Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 15, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Petrogress, Inc. | |
Entity Central Index Key | 0001558465 | |
Trading Symbol | pgas | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 3,874,808 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 1,252,785 | $ 661,010 |
Accounts receivable, net of allowance for doubtful accounts of $0 and $344,466 as of March 31, 2019 and December 31, 2018, respectively | 5,123,752 | 4,779,432 |
Claims receivable, net | 547,600 | 547,600 |
Total Inventories | 1,218,524 | 417,135 |
Prepaid expenses and other current assets | 1,066,448 | 1,765,276 |
Total current assets | 9,209,109 | 8,170,453 |
Non-Current Assets | ||
Goodwill | 900,000 | 900,000 |
Vessels and other fixed assets, net | 4,267,066 | 4,450,906 |
Deferred charges, net | 20,061 | 26,750 |
Security deposit | 10,584 | 10,638 |
Total non-current assets | 5,197,711 | 5,388,294 |
Total Assets | 14,406,820 | 13,558,747 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,931,982 | 1,265,452 |
Due to related party | 1,213,297 | 1,176,863 |
Loan facility from related party | 148,900 | 148,900 |
Accrued Interest | 8,594 | 8,744 |
Total current liabilities | 3,302,773 | 2,599,959 |
Total liabilities | 3,302,773 | 2,599,959 |
Shareholders' equity: | ||
Preferred stock, value | ||
Shares of Common stock, $0.001 par value, 19,000,000 shares authorized, 3,828,412 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | 3,829 | 3,829 |
Additional paid-in capital | 9,535,161 | 9,535,161 |
Accumulated comprehensive loss | (10,231) | (10,231) |
Retained earnings | 1,466,362 | 1,315,870 |
Equity attributable to Shareholders of the Company | 11,005,121 | 10,854,629 |
Non-controlling interests | 98,926 | 104,159 |
Total liabilities and shareholders' equity | 14,406,820 | 13,558,747 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 10,000 | $ 10,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance of doubtful accounts | $ 0 | $ 344,466 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 999,900 | 999,900 |
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) | 3,828,412 | 3,828,412 |
Common stock, shares outstanding (in shares) | 3,828,412 | 3,828,412 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 2,122,678 | $ 2,565,264 |
Costs of goods sold | (1,165,752) | (1,406,537) |
Gross profit | 956,926 | 1,158,727 |
Operating expenses: | ||
Corporate expenses | (5,063) | (300,138) |
Selling, general and administrative expenses | (549,559) | (541,313) |
Depreciation expense | (197,280) | (227,619) |
Total operating expenses | (751,902) | (1,069,070) |
Operating income before other expenses and income taxes | 205,024 | 89,657 |
Other income/ (expense), net: | ||
Interest and finance expenses | (12,363) | (1,427) |
Other income / (expense), net | (47,402) | 25,614 |
Total other income/ (expense), net | (59,765) | 24,187 |
Income before income taxes | 145,259 | 113,844 |
Income tax expense | ||
Net income | 145,259 | 113,844 |
Net income attributable to: | ||
Shareholders of the company | 150,492 | 120,480 |
Non-controlling interests | (5,233) | (6,636) |
Net income | 145,259 | 113,844 |
Foreign currency translation adjustment | 724 | |
Comprehensive income | 145,259 | 114,568 |
Comprehensive income attributable to: | ||
Shareholders of the company | 150,492 | 121,204 |
Non-controlling interests | (5,233) | (6,636) |
$ 145,259 | $ 114,568 | |
Weighted average number of shares of Common Stock: | ||
Basic (in shares) | 3,828,412 | 3,299,234 |
Diluted (in shares) | 3,828,412 | 5,293,239 |
Basic earnings per share (in dollars per share) | $ 0.04 | $ 0.03 |
Diluted earnings per share (in dollars per share) | $ 0.04 | $ 0.02 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) | 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) at Dec. 31, 2017 | 100 | 3,177,452 | ||||||
Balances at Dec. 31, 2017 | $ 10,000 | $ 3,098 | $ 9,100,838 | $ (7,744) | $ 1,008,823 | $ 10,115,015 | $ 98,758 | $ 10,213,773 |
Common stock issued for convertible notes (in shares) | 76,614 | |||||||
Common stock issued for convertible notes | $ 77 | 209,923 | 210,000 | 210,000 | ||||
Common stock issued to settle liabilities (in shares) | 190,705 | |||||||
Common stock issued to settle liabilities | $ 191 | 457,501 | 457,692 | 457,692 | ||||
Cancellation of common stock issued for services | (146,767) | (146,767) | (146,767) | |||||
Common stock issued for board advisory services (in shares) | 800 | |||||||
Common stock issued for board advisory services | $ 80 | 1,416 | 1,496 | 1,496 | ||||
Common stock issued for accrued interest of LOC (in shares) | 382,841 | |||||||
Common stock issued for accrued interest of LOC | $ 383 | 383 | 383 | |||||
Foreign currency translation adjustment | (2,487) | (2,487) | (2,487) | |||||
Elimination of Petrogress Africa Ltd apic/due from shareholders | (87,750) | (87,750) | (12,250) | (100,000) | ||||
Net income | 307,047 | 307,047 | 17,651 | 324,698 | ||||
Balances (in shares) at Dec. 31, 2018 | 100 | 3,828,412 | ||||||
Balances at Dec. 31, 2018 | $ 10,000 | $ 3,829 | 9,535,161 | (10,231) | 1,315,870 | 10,854,629 | 104,159 | 10,958,788 |
Foreign currency translation adjustment | ||||||||
Net income | 150,492 | 150,492 | (5,233) | 145,259 | ||||
Balances (in shares) at Mar. 31, 2019 | 100 | 3,828,412 | ||||||
Balances at Mar. 31, 2019 | $ 10,000 | $ 3,829 | $ 9,535,161 | $ (10,231) | $ 1,466,362 | $ 11,005,121 | $ 98,926 | $ 11,104,047 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 145,259 | $ 113,844 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 197,280 | 227,619 |
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 | (344,320) | (1,632,138) |
- (Increase)/ decrease in Inventories | (801,389) | (1,876) |
- Amounts due from related party | 58,529 | |
- (Increase)/ decrease in Prepaid expenses and other current assets | 705,517 | (102,146) |
- (Increase)/ decrease in Security deposit | 54 | |
- Increase/ (decrease) in Accounts payable and accrued expenses | 666,530 | 562,692 |
- Increase/ (decrease) in Amounts due to related party | 36,434 | |
- Increase/ (decrease) in Accrued Interest | (150) | 3,196 |
Net cash provided by/ (used in) operating activities | 605,215 | (629,937) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property plant and equipment | (13,440) | (84,600) |
Acquisition of subsidiary | ||
Net cash used in investing activities | (13,440) | (84,600) |
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 | 591,775 | (650,813) |
Cash and cash equivalents, Beginning of Period | 661,010 | 1,150,999 |
Cash and cash equivalents, End of Period | 1,252,785 | 500,186 |
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, 2019 | |
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 February 29, 2016, 800 800 136,000,000 85% 100% 800 800 February 29, 2016 On March 9, 2016, 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 our affiliated tanker fleet, currently consisting of four 90% 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, 2018 April 12, 2019. three March 31, 2019 not December 31, 2019 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 (“GAAP”) and has elected a year-end of December 31. All significant intercompany transactions and accounts have been eliminated. These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10 December 31, 2018. three March 31, 2019 not Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its wholly-owned and majority-owned subsidiaries. Our significant subsidiaries are described below. Petrogres Co. Limited Petrogres Co. Limited, is a Marshall Islands corporation, incorporated in 2009. Petronav Carriers LLC Petronav Carriers LLC, was formed in Delaware in April 2016. Petrogress Int'l LLC Petrogress Int’l LLC, is a Delaware limited liability company, acquired by the Company in September 2017. Emerging Growth Company We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, 107 7 2 Use of Estimates The preparation of financial statements in conformity with 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. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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 receivable, 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 As of March 31, 2019, December 31, 2018, 0 $344,466 Inventories The Company's inventories consist primarily of purchased crude oil for re-sale and gas oil in transit on a marine vessel at the respective balance sheet date, and both are valued at the purchased cost or market using the mark-to-market method of valuation. Inventories At March 31, 2019 At December 31, 2018 Crude Oil (Commodities) $ - $ 279,196 Gas Oil (Bunkers on board) 127,322 137,939 Gas Oil (Commodities) 1,050,000 - Lubricants (Commodities) 41,202 - Total Inventories $ 1,218,524 $ 417,135 Vessels and other fixed assets, net 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 Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. We account for income taxes in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“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 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, (a) control of the goods (crude oil, gas oil and other petrochemical products) is passed to its customers and (b) the vessels charter (voyages and long term) service is rendered to its independent charterers or Petrogres Co. Limited. Fair Value of Financial Instruments Our financial instruments consist primarily of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, 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. Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange 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 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. not In February 2016, No. 2016 02, Leases 2016 02” January 2018, 2018 01, 2016 02. 1 2 In January 2017, 2017 01, Business Combinations 805 December 15, 2018. not |
Note 3 - Concentrations of Cred
Note 3 - Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 December 31, 2018, no 7. |
Note 4 - Vessels and Other Fixe
Note 4 - Vessels and Other Fixed Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 4 Vessels and other fixed assets, net consisted of the following as of March 31, 2019 December 31, 2018: Estimated useful March 31, 2019 December 31, 2018 Life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 203,290 189,848 10 Accumulated depreciation (6,108,154 ) (5,910,872 ) Vessels and other fixed assets, net $ 4,267,066 $ 4,450,906 Depreciation for the three March 31, 2019 March 31, 2018, $197,280 $227,619, |
Note 5 - Preferred Stock
Note 5 - Preferred Stock | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 5 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 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 6 - Related party transactions Officer's compensation During the three March 31, 2019 March 31, 2018, $45,000 $60,000, March 31, 2019, $7,129 March 31, 2019. Revolving Line of Credit On October 31, 2018, July 13, 2017 ( $1,000,000 no $148,900 July 13, 2019. The Company accounts for this agreement under ASC 808 10, During the three March 31, 2019, $1,917,178 not No not The table below presents the movement of the amounts due to Christos Traios during the three March 31, 2019: Amounts due to related party December 31, 2018 $ 1,176,863 Wages accrued to Christos Traios 45,000 Wages paid to Christos Traios, in cash (7,129 ) Amount due from Christos Traios (1,437 ) Amounts due to related party March 31, 2019 $ 1,213,297 |
Note 7 - Revenue Concentrations
Note 7 - Revenue Concentrations | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue Concentrations Disclosure [Text Block] | Note 7 The Company sells to commercial customers in foreign markets. The following is a summary of customers who accounted for more than five 5% March 31, 2019 2018: Customer March 31, 2019 March 31, 2018 A 94 % 85 % B * 7 % C 6 % * The following is a summary of customers who accounted for more than five 5% March 31, 2019 December 31, 2018: Customer March 31, 2019 December 31, 2018 A 61 % 63 % B 15 % 16 % C 6 % 6 % D 5 % 5 % E 5 % * |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 8 – Subsequent Events On April 1, 2019, April 23, 2019 . As of April 24, 2019, September 30, 2017 $900,000, October 23, 2019. not 65% 10 3,500,000 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 |
Receivable [Policy Text Block] | Accounts Receivable, net The amount shown as accounts receivable, 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 As of March 31, 2019, December 31, 2018, 0 $344,466 |
Inventory, Policy [Policy Text Block] | Inventories The Company's inventories consist primarily of purchased crude oil for re-sale and gas oil in transit on a marine vessel at the respective balance sheet date, and both are valued at the purchased cost or market using the mark-to-market method of valuation. Inventories At March 31, 2019 At December 31, 2018 Crude Oil (Commodities) $ - $ 279,196 Gas Oil (Bunkers on board) 127,322 137,939 Gas Oil (Commodities) 1,050,000 - Lubricants (Commodities) 41,202 - Total Inventories $ 1,218,524 $ 417,135 |
Property, Plant and Equipment, Policy [Policy Text Block] | Vessels and other fixed assets, net 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) |
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. We account for income taxes in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“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 Payment Arrangement [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 [Policy Text Block] | Revenue Recognition 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, (a) control of the goods (crude oil, gas oil and other petrochemical products) is passed to its customers and (b) the vessels charter (voyages and long term) service is rendered to its independent charterers or Petrogres Co. Limited. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments consist primarily of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, 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. Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange 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 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. not In February 2016, No. 2016 02, Leases 2016 02” January 2018, 2018 01, 2016 02. 1 2 In January 2017, 2017 01, Business Combinations 805 December 15, 2018. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories At March 31, 2019 At December 31, 2018 Crude Oil (Commodities) $ - $ 279,196 Gas Oil (Bunkers on board) 127,322 137,939 Gas Oil (Commodities) 1,050,000 - Lubricants (Commodities) 41,202 - Total Inventories $ 1,218,524 $ 417,135 |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Vessels (in years) 10 Office equipment and furniture (in years) 10 |
Note 4 - Vessels and Other Fi_2
Note 4 - Vessels and Other Fixed Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated useful March 31, 2019 December 31, 2018 Life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 203,290 189,848 10 Accumulated depreciation (6,108,154 ) (5,910,872 ) Vessels and other fixed assets, net $ 4,267,066 $ 4,450,906 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Amounts Due to Related Parties [Table Text Block] | Amounts due to related party December 31, 2018 $ 1,176,863 Wages accrued to Christos Traios 45,000 Wages paid to Christos Traios, in cash (7,129 ) Amount due from Christos Traios (1,437 ) Amounts due to related party March 31, 2019 $ 1,213,297 |
Note 7 - Revenue Concentratio_2
Note 7 - Revenue Concentrations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounts Receivable [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer March 31, 2019 December 31, 2018 A 61 % 63 % B 15 % 16 % C 6 % 6 % D 5 % 5 % E 5 % * |
Revenue from Contract with Customer Benchmark [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer March 31, 2019 March 31, 2018 A 94 % 85 % B * 7 % C 6 % * |
Note 1 - Background and Descr_2
Note 1 - Background and Description of Business and Preparation of Financial Statements (Details Textual) - shares | Feb. 29, 2016 | Nov. 30, 2017 |
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] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 | $ 344,466 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 2019 | |
Vessels [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Purchased Crude Oil and Gas Oil (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Total Inventories | $ 1,218,524 | $ 417,135 |
Commodities, Crude Oil [Member] | ||
Total Inventories | 279,196 | |
Bunkers on Board, Gas Oil [Member] | ||
Total Inventories | 127,322 | 137,939 |
Commodities, Gas Oil [Member] | ||
Total Inventories | 1,050,000 | |
Commodities, Lubricants [Member] | ||
Total Inventories | $ 41,202 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Vessels and Equipment (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Vessels [Member] | |
Useful Life (Year) | 10 years |
Office Equipment and Furniture [Member] | |
Useful Life (Year) | 10 years |
Note 4 - Vessels and Other Fi_3
Note 4 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation, Total | $ 197,280 | $ 227,619 |
Note 4 - Vessels and Other Fi_4
Note 4 - Vessels and Other Fixed Assets, Net - Summary of Estimated Useful Lives of Vessels and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accumulated depreciation | $ (6,108,154) | $ (5,910,872) |
Net property and equipment | 4,267,066 | 4,450,906 |
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 | $ 203,290 | $ 189,848 |
Useful Life (Year) | 10 years |
Note 5 - Preferred Stock (Detai
Note 5 - Preferred Stock (Details Textual) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 | Jul. 18, 2018 | Jul. 17, 2018 | Oct. 06, 2017 | Jul. 14, 2017 |
Preferred Stock, Shares Issued, Total | 0 | 0 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||
Preferred Stock, Shares Authorized | 999,900 | 999,900 | 1,000,000 | 10,000,000 | ||
Series A Preferred Stock [Member] | ||||||
Preferred Stock, Shares Issued, Total | 100 | 100 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 | $ 100 | |||
Preferred Stock, Shares Authorized | 100 | 100 | ||||
Series A Preferred Stock [Member] | Sole Director, President and Chief Executive Officer [Member] | ||||||
Preferred Stock, Shares Issued, Total | 100 | 100 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 100 |
Note 6 - Related Party Transa_3
Note 6 - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Oct. 31, 2018 | |
Long-term Line of Credit, Total | $ 148,900 | $ 148,900 | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,122,678 | $ 2,565,264 | ||
Crude Oil Sales [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,917,178 | |||
Chief Executive Officer [Member] | ||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 45,000 | $ 60,000 | ||
Officers' Compensation, Previously Accured | $ 7,129 | |||
Chief Executive Officer [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||
Long-term Line of Credit, Total | $ 148,900 |
Note 6 - Related Party Transa_4
Note 6 - Related Party Transactions - Amounts Due to Related Party (Details) - President, Chief Executive Officer and Chief Financial Officer [Member] | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Balance | $ 1,176,863 |
Wages accrued to Christos Traios | 45,000 |
Wages paid to Christos Traios, in cash | (7,129) |
Amount due from Christos Traios | (1,437) |
Balance | $ 1,213,297 |
Note 7 - Revenue Concentratio_3
Note 7 - Revenue Concentrations - Revenue Concentration by Customer (Details) - Customer Concentration Risk [Member] - Revenue from Contract with Customer Benchmark [Member] | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Customer A [Member] | ||
Sales concentration percentage | 94.00% | 85.00% |
Customer B [Member] | ||
Sales concentration percentage | 7.00% | |
Customer C [Member] | ||
Sales concentration percentage | 6.00% |
Note 7 - Revenue Concentratio_4
Note 7 - Revenue Concentrations - Accounts Receivable Concentration by Customer (Details) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Customer A [Member] | ||
Sales concentration percentage | 61.00% | 63.00% |
Customer B [Member] | ||
Sales concentration percentage | 15.00% | 16.00% |
Customer C [Member] | ||
Sales concentration percentage | 6.00% | 6.00% |
Customer D [Member] | ||
Sales concentration percentage | 5.00% | 5.00% |
Customer E [Member] | ||
Sales concentration percentage | 5.00% |
Note 8 - Subsequent Events (Det
Note 8 - Subsequent Events (Details Textual) - Forecast [Member] - Petrogres Africa Co. Ltd [Member] | Oct. 23, 2019USD ($)shares |
Payments to Acquire Businesses, Gross | $ | $ 900,000 |
Business Combination, Conversion Price, Percentage of Lowest Price of Common Stock during Ten Trading Days | 65.00% |
Business Combination, Maximum Number of Shares on Conversion Rights | shares | 3,500,000 |