Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 07, 2018 | |
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 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 500,186 | $ 1,150,999 |
Accounts receivable, net | 6,141,023 | 4,508,885 |
Inventories | 173,376 | 171,500 |
Prepaid expenses and other current assets | 992,510 | 1,043,623 |
Total current assets | 7,807,095 | 6,875,007 |
Non-Current Assets | ||
Goodwill | 900,000 | 900,000 |
Net property and equipment | 5,138,929 | 5,281,949 |
Security deposit | 7,655 | 7,573 |
Total non-current assets | 6,046,584 | 6,189,522 |
Total Assets | 13,853,679 | 13,064,529 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,862,656 | 1,299,964 |
Due to related party | 1,069,782 | 1,243,753 |
Loan facility from related party | 85,400 | 297,400 |
Accrued Interest | 9,639 | |
Total current liabilities | 3,017,838 | 2,850,756 |
Total liabilities | 3,017,838 | 2,850,756 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, value | ||
Shares of Common stock, $0.001 par value, 490,000,000 shares authorized, 344,607,672 and 317,875,807 shares issued and outstanding as of March 31, 2018 and December 31, 2017 respectively | 344,608 | 317,876 |
Additional paid-in capital | 9,266,828 | 8,786,060 |
Accumulated comprehensive income | (7,020) | (7,744) |
Accumulated profit | 1,129,303 | 1,008,823 |
Equity attributable to Owners of the Company | 10,743,719 | 10,115,015 |
Non-controlling interests | 92,122 | 98,758 |
Total liabilities and shareholders' equity | 13,853,679 | 13,064,529 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 10,000 | $ 10,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0 |
Preferred stock, shares authorized (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) | 344,607,672 | 317,875,807 |
Common stock, shares outstanding (in shares) | 344,607,672 | 317,875,807 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 100 | $ 0 |
Preferred stock, shares authorized (in shares) | 100 | 0 |
Preferred stock, shares issued (in shares) | 100 | 0 |
Preferred stock, shares outstanding (in shares) | 100 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 2,565,264 | $ 4,019,113 |
Costs of goods sold | (1,406,537) | (1,839,989) |
Gross profit | 1,158,727 | 2,179,124 |
Operating expenses: | ||
Corporate expenses | (300,138) | (73,398) |
General operating and administrative expenses | (541,313) | (1,680,419) |
Depreciation expense | (227,619) | (219,094) |
Total operating expenses | (1,069,070) | (1,972,911) |
Operating income/ (loss) before other expenses and income taxes | 89,657 | 206,213 |
Other income/ (expense), net: | ||
Interest and finance expenses | (1,427) | |
Other income, net | 25,614 | 1,105 |
Total other income, net | 24,187 | 1,105 |
Income before income taxes | 113,844 | 207,318 |
Income tax expense | ||
Net income | 113,844 | 207,318 |
Net income attributable to: | ||
Owners of the company | 120,480 | 207,318 |
Non-controlling interests | 6,636 | |
Net income: | 113,844 | 207,318 |
Foreign currency translation adjustment | 724 | |
Comprehensive income | 114,568 | 207,318 |
Comprehensive income attributable to: | ||
Owners of the company | 121,204 | 207,318 |
Non-controlling interests | (6,636) | |
$ 114,568 | $ 207,318 | |
Weighted average number of shares of Common Stock: | ||
Basic (in shares) | 329,923,391 | 161,016,555 |
Diluted (in shares) | 529,323,931 | 164,474,106 |
Basic earnings per share (in dollars per share) | $ (0.0003) | $ 0.0013 |
Diluted earnings per share (in dollars per share) | $ (0.0002) | $ 0.0013 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income: | $ 113,844 | $ 207,318 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 227,619 | 219,094 |
Net cash acquired in recapitalization | (502) | |
Change in Fair value of share-based payments issued for services | 153,178 | |
Gain on settlement of convertible promissory notes | (12,835) | |
Changes in working capital: | ||
- (Increase)/Decrease in Accounts receivable, net | (1,632,138) | (622,043) |
- (Increase)/ decrease in Inventories | (1,876) | |
-Amounts due from related party | 58,529 | |
- (Increase)/Decrease in Prepaid expenses and other current assets | (102,146) | 386,788 |
- Increase in Accounts payable and accrued expenses | 562,692 | 102,477 |
- Decrease in Amounts due to related party | (26,100) | |
- Increase/ (decrease) in Accrued Interest | 3,196 | |
Net cash provided by/ (used in) operating activities | (629,937) | 267,032 |
Purchase of property plant and equipment | (84,600) | |
Contribution in Joint Venture | ||
Net cash used in investing activities | (84,600) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loan facility from related party | 63,000 | |
Net cash provided by/ (used in) financing activities | 63,000 | |
Effect of exchange rate changes on cash | 724 | |
Net (decrease)/ increase in cash and cash equivalents | (650,813) | 267,032 |
Cash and cash equivalents, Beginning of Period | 1,150,999 | 362,083 |
Cash and cash equivalents, End of Period | 500,186 | 629,115 |
Cash paid for interest expense | ||
Cash paid for income taxes | ||
Non-cash investing and financing activities: | ||
Common stock issued for settlement of notes and interest payable | 297,500 | |
Common stock issued for settlement of services | $ 210,000 |
Note 1 - Background and Descrip
Note 1 - Background and Description of Business and Preparation of Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 Nature of the Business Petrogress, Inc. was incorporated on February 10, 2010 800 “800 On February 29, 2016, 800 800 136,000,000 85% 100% 800 490,000,000 $0.001, 10,000,000 $0.001. 800 800 February 29, 2016 On March 9, 2016, 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 as a holding company and provides its services primarily through its four four The accompanying unaudited condensed interim consolidated financial statements (the “Interim Statements”) have been prepared pursuant to the rules and regulations for reporting on Securities and Exchange Commission (the “SEC”) Form 10 not 10 December 31, 2017 March 29, 2018. three March 31, 2018 not December 31, 2018 The Company’s management team operates from its principal offices located in Piraeus, Greece. Basis of Presentation The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and has elected a year-end of December 31. Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries. We list our significant subsidiaries 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) Overview of Significant Subsidiaries Petrogres Co. Limited Petrogres Co. Limited, is a Marshall Islands corporation, incorporated in 2009 five 25 On February 28, 2018 3,000 5,000 Petronav Carriers LLC Petronav Carriers LLC, is a Delaware limited liability company, incorporated in March 2016 four 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 to purchase more tanker vessels, subject to establishing the necessary financing. Petrogress Int’l LLC Petrogress Int’l LLC, is a Delaware limited liability company, acquired by the Company in September 2017 In September 2017, In February 2018, 1,000,000 second 2018. In March 2018, On March 23, 2018, 55% 45% two 15,000 Petrogress Oil & Gas Energy Inc. 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 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 Emerging Growth Company We qualify as an “emerging growth company” under the 2012 107 7 2 Reclassifications For the three March 31, 2017 2017, Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) 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. During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements filed with the SEC on its Form 10 December 31, 2017. may not In the opinion of management, the accompanying interim financial statements, prepared in accordance with the SEC’s instructions for Form 10 not December 31, 2018. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Cash and Cash Equivalents We consider 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 three March 31, 2018 three March 31, 2017, no Inventories The Company's inventories consist primarily of purchased gas oil and crude oil at the respective balance sheet date, and is valued at the lower of cost or market using the mark-to-market method of valuation. Vessels and other fixed assets, net In accordance with the appropriate sections of the Fixed Asset topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. For the three March 31, 2018 2017, not We depreciate our vessels on a straight-line basis over the estimated useful life which is 10 Vessels (in years) 10 Office equipment and furniture (in years) 10 Computer hardware (in years) 5 Organization costs We have 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 We file income tax returns in various jurisdictions, as appropriate and required. We were not January 1, 2012. We account for income taxes in accordance with ASC 740 10, not not ASC 740 10 not We measure and record 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 The Company reports earnings per share in accordance with ASC 260, Accounting for Equity -based Payments We account for stock awards issued to non-employees in accordance with ASC 505 50, 1 2 Comprehensive Income We adopted ASC Topic 220, Revenue Recognition We recognize 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, accounts payable and accrued expenses. The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, 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. 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 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. Effects of Recent Accounting Pronouncements not We discuss new accounting standards which have been issued but not 2 |
Note 3 - Concentrations of Cred
Note 3 - Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue Concentrations Disclosure [Text Block] | Note 3 Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivables. Concentrations of credit risk with respect to trade receivables are limited due to the short payment terms dictated by the industry and operating environment. As of March 31, 2018, December 31, 2017, no |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4 The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of March 31, 2018 December 31, 2017, Total Level 1 Level 2 Level 3 March 31, 2018 Loan facility from related party $ 85,400 $ 85,400 $ - $ - December 31, 2017 Loan facility from related party $ 297,400 $ 297,400 $ - $ - |
Note 5 - Vessels and Other Fixe
Note 5 - Vessels and Other Fixed Assets, Net | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 Vessels and other fixed assets, net Vessels and other fixed assets, net consisted of the following as of March 31, 2018 December 31, 2017: March 31, 2018 December 31, 2017 Estimated useful life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 177,895 93,295 10 Accumulated depreciation (5,210,896 ) (4,983,276 ) Net property and equipment $ 5,138,929 $ 5,281,949 Depreciation for the three March 31, 2018 March 31, 2017, $227,619 $219,094, |
Note 6 - Loan Facility From Rel
Note 6 - Loan Facility From Related Party | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Note Payable to Stockholder Disclosure [Text Block] | Note 6 On July 13, 2017, $1,000,000 The LOC Note bears interest payable on the outstanding principal at eight 8% July 13, 2018. may twelve 12 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% In consideration of Mr. Traios’s extension of credit to the Company, the Company agreed to issue to him a Warrant (the "Warrant") to purchase 15,000,000 $0.05 five not March 31, 2018. Advances from Christos Traios from inception, including activity on the LOC Note, are as follows: Balance December 31, 2017 $ 297,400 New amounts loaned to the Company by Christos Traios 63,000 Amount converted in shares of Common stock (275,000 ) Balance March 31, 2018 $ 85,400 An amount of $15,000 $7,500 three March 31, 2018. 7 |
Note 7 - Common Stock Transacti
Note 7 - Common Stock Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 7 On September 12, 2017, 1,200,000 $18,120 $0.06623 $26,767 August 30, 2017, On October 20, 2017, 10,000,000 two 8 September 22, 2017. March 31, 2018, $153,000 On December 21, 2017, 139,880,000 8% May 12, 2017 $134,600 On January 12, 2018 2,903,225 $90,000 December 31, 2017. On February 23, 2018 4,758,128 $120,000 December 31, 2016. On February 23, 2018 19,070,512 $297,500 $275,000 $15,000 $7,500 |
Note 8 - Preferred Stock
Note 8 - Preferred Stock | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 8 On July 14, 2017, 100 $100 two 2 may may, not not $100 not not On October 6, 2017, 100 |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 9 Officer’s compensation During the three March 31, 2018, March 31, 2017, $60,000 $30,000, March 31, 2018, $1,471 March 31, 2018. Officer’s advances During the three March 31, 2017, $78,500. Revolving Line of Credit During the three March 31, 2018 $63,000, July 13, 2017. December 31, 2017 $275,000. 6 Capital transactions Effective September 30, 2017, 1,080,000 90% $1,080,000 $180,000 $900,000 March 31, 2018 December 31, 2017. PGAF was incorporated in the summer of 2017 1.3 Mr. Traios initially acquired 90% $900,000, August 17, 2017. 805 50 25 2, August17, 2017. 805 50 25 2, August 17, 2017. August 17, 2017, one third not $100,000 Since the date common control was established, PGAF has contributed $1,057,000 $332,000 three March 31, 2018. Partnership Agreement with Platon Gas Oil Ghana Ltd (“Platon”) On February 28, 2018 3,000 5,000 The Company accounts for this agreement under ASC 808 10, three March 31, 2018, $2,173,264 Issuance of 100 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 three March 31, 2018. Amounts due to related party balance December 31, 2017 $ 1,243,753 Wages accrued to Christos Traios 60,000 Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc. (210,000 ) Wages paid to Christos Traios, in cash (1,471 ) Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc. (22,500 ) Amounts due to related party balance March 31, 2018 $ 1,069,782 |
Note 10 - Revenue Concentration
Note 10 - Revenue Concentrations | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Ceded Credit Risk, Disclosure | Note 10 The Company sells to commercial customers in foreign markets. For the three March 2018, two 10.0% three March 2017, five 10% As of March 31, 2018 December 31, 2017, four 10% |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11 Nikolaos Mourtzanos resigned as the Chief Financial Officer of Petrogress, Inc. effective as of April 30, 2018. On May 9, 2018, No. 2 $5,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider 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 three March 31, 2018 three March 31, 2017, no |
Inventory, Policy [Policy Text Block] | Inventories The Company's inventories consist primarily of purchased gas oil and crude oil at the respective balance sheet date, and is valued at the lower of cost or market using the mark-to-market method of valuation. |
Property, Plant and Equipment, Policy [Policy Text Block] | Vessels and other fixed assets, net In accordance with the appropriate sections of the Fixed Asset topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. For the three March 31, 2018 2017, not We depreciate our vessels on a straight-line basis over the estimated useful life which is 10 Vessels (in years) 10 Office equipment and furniture (in years) 10 Computer hardware (in years) 5 |
Organization Costs, Policy [Policy Text Block] | Organization costs We have 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 We file income tax returns in various jurisdictions, as appropriate and required. We were not January 1, 2012. We account for income taxes in accordance with ASC 740 10, not not ASC 740 10 not We measure and record 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 Per Share The Company reports earnings per share in accordance with ASC 260, |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Accounting for Equity -based Payments We account for stock awards issued to non-employees in accordance with ASC 505 50, 1 2 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income We adopted ASC Topic 220, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize 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, accounts payable and accrued expenses. The carrying amount of cash, accounts receivable, inventory, accounts payable and accrued expenses, 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. 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 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Effects of Recent Accounting Pronouncements not We discuss new accounting standards which have been issued but not 2 |
Note 2 - Summary of Significa18
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Vessels (in years) 10 Office equipment and furniture (in years) 10 Computer hardware (in years) 5 |
Note 4 - Fair Value of Financ19
Note 4 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 March 31, 2018 Loan facility from related party $ 85,400 $ 85,400 $ - $ - December 31, 2017 Loan facility from related party $ 297,400 $ 297,400 $ - $ - |
Note 5 - Vessels and Other Fi20
Note 5 - Vessels and Other Fixed Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2018 December 31, 2017 Estimated useful life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 177,895 93,295 10 Accumulated depreciation (5,210,896 ) (4,983,276 ) Net property and equipment $ 5,138,929 $ 5,281,949 |
Note 6 - Loan Facility From R21
Note 6 - Loan Facility From Related Party (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Activity on Line of Credit Note [Table Text Block] | Balance December 31, 2017 $ 297,400 New amounts loaned to the Company by Christos Traios 63,000 Amount converted in shares of Common stock (275,000 ) Balance March 31, 2018 $ 85,400 |
Note 9 - Related Party Transa22
Note 9 - Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Amounts Due to Related Parties [Table Text Block] | Amounts due to related party balance December 31, 2017 $ 1,243,753 Wages accrued to Christos Traios 60,000 Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc. (210,000 ) Wages paid to Christos Traios, in cash (1,471 ) Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc. (22,500 ) Amounts due to related party balance March 31, 2018 $ 1,069,782 |
Note 1 - Background and Descr23
Note 1 - Background and Description of Business and Preparation of Financial Statements (Details Textual) $ / shares in Units, $ in Millions | Mar. 23, 2018l | Feb. 28, 2018bbl | Feb. 16, 2018USD ($) | Feb. 29, 2016$ / sharesshares | Mar. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Mar. 09, 2016 |
Common Stock, Shares Authorized | 490,000,000 | 490,000,000 | 490,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 0 | ||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | $ 0 | ||||
Number of Oil Tanks Assigned | 2 | ||||||
Oil Tank Capacity | l | 15,000 | ||||||
Scenario, Plan [Member] | |||||||
Proceeds from Investors | $ | $ 3.5 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ | $ 15 | ||||||
Petronav Carriers LLC [Member] | |||||||
Number of Vessels in Tanker Fleet | 4 | ||||||
Petrogress Int'l LLC [Member] | PEGNOC [Member] | |||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 55.00% | ||||||
Petrogress Int'l LLC [Member] | SOMO [Member] | |||||||
Long-term Purchase Commitment, Barrels of Oil Per Month | bbl | 1,000,000 | ||||||
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% | ||||||
Acquisition of Petrogres Co. Limited [Member] | |||||||
Stock Issued During Period, Shares, Acquisitions | 136,000,000 | ||||||
Equity Method Investment, Ownership Percentage | 85.00% | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Note 2 - Summary of Significa24
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 0 | $ 0 |
Unrecognized Tax Benefits, Ending Balance | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 |
Note 2 - Summary of Significa25
Note 2 - Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Vessels and Equipment (Details) | 3 Months Ended |
Mar. 31, 2018 | |
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 4 - Fair Value of Financ26
Note 4 - Fair Value of Financial Instruments - Financial Instruments Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loan facility from related party | $ 85,400 | $ 297,400 |
Fair Value, Inputs, Level 1 [Member] | ||
Loan facility from related party | 85,400 | 297,400 |
Fair Value, Inputs, Level 2 [Member] | ||
Loan facility from related party | ||
Fair Value, Inputs, Level 3 [Member] | ||
Loan facility from related party |
Note 5 - Vessels and Other Fi27
Note 5 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Depreciation, Total | $ 227,619 | $ 219,094 |
Note 5 - Vessels and Other Fi28
Note 5 - Vessels and Other Fixed Assets, Net - Summary of Estimated Useful Lives of Vessels and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accumulated depreciation | $ (5,210,896) | $ (4,983,276) |
Net property and equipment | 5,138,929 | 5,281,949 |
Vessels [Member] | ||
Property and equipment, gross | $ 10,171,930 | 10,171,930 |
Useful Life (Year) | 10 years | |
Office Equipment and Furniture [Member] | ||
Property and equipment, gross | $ 177,895 | $ 93,295 |
Useful Life (Year) | 10 years |
Note 6 - Loan Facility From R29
Note 6 - Loan Facility From Related Party (Details Textual) - USD ($) | Jul. 13, 2017 | Mar. 31, 2018 | Sep. 12, 2017 | May 12, 2017 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Debt Instrument, Convertible, Conversion Price | $ 0.06623 | |||
Mr. Traios [Member] | Petrogress Int'l LLC [Member] | ||||
Due to Related Parties, Total | $ 15,000 | |||
Mr. Traios [Member] | Petrogress, Inc. [Member] | ||||
Due to Related Parties, Total | $ 7,500 | |||
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 6 - Loan Facility From R30
Note 6 - Loan Facility From Related Party - Activity on LOC Note (Details) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 297,400 |
New amounts loaned to the Company by Christos Traios | 63,000 |
Amount converted in shares of Common stock | (275,000) |
Balance | $ 85,400 |
Note 7 - Common Stock Transac31
Note 7 - Common Stock Transactions (Details Textual) - USD ($) | Feb. 23, 2018 | Jan. 12, 2018 | Dec. 21, 2017 | Oct. 20, 2017 | Sep. 12, 2017 | Aug. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | May 12, 2017 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 139,880,000 | 1,200,000 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 18,120 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.06623 | ||||||||
Repayments of Convertible Debt | $ 26,767 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||
Debt Instrument, Face Amount | $ 134,600 | ||||||||
Petrogress Int'l LLC [Member] | |||||||||
Repayments of Notes Payable | $ 15,000 | ||||||||
Petrogress, Inc. [Member] | |||||||||
Repayments of Notes Payable | $ 7,500 | ||||||||
Charles L. Stidham [Member] | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,000,000 | ||||||||
Christos P. Traios [Member] | |||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,758,128 | 2,903,225 | |||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 120,000 | $ 90,000 | |||||||
Stock Issued During Period, Shares, Debt Settlement Agreement | 19,070,512 | ||||||||
Stock Issued During Period, Value, Debt Settlement Agreement | $ 297,500 | ||||||||
Repayments of Notes Payable | $ 275,000 |
Note 8 - Preferred Stock (Detai
Note 8 - Preferred Stock (Details Textual) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 | Oct. 06, 2017 | Jul. 14, 2017 | Feb. 29, 2016 |
Preferred Stock, Shares Authorized | 10,000,000 | 0 | 10,000,000 | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0 | $ 0.001 | ||
Preferred Stock, Shares Issued, Total | 100 | 0 | |||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Authorized | 100 | 0 | |||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 0 | |||
Preferred Stock, Shares Issued, Total | 100 | 0 | |||
Series A Preferred Stock [Member] | Sole Director, President and Chief Executive Officer [Member] | |||||
Preferred Stock, Shares Authorized | 100 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | ||||
Preferred Stock, Shares Issued, Total | 100 |
Note 9 - Related Party Transa33
Note 9 - Related Party Transactions (Details Textual) - USD ($) | Sep. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Feb. 29, 2016 |
Revenues, Total | $ 2,565,264 | $ 4,019,113 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0 | $ 0.001 | ||
Series A Preferred Stock [Member] | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 | $ 0 | |||
Partnership Agreement with Platon [Member] | ||||||
Revenues, Total | $ 2,173,264 | |||||
Petrogres Africa Co. Ltd [Member] | ||||||
Stock Issued During Period, Shares, Acquisitions | 1,080,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | |||||
Business Combination, Consideration Transferred, Total | $ 1,080,000 | |||||
Payments to Acquire Businesses, Gross | 900,000 | |||||
Noncontrolling Interest, Increase from Business Combination | 100,000 | |||||
Revenues, Total | 332,000 | $ 1,057,000 | ||||
Chief Executive Officer [Member] | ||||||
Proceeds from Related Party Advances | 78,500 | |||||
Due to Related Parties, Total | 63,000 | $ 63,000 | $ 275,000 | |||
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 | |||||
Chief Executive Officer [Member] | Petrogres Africa Co. Ltd [Member] | ||||||
Business Combination, Consideration Transferred, Total | $ 180,000 | |||||
Chief Executive Officer [Member] | Petrogress, Inc. [Member] | ||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 30,000 | |||||
Chief Executive Officer [Member] | Petrogres Co. Limited [Member] | ||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 30,000 | $ 1,471 | ||||
Chief Executive Officer [Member] | Corporate Expense [Member] | ||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 60,000 |
Note 9 - Related Party Transa34
Note 9 - Related Party Transactions - Amounts Due to Related Party (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc. | $ (210,000) | |
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc. | (297,500) | |
President, Chief Executive Officer and Chief Financial Officer [Member] | ||
Amounts due to related party balance December 31, 2017 | 1,243,753 | |
Wages accrued to Christos Traios | 60,000 | |
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc. | (210,000) | |
Wages paid to Christos Traios, in cash | (1,471) | |
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress, Inc. | (22,500) | |
Amounts due to related party balance March 31, 2018 | $ 1,069,782 |
Note 10 - Revenue Concentrati35
Note 10 - Revenue Concentrations (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Sales Revenue, Net [Member] | |||
Number of Customers | 2 | 5 | |
Accounts Receivable [Member] | |||
Number of Customers | 4 | 4 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) | May 09, 2018USD ($) |
Subsequent Event [Member] | President, Chief Executive Officer and Chief Financial Officer [Member] | |
Salary and Wage, Officer, Per Month | $ 5,000 |