 one December 31, 2016 December 31, 2017. |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 1 4 : EARNINGS PER SHARE Basic earnings (loss) per share is computed by dividing Net income (loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of Common Stock outstanding during each period. Diluted earnings per share is computed by dividing Net income by the weighted-average number of shares of Common Stock, common stock equivalents and other potentially dilutive securities outstanding during the period. As of December 31, 2017 , the basic and dilutive weighted average number of shares of Common Stock of the Company is 172,962,382 172,988,791 As of December 31, 2017, 26,409 December 31, 2017. As of December 31, 201 6, 161,016,555 Potentially dilutive securities for the year ended December 31, 2016 2,380,266 not Net income for the year ended December 31, 2016 3 Year ended Year ended Year ended December 31, December 31, December 31, 2017 2016 (Restated) 2016 (Published) Numerator: Net income attributable to common stockholders $ 294,669 $ 223,144 $ 223,144 Less: Effect of correction in depreciation expense for the period - (164,920 ) - Net income attributable to common stockholders $ 294,669 $ 58,224 $ 223,144 Denominator: Denominator for basic net income per share - weighted average shares 172,962,382 161,016,555 161,016,555 Conversion of accrued interest on debt held by related party 26,409 - - Denominator for diluted net income per share - adjusted weighted average shares 172,988,791 161,016,555 161,016,555 Basic net earnings per share $ 0.0017 $ 0.0004 $ 0.002 Diluted net earnings per share $ 0.0017 $ 0.0004 $ 0.002 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 5 : COMMITMENTS AND CONTINGENCIES T he Company is not no Lease Agreements The Company leases office space in Piraeus, Greece for monthly rent of €2,500 USD$2,998 December 31, 2017). May 31, 2018. ’s current operations. The Company leases a corporate apartment in New York City, to be used by Christos Traios, the Company ’s President, Chief Executive Officer and sole Director. Mr. Traios conducts business approximately 35% $4,100 July 12, 2018. The Company leases a New York office space which is utilized for administrative purposes. The monthly lease is for $2,800 October 1, 2018. The following rent payments will be undertaken if the Company decides to renew the leases depicted above, for an aggregate period of 5 Twelve months ending December 31, Amount 2018 118,104 2019 118,104 2020 118,104 2021 118,104 2022 118,104 Total $ 590,520 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 6 : SUBSEQUENT EVENTS Management has evaluated subsequent events through March 15, 2018, Management has evaluated subsequent events through March 15, 2018, On January 12, 2018 2,903,225 $90,000 December 31, 2016. On February 23, 2018 4,758,128 $120,000 December 31, 2016. On February 23, 2018 19,070,512 $297,500 On March 20, 2018 3,000 5,000 On February 2018, ’l LLC entered in a Partnership and Memorandum of Understanding agreements with A&E Petroleum Co. Limited, a Nigerian company who owns its own farm with oil storage tanks and private jetty for loading and unloading petroleum products. A&E Petroleum Co. Limited operates in sales and distribution of gas oil in the local market with available storage capacity for approximately 90,000 8years 55% 45% 5 6,000 On February 2018, ’l LLC executed a Representation/Agency agreement with Mr. Louizos George, with the aim of establishing its representation in Erbil, Iraq. Mr. Louizos is handling on behalf of Petrogress Int’l LLC the negotiations with SOMO (the Iraqi National Oil Company) to register the company as a buyer and obtain an allocation of Basrah Light Crude Oil for 1,000,000 second 2018. On March 2018, ’l LLC with Nigeria National Petroleum Company (NNPC) for an allocation for supplying half million barrels of Bonny light on monthly terms. On March 23, 2018, ’l LLC, executed another Partnership agreement with a Nigeria Oil storing company Gonzena Hydrocarbons and Energy Co. Ltd (“Gonzena”), which is located in Koko Town of Delta River and operates in the store and distribution of oil products into local Nigerian market. A new entity will be formed which is to be named P&GNigeira Oil Company Ltd (“PEGNOC)” to which Petrogress Int’l LLC and Gonzena will participate in 55% 45% two 15,000 On February 16 2018, a Memorandum of Understanding was executed between Petrogress Oil & Gas Energy Inc. and Lushann. Under the terms of this memorandum, Petrogress Oil & Gas Energy Inc. elected to play the role of a farm-in-partner in the crude oil and the associated gas production in the developing area of 12 65% 1 $3.5 $15.0 May 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its ’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Delaware) Petrogress Int ’l LLC (Delaware) |
Emerging Growth Company [Policy Text Block] | Emerging Growth Company The Company qualifies as an “emerging growth company” under the 2012 107 7 2 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original term of three |
Receivables, Policy [Policy Text Block] | Accounts Receivable , net The amount shown as accounts receivables, net at each balance sheet date includes estimated recoveries from customers and charterers for sales of oil products, hires, freight and demurrage billings, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of non-payment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not For the year ended December 31, 2017 $395,413 no December 31, 2016. not For the year ended December 31, 2017, $326,724, Statements of Comprehensive Income. For the year ended December 31, 2016, wrote off Accounts receivables balances of $373,371. 2 |
Inventory, Policy [Policy Text Block] | Inventor ies The Company's inventor ies consist primarily of purchased gas oil in transit on a marine vessel at the respective balance sheet date, is valued at the lower of cost or market using the mark-to-market method of valuation. |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities We classify marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses, net of deferred income taxes, reported as accumulated other comprehensive income/ (loss), a separate component of shareholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. |
Property, Plant and Equipment, Policy [Policy Text Block] | Vessels and other fixed assets, net During the year ended December 31, 2017, 10 December 31, 2016 ● Accumulated profit as of December 31, 2015 $267,138. $2,274,125 December 31, 2016 $2,541,263 ● Accumulated profit as of December 31, 2016 $102,218. $697,269 December 31, 2016 $799,487 December 31, 2015 $267,138, 2016, $164,920 ● Depreciation expense for the year ended December 31, 2016 $164,920. December 31, 2016 $676,328 $841,248, ● Net income of the year ended December 31, 2017 $216,731 ● Net book value of Vessels and other fixed assets, net as of December 31, 2016 $102,218. $5,919,067 December 31, 2016 $6,021,285 December 31, 2015 $267,138, 2016, $164,920 $102,218 December 31, 2016 December 31, 2016. ● Net book value of Vessels and other fixed assets, net as of December 31, 2017 $216,731 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2016 $0.001 ● Earnings per share, Basic and Dilutive, for the year ended December 31, 2017 $0.0013 $0.0012 The following table presents the adjustments performed to the figures affected from our adjustment on accumulated depreciations: Vessels Furniture & equipment Total Cost Balance at December 31, 2015 $ 9,550,000 $ 85,000 $ 9,635,000 Additions 449,380 2,015 451,395 Disposals - - - Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Accumulated depreciation Balance at December 31, 2015 as originally reported $ (3,440,000 ) $ (51,000 ) $ (3,491,000 ) Prior period adjustment $ 267,138 $ - $ 267,138 Balance at December 31, 2015 as restated $ (3,172,862 ) $ (51,000 ) $ (3,223,862 ) Depreciation for the period as originally reported (667,508 ) (8,820 ) (676,328 ) Depreciation due to adjustment (164,920 ) - (164,920 ) Depreciation for the period as restated (832,428 ) (8,820 ) (841,248 ) Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Vessels and other fixed assets, net - December 31, 2016 $ 5,994,090 $ 27,195 $ 6,021,285 Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 The Company depreciates vessels on a straight-line basis over the estimated useful life which is 10 Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years |
Organization Costs, Policy [Policy Text Block] | Organization costs The Company has adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. The Company accounts for income taxes in accordance with ASC 740 10, not not ASC 740 10 We classify interest and penalties as a component of interest and other expenses. To date, we have not The Company measures and records uncertain tax positions by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than- not may 2011 |
Earnings Per Share, Policy [Policy Text Block] | Earnings / (Loss) Per Share The Company reports earnings/ (loss) per share in accordance with ASC 260, As of December 31, 2017 , the basic and dilutive weighted average number of shares of Common Stock of the Company is 172,962,382 172,988,791 As of December 31, 2017, 26,409 December 31, 2017. As of December 31, 201 6, 161,016,555 Potentially dilutive securities for the year ended December 31, 2016 2,380,266 not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Accounting for Equity -based Payments The Company accounts for stock awards issued to non-employees in accordance with ASC 505 50, 1 2 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company adopted ASC Topic 220, and foreign currency translation adjustments. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Th e Company recognizes revenue in accordance with FASB ASC 605, 605 four 1 2 3 4 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments consist primarily of cash, accounts receivable, inventory, marketable securities, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, and convertible debt, as applicable, approximates fair value due to the short term nature of these items and/or the current interest rates payable in relation to current market conditions. Marketable securities are adjusted to fair value each balance sheet date, based on quoted prices; which are considered level 1 Our derivative liability is valued using the level 3 not Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do not Fair value measurements are determined under a three ’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we primarily use prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). We also consider the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are not The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 3 The three Level 1 Level 2 not Level 3 Credit risk adjustments are applied to reflect the Company ’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s own credit risk as observed in the credit default swap market. The following table represents the Company ’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2017 December 31, 2016, Total Level 1 Level 2 Level 3 December 31, 2017 Loan facility from related party $ 297,400 $ 297,400 $ - $ - December 31, 2016 Derivative liabilities $ 65,499 $ - $ - $ 65,499 The following table sets forth a reconciliation of changes in the fair value of our Derivative Liability consideration Level 3 Year ended December 31, 2017 2016 Balance, January 1, $ 65,499 $ - Additions to Level 3 - 65,499 Transfers into Level 3 - - Transfers out of Level 3 - - Change in fair value - Payments (65,499 ) Balance, December 31, $ - $ 65,499 |
New Accounting Pronouncements, Policy [Policy Text Block] | Effects of Recent Accounting Pronouncements not We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effective dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not ’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. The FASB issued several updates on Topic 606 ● ASU 2014 09, 606 ● ASU 2016 08 606 ● ASU 2016 10, 606 ● ASU 2016 11, 605 815 2014 09 2014 16 March 3, 2016 ● ASU 2016 12, 606 ● ASU 2016 20, 606, ● ASU 2017 13, 605 606 840 842 Amendments to SEC Paragraphs Pursuant to the Staff July 20, 2017 The standards provide companies with a single model for use in accounting for revenue arising from contracts with customers that supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. January 1, 2019, not In January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” February 2018, 2018 03, 825 10 No. 2016 01, 825 10 may 820, December 15, 2018 June 15, 2019. January 1, 2019, not 2016 01 In February 2016, No. 2016 02, Leases 2016 02” January 2018, 2018 01, 2016 02. 1 2 not January 1, 2020 not In January 2017, 2017 01, 805 December 15, 201 8. not |
Date of Managements Review [Policy Text Block] | Date of Management's Review Management has evaluated subsequent events through March 26, 2018, |
Note 1 - Description of Busin24
Note 1 - Description of Business and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2017 2016 Assets Cash and cash equivalents $ 1,988 $ 77 Due from affiliated companies 45,231 - Prepaid expenses and other current assets 12,692 4,086 Total current assets 59,911 4,164 Security deposit 2,998 2,635 Total Assets $ 62,909 $ 6,799 Liabilities and Shareholders' Equity Liabilities Accounts payable and accrued expenses $ 7,979 $ 1,001 Due to affiliated companies - 86,525 Total current liabilities 7,979 87,527 Total liabilities 7,979 87,527 Commitments and Contingencies - - Shareholders' equity: Currency translation reserve 1,503 4,104 Accumulated profit/ (loss) 53,427 (84,832 ) Equity attributable to Owners of the Company 54,930 (80,728 ) Total liabilities and shareholders' equity $ 62,909 $ 6,799 |
Note 2 - Restatement of Conso25
Note 2 - Restatement of Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Restatement to Prior Year Income [Table Text Block] | December 31, 2016 Restatement December 31, 2016 As filed adjustments Reclassification As restated Assets Cash and cash equivalents $ 362,083 $ - $ - $ 362,083 Accounts receivable, net 2,427,668 - - 2,427,668 Prepaid expenses and other current assets 1,058,088 - - 1,058,088 Marketable securities 20,940 - - 20,940 Total current assets 3,868,779 - - 3,868,779 Vessels and other fixed assets, net 5,919,067 102,218 - 6,021,285 Security deposit 8,775 - - 8,775 Total Assets $ 9,796,621 $ 102,218 $ - $ 9,898,839 Liabilities and Shareholders' Equity Liabilities Accounts payable and accrued expenses $ 148,269 $ - $ - $ 148,269 Due to related party 234,600 - - 234,600 Convertible promissory notes 44,887 - - 44,887 Derivative liabilities 65,499 - - 65,499 Total current liabilities 493,255 - - 493,255 Total liabilities 493,255 - - 493,255 Commitments and Contingencies Shareholders' equity: Common stock 166,796 - - 166,796 Additional paid-in capital 8,423,641 - - 8,423,641 Accumulated comprehensive loss 15,660 - - 15,660 Accumulated profit 697,269 102,218 - 799,487 Equity attributable to Owners of the Company 9,303,366 102,218 - 9,405,584 Non-controlling interests - - - - Total liabilities and shareholders' equity $ 9,796,621 $ 102,218 $ - $ 9,898,839 Year ended December 31, 2016 Restatement December 31, 2016 As filed adjustments Reclassification As restated Revenues $ 18,075,327 $ - $ - 18,075,327 Costs of goods sold (12,497,214 ) - (2,460,203 ) (14,957,417 ) Gross profit 5,578,113 - (2,460,203 ) 3,117,910 Operating expenses: Operating expenses (2,715,835 ) - 2,715,835 - Corporate expenses - - (518,764 ) (518,764 ) Selling, general and administrative expenses (2,010,101 ) - 636,403 (1,373,698 ) Write offs of accounts receivable - - (373,271 ) (373,271 ) Depreciation expense (676,328 ) (164,920 ) - (841,248 ) Total operating expenses (5,402,264 ) (164,920 ) 2,460,203 (3,106,981 ) Operating income before other expenses and income taxes 175,849 (164,920 ) - 10,929 Other (expense)/ income, net: Amortization of note discount (48,974 ) - - (48,974 ) Change in fair market value of derivative liabilities 152,169 - - 152,169 Total other income, net 103,195 - - 103,195 Income before income taxes 279,044 (164,920 ) - 114,124 Income tax expense (55,900 ) - - (55,900 ) Net income 223,144 (164,920 ) - 58,224 Net income attributable to: Owners of the company 223,144 (164,920 ) - 58,224 Basic and dilutive earnings per share Numerator: Net income $ 223,144 - - $ 223,144 Less: Effect of correction in depreciation expense for the period $ - (164,920 ) - $ (164,920 ) Net income attributable to common stockholders $ 223,144 (164,920 ) - $ 58,224 Denominator: Denominator for basic net income per share - weighted average shares 161,016,555 - - $ 161,016,555 Denominator for diluted net income per share - adjusted weighted average shares 161,016,555 - - $ 161,016,555 Basic net earnings per share 0.002 - - 0.0004 Diluted net earnings per share 0.002 - - 0.0004 |
Note 3 - Summary of Significa26
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Restatement of Fixed Assets [Table Text Block] | Vessels Furniture & equipment Total Cost Balance at December 31, 2015 $ 9,550,000 $ 85,000 $ 9,635,000 Additions 449,380 2,015 451,395 Disposals - - - Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Accumulated depreciation Balance at December 31, 2015 as originally reported $ (3,440,000 ) $ (51,000 ) $ (3,491,000 ) Prior period adjustment $ 267,138 $ - $ 267,138 Balance at December 31, 2015 as restated $ (3,172,862 ) $ (51,000 ) $ (3,223,862 ) Depreciation for the period as originally reported (667,508 ) (8,820 ) (676,328 ) Depreciation due to adjustment (164,920 ) - (164,920 ) Depreciation for the period as restated (832,428 ) (8,820 ) (841,248 ) Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Vessels and other fixed assets, net - December 31, 2016 $ 5,994,090 $ 27,195 $ 6,021,285 Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 December 31, 2017 Loan facility from related party $ 297,400 $ 297,400 $ - $ - December 31, 2016 Derivative liabilities $ 65,499 $ - $ - $ 65,499 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year ended December 31, 2017 2016 Balance, January 1, $ 65,499 $ - Additions to Level 3 - 65,499 Transfers into Level 3 - - Transfers out of Level 3 - - Change in fair value - Payments (65,499 ) Balance, December 31, $ - $ 65,499 |
Note 4 - Vessels and Other Fi27
Note 4 - Vessels and Other Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Restatement of Fixed Assets [Table Text Block] | Vessels Furniture & equipment Total Cost Balance at December 31, 2015 $ 9,550,000 $ 85,000 $ 9,635,000 Additions 449,380 2,015 451,395 Disposals - - - Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Accumulated depreciation Balance at December 31, 2015 as originally reported $ (3,440,000 ) $ (51,000 ) $ (3,491,000 ) Prior period adjustment $ 267,138 $ - $ 267,138 Balance at December 31, 2015 as restated $ (3,172,862 ) $ (51,000 ) $ (3,223,862 ) Depreciation for the period as originally reported (667,508 ) (8,820 ) (676,328 ) Depreciation due to adjustment (164,920 ) - (164,920 ) Depreciation for the period as restated (832,428 ) (8,820 ) (841,248 ) Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Vessels and other fixed assets, net - December 31, 2016 $ 5,994,090 $ 27,195 $ 6,021,285 Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years |
Note 5 - Concentration of Sal28
Note 5 - Concentration of Sales and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Accounts receivable balance as of Customer % Sales 2017 % Sales 2016 December 31, 2017 A 44% 0% 1,989,051 B 16% 20% 743,916 C 13% 25% 595,375 D 4% 14% 200,000 E 0% 22% - |
Note 6 - Income Tax (Tables)
Note 6 - Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31, 2017 2016 Federal: Domestic – current - - Foreign – current - 55,900 Deferred - - Total federal taxes - 55,900 State: Current - Deferred - Total state taxes - - Total taxes $ - $ 55,900 |
Note 7 - Convertible Promisso30
Note 7 - Convertible Promissory Notes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | December 31, 2015 - Balance assumed $ 300,321 Reduction for conversion in prior periods (82,652 ) Fair value changes over time (152,170 ) December 31, 2016 $ 65,499 Cancellation due to debt repayment (65,499 ) December 31, 2017 $ - |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Assumption date Remeasurement date December 31, 2017 Expected dividends $-0- $-0- Expected volatility 363% 366% Expected term in months 6 3 Risk yield 0.49% 0.28% December 31, 2016 Expected dividends $-0- $-0- Expected volatility 363% 366% Expected term in months 6 3 Risk yield 0.49% 0.28% |
Convertible Debt [Table Text Block] | December 31, 2015 - Balance assumed February 29, 2016 $ 69,619 Conversion of debt in March and April 2016 (24,732 ) December 31, 2016 $ 44,887 Settlement of note (44,887 ) December 31, 2017 $ - |
Note 8 - Prepaid Expenses and31
Note 8 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Year ended December 31, 2017 2016 Prepayment in shares 299,945 (1) - Prepayments to Company's staff - 245,000 Prepayments to Company's representatives 61,875 355,154 Prepayments for Saltpond project 460,000 380,000 Prepayments related to MoU with F&T 20,000 - Other current assets 201,803 77,934 Totals $ 1,043,623 $ 1,058,088 |
Note 10 - Related Party Trans32
Note 10 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Years ended December 31, 2017 2016 President, Chief Executive Officer and sole Director $ 270,000 $ 330,000 |
Activity on Line of Credit Note [Table Text Block] | Balance February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lended to the Company by Christos Traios 275,000 Amout converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 |
Schedule of Amounts Due to Related Parties [Table Text Block] | Balance December 31, 2016 $ 234,600 Reclassification of amount due to Christos Traios as of December 31, 2016 related to advances made to the Company (157,000 ) Advances from Christos Traios 52,500 Advances to Christos Traios (24,652 ) Wages accrued to Christos Traios 270,000 Wages paid to Christos Traios (21,695 ) Correction of wages accrued for 2016 (10,000 ) Value of shares of Petrogres Africa owed to Christos Traios from Petrogres Int'l LLC 900,000 Balance December 31, 2017 $ 1,243,753 |
Note 11 - Accounts Receivable33
Note 11 - Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year ended December 31, 2017 2016 Trade receivables $ 4,904,298 $ 1,970,771 Less: Provision for doubtful accounts (395,413 ) - Trade receivables, net 4,508,885 1,970,771 Other receivables - 456,897 Accounts receivable, net $ 4,508,885 $ 2,427,668 |
Note 12 - Loan Facility From 34
Note 12 - Loan Facility From Related Party (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Activity on Line of Credit Note [Table Text Block] | Balance February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lended to the Company by Christos Traios 275,000 Amout converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 |
Note 13 - Accounts Payable an35
Note 13 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Year ended December 31, 2017 2016 Service providers 113,333 21,547 Wages & salaries payable 62,867 41,770 Oil providers 1,068,714 71,702 Providers of lubricants 55,050 13,250 Totals $ 1,299,964 $ 148,269 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended Year ended Year ended December 31, December 31, December 31, 2017 2016 (Restated) 2016 (Published) Numerator: Net income attributable to common stockholders $ 294,669 $ 223,144 $ 223,144 Less: Effect of correction in depreciation expense for the period - (164,920 ) - Net income attributable to common stockholders $ 294,669 $ 58,224 $ 223,144 Denominator: Denominator for basic net income per share - weighted average shares 172,962,382 161,016,555 161,016,555 Conversion of accrued interest on debt held by related party 26,409 - - Denominator for diluted net income per share - adjusted weighted average shares 172,988,791 161,016,555 161,016,555 Basic net earnings per share $ 0.0017 $ 0.0004 $ 0.002 Diluted net earnings per share $ 0.0017 $ 0.0004 $ 0.002 |
Note 15 - Commitments and Con37
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Twelve months ending December 31, Amount 2018 118,104 2019 118,104 2020 118,104 2021 118,104 2022 118,104 Total $ 590,520 |
Note 1 - Description of Busin38
Note 1 - Description of Business and Basis of Presentation (Details Textual) | Mar. 23, 2018l | Feb. 28, 2018bbl | Feb. 16, 2018USD ($) | Sep. 30, 2017shares | Feb. 29, 2016$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Nov. 30, 2017 | Jun. 30, 2017USD ($) | Nov. 16, 2016$ / sharesshares | Mar. 09, 2016 | Dec. 31, 2015USD ($) |
Common Stock, Shares Authorized | shares | 490,000,000 | 490,000,000 | 490,000,000 | 490,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Preferred Stock, Shares Authorized | shares | 10,000,000 | 10,000,000 | 0 | 10,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0 | $ 0.001 | ||||||||
Prepaid Expense Related to MoU With F&T | $ 20,000 | $ 20,000 | ||||||||||
Memorandum of Understanding, Interest in Capital, Percent | 25.00% | |||||||||||
Business Combination, Future Development Plans | 300,000,000 | |||||||||||
Retained Earnings (Accumulated Deficit) | 1,008,823 | $ 799,487 | $ 2,541,263 | |||||||||
Increase (Decrease) to Retained Earnings (Accumulated Deficit), Consolidating Items | (85,333) | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (7,744) | |||||||||||
Subsequent Event [Member] | ||||||||||||
Number of Oil Tanks Assigned | 2 | |||||||||||
Oil Tank Capacity | l | 15,000 | |||||||||||
Subsequent Event [Member] | GREECE | ||||||||||||
Entity Number of Employees | 8 | |||||||||||
Subsequent Event [Member] | Scenario, Plan [Member] | ||||||||||||
Proceeds from Investors | $ 3,500,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |||||||||||
Petronav Carriers LLC [Member] | ||||||||||||
Number of Vessels in Tanker Fleet | 4 | |||||||||||
Petrogress Int'l LLC [Member] | Subsequent Event [Member] | SOMO [Member] | ||||||||||||
Long-term Purchase Commitment, Barrels of Oil Per Month | bbl | 1,000,000 | |||||||||||
Petrogress Int'l LLC [Member] | PANOC [Member] | Subsequent Event [Member] | ||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 55.00% | |||||||||||
Petrogress Int'l LLC [Member] | PEGNOC [Member] | Subsequent Event [Member] | ||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 55.00% | |||||||||||
A and E Petroleum Co. Limited [Member] | PANOC [Member] | Subsequent Event [Member] | ||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 45.00% | |||||||||||
Gonzena [Member] | PEGNOC [Member] | Subsequent Event [Member] | ||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 45.00% | |||||||||||
Petrogres Oil & Gas [Member] | SODCO [Member] | Subsequent Event [Member] | ||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 65.00% | |||||||||||
Petrogres (Hellas) Co [Member] | ||||||||||||
Retained Earnings (Accumulated Deficit) | 53,427 | (84,832) | ||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 7,744 | |||||||||||
Other Consolidated Entities [Member] | ||||||||||||
Increase (Decrease) to Retained Earnings (Accumulated Deficit), Consolidating Items | $ (501) | |||||||||||
Acquisition of Petrogres Co. Limited [Member] | ||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 136,000,000 | |||||||||||
Equity Method Investment, Ownership Percentage | 85.00% | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Petrogres Africa Co. Ltd [Member] | ||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,080,000 | |||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | 90.00% |
Note 1 - Description of Busin39
Note 1 - Description of Business and Basis of Presentation - Statements of Balance Sheets of Petrogres (Hellas) Co (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 1,150,999 | $ 362,083 | $ 1,882,305 |
Prepaid expenses and other current assets | 1,043,623 | 1,058,088 | |
Total current assets | 6,875,007 | 3,868,779 | |
Security deposit | 7,573 | 8,775 | |
Total Assets | 13,064,529 | 9,898,839 | |
Liabilities | |||
Accounts payable and accrued expenses | 1,299,964 | 148,269 | |
Due to related party | 1,243,753 | 234,600 | |
Total current liabilities | 2,850,756 | 493,255 | |
Total liabilities | 2,850,756 | 493,255 | |
Commitments and Contingencies | |||
Shareholders' equity: | |||
Accumulated profit/ (loss) | 1,008,823 | 799,487 | 2,541,263 |
Equity attributable to Owners of the Company | 10,115,015 | 9,405,584 | $ 11,344,101 |
Total liabilities and shareholders' equity | 13,064,529 | 9,898,839 | |
Petrogres (Hellas) Co [Member] | |||
Cash and cash equivalents | 1,988 | 77 | |
Due from affiliated companies | 45,231 | ||
Prepaid expenses and other current assets | 12,692 | 4,086 | |
Total current assets | 59,911 | 4,164 | |
Security deposit | 2,998 | 2,635 | |
Total Assets | 62,909 | 6,799 | |
Liabilities | |||
Accounts payable and accrued expenses | 7,979 | 1,001 | |
Due to related party | 86,525 | ||
Total current liabilities | 7,979 | 87,527 | |
Total liabilities | 7,979 | 87,527 | |
Commitments and Contingencies | |||
Shareholders' equity: | |||
Currency translation reserve | 1,503 | 4,104 | |
Accumulated profit/ (loss) | 53,427 | (84,832) | |
Equity attributable to Owners of the Company | 54,930 | (80,728) | |
Total liabilities and shareholders' equity | $ 62,909 | $ 6,799 |
Note 2 - Restatement of Conso40
Note 2 - Restatement of Consolidated Financial Statements (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retained Earnings (Accumulated Deficit) | $ 1,008,823 | $ 799,487 | $ 2,541,263 |
Net Income (Loss) Attributable to Parent | 294,669 | 58,224 | |
Depreciation | 918,166 | 841,248 | |
Correction of Depreciation Expense | 216,731 | 164,920 | |
Property, Plant and Equipment, Net | $ 5,281,949 | $ 6,021,285 | |
Increase (Decrease), Earnings Per Share, Basic | $ (0.0013) | $ (0.001) | |
Increase (Decrease), Earnings Per Share, Diluted | $ (0.0012) | $ (0.001) | |
Prior Period Reclassification Adjustment | $ 418,604 | ||
Increase of Cost of Goods Sold [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 2,460,203 | ||
Operating Costs Reclassifed to Shipping and Handling Costs Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 1,531,400 | ||
Operating Costs Reclassified to Operating Expense [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 906,303 | ||
SG &A Reclassified to Operating Costs [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 22,500 | ||
Decrease in Selling, General and Administrative Expense [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 636,403 | ||
Operating Costs Reclassifed to SG & A [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 177,970 | ||
SG & A Reclassified to Accounts Receivable Write-offs [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 373,271 | ||
SG & A Reclassified to Corporate Expense [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 418,604 | ||
Increase in Corporate Expense [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 518,764 | ||
Operating Costs Reclassified to Corporate Expense [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 100,160 | ||
Vessels [Member] | |||
Depreciation | 902,903 | $ 832,428 | |
Property, Plant and Equipment, Net | $ 5,263,737 | 5,994,090 | |
Restatement Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit) | 102,218 | 267,138 | |
Net Income (Loss) Attributable to Parent | (164,920) | ||
Depreciation | 164,920 | ||
Correction of Depreciation Expense | 164,920 | ||
Property, Plant and Equipment, Net | $ 102,218 | ||
Increase (Decrease), Earnings Per Share, Basic | $ (0.0013) | $ (0.001) | |
Increase (Decrease), Earnings Per Share, Diluted | $ (0.0012) | $ (0.001) | |
Restatement Adjustment [Member] | Vessels [Member] | |||
Depreciation | $ 164,920 | ||
Scenario, Previously Reported [Member] | |||
Retained Earnings (Accumulated Deficit) | 697,269 | $ 2,274,125 | |
Net Income (Loss) Attributable to Parent | 223,144 | ||
Depreciation | 676,328 | ||
Correction of Depreciation Expense | |||
Property, Plant and Equipment, Net | 5,919,067 | ||
Scenario, Previously Reported [Member] | Vessels [Member] | |||
Retained Earnings (Accumulated Deficit) | 697,269 | ||
Depreciation | $ 676,328 |
Note 2 - Restatement of Conso41
Note 2 - Restatement of Consolidated Financial Statements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and cash equivalents | $ 1,150,999 | $ 362,083 | $ 1,882,305 |
Accounts receivable, net | 4,508,885 | 2,427,668 | |
Prepaid expenses and other current assets | 1,058,088 | ||
Marketable securities | 20,940 | ||
Total current assets | 6,875,007 | 3,868,779 | |
Vessels and other fixed assets, net | 5,281,949 | 6,021,285 | |
Security deposit | 7,573 | 8,775 | |
Total Assets | 13,064,529 | 9,898,839 | |
Liabilities | |||
Accounts payable and accrued expenses | 1,299,964 | 148,269 | |
Due to related party | 1,243,753 | 234,600 | |
Convertible promissory notes | 44,887 | ||
Derivative liabilities | 65,499 | ||
Total current liabilities | 2,850,756 | 493,255 | |
Total liabilities | 2,850,756 | 493,255 | |
Commitments and Contingencies | |||
Shareholders' equity: | |||
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 317,875,807 and 166,795,807 shares issued and outstanding as of December 31, 2017 and December 31, 2016 respectively | 317,876 | 166,796 | |
Additional paid-in capital | 8,786,060 | 8,423,641 | |
Accumulated comprehensive income | (7,744) | 15,660 | |
Accumulated profit | 1,008,823 | 799,487 | 2,541,263 |
Equity attributable to Owners of the Company | 10,115,015 | 9,405,584 | 11,344,101 |
Non-controlling interests | 98,758 | ||
Total liabilities and shareholders' equity | 13,064,529 | 9,898,839 | |
Revenues | 9,163,356 | 18,075,327 | |
Costs of goods sold | (5,619,978) | (14,957,417) | |
Gross profit | 3,543,378 | 3,117,910 | |
Operating expenses: | |||
Operating expenses | |||
Corporate expenses | (465,274) | (518,764) | |
Selling, general and administrative expenses | (1,162,930) | (1,373,698) | |
Write offs of accounts receivable | (326,724) | (373,371) | |
Depreciation expense | (918,166) | (841,248) | |
Total operating expenses | (3,268,507) | (3,106,981) | |
Operating income before other expenses and income taxes | 274,871 | 10,929 | |
Other (expense)/ income, net: | |||
Amortization of note discount | (48,974) | ||
Change in fair market value of derivative liabilities | 152,169 | ||
Total other income, net | 33,475 | 103,195 | |
Income before income taxes | 114,124 | ||
Income tax expense | (55,900) | ||
Net income | 293,427 | 58,224 | |
Net income attributable to: | |||
Owners of the company | 294,669 | 58,224 | |
Basic and dilutive earnings per share | |||
Net income | 294,669 | 223,144 | |
Effect of correction in depreciation expense for the period | (216,731) | (164,920) | |
Net income attributable to common stockholders | $ 294,669 | $ 58,224 | |
Denominator for basic net income per share - weighted average shares (in shares) | 172,962,382 | 161,016,555 | |
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | 172,988,791 | 161,016,555 | |
Basic net earnings per share (in dollars per share) | $ 0.0017 | $ 0.0004 | |
Diluted net earnings per share (in dollars per share) | $ 0.0017 | $ 0.0004 | |
Scenario, Previously Reported [Member] | |||
Assets | |||
Cash and cash equivalents | $ 362,083 | ||
Accounts receivable, net | 2,427,668 | ||
Prepaid expenses and other current assets | 1,058,088 | ||
Marketable securities | 20,940 | ||
Total current assets | 3,868,779 | ||
Vessels and other fixed assets, net | 5,919,067 | ||
Security deposit | 8,775 | ||
Total Assets | 9,796,621 | ||
Liabilities | |||
Accounts payable and accrued expenses | 148,269 | ||
Due to related party | 234,600 | ||
Convertible promissory notes | 44,887 | ||
Derivative liabilities | 65,499 | ||
Total current liabilities | 493,255 | ||
Total liabilities | 493,255 | ||
Shareholders' equity: | |||
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 317,875,807 and 166,795,807 shares issued and outstanding as of December 31, 2017 and December 31, 2016 respectively | 166,796 | ||
Additional paid-in capital | 8,423,641 | ||
Accumulated comprehensive income | 15,660 | ||
Accumulated profit | 697,269 | 2,274,125 | |
Equity attributable to Owners of the Company | 9,303,366 | 11,076,963 | |
Non-controlling interests | |||
Total liabilities and shareholders' equity | 9,796,621 | ||
Revenues | 18,075,327 | ||
Costs of goods sold | (12,497,214) | ||
Gross profit | 5,578,113 | ||
Operating expenses: | |||
Operating expenses | (2,715,835) | ||
Corporate expenses | |||
Selling, general and administrative expenses | (2,010,101) | ||
Write offs of accounts receivable | |||
Depreciation expense | (676,328) | ||
Total operating expenses | (5,402,264) | ||
Operating income before other expenses and income taxes | 175,849 | ||
Other (expense)/ income, net: | |||
Amortization of note discount | (48,974) | ||
Change in fair market value of derivative liabilities | 152,169 | ||
Total other income, net | 103,195 | ||
Income before income taxes | 279,044 | ||
Income tax expense | (55,900) | ||
Net income | 223,144 | ||
Net income attributable to: | |||
Owners of the company | 223,144 | ||
Basic and dilutive earnings per share | |||
Net income | 223,144 | ||
Effect of correction in depreciation expense for the period | |||
Net income attributable to common stockholders | $ 223,144 | ||
Denominator for basic net income per share - weighted average shares (in shares) | 161,016,555 | ||
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | 161,016,555 | ||
Basic net earnings per share (in dollars per share) | $ 0.002 | ||
Diluted net earnings per share (in dollars per share) | $ 0.002 | ||
Restatement Adjustment [Member] | |||
Assets | |||
Cash and cash equivalents | |||
Accounts receivable, net | |||
Prepaid expenses and other current assets | |||
Marketable securities | |||
Total current assets | |||
Vessels and other fixed assets, net | 102,218 | ||
Security deposit | |||
Total Assets | 102,218 | ||
Liabilities | |||
Accounts payable and accrued expenses | |||
Due to related party | |||
Convertible promissory notes | |||
Derivative liabilities | |||
Total current liabilities | |||
Total liabilities | |||
Shareholders' equity: | |||
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 317,875,807 and 166,795,807 shares issued and outstanding as of December 31, 2017 and December 31, 2016 respectively | |||
Additional paid-in capital | |||
Accumulated comprehensive income | |||
Accumulated profit | 102,218 | 267,138 | |
Equity attributable to Owners of the Company | 102,218 | $ 267,138 | |
Non-controlling interests | |||
Total liabilities and shareholders' equity | 102,218 | ||
Revenues | |||
Costs of goods sold | |||
Gross profit | |||
Operating expenses: | |||
Operating expenses | |||
Corporate expenses | |||
Selling, general and administrative expenses | |||
Write offs of accounts receivable | |||
Depreciation expense | (164,920) | ||
Total operating expenses | (164,920) | ||
Operating income before other expenses and income taxes | (164,920) | ||
Other (expense)/ income, net: | |||
Amortization of note discount | |||
Change in fair market value of derivative liabilities | |||
Total other income, net | |||
Income before income taxes | (164,920) | ||
Income tax expense | |||
Net income | (164,920) | ||
Net income attributable to: | |||
Owners of the company | (164,920) | ||
Basic and dilutive earnings per share | |||
Net income | |||
Effect of correction in depreciation expense for the period | (164,920) | ||
Net income attributable to common stockholders | $ (164,920) | ||
Denominator for basic net income per share - weighted average shares (in shares) | |||
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | |||
Basic net earnings per share (in dollars per share) | |||
Diluted net earnings per share (in dollars per share) | |||
Reclassification Adjustment [Member] | |||
Shareholders' equity: | |||
Revenues | |||
Costs of goods sold | (2,460,203) | ||
Gross profit | (2,460,203) | ||
Operating expenses: | |||
Operating expenses | 2,715,835 | ||
Corporate expenses | (518,764) | ||
Selling, general and administrative expenses | 636,403 | ||
Write offs of accounts receivable | (373,271) | ||
Depreciation expense | |||
Total operating expenses | 2,460,203 | ||
Operating income before other expenses and income taxes | |||
Other (expense)/ income, net: | |||
Amortization of note discount | |||
Change in fair market value of derivative liabilities | |||
Total other income, net | |||
Income before income taxes | |||
Income tax expense | |||
Net income | |||
Net income attributable to: | |||
Owners of the company | |||
Basic and dilutive earnings per share | |||
Net income | |||
Effect of correction in depreciation expense for the period | |||
Net income attributable to common stockholders | |||
Denominator for basic net income per share - weighted average shares (in shares) | |||
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | |||
Basic net earnings per share (in dollars per share) | |||
Diluted net earnings per share (in dollars per share) |
Note 3 - Summary of Significa42
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts Receivable, Current | $ 395,413 | $ 0 | |
Provision for Doubtful Accounts, Other Receivables | 326,724 | 373,371 | |
Retained Earnings (Accumulated Deficit) | 1,008,823 | 799,487 | $ 2,541,263 |
Correction of Depreciation Expense | 216,731 | 164,920 | |
Net Income (Loss) Attributable to Parent | 294,669 | 58,224 | |
Depreciation | 918,166 | 841,248 | |
Property, Plant and Equipment, Net | $ 5,281,949 | $ 6,021,285 | |
Increase (Decrease), Earnings Per Share, Basic | $ (0.0013) | $ (0.001) | |
Increase (Decrease), Earnings Per Share, Diluted | $ (0.0012) | $ (0.001) | |
Unrecognized Tax Benefits | $ 0 | ||
Weighted Average Number of Shares Outstanding, Basic | 172,962,382 | 161,016,555 | |
Weighted Average Number of Shares Outstanding, Diluted | 172,988,791 | 161,016,555 | |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 26,409 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,380,266 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 | ||
Restatement Adjustment [Member] | |||
Provision for Doubtful Accounts, Other Receivables | |||
Retained Earnings (Accumulated Deficit) | 102,218 | 267,138 | |
Correction of Depreciation Expense | 164,920 | ||
Net Income (Loss) Attributable to Parent | (164,920) | ||
Depreciation | 164,920 | ||
Property, Plant and Equipment, Net | $ 102,218 | ||
Increase (Decrease), Earnings Per Share, Basic | $ (0.0013) | $ (0.001) | |
Increase (Decrease), Earnings Per Share, Diluted | $ (0.0012) | $ (0.001) | |
Weighted Average Number of Shares Outstanding, Basic | |||
Weighted Average Number of Shares Outstanding, Diluted | |||
Scenario, Previously Reported [Member] | |||
Provision for Doubtful Accounts, Other Receivables | |||
Retained Earnings (Accumulated Deficit) | 697,269 | $ 2,274,125 | |
Correction of Depreciation Expense | |||
Net Income (Loss) Attributable to Parent | 223,144 | ||
Depreciation | 676,328 | ||
Property, Plant and Equipment, Net | $ 5,919,067 | ||
Weighted Average Number of Shares Outstanding, Basic | 161,016,555 | ||
Weighted Average Number of Shares Outstanding, Diluted | 161,016,555 | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities |
Note 3 - Summary of Significa43
Note 3 - Summary of Significant Accounting Policies - Adjustments to Fixed Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 10,086,395 | $ 9,635,000 | |
Additions | 179,313 | 451,395 | |
Disposals | (483) | ||
Balance | 10,265,225 | 10,086,395 | |
Balance | (4,983,276) | (4,065,110) | $ (3,223,862) |
Prior period adjustment | 4,983,276 | 4,065,110 | 3,223,862 |
Depreciation for the period | (918,166) | (841,248) | |
Vessels and other fixed assets, net | 5,281,949 | 6,021,285 | |
Scenario, Previously Reported [Member] | |||
Balance | (3,491,000) | ||
Prior period adjustment | 3,491,000 | ||
Depreciation for the period | (676,328) | ||
Vessels and other fixed assets, net | 5,919,067 | ||
Restatement Adjustment [Member] | |||
Balance | (267,138) | ||
Prior period adjustment | 267,138 | ||
Depreciation for the period | (164,920) | ||
Vessels and other fixed assets, net | 102,218 | ||
Vessels [Member] | |||
Balance | 9,999,380 | 9,550,000 | |
Additions | 172,550 | 449,380 | |
Disposals | |||
Balance | 10,171,930 | 9,999,380 | |
Balance | (4,908,193) | (4,005,290) | (3,172,862) |
Prior period adjustment | 4,908,193 | 4,005,290 | 3,172,862 |
Depreciation for the period | (902,903) | (832,428) | |
Vessels and other fixed assets, net | 5,263,737 | 5,994,090 | |
Vessels [Member] | Scenario, Previously Reported [Member] | |||
Balance | (3,440,000) | ||
Prior period adjustment | 3,440,000 | ||
Depreciation for the period | (676,328) | ||
Vessels [Member] | Restatement Adjustment [Member] | |||
Balance | (267,138) | ||
Prior period adjustment | 267,138 | ||
Depreciation for the period | (164,920) | ||
Furniture and Equipment [Member] | |||
Balance | 87,015 | 85,000 | |
Additions | 6,763 | 2,015 | |
Disposals | (483) | ||
Balance | 93,295 | 87,015 | |
Balance | (75,083) | (59,820) | (51,000) |
Prior period adjustment | 75,083 | 59,820 | 51,000 |
Depreciation for the period | (15,263) | (8,820) | |
Vessels and other fixed assets, net | $ 18,212 | 27,195 | |
Furniture and Equipment [Member] | Scenario, Previously Reported [Member] | |||
Balance | (51,000) | ||
Prior period adjustment | 51,000 | ||
Depreciation for the period | (8,820) | ||
Furniture and Equipment [Member] | Restatement Adjustment [Member] | |||
Balance | |||
Prior period adjustment | |||
Depreciation for the period |
Note 3 - Summary of Significa44
Note 3 - Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Vessels and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Vessels [Member] | |
Useful Life (Year) | 10 years |
Office Equipment and Furniture [Member] | |
Useful Life (Year) | 10 years |
Computer Hardware and Software [Member] | |
Useful Life (Year) | 5 years |
Note 3 - Summary of Significa45
Note 3 - Summary of Significant Accounting Policies - Financial Instruments Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Loan facility from related party | $ 297,400 | |
Derivative liabilities | $ 65,499 | |
Fair Value, Inputs, Level 1 [Member] | ||
Loan facility from related party | 297,400 | |
Derivative liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Loan facility from related party | ||
Derivative liabilities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Loan facility from related party | ||
Derivative liabilities | $ 65,499 |
Note 3 - Summary of Significa46
Note 3 - Summary of Significant Account Policies - Reconciliation of Changes in Fair Value of Derivative Liability (Details) - Derivative Financial Instruments, Liabilities [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 65,499 | |
Additions to Level 3 | 65,499 | |
Transfers into Level 3 | ||
Transfers out of Level 3 | ||
Change in fair value | ||
Payments | (65,499) | |
Balance | $ 65,499 |
Note 4 - Vessels and Other Fi47
Note 4 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retained Earnings (Accumulated Deficit) | $ 1,008,823 | $ 799,487 | $ 2,541,263 |
Net Income (Loss) Attributable to Parent | 294,669 | 58,224 | |
Depreciation | 918,166 | 841,248 | |
Correction of Depreciation Expense | 216,731 | 164,920 | |
Property, Plant and Equipment, Net | $ 5,281,949 | $ 6,021,285 | |
Increase (Decrease), Earnings Per Share, Basic | $ (0.0013) | $ (0.001) | |
Increase (Decrease), Earnings Per Share, Diluted | $ (0.0012) | $ (0.001) | |
Vessels [Member] | |||
Depreciation | $ 902,903 | $ 832,428 | |
Property, Plant and Equipment, Net | $ 5,263,737 | 5,994,090 | |
Restatement Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit) | 102,218 | 267,138 | |
Net Income (Loss) Attributable to Parent | (164,920) | ||
Depreciation | 164,920 | ||
Correction of Depreciation Expense | 164,920 | ||
Property, Plant and Equipment, Net | $ 102,218 | ||
Increase (Decrease), Earnings Per Share, Basic | $ (0.0013) | $ (0.001) | |
Increase (Decrease), Earnings Per Share, Diluted | $ (0.0012) | $ (0.001) | |
Restatement Adjustment [Member] | Vessels [Member] | |||
Depreciation | $ 164,920 | ||
Scenario, Previously Reported [Member] | |||
Retained Earnings (Accumulated Deficit) | 697,269 | $ 2,274,125 | |
Net Income (Loss) Attributable to Parent | 223,144 | ||
Depreciation | 676,328 | ||
Correction of Depreciation Expense | |||
Property, Plant and Equipment, Net | 5,919,067 | ||
Scenario, Previously Reported [Member] | Vessels [Member] | |||
Retained Earnings (Accumulated Deficit) | 697,269 | ||
Depreciation | $ 676,328 |
Note 4 - Vessels and Other Fi48
Note 4 - Vessels and Other Fixed Assets, Net - Adjustments to Fixed Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 10,086,395 | $ 9,635,000 | |
Additions | 179,313 | 451,395 | |
Disposals | (483) | ||
Balance | 10,265,225 | 10,086,395 | |
Balance | (4,983,276) | (4,065,110) | $ (3,223,862) |
Prior period adjustment | 4,983,276 | 4,065,110 | 3,223,862 |
Depreciation for the period | (918,166) | (841,248) | |
Vessels and other fixed assets, net | 5,281,949 | 6,021,285 | |
Scenario, Previously Reported [Member] | |||
Balance | (3,491,000) | ||
Prior period adjustment | 3,491,000 | ||
Depreciation for the period | (676,328) | ||
Vessels and other fixed assets, net | 5,919,067 | ||
Restatement Adjustment [Member] | |||
Balance | (267,138) | ||
Prior period adjustment | 267,138 | ||
Depreciation for the period | (164,920) | ||
Vessels and other fixed assets, net | 102,218 | ||
Vessels [Member] | |||
Balance | 9,999,380 | 9,550,000 | |
Additions | 172,550 | 449,380 | |
Disposals | |||
Balance | 10,171,930 | 9,999,380 | |
Balance | (4,908,193) | (4,005,290) | (3,172,862) |
Prior period adjustment | 4,908,193 | 4,005,290 | 3,172,862 |
Depreciation for the period | (902,903) | (832,428) | |
Vessels and other fixed assets, net | 5,263,737 | 5,994,090 | |
Vessels [Member] | Scenario, Previously Reported [Member] | |||
Balance | (3,440,000) | ||
Prior period adjustment | 3,440,000 | ||
Depreciation for the period | (676,328) | ||
Vessels [Member] | Restatement Adjustment [Member] | |||
Balance | (267,138) | ||
Prior period adjustment | 267,138 | ||
Depreciation for the period | (164,920) | ||
Furniture and Equipment [Member] | |||
Balance | 87,015 | 85,000 | |
Additions | 6,763 | 2,015 | |
Disposals | (483) | ||
Balance | 93,295 | 87,015 | |
Balance | (75,083) | (59,820) | (51,000) |
Prior period adjustment | 75,083 | 59,820 | 51,000 |
Depreciation for the period | (15,263) | (8,820) | |
Vessels and other fixed assets, net | $ 18,212 | 27,195 | |
Furniture and Equipment [Member] | Scenario, Previously Reported [Member] | |||
Balance | (51,000) | ||
Prior period adjustment | 51,000 | ||
Depreciation for the period | (8,820) | ||
Furniture and Equipment [Member] | Restatement Adjustment [Member] | |||
Balance | |||
Prior period adjustment | |||
Depreciation for the period |
Note 4 - Vessels and Other Fi49
Note 4 - Vessels and Other Fixed Assets, Net - Summary of Estimated Useful Lives of Vessels and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Vessels [Member] | |
Useful Life (Year) | 10 years |
Office Equipment and Furniture [Member] | |
Useful Life (Year) | 10 years |
Computer Hardware and Software [Member] | |
Useful Life (Year) | 5 years |
Note 5 - Concentration of Sal50
Note 5 - Concentration of Sales and Credit Risk - Gross Revenue Composition (Details) - Customer Concentration Risk [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Customer A [Member] | ||
Sales concentration percentage | 44.00% | 0.00% |
Accounts receivable balance | $ 1,989,051 | |
Customer B [Member] | ||
Sales concentration percentage | 16.00% | 20.00% |
Accounts receivable balance | $ 743,916 | |
Customer C [Member] | ||
Sales concentration percentage | 13.00% | 25.00% |
Accounts receivable balance | $ 595,375 | |
Customer D [Member] | ||
Sales concentration percentage | 4.00% | 14.00% |
Accounts receivable balance | $ 200,000 | |
Customer E [Member] | ||
Sales concentration percentage | 0.00% | 22.00% |
Accounts receivable balance |
Note 6 - Income Tax - Income Ta
Note 6 - Income Tax - Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Federal: | ||
Domestic – current | ||
Foreign – current | 55,900 | |
Deferred | ||
Total federal taxes | 55,900 | |
State: | ||
Current | ||
Deferred | ||
Total state taxes | ||
Total taxes | $ 55,900 |
Note 7 - Convertible Promisso52
Note 7 - Convertible Promissory Notes (Details Textual) - USD ($) shares in Millions | Aug. 30, 2017 | Jul. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 09, 2015 | May 26, 2015 | May 01, 2015 |
Convertible Notes Payable, Current | $ 44,887 | ||||||||
Proposed Repayments of Convertible Debt, Not Accepted | $ 44,887 | ||||||||
Payments of Convertible Debt, Shares | 1.2 | ||||||||
Repayments of Convertible Debt | $ 26,767 | $ 26,767 | 26,767 | ||||||
LG Note [Member] | |||||||||
Convertible Notes Payable, Current | $ 21,500 | ||||||||
Crown Bridge Partners LLC Note [Member] | |||||||||
Convertible Notes Payable, Current | $ 24,000 | ||||||||
Mammoth Note 1 [Member] | |||||||||
Convertible Debt | $ 31,259 | ||||||||
Mammoth Note 2 [Member] | |||||||||
Convertible Debt | $ 38,280 | ||||||||
Mammoth Notes [Member] | |||||||||
Convertible Notes Payable, Current | $ 0 | $ 44,887 | $ 69,619 | $ 0 | |||||
Debt Instrument, Conversion Price, Lowest Percent of Company's Closing Price, Percent | 54.00% | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 48,975 | ||||||||
Derivative Liability | 300,321 | ||||||||
Repayments of Convertible Debt | $ 44,887 |
Note 7 - Convertible Promisso53
Note 7 - Convertible Promissory Notes - Summary of the Derivative Liability Balance (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 65,499 | ||
Balance assumed | 300,321 | ||
Reduction for conversion in prior periods | (82,652) | ||
Fair value changes over time | $ (152,170) | ||
Cancellation due to debt repayment | $ (65,499) |
Note 7 - Convertible Promisso54
Note 7 - Convertible Promissory Notes - Fair Value Assumptions for Derivative Liabilities (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Assumption Date [Member] | ||
Expected dividends | 0.00% | 0.00% |
Expected volatility | 363.00% | 363.00% |
Expected term in months (Month) | 180 days | 180 days |
Risk yield | 0.49% | 0.49% |
Remeasurement Date [Member] | ||
Expected dividends | 0.00% | 0.00% |
Expected volatility | 366.00% | 366.00% |
Expected term in months (Month) | 90 days | 90 days |
Risk yield | 0.28% | 0.28% |
Note 7 - Convertible Promisso55
Note 7 - Convertible Promissory Notes - Summary of Convertible Notes Payable Balance (Details) - USD ($) | Aug. 30, 2017 | Jul. 03, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Convertible Notes Payable, Current | $ 44,887 | $ 44,887 | |||
Balance assumed February 29, 2016 | 44,887 | ||||
Settlement of note | $ (26,767) | $ (26,767) | (26,767) | ||
Balance | 44,887 | 44,887 | |||
Mammoth Notes [Member] | |||||
Convertible Notes Payable, Current | 69,619 | 44,887 | 0 | ||
Balance assumed February 29, 2016 | 69,619 | 44,887 | 0 | ||
Conversion of debt in March and April 2016 | (24,732) | ||||
Settlement of note | (44,887) | ||||
Balance | $ 44,887 | $ 0 | $ 44,887 |
Note 8 - Prepaid Expenses and56
Note 8 - Prepaid Expenses and Other Current Assets (Details Textual) - USD ($) | Oct. 20, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Change in Fair Value of Shares Prepaid for Services | $ 80,000 | ||
Charles L. Stidham [Member] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,000,000 | ||
Charles L. Stidham [Member] | Other Expense [Member] | |||
Change in Fair Value of Shares Prepaid for Services | $ 80,000 |
Note 8 - Prepaid Expenses and57
Note 8 - Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Prepayment in shares | $ 299,945 | [1] | ||
Prepayments to Company's staff | 245,000 | |||
Prepayments to Company's representatives | 61,875 | 355,154 | ||
Prepayments for Saltpond project | 460,000 | 380,000 | ||
Prepayments related to MoU with F&T | 20,000 | $ 20,000 | ||
Other current assets | 201,803 | 77,934 | ||
Totals | $ 1,043,623 | $ 1,058,088 | ||
[1] | Effective July 31, 2017, the Company entered into a consulting agreement with Charles Stidham. Under the terms of this agreement the Company prepaid Charles Stidham with the issuance of 10,000,000 shares of its Common Stock on October 20, 2017. The Company recognized a prepaid asset on the date of issuance and remeasures the value of this asset quarterly. Changes in the value of this prepaid asset are recognized in the Statements of Comprehensive Income. For the year ended December 31, 2017 a gain of $80,000 was recognized and included in Corporate expenses line of the Statements of Comprehensive Income presented herein. |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Details Textual) - USD ($) | Dec. 21, 2017 | Oct. 20, 2017 | Sep. 12, 2017 | Aug. 30, 2017 | Jul. 03, 2017 | Apr. 11, 2016 | Mar. 07, 2016 | Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 06, 2017 | Jul. 14, 2017 | Nov. 16, 2016 |
Stock Issued During Period, Shares, Debt Settlement Agreement | 1,101,642 | ||||||||||||
Stock Issued During Period, Value, Debt Settlement Agreement | $ 283,547 | ||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,200,000 | 6,800,000 | 1,000,000 | ||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 18,120 | $ 22,032 | $ 2,700 | $ 158,000 | $ 23,032 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.06623 | $ 0.00324 | $ 0.0027 | ||||||||||
Common Stock, Shares Authorized | 490,000,000 | 490,000,000 | 490,000,000 | 490,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 0 | 10,000,000 | |||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0 | $ 0.001 | |||||||||
Repayments of Convertible Debt | $ 26,767 | $ 26,767 | $ 26,767 | ||||||||||
Stock Issued During Period, Shares, Settlement of Convertible Promissory Note | 139,880,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||
Stock Issued During Period, Value, Settlement of Convertible Promissory Note | $ 134,600 | ||||||||||||
Preferred Stock, Shares Issued | 100 | 0 | |||||||||||
Dividends | $ 1,800,000 | ||||||||||||
Sole Director, President and Chief Executive Officer [Member] | |||||||||||||
Dividends | $ 1,800,000 | ||||||||||||
Series A Preferred Stock [Member] | |||||||||||||
Preferred Stock, Shares Authorized | 100 | 0 | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 0 | $ 100 | ||||||||||
Preferred Stock, Shares Issued | 100 | 0 | |||||||||||
Series A Preferred Stock [Member] | Sole Director, President and Chief Executive Officer [Member] | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | ||||||||||||
Preferred Stock, Shares Issued | 100 | 100 | |||||||||||
Charles L. Stidham [Member] | |||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,000,000 | ||||||||||||
Acquisition of Petrogres Co. Limited [Member] | |||||||||||||
Stock Issued During Period, Shares, Acquisitions | 136,000,000 | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Note 10 - Related Party Trans59
Note 10 - Related Party Transactions (Details Textual) - USD ($) | Dec. 21, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2017 | Jul. 14, 2017 | May 12, 2017 | Nov. 16, 2016 | Feb. 29, 2016 |
Line of Credit Facility, Increase (Decrease), Net | $ 157,000 | $ 275,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||
Stock Issued During Period, Value, Settlement of Convertible Promissory Note | $ 134,600 | ||||||||||
Stock Issued During Period, Shares, Settlement of Convertible Promissory Note | 139,880,000 | ||||||||||
Revenues | 9,163,356 | $ 18,075,327 | |||||||||
Noncontrolling Interest, Increase from Business Combination | $ 100,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0 | $ 0.001 | $ 0 | $ 0.001 | $ 0.001 | |||||
Series A Preferred Stock [Member] | |||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 0 | $ 100 | $ 0 | $ 100 | ||||||
Petrogres Africa Co. Ltd [Member] | |||||||||||
Stock Issued During Period, Shares, Acquisitions | 1,080,000 | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | 90.00% | |||||||||
Business Combination, Consideration Transferred | $ 1,080,000 | ||||||||||
Payments to Acquire Businesses, Gross | 900,000 | ||||||||||
Revenues | $ 725,500 | ||||||||||
Noncontrolling Interest, Increase from Business Combination | 100,000 | ||||||||||
Petrogres Co. Limited [Member] | Vessel Hires [Member] | Consolidation, Eliminations [Member] | |||||||||||
Due to Other Related Parties | 971,294 | $ 971,294 | |||||||||
Petrogres Co. Limited [Member] | Gas and Oil Purchases [Member] | Consolidation, Eliminations [Member] | |||||||||||
Due to Other Related Parties | 984,000 | 984,000 | |||||||||
Petrogres Co. Limited [Member] | Advance [Member] | Consolidation, Eliminations [Member] | |||||||||||
Due to Other Related Parties | 5,000 | 5,000 | |||||||||
Petrogres Africa Co. Ltd [Member] | Unrealized Profit [Member] | Consolidation, Eliminations [Member] | |||||||||||
Due to Other Related Parties | 122,500 | 122,500 | |||||||||
Petrogres Oil & Gas [Member] | Consolidation, Eliminations [Member] | |||||||||||
Due to Other Related Parties | 100,000 | 100,000 | |||||||||
Petrogres Oil & Gas [Member] | Corporate Expenses Paid [Member] | Consolidation, Eliminations [Member] | |||||||||||
Due to Other Related Parties | 17,250 | 17,250 | |||||||||
Chief Executive Officer [Member] | |||||||||||
Officers' Compensation | $ 100,000 | ||||||||||
Officers Compensation, Monthly Installments | 10,000 | ||||||||||
Adjustment to Accrued Officers' Compensation | (10,000) | ||||||||||
Proceeds from Related Party Advances | 52,500 | ||||||||||
Payments for Related Party Advances | 24,652 | ||||||||||
Due to Related Parties | $ 275,000 | $ 275,000 | |||||||||
Line of Credit Facility, Increase (Decrease), Net | 157,000 | ||||||||||
Convertible Debt | $ 134,600 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||
Stock Issued During Period, Value, Settlement of Convertible Promissory Note | $ 139,880 | ||||||||||
Stock Issued During Period, Shares, Settlement of Convertible Promissory Note | 139,880,000 | ||||||||||
Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 100 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 | |||||||||
Chief Executive Officer [Member] | Petrogres Africa Co. Ltd [Member] | |||||||||||
Business Combination, Consideration Transferred | $ 180,000 | ||||||||||
Chief Executive Officer [Member] | Corporate Expense [Member] | |||||||||||
Officers' Compensation | $ 270,000 | 100,000 | |||||||||
Chief Executive Officer [Member] | Petrogress, Inc. [Member] | |||||||||||
Officers' Compensation | 120,000 | ||||||||||
Chief Executive Officer [Member] | Petrogres Co. Limited [Member] | |||||||||||
Officers' Compensation | 150,000 | ||||||||||
Officers' Compensation, Previously Accured | $ 21,695 | ||||||||||
Chief Executive Officer [Member] | Petrogres Co. Limited [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Officers' Compensation | $ 240,000 |
Note 10 - Related Party Trans60
Note 10 - Related Party Transactions - Expenses to Officers, Included in Salaries and Management Fees (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
President, Chief Executive Officer and Chief Financial Officer [Member] | ||
Wages accrued to Christos Traios | $ 270,000 | $ 330,000 |
Note 10 - Related Party Trans61
Note 10 - Related Party Transactions - Activity on LOC Note (Details) - USD ($) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2017 | |
Balance | $ 0 | $ 157,000 |
Advances made by Christos Traios | 157,000 | 275,000 |
Amout converted to 8% Convertible Promissory Note signed May 12, 2017 | (134,600) | |
Balance | 157,000 | $ 297,400 |
Christos P. Traios [Member] | ||
Advances made by Christos Traios | $ 157,000 |
Note 10 - Related Party Trans62
Note 10 - Related Party Transactions - Amounts Due to Related Party (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amout converted to 8% Convertible Promissory Note signed May 12, 2017 | $ (134,600) | |
President, Chief Executive Officer and Chief Financial Officer [Member] | ||
Balance December 31, 2016 | 234,600 | |
Amout converted to 8% Convertible Promissory Note signed May 12, 2017 | (157,000) | |
Advances from Christos Traios | 52,500 | |
Advances to Christos Traios | (24,652) | |
Wages accrued to Christos Traios | 270,000 | $ 330,000 |
Wages paid to Christos Traios | (21,695) | |
Correction of wages accrued for 2016 | (10,000) | |
Value of shares of Petrogres Africa owed to Christos Traios from Petrogres Int'l LLC | 900,000 | |
Balance December 31, 2017 | $ 1,243,753 | $ 234,600 |
Note 11 - Accounts Receivable63
Note 11 - Accounts Receivable, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Provision for Doubtful Accounts | $ 395,413 | |
Allowance for Doubtful Accounts Receivable, Current | 395,413 | 0 |
Allowance for Doubtful Other Receivables, Current | 326,724 | |
Provision for Doubtful Accounts, Other Receivables | $ 326,724 | $ 373,371 |
Note 11 - Accounts Receivable64
Note 11 - Accounts Receivable, Net - Accounts Receivable (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Less: Provision for doubtful accounts | $ (395,413) | $ 0 |
Accounts receivable, net | 4,508,885 | 2,427,668 |
Other receivables | 456,897 | |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 4,904,298 | 1,970,771 |
Accounts receivable, net | $ 4,508,885 | $ 1,970,771 |
Note 12 - Loan Facility From 65
Note 12 - Loan Facility From Related Party (Details Textual) - USD ($) | Jul. 13, 2017 | Dec. 21, 2017 | Sep. 12, 2017 | Apr. 11, 2016 | Mar. 07, 2016 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Debt Instrument, Convertible, Conversion Price | $ 0.06623 | $ 0.00324 | $ 0.0027 | ||
Warrant Issued to Mr. Traios [Member] | |||||
Class of Warrant or Right, Outstanding | 15,000,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.05 | ||||
Warrant, Term | 5 years | ||||
Revolving Credit Facility [Member] | Principal Stockholder and Sole Officer/Director [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||
Debt Instrument, Convertible, Conversion Price | $ 0.001 |
Note 12 - Loan Facility From 66
Note 12 - Loan Facility From Related Party - Activity on LOC Note (Details) - USD ($) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2017 | |
Balance | $ 0 | $ 157,000 |
Advances made by Christos Traios | 157,000 | 275,000 |
Amout converted to 8% Convertible Promissory Note signed May 12, 2017 | (134,600) | |
Balance | $ 157,000 | $ 297,400 |
Note 13 - Accounts Payable an67
Note 13 - Accounts Payable and Accrued Expense - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Service providers | $ 113,333 | $ 21,547 |
Wages & salaries payable | 62,867 | 41,770 |
Oil providers | 1,068,714 | 71,702 |
Providers of lubricants | 55,050 | 13,250 |
Totals | $ 1,299,964 | $ 148,269 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted Average Number of Shares Outstanding, Basic | 172,962,382 | 161,016,555 |
Weighted Average Number of Shares Outstanding, Diluted | 172,988,791 | 161,016,555 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 26,409 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,380,266 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Net income attributable to common stockholders | $ 294,669 | $ 223,144 |
Effect of correction in depreciation expense for the period | (216,731) | (164,920) |
Net income attributable to common stockholders | $ 294,669 | $ 58,224 |
Denominator for basic net income per share - weighted average shares (in shares) | 172,962,382 | 161,016,555 |
Conversion of accrued interest on debt held by related party (in shares) | 26,409 | |
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | 172,988,791 | 161,016,555 |
Basic net earnings per share (in dollars per share) | $ 0.0017 | $ 0.0004 |
Diluted net earnings per share (in dollars per share) | $ 0.0017 | $ 0.0004 |
Scenario, Previously Reported [Member] | ||
Net income attributable to common stockholders | $ 223,144 | |
Effect of correction in depreciation expense for the period | ||
Net income attributable to common stockholders | $ 223,144 | |
Denominator for basic net income per share - weighted average shares (in shares) | 161,016,555 | |
Conversion of accrued interest on debt held by related party (in shares) | ||
Denominator for diluted net income per share - adjusted weighted average shares (in shares) | 161,016,555 | |
Basic net earnings per share (in dollars per share) | $ 0.002 | |
Diluted net earnings per share (in dollars per share) | $ 0.002 |
Note 15 - Commitments and Con70
Note 15 - Commitments and Contingencies (Details Textual) - 12 months ended Dec. 31, 2017 | USD ($) | EUR (€) |
Office Space in Piraeus, Greece [Member] | ||
Operating Leases, Monthly Rent | $ 2,998 | € 2,500 |
Corporate Apartment in New York City [Member] | ||
Operating Leases, Monthly Rent | 4,100 | |
Office Services Agreement in New York Office Space [Member] | ||
Operating Leases, Monthly Rent | $ 2,800 |
Note 15 - Commitments and Con71
Note 15 - Commitments and Contingencies - Future Minimum Rental Payments (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 118,104 |
2,019 | 118,104 |
2,020 | 118,104 |
2,021 | 118,104 |
2,022 | 118,104 |
Total | $ 590,520 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Mar. 23, 2018l | Feb. 28, 2018bbl | Feb. 23, 2018USD ($)shares | Feb. 16, 2018USD ($) | Jan. 12, 2018USD ($)shares |
Number of Oil Tanks Assigned | 2 | ||||
Oil Tank Capacity | l | 15,000 | ||||
Scenario, Plan [Member] | |||||
Proceeds from Investors | $ 3,500,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||
Petrogress Int'l LLC [Member] | SOMO [Member] | |||||
Long-term Purchase Commitment, Barrels of Oil Per Month | bbl | 1,000,000 | ||||
Petrogress Int'l LLC [Member] | PANOC [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 55.00% | ||||
Petrogress Int'l LLC [Member] | PEGNOC [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 55.00% | ||||
A and E Petroleum Co. Limited [Member] | PANOC [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 45.00% | ||||
Gonzena [Member] | PEGNOC [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 45.00% | ||||
Petrogres Oil & Gas [Member] | SODCO [Member] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 65.00% | ||||
Chief Executive Officer [Member] | |||||
Stock Issued During Period, Shares, Settlement of Wages | shares | 2,903,225 | ||||
Stock Issued During Period, Value, Settlement of Wages | $ 120,000 | $ 90,000 | |||
Stock Issued During Period, Shares, Settlement of Loans | shares | 4,758,128 | ||||
Stock Issued During Period, Values, Settlement of Loans | $ 297,500 |