Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Jan. 21, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001558465 | |
Entity Registrant Name | Petrogress, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-55854 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-2019626 | |
Entity Address, Address Line One | 1, Akti Xaveriou - 5th Floor | |
Entity Address, City or Town | Piraeus | |
Entity Address, Postal Zip Code | 18538 | |
Entity Address, Country | GR | |
City Area Code | 210 | |
Local Phone Number | 459-9741 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,142,658 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Other Revenues | $ 0 | $ 12,698 | $ 215,368 | $ 46,778 |
Total Revenues | 860,000 | 788,181 | 2,319,118 | 2,554,962 |
Costs and other Deductions: | ||||
Costs of goods sold | (390,000) | 0 | (1,947,200) | (1,899,000) |
Gross profit | 470,000 | 788,181 | 371,918 | 655,962 |
Operating expenses: | ||||
Corporate expenses | (230,342) | (497,629) | (419,610) | (790,797) |
Operating expenses of commodities trade | (240,000) | 0 | (559,796) | 0 |
Fleet operating expenses | (125,595) | 0 | (508,444) | 0 |
General and administrative expenses | (27,687) | (1,268,911) | (105,916) | (2,456,502) |
Amortization expense | 0 | (41,158) | (1,534) | (49,948) |
Depreciation expense | (120,202) | (159,101) | (428,652) | (465,996) |
Total operating expenses | (743,826) | (1,966,799) | (2,023,952) | (3,763,243) |
Operating income / (loss) before other expenses and income tax | (273,826) | (1,178,618) | (1,652,034) | (3,107,281) |
Other Income / (expense), net: | ||||
Interest and finance expenses | 0 | (19,250) | 0 | (38,888) |
Amortization of note discount | 0 | 0 | 0 | (174,292) |
Change in fair market value of derivative liabilities | 0 | 1,626,853 | 0 | 740,366 |
Other income / (expense), net | (1,329,167) | 29,907 | (1,346,266) | (38,245) |
Total other income / (expense), net | (1,329,167) | 1,637,510 | (1,346,266) | 488,941 |
Income / (loss) before income taxes | (1,602,993) | 458,892 | (2,998,300) | (2,618,340) |
Income tax expense | 0 | 0 | ||
Net income / (loss) | (1,602,993) | 458,892 | (2,998,300) | (2,618,340) |
Net income / (loss) attributable to: | ||||
Shareholders of the Company | (1,602,993) | 458,892 | (2,998,300) | (2,618,340) |
Non-controlling interests | 0 | 0 | 0 | 0 |
Other comprehensive loss, net of tax | ||||
Comprehensive income / (loss) | (1,602,993) | 458,892 | (2,998,300) | (2,618,340) |
Comprehensive income / (loss) attributable to: | ||||
Shareholders of the Company | (1,602,993) | 458,892 | (2,998,300) | (2,618,340) |
Non-controlling interests | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 35,173,965 | 9,803,712 | 35,173,965 | 9,803,712 |
Diluted (in shares) | 0 | 0 | 0 | 0 |
Basic earnings per share (in dollars per share) | $ (0.05) | $ 0.05 | $ (0.08) | $ (0.27) |
Diluted earnings per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Crude Oil Sales [Member] | ||||
Revenues: | ||||
Revenues | $ 620,000 | $ 0 | $ 620,000 | $ 749,200 |
Costs and other Deductions: | ||||
Costs of goods sold | (620,000) | 0 | (620,000) | (1,250,000) |
Gas Oil Sales [Member] | ||||
Revenues: | ||||
Revenues | 0 | 0 | 870,000 | 622,000 |
Costs and other Deductions: | ||||
Costs of goods sold | 0 | 0 | (630,000) | (520,000) |
Lubricants [Member] | ||||
Revenues: | ||||
Revenues | 0 | 0 | 58,750 | 143,501 |
Costs and other Deductions: | ||||
Costs of goods sold | 0 | 0 | (68,660) | (129,000) |
Freights and Hires [Member] | ||||
Revenues: | ||||
Revenues | 240,000 | 755,483 | 555,000 | 993,483 |
Vessels Leases and Charters [Member] | ||||
Costs and other Deductions: | ||||
Costs of goods sold | $ 230,000 | $ (628,540) | $ 0 |
Consolidated Statement of Balan
Consolidated Statement of Balance Sheet (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 17,774 | $ 276,035 |
Accounts receivable, net | 2,796,341 | 2,136,790 |
Claims receivable, net | 338,946 | 565,023 |
Inventories | 270,733 | 903,036 |
Prepaid expenses and other current assets | 372,763 | 1,428,407 |
Total current assets | 3,796,557 | 5,309,291 |
Non-Current Assets | ||
Goodwill | 0 | 0 |
Contract-related licensing agreements | 258,747 | 258,747 |
Investments in subsidiaries | 854,687 | 0 |
Right of use assets | 0 | 669,065 |
Vessels and other fixed assets, net | 3,228,857 | 3,829,714 |
Deferred charges, net | 0 | 1,534 |
Security deposit | 7,775 | 13,033 |
Total non-current assets | 4,350,066 | 4,772,093 |
Total Assets | 8,146,623 | 10,081,384 |
Current Liabilities | ||
Accounts payable and accrued expenses | 3,398,260 | 2,000,721 |
Due to related party | 551,450 | 695,321 |
Loan facility from related party | 185,459 | 169,407 |
Accrued interest | 3,129 | 16,682 |
Lease liabilities | 0 | 12,704 |
Short-Term Loans | 87,000 | 0 |
Convertible promissory notes | 150,000 | 150,000 |
Derivative liabilities | 0 | 0 |
Total current liabilities | 4,375,298 | 3,044,835 |
Non-Current Liabilities | ||
Lease liabilities | 0 | 720,855 |
Total liabilities | 4,375,298 | 3,765,690 |
Commitments and Contingencies | 0 | 0 |
Shareholders’ equity: | ||
Series A Preferred shares, $100 par value; 1,000,000 authorized; 100 shares issued and outstanding as of June 30, 2021 and December 31, 2020. | 10,000 | 10,000 |
Shares of Common stock, $0.001 par value, 100,000,000 shares authorized, 35,173,965 and 35,151,058 shares issued and outstanding as of September 30, 2021 and December 31, 2020. | 36,143 | 35,151 |
Additional paid-in capital | 10,858,416 | 10,561,797 |
Accumulated comprehensive loss | (4,275) | (15,552) |
Retained earnings | (7,128,959) | (4,275,702) |
Equity attributable to Shareholders of the Company | 3,771,325 | 6,315,694 |
Non-controlling interests | 0 | 0 |
Total liabilities and shareholders’ equity | $ 8,146,623 | $ 10,081,384 |
Consolidated Statement of Bal_2
Consolidated Statement of Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 100 | 100 |
Preferred stock, shares outstanding (in shares) | 100 | 100 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 35,173,965 | 35,151,058 |
Common stock, shares outstanding (in shares) | 35,173,965 | 35,151,058 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net Income (loss) | $ (2,998,300) | $ (2,618,340) |
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities: | ||
Depreciation expense | 428,652 | 465,996 |
Provision for losses on accounts receivable | 0 | 0 |
Change in fair value of derivative liabilities | 0 | (809,877) |
Share-based compensation expense | 0 | 1,254,257 |
Loss on disposition of fixed assets | 0 | |
Amortization of discount on convertible note | 308,888 | 174,292 |
Amount of derivative in excess of face value of PCN | 0 | |
Elimination of Petrogres Hellas Co | 145,043 | |
Gain/(Loss) on settlement of convertible promissory note | 0 | |
Elimination of PGAS Africa APIC | 0 | (925,574) |
Changes in working capital | ||
(Increase) / Decrease in accounts receivable, net | (659,551) | 518,835 |
(Increase) / Decrease in claims receivable, net | 226,077 | 168,355 |
(Increase) / Decrease in inventories | 632,303 | (217,824) |
(Increase) / Decrease in amounts due from related party | 0 | 720,000 |
(Increase) / Decrease in prepaid expenses | 1,055,644 | 853,360 |
Increase / (Decrease) in accounts payable and accrued expenses | 1,397,539 | 1,266,871 |
Increase / (Decrease) in amounts due to related party | (143,871) | (748,989) |
Increase / (Decrease) in short-terms loans | 87,000 | 0 |
Increase / (Decrease) in accrued interest | (13,553) | 683,149 |
Increase / (Decrease) in lease liabilities | (733,559) | 0 |
(Increase) / Decrease in security deposit | 5,258 | (1,318) |
(Increase) / Decrease in deferred charges, net | 1,534 | 11,276 |
CASH PROVIDED BY OPERATING ACTIVITIES | (260,896) | 794,469 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | 0 | (60,113) |
Investments in subsidiaries | (854,687) | 0 |
Purchase of vessels and other equipment | 172,205 | 0 |
Acquisition of intangible assets | 669,065 | (872,711) |
CASH USED IN INVESTING ACTIVITIES | (13,417) | (932,824) |
Proceeds from convertible promissory notes | 0 | 0 |
Proceeds from advances from related party | 16,052 | 0 |
CASH PROVIDED BY FINANCING ACTIVITIES | 16,052 | 0 |
Effects of exchange rate changes | 0 | 0 |
NET DECREASE IN CASH | (258,261) | (138,355) |
CASH AT BEGINNING OF YEAR | 276,035 | 391,360 |
CASH AT PERIOD END | $ 17,774 | $ 253,005 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) | PG Africa [Member]Preferred Stock [Member] | PG Africa [Member]Common Stock [Member] | PG Africa [Member]Additional Paid-in Capital [Member] | PG Africa [Member]AOCI Attributable to Parent [Member] | PG Africa [Member]Retained Earnings [Member] | PG Africa [Member]Noncontrolling Interest [Member] | PG Africa [Member] | Petrogres Hellas [Member]Preferred Stock [Member] | Petrogres Hellas [Member]Common Stock [Member] | Petrogres Hellas [Member]Additional Paid-in Capital [Member] | Petrogres Hellas [Member]AOCI Attributable to Parent [Member] | Petrogres Hellas [Member]Retained Earnings [Member] | Petrogres Hellas [Member]Noncontrolling Interest [Member] | Petrogres Hellas [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 100 | 4,446,645 | |||||||||||||||||||
Balance at Dec. 31, 2019 | $ 10,000 | $ 4,447 | $ 10,073,810 | $ (9,763) | $ (1,634,645) | $ 69,992 | $ 8,513,841 | ||||||||||||||
Stock issued for liabilities (in shares) | 0 | 325,556 | |||||||||||||||||||
Stock issued for liabilities | $ 0 | $ 325 | 101,381 | 0 | 0 | 0 | 101,706 | ||||||||||||||
Stock issued for services (in shares) | 0 | 26,000 | |||||||||||||||||||
Stock issued for services | $ 0 | $ 26 | 8,387 | 0 | 0 | 0 | 8,413 | ||||||||||||||
Net Income (loss) | $ 0 | $ 0 | 0 | 0 | (910,397) | (12,347) | (922,744) | ||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 100 | 4,798,201 | |||||||||||||||||||
Balance at Mar. 31, 2020 | $ 10,000 | $ 4,798 | 10,183,578 | (9,763) | (2,545,042) | 57,645 | 7,701,216 | ||||||||||||||
Stock issued for liabilities (in shares) | 0 | 3,035,361 | |||||||||||||||||||
Stock issued for liabilities | $ 0 | $ 3,036 | 249,893 | 0 | 0 | 0 | 252,929 | ||||||||||||||
Stock issued for services | 0 | 0 | (8,100) | 0 | 0 | 0 | (8,100) | ||||||||||||||
Net Income (loss) | $ 0 | $ 0 | 0 | 0 | (1,772,397) | 0 | (1,772,397) | ||||||||||||||
Elimination of entities | $ 0 | $ 0 | $ (1,047,841) | $ 0 | $ (161,767) | $ (57,645) | $ (1,267,253) | ||||||||||||||
Balance (in shares) at Jun. 30, 2020 | 100 | 7,833,562 | |||||||||||||||||||
Balance at Jun. 30, 2020 | $ 10,000 | $ 7,834 | 9,377,530 | (9,763) | (4,479,206) | 0 | 4,906,395 | ||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 100 | 35,151,058 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 10,000 | $ 35,151 | 10,561,797 | (15,552) | (4,275,702) | 0 | 6,315,694 | ||||||||||||||
Stock issued for liabilities (in shares) | 0 | 1,500 | |||||||||||||||||||
Stock issued for liabilities | $ 0 | $ 2 | 239,100 | 5,488 | 0 | 0 | 244,590 | ||||||||||||||
Stock issued for services | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net Income (loss) | $ 0 | $ 0 | 0 | 0 | (146,185) | 0 | (146,185) | ||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 100 | 35,152,558 | |||||||||||||||||||
Balance at Mar. 31, 2021 | $ 10,000 | $ 35,153 | 10,800,897 | (10,064) | (4,421,887) | 0 | 6,414,099 | ||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 100 | 35,151,058 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 10,000 | $ 35,151 | 10,561,797 | (15,552) | (4,275,702) | 0 | 6,315,694 | ||||||||||||||
Net Income (loss) | (2,998,300) | ||||||||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 100 | 36,142,558 | |||||||||||||||||||
Balance at Sep. 30, 2021 | $ 10,000 | $ 36,143 | 10,858,416 | (4,275) | 0 | 3,771,325 | |||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 100 | 35,152,558 | |||||||||||||||||||
Balance at Mar. 31, 2021 | $ 10,000 | $ 35,153 | 10,800,897 | (10,064) | (4,421,887) | 0 | 6,414,099 | ||||||||||||||
Stock issued for liabilities | 0 | 0 | 0 | 5,789 | 0 | 0 | 5,789 | ||||||||||||||
Net Income (loss) | $ 0 | $ 0 | 0 | 0 | (1,249,122) | 0 | (1,249,122) | ||||||||||||||
Elimination of Petrogres Hellas | $ 0 | $ 0 | $ 0 | $ 0 | $ 309,672 | $ 0 | $ 309,672 | ||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 100 | 35,152,558 | |||||||||||||||||||
Balance at Jun. 30, 2021 | $ 10,000 | $ 35,153 | 10,800,897 | (4,275) | (5,361,337) | 0 | 5,480,438 | ||||||||||||||
Stock issued for liabilities (in shares) | 0 | 990,000 | |||||||||||||||||||
Stock issued for liabilities | $ 0 | $ 990 | 57,519 | 0 | 0 | 0 | 58,509 | ||||||||||||||
Net Income (loss) | $ 0 | $ 0 | 0 | 0 | $ (1,602,993) | 0 | (1,602,993) | ||||||||||||||
Elimination of entities | $ 0 | $ 0 | $ 0 | $ 0 | $ (164,629) | $ 0 | $ (164,629) | ||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 100 | 36,142,558 | |||||||||||||||||||
Balance at Sep. 30, 2021 | $ 10,000 | $ 36,143 | $ 10,858,416 | $ (4,275) | $ 0 | $ 3,771,325 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. General Petrogress, Inc (PGI), is an integrate energy company, engaged in the upstream, downstream and midstream segments. We sell crude oil and refined products internationally, to buyers on the spot market and to independent entrepreneurs. The company operates internationally through its wholly owned subsidiaries "Petrogress Int'l LLC.", "Petronav Carriers LLC.". The company is registered in Delaware and headquartered from Piraeus-Greece, where the company maintain its principal marketing and operating offices at 1, 18538 Impact of the novel coronavirus (COVID- 19 19 first 2020, 2020. not 19 Basis of Presentation; not nine September 30, 2021, not Going Concern - Substantial Doubt; one not twelve On the ground of management evaluation and consideration for the next period of twelve need of significant working capital to continue its oil trading operations, to keep repairing and provide the necessary maintenance on its tankers fleet, to complete the renovation of the leased gas stations and supplies the fuels, and furthermore, to support all the corporate expenses of the parent company. Management plans to continue seek debt and/or equity capital to fund its operations but there can be no not The coronavirus pandemic has imposed the continuing lockdown of the Company’s office, and the majority of its operations ceased. Furthermore, the Covid- 19 may not In of that said and under the present circumstances we believe that our incomes undoubtedly will be heavily affected during the period, and that raises substantial doubt for the company’s ability to continue its business unless the company succeed to raise extra cash financing in the very near future. Subsidiaries and Affiliated Companies; 50 Principles of consolidation; Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PIL) Delaware 100% (owned to PGI) Petronav Carriers LLC. (PCL) Delaware 100% (owned to PGI) |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2. New Accounting Standards Recently adopted; January 1, 2021, 2016 13 |
Note 3 - Information Relating t
Note 3 - Information Relating to the Consolidated Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 3. Information relating to the consolidated statement of cash flows Read Cash Flow statement - page 5 |
Note 4 - Summarized Financial D
Note 4 - Summarized Financial Data - Petrogress, Inc. | 9 Months Ended |
Sep. 30, 2021 | |
Parent Company [Member] | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 4. Summarized Financial Data Petrogress, Inc. The summarized financial information for Petrogress Inc (PGI) presented as follows: Nine months Ended September 30, 2021 2020 Sales and other operating revenues $ 2,319,118 $ 2,554,962 Costs and other deductions (5,317,418 ) (5,173,302 ) Net income (loss) attributable to PGI (2,998,300 ) (2,618,340 ) Current assets 3,796,558 5,770,042 Other assets 4,350,066 4,715,592 Current liabilities 4,375,298 3,560,141 Other liabilities - 665,123 Total PGI net equity $ 3,771,325 $ 6,260,370 |
Note 5 - Operating Segments & G
Note 5 - Operating Segments & Geographic Presence | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 5. Operating Segments & Geographic presence The company’s primary country is the United States of America, its country of Domicile; while Greece is the head operating location. Most of our marketing, sales, ship-management and other related functions are performed at our main office in Piraeus, Greece. The company evaluate the performance of its operating earnings based on its subsidiaries sales. (a) Earnings by operating subsidiaries and their trading areas are presented in the following table: Nine months Ended September 30, Operating Subsidiaries 2021 2020 ● Petrogress Int’l LLC. (Internationally) $ 1,548,750 1,514,701 ● Petronav Carriers LLC. (Internationally) 770,368 1,040,261 Totals $ 2,319,118 $ 2,554,962 (b) Earnings by products and other services are presented in the following table: Nine months Ended September 30, Sales volumes per product & service 2021 2020 ● Crude oil $ 620,000 749,200 ● Gas oil 870,000 622,000 ● Lubricants 58,750 143,501 ● Vessel’s hires & freights 555,000 993,483 ● Others 215,368 46,778 Totals $ 2,319,118 $ 2,554,962 Segment Information; two Notes to Consolidated Financial Statements (continued) Segment Sales and Other Operating Revenues; nine September 30, 2021 2020, third Nine months Ended September 30, Sales and Other Operating Revenues 2021 2020 Upstream International $ 620,000 $ 749,200 Downstream International 928,750 765,000 Midstream International 555,000 993,483 All others International 215,368 46,778 Total Sales and Other Operating Revenues $ 2,319,118 $ 2,554,962 |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 6. Inventories Crude oil, Gas oil and bunkers onboard our vessels are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of items, spare-parts, consumable goods and equipment supplied to our vessel which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. The table below presents our inventories as of September 30, 2021 December 31, 2020, Commodities and Petroproducts Inventories September 30, 2021 December 31, 2020 Crude Oil $ 237,864 $ 570,000 Gas Oil - - Lubricants - 68,661 Vessels Inventories & Others Bunkers R.O.B.* 62,429 253,936 Lubricants 10,440 10,439 Provisions & Stores - - Total $ 270,7333 $ 903,036 *Vessels ROB of Gas Oil, lubricants and new spare parts are calculated in the balance sheets separately from goods. |
Note 7 - Properties, Vessels an
Note 7 - Properties, Vessels and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Properties, Vessels, Inventories & Equipment [Text Block] | Note 7. Properties, Vessels and Equipment We depreciate our vessels on a straight-line basis over the estimated useful life which is 8 years from the date of being placed in service by the Company or its affiliate. Depreciation is calculated based on a vessel’s cost less the estimated residual value. Vessels and other fixed assets, net consisted of the following as of September 30, 2021 December 31, 2020: September 30, 2021 December 31, 2020 Estimated useful Life left (in years) Vessels purchased costs* $ 10,888,423 $ 10,888,423 2 Furniture and equipment 387,150 387,150 4 Accumulated depreciation** (8,046,716 ) (7,445,859 ) Vessels and other fixed assets, net $ 3,228,857 $ 3,829,714 * On April 1, 2016, Transferor Transferee-guarantor not ** Depreciation for the Nine months ended September 30, 2021 2020, Notes to Consolidated Financial Statements (continued) |
Note 8 - Assets Held for Sale
Note 8 - Assets Held for Sale | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Assets Held for Sale [Text Block] | Note 8. Assets held for sale As of September 30, 2021, |
Note 9 - Changes in Accumulated
Note 9 - Changes in Accumulated Compresence Income | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 9. Changes in Accumulated Compresence Income |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. Income Taxes We file income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. 740 10, Income Taxes not not not |
Note 11 - Litigation
Note 11 - Litigation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 11. Litigation There are currently no |
Note 12 - Other Contingencies a
Note 12 - Other Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. Other Contingencies and Commitments The Company is not no |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 13. Fair Value Measurements The three ● Level 1 ● Level 2 not ● Level 3 Marketable Securities; Derivatives; Cash and Cash Equivalents; 90 September 30, 2021. Interest rate risk not Financial risk; not Notes to Consolidated Financial Statements (continued) Credit risk adjustments; |
Note 14 - Revenue
Note 14 - Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 14. Revenue “Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers and consistent with ASC Topic 606. As of September 30, 2021, September 30, 2021, December 31, 2020 |
Note 15 - Earnings (Losses) Per
Note 15 - Earnings (Losses) Per Share and Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 15. Earnings / (Losses) per Share and Shareholders Equity The table below presents the calculation of basic and diluted net income / (loss) attributable to common shareholders per share as of September 30, 2021: September 30, Basic EPS Calculation 2021 2020 Net income attributable to common shareholders $ (2,998,300 ) $ (2,618,340 ) Denominator for basic net income per share – weighted average shares 35,173,965 9,803,712 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - - Basic net earnings per share (0.08 ) (0.27 ) Diluted net earnings per share - - As of September 30, 2021, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | Impact of the novel coronavirus (COVID- 19 19 first 2020, 2020. not 19 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation; not nine September 30, 2021, not |
Substantial Doubt about Going Concern [Policy Text Block] | Going Concern - Substantial Doubt; one not twelve On the ground of management evaluation and consideration for the next period of twelve need of significant working capital to continue its oil trading operations, to keep repairing and provide the necessary maintenance on its tankers fleet, to complete the renovation of the leased gas stations and supplies the fuels, and furthermore, to support all the corporate expenses of the parent company. Management plans to continue seek debt and/or equity capital to fund its operations but there can be no not The coronavirus pandemic has imposed the continuing lockdown of the Company’s office, and the majority of its operations ceased. Furthermore, the Covid- 19 may not In of that said and under the present circumstances we believe that our incomes undoubtedly will be heavily affected during the period, and that raises substantial doubt for the company’s ability to continue its business unless the company succeed to raise extra cash financing in the very near future. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Subsidiaries and Affiliated Companies; 50 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation; Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PIL) Delaware 100% (owned to PGI) Petronav Carriers LLC. (PCL) Delaware 100% (owned to PGI) |
Note 1 - General (Tables)
Note 1 - General (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Percentages Participation in Subsidiaries [Table Text Block] | Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PIL) Delaware 100% (owned to PGI) Petronav Carriers LLC. (PCL) Delaware 100% (owned to PGI) |
Note 4 - Summarized Financial_2
Note 4 - Summarized Financial Data - Petrogress, Inc. (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Parent Company [Member] | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Nine months Ended September 30, 2021 2020 Sales and other operating revenues $ 2,319,118 $ 2,554,962 Costs and other deductions (5,317,418 ) (5,173,302 ) Net income (loss) attributable to PGI (2,998,300 ) (2,618,340 ) Current assets 3,796,558 5,770,042 Other assets 4,350,066 4,715,592 Current liabilities 4,375,298 3,560,141 Other liabilities - 665,123 Total PGI net equity $ 3,771,325 $ 6,260,370 |
Note 5 - Operating Segments &_2
Note 5 - Operating Segments & Geographic Presence (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Nine months Ended September 30, Operating Subsidiaries 2021 2020 ● Petrogress Int’l LLC. (Internationally) $ 1,548,750 1,514,701 ● Petronav Carriers LLC. (Internationally) 770,368 1,040,261 Totals $ 2,319,118 $ 2,554,962 Nine months Ended September 30, Sales volumes per product & service 2021 2020 ● Crude oil $ 620,000 749,200 ● Gas oil 870,000 622,000 ● Lubricants 58,750 143,501 ● Vessel’s hires & freights 555,000 993,483 ● Others 215,368 46,778 Totals $ 2,319,118 $ 2,554,962 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Nine months Ended September 30, Sales and Other Operating Revenues 2021 2020 Upstream International $ 620,000 $ 749,200 Downstream International 928,750 765,000 Midstream International 555,000 993,483 All others International 215,368 46,778 Total Sales and Other Operating Revenues $ 2,319,118 $ 2,554,962 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Commodities and Petroproducts Inventories September 30, 2021 December 31, 2020 Crude Oil $ 237,864 $ 570,000 Gas Oil - - Lubricants - 68,661 Vessels Inventories & Others Bunkers R.O.B.* 62,429 253,936 Lubricants 10,440 10,439 Provisions & Stores - - Total $ 270,7333 $ 903,036 |
Note 7 - Properties, Vessels _2
Note 7 - Properties, Vessels and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2021 December 31, 2020 Estimated useful Life left (in years) Vessels purchased costs* $ 10,888,423 $ 10,888,423 2 Furniture and equipment 387,150 387,150 4 Accumulated depreciation** (8,046,716 ) (7,445,859 ) Vessels and other fixed assets, net $ 3,228,857 $ 3,829,714 |
Note 15 - Earnings (Losses) P_2
Note 15 - Earnings (Losses) Per Share and Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | September 30, Basic EPS Calculation 2021 2020 Net income attributable to common shareholders $ (2,998,300 ) $ (2,618,340 ) Denominator for basic net income per share – weighted average shares 35,173,965 9,803,712 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - - Basic net earnings per share (0.08 ) (0.27 ) Diluted net earnings per share - - |
Note 1 - General - Percentages
Note 1 - General - Percentages Participation in Subsidiaries (Details) | Sep. 30, 2021 |
Petrogress Int'l LLC [Member] | |
Percentage participation | 100.00% |
Petronav Carriers LLC [Member] | |
Percentage participation | 100.00% |
Note 4 - Summarized Financial_3
Note 4 - Summarized Financial Data - Petrogress, Inc. - Condensed Financial Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Net income (loss) attributable to PGI | $ (1,602,993) | $ (1,249,122) | $ (146,185) | $ 458,892 | $ (1,772,397) | $ (922,744) | $ (2,998,300) | $ (2,618,340) | |
Current assets | 3,796,557 | 3,796,557 | $ 5,309,291 | ||||||
Other assets | 4,350,066 | 4,350,066 | 4,772,093 | ||||||
Current liabilities | 4,375,298 | 4,375,298 | 3,044,835 | ||||||
Total PGI net equity | 3,771,325 | 3,771,325 | $ 6,315,694 | ||||||
Parent Company [Member] | |||||||||
Revenues | 2,319,118 | 2,554,962 | |||||||
Costs and other deductions | (5,317,418) | (5,173,302) | |||||||
Net income (loss) attributable to PGI | (2,998,300) | (2,618,340) | |||||||
Current assets | 3,796,558 | 5,770,042 | 3,796,558 | 5,770,042 | |||||
Other assets | 4,350,066 | 4,715,592 | 4,350,066 | 4,715,592 | |||||
Current liabilities | 4,375,298 | 3,560,141 | 4,375,298 | 3,560,141 | |||||
Other liabilities | 0 | 665,123 | 0 | 665,123 | |||||
Total PGI net equity | $ 3,771,325 | $ 6,260,370 | $ 3,771,325 | $ 6,260,370 |
Note 5 - Operating Segments &_3
Note 5 - Operating Segments & Geographic Presence (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Reportable Segments | 2 |
Note 5 - Operating Segments &_4
Note 5 - Operating Segments & Geographic Presence - Revenue Recognized (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue before Eliminations | $ 2,319,118 | $ 2,554,962 |
Crude Oil Sales [Member] | ||
Revenue before Eliminations | 620,000 | 749,200 |
Gas Oil Sales [Member] | ||
Revenue before Eliminations | 870,000 | 622,000 |
Lubricants [Member] | ||
Revenue before Eliminations | 58,750 | 143,501 |
Freights and Hires [Member] | ||
Revenue before Eliminations | 555,000 | 993,483 |
Product and Service, Other [Member] | ||
Revenue before Eliminations | 215,368 | 46,778 |
Subsidiaries [Member] | Non-US [Member] | ||
Revenue before Eliminations | 2,319,118 | 2,554,962 |
Subsidiaries [Member] | Non-US [Member] | Petrogress Int'l LLC [Member] | ||
Revenue before Eliminations | 1,548,750 | 1,514,701 |
Subsidiaries [Member] | Non-US [Member] | Petronav Carriers LLC [Member] | ||
Revenue before Eliminations | $ 770,368 | $ 1,040,261 |
Note 5 - Operating Segments and
Note 5 - Operating Segments and Geographic Presence - Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
All others | $ 0 | $ 12,698 | $ 215,368 | $ 46,778 |
Total Sales and Other Operating Revenues | $ 860,000 | $ 788,181 | 2,319,118 | 2,554,962 |
Upstream [Member] | ||||
Revenues | 620,000 | 749,200 | ||
Downstream [Member] | ||||
Revenues | 928,750 | 765,000 | ||
Midstream [Member] | ||||
Revenues | $ 555,000 | $ 993,483 |
Note 6 - Inventories - Goods In
Note 6 - Inventories - Goods Inventories (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Total Inventories | $ 270,733 | $ 903,036 | |
Crude Oil [Member] | |||
Total Inventories | 237,864 | 570,000 | |
Oil and Gas [Member] | |||
Total Inventories | 0 | 0 | |
Lubricants [Member] | |||
Total Inventories | 0 | 68,661 | |
Bunkers on Board, Gas Oil [Member] | |||
Total Inventories | [1] | 62,429 | 253,936 |
Vessel Lubricants [Member] | |||
Total Inventories | 10,440 | 10,439 | |
Provisions and Stores [Member] | |||
Total Inventories | $ 0 | $ 0 | |
[1] | Vessels ROB of Fuel Oil, Gas Oil, lubricants and new spare parts are calculated in the balance sheets separately from goods. |
Note 7 - Properties, Vessels _3
Note 7 - Properties, Vessels and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation, Total | $ 120,202 | $ 159,101 | $ 428,652 | $ 465,996 |
Vessels [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 8 years |
Note 7 - Properties, Vessels _4
Note 7 - Properties, Vessels and Equipment - Vessels and Other Fixed Assets (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | ||
Accumulated depreciation | [1] | $ (8,046,716) | $ (7,445,859) |
Net property and equipment | 3,228,857 | 3,829,714 | |
Vessels [Member] | |||
Property and equipment, gross | [2] | $ 10,888,423 | 10,888,423 |
Estimated useful life (Year) | 8 years | ||
Vessels [Member] | Minimum [Member] | |||
Estimated useful life (Year) | [2] | 2 years | |
Office Equipment and Furniture [Member] | |||
Property and equipment, gross | $ 387,150 | $ 387,150 | |
Office Equipment and Furniture [Member] | Minimum [Member] | |||
Estimated useful life (Year) | 4 years | ||
[1] | Depreciation for the Nine months ended September 30, 2021 and 2020, was $428,652 and $465,996, respectively | ||
[2] | On April 1, 2016, Vessel’s properties passed by a virtue of deed transfer (Private Placement) from the CEO Christos Traios (the “Transferor”) to PGI (the “Transferee-guarantor”) and such purchase cost has not been repaid to the beneficiary Transferor |
Note 8 - Assets Held for Sale (
Note 8 - Assets Held for Sale (Details Textual) $ in Thousands | Sep. 30, 2021USD ($) |
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 0 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) $ in Thousands | Sep. 30, 2021USD ($) |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Details Textual) | Sep. 30, 2021USD ($) |
Cash and Cash Equivalents, Fair Value Disclosure | $ 17,774 |
Note 14 - Revenue (Details Text
Note 14 - Revenue (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 2,796,341 | $ 2,136,790 |
Due from Affiliate, Current | $ 1,094,167 |
Note 15 - Earnings (Losses) P_3
Note 15 - Earnings (Losses) Per Share and Shareholders' Equity (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 35,173,965 | 9,803,712 | 35,173,965 | 9,803,712 |
Note 15 - Earnings (Losses) P_4
Note 15 - Earnings (Losses) Per Share and Shareholders' Equity - Calculation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income attributable to common shareholders | $ (2,998,300) | $ (2,618,340) | ||
Basic (in shares) | 35,173,965 | 9,803,712 | 35,173,965 | 9,803,712 |
Conversion of accrued interest on debt held by related party (in shares) | 0 | |||
Diluted (in shares) | 0 | 0 | 0 | 0 |
Basic earnings per share (in dollars per share) | $ (0.05) | $ 0.05 | $ (0.08) | $ (0.27) |
Diluted earnings per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |