Petrogress (PGAS) 10-Q 20 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 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)		3,445,571
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 556,775	$ 1,150,999
Accounts receivable, net	5,288,933	4,508,885
Inventories	182,108	171,500
Prepaid expenses and other current assets	1,390,511	1,043,623
Total current assets	7,418,327	6,875,007
Non-Current Assets
Goodwill	900,000	900,000
Vessels and other fixed assets, net	4,911,423	5,281,949
Security deposit	7,573	7,573
Total non-current assets	5,818,996	6,189,522
Total Assets	13,237,323	13,064,529
Current Liabilities
Accounts payable and accrued expenses	943,401	1,299,964
Due to related party	1,110,222	1,243,753
Loan facility from related party	96,400	297,400
Accrued Interest		9,639
Total current liabilities	2,150,023	2,850,756
Total liabilities	2,150,023	2,850,756
Commitments and Contingencies
Shareholders' equity:
Preferred stock, value
Shares of Common stock, $0.001 par value, 19,000,000 shares authorized, 3,446,877 and 3,178,756 shares issued and outstanding as of June 30, 2018 and December 31, 2017 respectively	3,447	3,179
Additional paid-in capital	9,622,910	9,100,757
Accumulated comprehensive income	(7,744)	(7,744)
Accumulated profit	1,357,812	1,008,823
Equity attributable to Owners of the Company	10,986,425	10,115,015
Non-controlling interests	100,875	98,758
Total liabilities and shareholders' equity	13,237,323	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	Jun. 30, 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)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	19,000,000	19,000,000
Common stock, shares issued (in shares)	3,446,877	3,178,756
Common stock, shares outstanding (in shares)	3,446,877	3,178,756
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	100	100
Preferred stock, shares issued (in shares)	100	100
Preferred stock, shares outstanding (in shares)	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues (Note 9)	$ 2,261,890	$ 4,443,072	$ 4,827,154	$ 8,462,185
Costs of goods sold	(1,282,524)	(1,814,271)	(2,689,061)	(4,088,856)
Gross profit	979,366	2,628,801	2,138,093	4,373,329
Operating expenses:
Corporate expenses	(165,779)	(879,600)	(465,917)	(1,815,100)
General operating and administrative expenses	(185,296)	(461,897)	(726,609)	(845,618)
Depreciation expense	(231,061)	(175,362)	(458,680)	(348,930)
Total operating expenses	(582,136)	(1,516,859)	(1,651,206)	(3,009,648)
Operating income/ (loss) before other expenses and income taxes	397,230	1,111,942	486,887	1,363,681
Other income/ (expense), net:
Interest and finance expenses			(1,427)
Loss on settlement of loan facility from related party	(160,192)		(160,192)
Gain on foreign currency exchange		1,158		2,263
Other income, net	224	65,499	25,838	65,499
Total other income, net	(159,968)	66,657	(135,781)	67,762
Income before income taxes	237,262	1,178,599	351,106	1,431,443
Income tax expense
Net income	237,262	1,178,599	351,106	1,431,443
Net income attributable to:
Owners of the company	228,510	1,178,599	348,989	1,431,443
Non-controlling interests	8,752		2,117
	237,262	1,178,599	351,106	1,431,443
Foreign currency translation adjustment
Comprehensive income	237,262	1,178,599	351,106	1,431,443
Comprehensive income attributable to:
Owners of the company	228,510	1,178,599	348,989	1,431,443
Non-controlling interests	8,752		2,117
	$ 237,262	$ 1,178,599	$ 351,106	$ 1,431,443
Weighted average number of shares of Common Stock:
Basic (in shares)	3,446,279	1,667,958	3,373,163	1,667,958
Diluted (in shares)	4,425,595	1,667,958	4,352,479	1,667,958
Basic earnings per share (in dollars per share)	$ 0.07	$ 0.71	$ 0.10	$ 0.86
Diluted earnings per share (in dollars per share)	$ 0.05	$ 0.71	$ 0.08	$ 0.86

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income:	$ 351,106	$ 1,431,443
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	458,680	348,930
Net cash acquired in recapitalization		(500)
Change in Fair value of share-based payments issued for services	153,178
Share-based compensation expense	1,496
Change in fair value of derivative liabilities		(65,499)
Gain on settlement of convertible promissory notes	(12,835)
Loss on settlement of loan facility from related party	160,192
Changes in working capital:
- Increase in Accounts receivable, net	(780,048)	(1,977,755)
- Increase in Inventories	(10,608)
- Amounts due from related party
- (Increase)/Decrease in Prepaid expenses and other current assets	(646,833)	477,184
- Increase/(Decrease) in Accounts payable and accrued expenses	(356,563)	500,143
- Increase in Amounts due to related party	98,969
- Increase in Accrued Interest	3,196
Net cash provided by/ (used in) operating activities	(580,070)	713,946
Purchase of property plant and equipment	(88,154)	(199,931)
Net cash used in investing activities	(88,154)	(199,931)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of convertible notes payable		(44,887)
Proceeds from loan facility from related party	74,000
Net cash provided by/ (used in) financing activities	74,000	(44,887)
Effect of exchange rate changes on cash
Net (decrease)/ increase in cash and cash equivalents	(594,224)	469,128
Cash and cash equivalents, Beginning of Period	1,150,999	362,083
Cash and cash equivalents, End of Period	556,775	831,211
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	6 Months Ended
	Jun. 30, 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 wholly-owned and majority-owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of its tanker fleet, currently consisting of 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 six June 30, 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 it’s wholly-owned and majority-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 (Marshall Islands) Petrogress Int’l LLC (Delaware) Petrogres Africa Co. Limited (Ghanaian) (Ghana; 90% 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 Effective as of July 13, 2018, The Redomiciliation was consummated for tax purposes. Petronav Carriers continues to be a wholly owned subsidiary of the Company engaged in the business of managing day-to-day operations of the Company’s the affiliated tanker fleet, currently consisting of four not not 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 On March 23, 2018, 55% 45%, two 15,000 not 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 February 16, 2018 12 65% 1 $3.5 $15.0 fourth 2018, Petrogres Africa Company Limited Effective September 30, 2017, 90% 2017 Emerging Growth Company We qualify as an “emerging growth company” under the 2012 107 7 2 Reclassifications For the six June 30, 2018 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	6 Months Ended
	Jun. 30, 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 six June 30, 2018 six June 30, 2017, no Inventories The Company's inventories consist primarily of purchased 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 six June 30, 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, 150,000 not three six June 30, 2018 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 In May 2014, 2014 09, 606 not In accordance with the new guidance, the Company recognizes revenue for crude oil sales and gas oil sales, its primary sources of revenue, at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods or services to its customers. The Company’s policy is to record revenue when control of the goods transfers to the customer. 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 In February 2016, December 15, 2018

Note 3 - Concentrations of Cred

Note 3 - Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Concentration Risk 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 June 30, 2018, December 31, 2017, no

Note 4 - Fair Value of Financia

Note 4 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017, Total Level 1 Level 2 Level 3 June 3 0 , 2018 Loan facility from related party $ 96,400 $ 96,400 $ - $ - 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	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 5 Vessels and other fixed assets, net consisted of the following as of June 30, 2018 December 31, 2017: June 30, 2018 December 31, 2017 Estimated useful life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 181,449 93,295 10 Accumulated depreciation (5,441,956 ) (4,983,276 ) Net property and equipment $ 4,911,423 $ 5,281,949 Depreciation for the three June 30, 2018 June 30, 2017, $458,680 $348,930,

Note 6 - Loan Facility From Rel

Note 6 - Loan Facility From Related Party	6 Months Ended
	Jun. 30, 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 150,000 $5.00 five not June 30, 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 74,000 Amount converted in shares of Common stock (275,000 ) Balance June 3 0 , 2018 $ 96,400 $15,000 $7,500 six June 30, 2018. 7

Note 7 - Common Stock Transacti

Note 7 - Common Stock Transactions	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 7 On October 20, 2017, 10,000,000 two 8 September 22, 2017.During six June 30, 2018, $153,178 June 18, 2018, 5,000,000 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 $160,192 The Company entered into two October 1, 2017 June 7, 2018 20,000 60,000 On July 9, 2018, one 100 490,000,000 19,000,000. July 18, 2018. No no 8 The Amendment and reverse stock split have been recognized retroactively as of June 30, 2018 December 31, 2017. June 30, 2018 December 31, 2017 344,687,672 3,446,877 317,875,807 3,178,758, June 30, 2018 December 31, 2017 $344,688 $3,447 $317,876 $3,179, June 30, 2018 December 31, 2017 $9,281,669 $9,622,910 $8,786,060 $9,100,757,

Note 8 - Preferred Stock

Note 8 - Preferred Stock	6 Months Ended
	Jun. 30, 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 On July 9, 2018, 10,000,000 1,000,000. July 18, 2018. no 7

Note 9 - Related Parties Transa

Note 9 - Related Parties Transactions	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 9 Officer’s compensation During the six June 30, 2018, June 30, 2017, $110,000 $60,000, June 30, 2018, $11,030 June 30, 2018. Officer’s advances During the six June 30, 2018, $74,000. Revolving Line of Credit During the six June 30, 2018 $74,000, 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 June 30, 2018 December 31, 2017. PGAF was incorporated in the summer of 2017 Mr. Traios initially acquired 90% $900,000, August 17, 2017. 805 50 25 2, August17, 2017. August 17, 2017, one third $100,000 Since the date common control was established, PGAF has recognized $1,166,500 $441,500 six June 30, 2018. Partnership Agreemen t with Platon Gas Oil Ghana Ltd On February 28, 2018 3,000 5,000 The Company accounts for this agreement under ASC 808 10, six June 30, 2018, $4,184,164 Issuance of 100 During the year ended December 31, 2017, 100 $100 December 31, 2017, six June 30, 2018. Amounts due to related party December 31, 2017 $ 1,243,753 Wages accrued to Christos Traios 110,000 Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc. (210,000 ) Wages paid to Christos Traios, in cash (11,031 ) 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 June 3 0 , 2018 $ 1,110,222

Note 10 - Revenue Concentration

Note 10 - Revenue Concentrations	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue Concentrations Disclosure [Text Block]	Note 10 The Company sells to commercial customers in foreign markets. For the six June30, 2018, 80% six June 2017, two 10% As of June 30, 2018, December 31, 2017, four 10%

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six June 30, 2018 six June 30, 2017, no
Inventory, Policy [Policy Text Block]	Inventories The Company's inventories consist primarily of purchased 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 six June 30, 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, 150,000 not three six June 30, 2018
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 In May 2014, 2014 09, 606 not In accordance with the new guidance, the Company recognizes revenue for crude oil sales and gas oil sales, its primary sources of revenue, at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods or services to its customers. The Company’s policy is to record revenue when control of the goods transfers to the customer.
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 In February 2016, December 15, 2018

Note 2 - Summary of Significa17

Note 2 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 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 Financ18

Note 4 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total Level 1 Level 2 Level 3 June 3 0 , 2018 Loan facility from related party $ 96,400 $ 96,400 $ - $ - December 31, 2017 Loan facility from related party $ 297,400 $ 297,400 $ - $ -

Note 5 - Vessels and Other Fi19

Note 5 - Vessels and Other Fixed Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2018 December 31, 2017 Estimated useful life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 181,449 93,295 10 Accumulated depreciation (5,441,956 ) (4,983,276 ) Net property and equipment $ 4,911,423 $ 5,281,949

Note 6 - Loan Facility From R20

Note 6 - Loan Facility From Related Party (Tables)	6 Months Ended
	Jun. 30, 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 74,000 Amount converted in shares of Common stock (275,000 ) Balance June 3 0 , 2018 $ 96,400

Note 9 - Related Parties Tran21

Note 9 - Related Parties Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Amounts Due to Related Parties [Table Text Block]	Amounts due to related party December 31, 2017 $ 1,243,753 Wages accrued to Christos Traios 110,000 Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc. (210,000 ) Wages paid to Christos Traios, in cash (11,031 ) 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 June 3 0 , 2018 $ 1,110,222

Note 1 - Background and Descr22

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 ($)	Sep. 30, 2017shares	Feb. 29, 2016$ / sharesshares	Jun. 30, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares	Mar. 09, 2016
Common Stock, Shares Authorized					490,000,000	19,000,000	19,000,000
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] | SOMO [Member]
Long-term Purchase Commitment, Barrels of Oil Per Month | bbl		1,000,000
Petrogres Africa Co. Ltd [Member]
Noncontrolling Interest, Ownership Percentage by Parent						90.00%
PEGNOC [Member] | Petrogress Int'l LLC [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	55.00%
PEGNOC [Member] | Gonzena [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	45.00%
SODCO [Member] | Petrogres Oil & Gas [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%
Petrogres Africa Co. Ltd [Member]
Stock Issued During Period, Shares, Acquisitions				1,080,000
Business Acquisition, Percentage of Voting Interests Acquired				90.00%

Note 2 - Summary of Significa23

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 0	$ 0	$ 0
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	150,000	150,000

Note 2 - Summary of Significa24

Note 2 - Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Vessels and Equipment (Details)	6 Months Ended
	Jun. 30, 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 Financ25

Note 4 - Fair Value of Financial Instruments - Financial Instruments Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Loan facility from related party	$ 96,400	$ 297,400
Fair Value, Inputs, Level 1 [Member]
Loan facility from related party	96,400	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 Fi26

Note 5 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Depreciation, Total	$ 231,061	$ 175,362	$ 458,680	$ 348,930

Note 5 - Vessels and Other Fi27

Note 5 - Vessels and Other Fixed Assets, Net - Summary of Estimated Useful Lives of Vessels and Equipment (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Accumulated depreciation	$ (5,441,956)	$ (4,983,276)
Net property and equipment	4,911,423	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	$ 181,449	$ 93,295
Useful Life (Year)	10 years

Note 6 - Loan Facility From R28

Note 6 - Loan Facility From Related Party (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jul. 13, 2017
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		150,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 5
Warrants and Rights Outstanding, Term		5 years
Class of Warrant or Right, Issued During Period	0
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 R29

Note 6 - Loan Facility From Related Party - Activity on LOC Note (Details)	6 Months Ended
	Jun. 30, 2018USD ($)
Balance	$ 297,400
New amounts loaned to the Company by Christos Traios	74,000
Amount converted in shares of Common stock	(275,000)
Balance	$ 96,400

Note 7 - Common Stock Transac30

Note 7 - Common Stock Transactions (Details Textual)	Jul. 09, 2018	Jun. 18, 2018shares	Jun. 07, 2018shares	Feb. 23, 2018USD ($)shares	Jan. 12, 2018shares	Oct. 20, 2017shares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Feb. 29, 2016shares
Gain (Loss) on Settlement of Related Party Debt				$ (160,192)			$ (160,192)		$ (160,192)
Common Stock, Shares Authorized | shares							19,000,000		19,000,000		19,000,000		490,000,000
Common Stock, Shares, Outstanding, Ending Balance | shares							3,446,877		3,446,877		3,178,756
Common Stock, Value, Issued, Ending Balance							$ 3,447		$ 3,447		$ 3,179
Additional Paid in Capital, Ending Balance							$ 9,622,910		$ 9,622,910		$ 9,100,757
Before Reverse Stock Split [Member]
Common Stock, Shares Authorized | shares							490,000,000		490,000,000
Common Stock, Shares, Outstanding, Ending Balance | shares							344,687,672		344,687,672		317,875,807
Common Stock, Value, Issued, Ending Balance							$ 344,688		$ 344,688		$ 317,876
Additional Paid in Capital, Ending Balance							$ 9,281,669		9,281,669		8,786,060
Subsequent Event [Member] | Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	100
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 | shares						10,000,000
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | shares		5,000,000
Charles L. Stidham [Member] | Corporate Expense [Member]
Allocated Share-based Compensation Expense, Total									$ 153,178
Christos P. Traios [Member]
Stock Issued During Period, Shares, Share-based Compensation, Gross | shares				4,758,128	2,903,225
Salary and Wage, Officer, Excluding Cost of Good and Service Sold											$ 90,000	$ 120,000
Stock Issued During Period, Shares, Debt Settlement Agreement | shares				19,070,512
Stock Issued During Period, Value, Debt Settlement Agreement				$ 297,500
Repayments of Notes Payable				$ 275,000
Dr. Pieride [Member]
Stock Issued During Period, Shares, Issued for Services | shares			20,000
Dr. Warnke [Member]
Stock Issued During Period, Shares, Issued for Services | shares			60,000

Note 8 - Preferred Stock (Detai

Note 8 - Preferred Stock (Details Textual) - $ / shares	Jul. 09, 2018	Jun. 30, 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		0	0
Subsequent Event [Member]
Preferred Stock, Shares Authorized	1,000,000
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized		100	100
Preferred Stock, Par or Stated Value Per Share		$ 100	$ 100
Preferred Stock, Shares Issued, Total		100	100
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 Parties Tran32

Note 9 - Related Parties Transactions (Details Textual) - USD ($)	Sep. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017	Feb. 29, 2016
Revenues, Total		$ 2,261,890	$ 4,443,072	$ 4,827,154	$ 8,462,185
Preferred Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001		$ 0.001	$ 0	$ 0.001
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share		$ 100		$ 100		$ 100	$ 100
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				441,500		$ 1,166,500
Partnership Agreement with Platon [Member]
Revenues, Total				4,184,164
Chief Executive Officer [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold				110,000	$ 60,000
Officers' Compensation, Previously Accured				11,030
Proceeds from Related Party Advances				74,000
Due to Related Parties, Total		$ 74,000		$ 74,000		$ 74,000	$ 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

Note 9 - Related Parties Tran33

Note 9 - Related Parties Transactions - Amounts Due to Related Party (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 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 December 31, 2017	1,243,753
Wages accrued to Christos Traios	110,000
Wages paid to Christos Traios, in Shares of Common Stock of Petrogress, Inc.	(210,000)
Wages paid to Christos Traios, in cash	(11,031)
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 June 30, 2018	$ 1,110,222

Note 10 - Revenue Concentrati34

Note 10 - Revenue Concentrations (Details Textual) - Customer Concentration Risk [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Sales Revenue, Net [Member]
Number of Customers	2
Accounts Receivable [Member]
Number of Customers	4	4