Petrogress (PGAS) 10-Q 15 May 19 2019 Q1 Quarterly report Financial data

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