Petrogress (PGAS) 10-K 13 Apr 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Apr. 06, 2017	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	PETROGRESS, INC.
Entity Central Index Key	1,558,465
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 406,505
Entity Common Stock, Shares Outstanding		166,795,087
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 362,083	$ 1,882,305
Accounts receivable, related party	2,427,668	2,650,171
Prepaid expenses and other current assets, including advances to shareholder of $395,009 in 2016 and $331,877 in 2015	1,058,088	1,209,960
Marketable securities	20,940
Total current assets	3,868,779	5,742,436
Property and equipment, net	5,919,067	6,144,000
Security deposit	8,775
Total Assets	9,796,621	11,886,436
Current Liabilities:
Accounts payable and accrued expenses	148,269	809,473
Due to related party	234,600
Convertible promissory note	44,887
Derivative liability	65,499
Total current liabilities	493,255	809,473
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued
Common stock, $0.001 par value; 490,000,000 shares authorized; 166,795,807 (2016) and 136,000,000 (2015) issued and outstanding	166,796	136,000
Additional paid-in capital	8,423,641	8,666,838
Accumulated comprehensive loss	15,660
Retained earnings	697,269	2,274,125
Total stockholders' equity	9,303,366	11,076,963
Total liabilities and stockholders' equity	$ 9,796,621	$ 11,886,436

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Prepaid expenses, officer portion	$ 395,009	$ 331,877
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued
Preferred Stock, shares outstanding
Common Stock, par value	$ 0.001
Common Stock, shares authorized	490,000,000	490,000,000
Common Stock, shares issued	166,795,807	136,000,000
Common Stock, shares outstanding	166,795,807	136,000,000

CONSOLIDATED CONSOLIDATED STATE

CONSOLIDATED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenues	$ 18,075,327	$ 21,579,013
Cost of goods sold	12,497,214	15,705,806
Gross profit	5,578,113	5,873,207
Operating expenses:
Operating Costs	2,715,835	3,034,938
Administration Costs	2,010,101	1,011,110
Depreciation	676,328	663,500
Total operating expenses	5,402,265	4,709,548
Operating income before other expenses and income taxes	175,848	1,163,659
Other income (expense):
Amortization of note discount	(48,974)
Change in fair market value of derivative liabilities	152,169
Total other income, net	103,195
Income before income taxes	279,043	1,163,659
Income tax expense	55,900	81,456
Net Income	223,143	1,082,203
Other comprehensive loss, net of tax
Unrealized loss on marketable securities
Comprehensive income (loss)	$ 223,143	$ 1,082,203
Net income per share	$ 0.002	$ 0.009
Weighted average number of common shares outstanding Basic and fully diluted	161,016,555	136,000,000

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Common Stock to be issued	Additional Paid-in Capital	Accumulated Comprehensive Loss	Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2014	136,000,000
Beginning balance, amount at Dec. 31, 2014	$ 136,000		$ 8,666,838		$ 1,191,922	$ 9,994,760
Net income					1,082,203	1,082,203
Ending balance, shares at Dec. 31, 2015	136,000,000
Ending balance, amount at Dec. 31, 2015	$ 136,000		8,666,838		2,274,125	11,076,963
Reorganization due to recapitalization, shares	23,000,000	1,000,000
Reorganization due to recapitalization, amount	$ 23,000	$ 1,000	(343,784)			(319,784)
Reclassification of derivative liability upon conversion of convertible note		82,651			82,651
Unrealized gain on marketable securities				15,660		15,660
Common stock shares cancelled, shares	(4,193)
Common stock shares cancelled, amount	$ (4)		4
Reclassification of note discount upon conversion of convertible note			2,700			2,700
Common stock issued for convertible notes, shares	7,800,000	(1,000,000)
Common stock issued for convertible notes, amount	$ 7,800	$ (1,000)	15,232			22,032
Dividend paid					(1,800,000)	(1,800,000)
Net income					223,144	223,143
Ending balance, shares at Dec. 31, 2016	166,795,807
Ending balance, amount at Dec. 31, 2016	$ 166,796		$ 8,423,641	$ 15,660	$ 697,269	$ 9,303,366

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from operating activities:
Net income	$ 223,143	$ 1,082,203
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	676,328	663,500
Amortization of discount on convertible note	35,006
Non cash interest expense	13,968
Net cash acquired in recapitalization	517
Change in fair value of derivative liabilities	(152,169)
Change in operating assets and liabilities:
Increase in accounts receivable	(81,720)	(865,662)
Increase in prepaid assets	(147,827)	(525,872)
Decrease in amounts due from related parties	253,142
Decrease in accounts payable and accrued expenses	(557,749)	(77,762)
Increase in due to officer	66,600
Net cash provided by (used in) operating activities	515,567	(196,321)
Cash flows from investing activities:
Purchase of property, plant and equipment	(449,380)
Payment of security deposits	(8,775)
Net cash used in investing activities	(458,155)
Cash flows from financing activities:
Dividends paid	(1,800,000)
Net cash provided by financing activities	(1,800,000)
Net decrease in cash and cash equivalents	(1,742,588)	(196,321)
Cash and cash equivalents, Beginning	1,882,305	526,656
Cash and cash equivalents, Ending	362,083	1,882,305
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for income taxes
Schedule of non-cash investing and financing activities
Reclassification of derivative liability upon repayment of convertible debt	82,651
Common stock issued for conversion of notes and interest payable	24,732
Change in fair value for available for sale marketable securities	$ 1,140

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 - Organization Petrogress, Inc. (the “Company” or “Petrogress”) operates a fully integrated oil commodity business, including upstream, midstream and downstream operations, primarily serving West African and Mediterranean countries. The Company operates primarily as a holding company and provides its services through three wholly-owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of the tanker fleet currently consisting of four vessels; and Petrogress Oil & Gas Energy Inc., which is primarily focused on purchasing interests in oil fields in Texas and exporting liquefied natural gas. We were originally incorporated in the State of Florida on February 10, 2010 under the name 800 Commerce, Inc. for the purpose of marketing credit card processing services on behalf of merchant payment processing service providers. Effective March 25, 2016, we changed our name from 800 Commerce, Inc. to Petrogress, Inc. and effective November 30, 2016, we changed our state of domicile from the State of Florida to the State of Delaware. Securities Exchange Agreement On February 29, 2016, we entered into a Securities Exchange Agreement (the “SEA”) with Petrogres Co. Limited, a Marshall Islands corporation (“Petrogres”), and its sole shareholder. Pursuant to the terms of the SEA, the Company acquired 100% of Petrogres and its affiliated companies. In exchange, the Company issued to the sole shareholder of Petrogres 136,000,000 shares of restricted common stock, representing 85% of the issued and outstanding shares of the Company’s common stock at the closing of the transaction. As part of the transaction, the sole shareholder and chief executive officer (“CEO”) of Petrogres, Christos Traios, was appointed as CEO and as a director of the Company and B. Michael Friedman resigned as an officer and director. In addition, the Company’s Board of Directors (the “Board”) approved an amendment to the Company’s Articles of Incorporation, increasing the authorized capital to 490,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share. The SEA has been accounted for as a reverse acquisition and recapitalization of the Company whereby Petrogres effectively became a public company, which has allowed us to increase our operational efficiency and continue to expand our operations. As a result of this transaction, we acquired both the assets and operations of Petrogres and its wholly-owned subsidiaries. Description of Business We operate primarily as a holding company for our three wholly-owned subsidiaries: Petrogres, Co. Limited; Petronav Carriers LLC; and Petrogress Oil & Gas Energy, Inc.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America ("US GAAP"). The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Delaware) Emerging Growth Company We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Cash and Cash Equivalents The Company considers all highly liquid investments with an original term of three months or less to be cash equivalents. Accounts Receivable /Concentrations of Credit Risk The Company and its affiliates are engaged primarily in the purchase, transport and processing of oil and petroleum products. The Company performs ongoing credit evaluations of its customers' financial condition and, generally, requires no collateral from its customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and trade accounts receivables. The Company places its temporary cash investments with financial institutions and limits the amount of credit exposure to any one financial institution. 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 December 31, 2016 and 2015, the Company had no significant concentrations of credit risk. Marketable Securities The Company classifies its marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses, net of deferred income taxes, reported as accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. Depreciation The Company's vessels and other assets are depreciated using primarily the straight-line method over the estimated useful lives. Inventory The Company's inventory, which consists primarily of crude oil purchases on the vessel in transport, is valued at the lower of cost or market using the mark-to-market method of valuation. Revenue Recognition The Company recognizes revenues after products are delivered to contracted customers. Products in transit at the end of an accounting period are recorded at an estimated value which is adjusted upon load certification. The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition. ASC 605 requires that the following four basic criteria are met (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably assured. Fair Value of Financial Instruments Pursuant to ASC 820, Fair Value Measurements and Disclosures Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. 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. The Company’s financial instruments consist principally of marketable securities, the fair value of which is determined based on “Level 1” inputs. “Level 1” inputs consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company’s derivative liability resulting from the issuance of convertible debt is adjusted to fair value based on recent sales of the underlying common stock and the use of an option pricing model, which are consistent with “Level 3” inputs. See Note 6. The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2016 for each fair value hierarchy level: December 31, 2016 Derivative Marketable Total Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ 65,499 $ — $ 65,499 The carrying amount of the Company’s accounts payable approximate fair value to their short term. Income Taxes The Company accounts for income taxes in accordance with ASC 740-10, Income Taxes. The Company recognizes deferred tax assets and liabilities to reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. The Company records a valuation allowance related to a deferred tax asset when it is more likely than not that some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. ASC 740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. The Company classifies interest and penalties as a component of interest and other expenses. To date, the Company has not been assessed, nor has the Company paid, any interest or penalties. The Company measures and records 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 recognition threshold at the effective date may be recognized or continue to be recognized. The Company’s tax years subsequent to 2010 remain subject to examination by federal and state tax jurisdictions. Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing net income (loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing income by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. Potentially dilutive securities for the periods ended December 31, 2016 includes the Company’s outstanding convertible debt that is convertible into approximately 2,380,266 shares of common stock were not included in the calculation of diluted income per share because their impact was anti-dilutive. Accounting for Stock-based Compensation The Company accounts for stock awards issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective measurement dates based on the trading price of the Company’s common stock and recognized as expense during the period in which services are provided. 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. Comprehensive Income The Company has adopted ASC Topic 220, "Comprehensive Income." This statement establishes standards for reporting comprehensive income and its components in a financial statement. Comprehensive income as defined includes all changes in equity (net assets) during a period from non-owner sources. Items included in the Company’s comprehensive loss consist of unrealized losses on available-for-sale securities. Date of Management's Review Management has evaluated subsequent events through March 31st, 2017, the date on which the financial statements were available to be issued.

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Fixed Assets	Note 3 – Fixed Assets Fixed assets consisted of the following as of December 31, 2016 and 2015: 2016 2015 Vessels $ 9,999,380 $ 9,550,000 Furniture and equipment 89,328 85,000 10,088,708 9,635,000 Less: accumulated depreciation (4,169,641 ) (3,491,000 ) $ 5,919,067 $ 6,144,000 Property and equipment are stated at cost, and depreciation is provided by use of straight-line methods over the estimated useful lives of the assets. The estimated useful lives of property and equipment are as follows: Vessels 15 years Office equipment and furniture 10 years Computer hardware 5 years Depreciation expense of $676,328 and $663,500 was recorded for the years ended December 31, 2016 and 2015, respectively.

Sales Concentration and Concent

Sales Concentration and Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Sales Concentration and Concentration of Credit Risk	Note 4 - Sales Concentration and Concentration of Credit Risk Sales and Accounts Receivable The following is a summary of customers who accounted for more than ten percent (10%) of the Company’s revenues for the years ended December 31, 2016 and 2015 and the accounts receivable balance as of December 31, 2016: Customer Sales % 2016 Sales % 2015 Accounts A 25.4 % 19.5 % $ 480,875 B 21.6 % 16.7 % 158,980 C 20.1 % 23.0 % 937,483 D 13.7 % — — E — 20.8 % 100,433 $ 1,677,771

Convertible Notes Payable

Convertible Notes Payable	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Convertible Notes Payable	Note 5 - Convertible Notes Payable Effective with the SEA, Petrogres assumed and acquired two convertible promissory notes that were issued to Mammoth Corporation (“Mammoth”). Mammoth Note 1 had a balance of $31,339 and Mammoth Note 2 had a balance of $38,280. Mammoth Note 1 and Mammoth Note 2 are referred to as the Mammoth Notes. The Mammoth Notes became due on September 9, 2016. The Company determined that the conversion feature of the Mammoth Notes represent an embedded derivative since the Notes are convertible into a variable number of shares upon conversion. Accordingly, the Mammoth Notes were not considered to be conventional debt under EITF 00-19 and the embedded conversion feature was bifurcated from the debt host and accounted for as a derivative liability. Accordingly, the fair value of these derivative instruments being recorded as a liability on the consolidated balance sheet with the corresponding amount recorded as a discount to each Note. Such discount is being amortized from the date of issuance to the maturity dates of the Notes. The change in the fair value of the liability for derivative contracts are recorded in other income or expenses in the consolidated statements of operations at the end of each quarter, with the offset to the derivative liability on the balance sheet. The embedded feature included in the Mammoth Notes resulted in a debt discount of $48,975 on the date the Mammoth Notes were assumed and a derivative liability of $300,321. A summary of the derivative liability balance of the Mammoth Notes as of December 31, 2016 is as follows: 2016 Balance assumed $ 300,321 Reduction for conversion (82,652 ) Fair Value Change (152,170 ) Ending Balance $ 65,499 The fair value at the assumption and re-measurement dates for the Company’s derivative liabilities were based upon the following management assumptions as of December 31, 2016: Assumption date Remeasurement date Expected dividends -0- -0- Expected volatility 363 % 366 % Expected terms in months 6 3 Risk yield .49 % .28 % A summary of the convertible notes payable balance as of December 31, 2016 is as follows: 2016 Assumed Balance $ 69,619 Conversion of convertible notes (24,732 ) Ending Balance $ 44,887

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 - Related Party Transactions Due to Stockholders Officer’s compensation For the years ended December 31, 2016 and 2015, the Company recorded expenses to its officers the following amounts, included in Administration Costs in the statements of operations, included herein: Years ended December 31, 2016 2015 President, Chief Executive Officer and Chief Financial Officer $ 100,000 $ — The Company accrued $100,000 (included in Due to Stockholders on the balance sheet presented herein) of officer’s compensation during the year ended December 31, 2016, in recognition of agreeing to compensate the Company’s President, Chief Executive Officer and Chief Financial Officer $10,000 per month effective April 1, 2016. Officer’s advances During the year ended December 31, 2016, our Chief Executive Officer advanced the Company $172,100 and was repaid $37,500. As of December 31, 2016, the Company owed the Chief Executive Officer $134,600 (included in Due to Stockholders on the balance sheet presented herein). Intercompany transactions All intercompany accounts and tra • $224,065 that Petrogress, Inc. owes to Petrogres Co. Limited for travel expenses paid by Petrogres Co. Limited on behalf of Petrogress, Inc. • $5,000 that Petrogres Co. Limited advanced to Petrogress, Inc. • $100,000 that Petrogres Oil & Gas advanced to Petrogress, Inc.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity	Note 7 - Stockholders’ Equity Common Stock Effective February 29, 2016, the Company issued 1,101,642 shares of the Company’s common stock to Agritek Holdings, Inc. pursuant to a Debt Settlement Agreement in full settlement of the amount owed to Agritek of $283,547. Upon completion of the SEA between the Company and Petrogres, the Company issued to the sole Petrogres shareholder 136,000,000 shares of common stock of the Company in exchange for one hundred percent (100%) of the issued and outstanding share capital of Petrogres from the sole shareholder of Petrogres. On March 7, 2016, the Company issued 1,000,000 shares of common stock to Mammoth upon the conversion of $2,700 of principal at a conversion price of $0.0027 per share. On April 11, 2016, the Company issued 6,800,000 shares of common stock to Mammoth upon the conversion of $22,032 of principal at a conversion price of $0.00324 per share.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 - Income Taxes Deferred income taxes reflect the net tax effects of operating loss and tax credit carry forwards and temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, the deferred tax assets are fully offset by a valuation allowance at December 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 - Commitments and Contingencies The Company is not a party to any litigation and, to its knowledge, no action, suit or proceeding has been threatened against the Company. Lease Agreements Petrogres leases office space in Piraeus, Greece for monthly rent of €2,500 (approximately USD$2,658) (the “Piraeus Lease”). The Piraeus Lease expires on May 31, 2018. We believe that this office space is adequate for Petrogres’ current operations. Effective June 13, 2016, the Company entered into a thirteen (13) month lease for a corporate apartment in New York City, to be used by the Company’s Chief Executive Officer during his travel to New York. Mr. Traios spends approximately 35% of his time in New York on business matters. The monthly lease is for $4,575 and expires July 12, 2017. Effective October 1, 2016, the Company entered into a one year Office Services Agreement for office space and other services for a total base monthly fee of $2,800. The Company utilizes the New York office space for administrative purposes. Future rent payments based on the terms for the Company’s leases are as follows: Twelve months ending December 31, Amount 2017 $ 84,750 2018 13,375 $ 98,125

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS Management has evaluated subsequent events through March 31, 2017, which is the date the financial statements were available for issuance.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America ("US GAAP"). The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Delaware)
Emerging Growth Company	Emerging Growth Company We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original term of three months or less to be cash equivalents.
Accounts Receivable/Concentrations of Credit Risk	Accounts Receivable /Concentrations of Credit Risk The Company and its affiliates are engaged primarily in the purchase, transport and processing of oil and petroleum products. The Company performs ongoing credit evaluations of its customers' financial condition and, generally, requires no collateral from its customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and trade accounts receivables. The Company places its temporary cash investments with financial institutions and limits the amount of credit exposure to any one financial institution. 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 December 31, 2016 and 2015, the Company had no significant concentrations of credit risk.
Marketable Securities	Marketable Securities The Company classifies its marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses, net of deferred income taxes, reported as accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred.
Depreciation	Depreciation The Company's vessels and other assets are depreciated using primarily the straight-line method over the estimated useful lives.
Inventory	Inventory The Company's inventory, which consists primarily of crude oil purchases on the vessel in transport, is valued at the lower of cost or market using the mark-to-market method of valuation.
Revenue Recognition	Revenue Recognition The Company recognizes revenues after products are delivered to contracted customers. Products in transit at the end of an accounting period are recorded at an estimated value which is adjusted upon load certification. The Company recognizes revenue in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition. ASC 605 requires that the following four basic criteria are met (1) persuasive evidence of an arrangement exists, (2) delivery of products and services has occurred, (3) the fee is fixed or determinable and (4) collectability is reasonably assured.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Pursuant to ASC 820, Fair Value Measurements and Disclosures Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. 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. The Company’s financial instruments consist principally of marketable securities, the fair value of which is determined based on “Level 1” inputs. “Level 1” inputs consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company’s derivative liability resulting from the issuance of convertible debt is adjusted to fair value based on recent sales of the underlying common stock and the use of an option pricing model, which are consistent with “Level 3” inputs. See Note 6. The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2016 for each fair value hierarchy level: December 31, 2016 Derivative Marketable Total Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ 65,499 $ — $ 65,499 The carrying amount of the Company’s accounts payable approximate fair value to their short term.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with ASC 740-10, Income Taxes. The Company recognizes deferred tax assets and liabilities to reflect the estimated future tax effects, calculated at the tax rate expected to be in effect at the time of realization. The Company records a valuation allowance related to a deferred tax asset when it is more likely than not that some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates of the date of enactment. ASC 740-10 prescribes a recognition threshold that a tax position is required to meet before being recognized in the financial statements and provides guidance on recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition issues. The Company classifies interest and penalties as a component of interest and other expenses. To date, the Company has not been assessed, nor has the Company paid, any interest or penalties. The Company measures and records 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 recognition threshold at the effective date may be recognized or continue to be recognized. The Company’s tax years subsequent to 2010 remain subject to examination by federal and state tax jurisdictions.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, "Earnings per Share." Basic earnings (loss) per share is computed by dividing net income (loss), after deducting preferred stock dividends accumulated during the period, by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing income by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. Potentially dilutive securities for the periods ended December 31, 2016 includes the Company’s outstanding convertible debt that is convertible into approximately 2,380,266 shares of common stock were not included in the calculation of diluted income per share because their impact was anti-dilutive.
Accounting for Stock-based Compensation	Accounting for Stock-based Compensation The Company accounts for stock awards issued to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. The measurement date is the earlier of (1) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached, or (2) the date at which the counterparty's performance is complete. Stock awards granted to non-employees are valued at their respective measurement dates based on the trading price of the Company’s common stock and recognized as expense during the period in which services are provided.
Use of Estimates	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.
Comprehensive Income	Comprehensive Income The Company has adopted ASC Topic 220, "Comprehensive Income." This statement establishes standards for reporting comprehensive income and its components in a financial statement. Comprehensive income as defined includes all changes in equity (net assets) during a period from non-owner sources. Items included in the Company’s comprehensive loss consist of unrealized losses on available-for-sale securities.
Date of Management's Review	Date of Management's Review Management has evaluated subsequent events through March 31st, 2017, the date on which the financial statements were available to be issued.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies Tables
Financial instruments measured at fair value on a recurring basis	December 31, 2016 Derivative Marketable Total Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ 65,499 $ — $ 65,499

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Fixed assets	2016 2015 Vessels $ 9,999,380 $ 9,550,000 Furniture and equipment 89,328 85,000 10,088,708 9,635,000 Less: accumulated depreciation (4,169,641 ) (3,491,000 ) $ 5,919,067 $ 6,144,000

Sales Concentration and Conce20

Sales Concentration and Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2016
Sales Concentration And Concentration Of Credit Risk Tables
Summary of customer concentration and accounts receivable balance	Customer Sales % 2016 Sales % 2015 Accounts A 25.4 % 19.5 % $ 480,875 B 21.6 % 16.7 % 158,980 C 20.1 % 23.0 % 937,483 D 13.7 % — — E — 20.8 % 100,433 $ 1,677,771

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of derivative liability balance	2016 Balance assumed $ 300,321 Reduction for conversion (82,652 ) Fair Value Change (152,170 ) Ending Balance $ 65,499
Fair value assumptions for derivative liabilities	Assumption date Remeasurement date Expected dividends -0- -0- Expected volatility 363 % 366 % Expected terms in months 6 3 Risk yield .49 % .28 %
Summary of convertible notes payable balance	2016 Assumed Balance $ 69,619 Conversion of convertible notes (24,732 ) Ending Balance $ 44,887

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions Tables
Expenses to officers, included in Salaries and Management Fees	Years ended December 31, 2016 2015 President, Chief Executive Officer and Chief Financial Officer $ 100,000 $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies Tables
Future rent payments	Twelve months ending December 31, Amount 2017 $ 84,750 2018 13,375 $ 98,125

Organization (Details Narrative

Organization (Details Narrative) - $ / shares	12 Months Ended
	Dec. 31, 2016	Feb. 29, 2016	Dec. 31, 2015
Increase of authorized capital, shares of common stock	490,000,000		490,000,000
Increase of authorized capital, common stock par value	$ 0.001
Increase of authorized capital, shares of preferred stock	10,000,000		10,000,000
Increase of authorized capital, preferred stock par value	$ 0.001		$ 0.001
Acquisition of Petrogres Co. Limited
Interest acquired		100.00%
Restricted common stock shares issued	136,000,000
Shares issued, interest of issued and outstanding shares of Company's common stock		85.00%

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Financial instruments measured at fair value on a recurring basis (Details)	Dec. 31, 2016USD ($)
Level I
Derivative Liability
Marketable Securities	20,940
Total	20,940
Level II
Derivative Liability
Marketable Securities
Total
Level III
Derivative Liability	65,499
Marketable Securities
Total	$ 65,499

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details Narrative)	12 Months Ended
	Dec. 31, 2016shares
Accounting Policies [Abstract]
Antidilutive shares from outstanding convertible debt excluded from computation of earnings per share	2,380,266

Fixed Assets - Fixed assets (De

Fixed Assets - Fixed assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Vessels	$ 9,999,380	$ 9,550,000
Furniture and equipment	89,328	85,000
Property and equipment, gross	10,088,708	9,635,000
Less: accumulated depreciation	(4,169,641)	(3,491,000)
Property and equipment, net	$ 5,919,067	$ 6,144,000

Fixed Assets (Details Narrative

Fixed Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Depreciation expense	$ 676,328	$ 663,500
Vessels
Useful lives of property and equipment	15 years
Office equipment and furniture
Useful lives of property and equipment	10 years
Computer hardware and software
Useful lives of property and equipment	5 years

Sales Concentration and Conce29

Sales Concentration and Concentration of Credit Risk - Summary of customer concentration and accounts receivable balance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Customer A
Sales concentration percent	25.40%	19.50%
Accounts receivable balance	$ 480,875
Customer B
Sales concentration percent	21.60%	16.70%
Accounts receivable balance	$ 158,980
Customer C
Sales concentration percent	20.10%	23.00%
Accounts receivable balance	$ 937,483
Customer D
Sales concentration percent	13.70%
Accounts receivable balance
Customer E
Sales concentration percent		20.80%
Accounts receivable balance	$ 100,433
Totals
Accounts receivable balance	$ 1,677,771

Convertible Notes Payable - Sum

Convertible Notes Payable - Summary of derivative liability balance (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Ending Balance	$ 65,499
Derivative liability balance
Balance assumed	300,321
Reduction for conversion	(82,652)
Fair Value Change	(152,170)
Ending Balance	$ 65,499

Convertible Notes Payable - Fai

Convertible Notes Payable - Fair value assumptions for derivative liabilities (Details)	12 Months Ended
	Dec. 31, 2016
Assumption date
Expected dividends	0.00%
Expected volatility	363.00%
Expected term	6 months
Risk free interest	0.49%
Remeasurement date
Expected dividends	0.00%
Expected volatility	366.00%
Expected term	3 months
Risk free interest	0.28%

Convertible Notes Payable - S32

Convertible Notes Payable - Summary of convertible notes payable balance (Details) - Convertible notes payable balance	12 Months Ended
	Dec. 31, 2016USD ($)
Assumed Balance	$ 69,619
Conversion of convertible notes	(24,732)
Ending Balance	$ 44,887

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 29, 2016
Mammoth Notes (1)
Convertible promissory note, balance		$ 31,339
Mammoth Notes (2)
Convertible promissory note, balance		$ 38,280
Mammoth Notes
Due date	Sep. 9, 2016
Debt discount	$ (48,975)
Derivative liability	$ 300,321

Related Party Transactions - Ex

Related Party Transactions - Expenses to officers, included in Salaries and Management Fees (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
President, Chief Executive Officer and Chief Financial Officer
Officers compensation	$ 100,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative)	12 Months Ended
	Dec. 31, 2016USD ($)
Related Party Transactions Details Narrative
Amounts advanced by CEO	$ 172,100
Amounts of advances repaid to CEO	37,500
Amounts owed to CEO	134,600
Amounts owed to Petrogres Co. Limited for travel expenses paid on behalf of Company	224,065
Amounts advanced to Company from Petrogres Co. Limited	5,000
Amounts advanced to Company from Petrogres Oil & Gas	$ 100,000

Stockholders' Deficit (Details

Stockholders' Deficit (Details Narrative) - USD ($)	Apr. 11, 2016	Mar. 07, 2016	Feb. 29, 2016	Dec. 31, 2016	Dec. 31, 2015
Stock issued to Agritek pursuant to Debt Settlement Agreement, shares			1,101,642
Stock issued to Agritek pursuant to Debt Settlement Agreement, amount			$ 283,547
Stock issued upon conversion of debt, shares	6,800,000	1,000,000
Stock issued upon conversion of debt, principal converted	$ 22,032	$ 2,700		$ 24,732
Stock issued upon conversion of debt, conversion price	$ 0.00324	$ .0027
Acquisition of Petrogres Co. Limited
Interest acquired			100.00%
Restricted common stock shares issued				136,000,000

Commitments and Contingencies -

Commitments and Contingencies - Future rent payments (Details)	Dec. 31, 2016USD ($)
Commitments And Contingencies - Future Rent Payments Details
2,017	$ 84,750
2,018	13,375
Total	$ 98,125

Commitments and Contingencies38

Commitments and Contingencies (Details Narrative)	12 Months Ended
	Dec. 31, 2016USD ($)
Office space in Piraeus, Greece
Monthly office expense	$ 2,658
Corporate apartment in New York City
Monthly office expense	4,575
Office Services Agreement in New York office space
Monthly office expense	$ 2,800