Petrogress (PGAS) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information
Entity Registrant Name	PETROGRESS, INC.
Entity Central Index Key	1,558,465
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
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 Common Stock, Shares Outstanding		166,795,807
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 831,211	$ 362,083
Accounts receivable	4,405,423	2,427,668
Prepaid expenses and other current assets	580,904	1,058,088
Marketable securities	20,940	20,940
Total Current Assets	5,838,477	3,868,779
Property and Equipment, net	5,770,067	5,919,067
Other Assets
Security deposit	8,775	8,775
Total Assets	11,617,319	9,796,621
Current Liabilities
Accounts payable and accrued expenses	511,467	148,269
Due to related party	371,545	234,600
Convertible promissory note		44,887
Derivative liability related to convertible promissory notes		65,499
Total Current Liabilities	883,012	493,255
Commitments and Contingencies
Stockholders' Equity (Deficit)
Preferred stock: $0.001 par value 10,000,000 shares authorized, Series A - $100 predesignated par value, 100 shares designated, None issued and outstanding
Common stock: $0.001 par value, 490,000,000 shares authorized, 166,795,807 issued and outstanding	166,796	166,796
Additional paid-in capital	8,423,641	8,423,641
Accumulated comprehensive income	15,660	15,660
Retained earnings	2,128,210	697,269
Total Stockholders' Equity	10,734,307	9,303,366
Total Liabilities and Stockholders' Equity	$ 11,617,319	$ 9,796,621

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
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	$ 0.001
Common Stock, shares authorized	490,000,000	490,000,000
Common Stock, shares issued	166,795,807	166,795,807
Common Stock, shares outstanding	166,795,807	166,795,807

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues	$ 4,443,072	$ 5,327,888	$ 8,462,185	$ 11,146,672
Cost of Sales	1,814,271	3,730,637	4,088,856	7,937,172
Gross Profit	2,628,801	1,597,251	4,373,329	3,209,500
Operating expenses
Operating costs	879,600	795,778	1,815,100	1,607,853
General and administrative costs	461,897	268,549	845,618	482,749
Depreciation and amortization	175,362	169,002	348,930	334,877
Total operating expenses	1,516,859	1,233,329	3,009,648	2,425,479
Income from operations	1,111,942	363,922	1,363,681	784,021
Other income (expense)
Interest expense on notes payable		(9,930)		(19,860)
Gain on foreign currency exchange	1,158		2,263
Change in fair market value of derivative liabilities	65,499	99,746	65,499	99,746
Total other income (expense)	66,657	89,816	67,762	79,886
Income before provision for income taxes	1,178,599	453,738	1,431,443	863,907
Provision for income taxes		(16,700)		(34,700)
Net Income	1,178,599	437,038	1,431,443	829,207
Other comprehensive income (loss)
Change in fair value for available for sale marketable securities		1,560		(1,860)
Comprehensive Income	$ 1,178,599	$ 438,598	$ 1,431,443	$ 827,347
Income per weighted-average share of common stock outstanding computed on net income - basic and fully diluted	$ 0	$ 0	$ 0	$ 0
Weighted-average number of shares of common stock outstanding - basic and fully diluted	166,795,807	166,795,807	166,795,807	166,795,807

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flows from Operating Activities
Net income (loss) for the period	$ 1,431,443	$ 829,207
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	348,930	334,877
Amortization of discount on convertible note		19,860
Net cash acquired in recapitalization	(500)	517
Change in fair value of derivative liabilities	(65,499)	(99,746)
Change in operating assets and liabilities:
(Increase) Decrease in accounts receivable	(1,977,755)	(2,708,639)
(Increase) Decrease in prepaid expenses and other	477,184	252,991
Increase (decrease) in accounts payable and accrued expenses	500,143	1,796,960
Net cash provided by operating activities	713,946	426,027
Cash Flows from Investing Activities
Purchase of property and equipment	(199,931)	(276,960)
Net cash (used in) investing activities	(199,931)	(276,960)
Cash Flows from Financing Activities
Repayments of convertible notes payable	(44,887)
Dividends paid		(1,800,000)
Net cash provided by financing activities	(44,887)	(1,800,000)
Increase (Decrease) in Cash	469,128	(1,650,933)
Cash at beginning of period	362,083	1,882,305
Cash at end of period	831,211	231,372
Supplemental Disclosure of Interest and Income Taxes Paid
Interest paid during the period
Income taxes paid during the period
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Reclassification of derivative liability upon repayment of convertible debt		48,523
Common stock issued for conversion of notes and interest payable		24,732
Change in fair value for available for sale marketable securities		$ (1,860)

Background and Description of B

Background and Description of Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Description of Business	Note A - Background and Description of Business Petrogress, Inc. (the “Company” or “Petrogress”) was incorporated on February 10, 2010 under the Laws of the State of Florida as 800 Commerce, Inc. (800 Commerce) and was formed for the purpose of marketing credit card processing services on behalf of merchant payment processing service providers. On February 29, 2016, 800 Commerce entered into a Securities Exchange Agreement (the “SEA”) with an unrelated third party, Petrogres Co. Limited (“Petrogres”), a Marshall Islands corporation, and its sole shareholder. The Company acquired 100% of Petrogres and its affiliated companies. As consideration for the acquisition of Petrogres, the Company issued 136,000,000 shares of its restricted, unregistered common stock, representing approximately 85% of the post- transaction issued and outstanding shares of the Company’s common stock. On March 9, 2016, the Company’s Board of Directors approved an amendment to the Company’s Articles of Incorporation to change the Company’s name to Petrogress, Inc. On November 16, 2016, the Company filed Articles of Merger and Plan of Merger with the State of Florida and the State of Delaware to change the Company’s domicile from Florida to Delaware by means of a merger with and into a Delaware corporation formed solely for the purpose of effecting the reincorporation. The Articles of Incorporation and Bylaws of the Delaware corporation are the Articles of Incorporation and Bylaws of the surviving corporation. Such Articles of Incorporation maintained the Company’s corporate name of Petrogress, Inc. and modified the Company’s capital structure to allow for the issuance of up to 490,000,000 shares of $0.001 par value common stock and up to 10,000,000 shares of $0.001 par value preferred stock. The effect of this action is reflected in the accompanying financial statements as of the first day of the first period presented. The acquisition of Petrogres, by the Company on February 29, 2016 effected a change in control and was accounted for as a ”reverse acquisition” whereby Petrogres was the accounting acquiror for financial statement purposes. Accordingly, the historical financial statements of the Company are those of Petrogres and its subsidiaries from their respective inception and those of the consolidated entity subsequent to the February 29,2016 transaction date. Petrogress 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 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 its beneficially-owned affiliated 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. The Company’s management team operates from its principal offices located in Piraeus, Greece.

Preparation of Financial Statem

Preparation of Financial Statements	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preparation of Financial Statements	Note B - Preparation of Financial Statements The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles and has elected a year-end of December 31. 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. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. For segment reporting purposes, the Company and its subsidiaries operated in only one industry segment during the periods represented in the accompanying financial statements and makes all operating decisions and allocates resources based on the best benefit to the Company as a whole. During interim periods, the Company follows the accounting policies set forth in its annual audited financial statements filed with the U. S. Securities and Exchange Commission on its Annual Report on Form 10-K for the year ended December 31, 2016. The information presented within these interim financial statements may not include all disclosures required by accounting principles generally accepted in the United States of America and the users of financial information provided for interim periods should refer to the annual financial information and footnotes when reviewing the interim financial results presented herein. In the opinion of management, the accompanying interim financial statements, prepared in accordance with the U. S. Securities and Exchange Commission’s instructions for Form 10-Q, are unaudited and contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations and cash flows of the Company for the respective interim periods presented. The current period results of operations are not necessarily indicative of results which ultimately will be reported for the full fiscal year ending December 31, 2017. The accompanying consolidated financial statements, as of and for the periods ended June 30, 2017 and 2016, respectively and as appropriate, contain the accounts of the Company and its wholly-owned subsidiaries: Petrogres Co Ltd., Petronav LLC, Shiba Ship Management Ltd., Danae Marine Ltd., Invictus Marine S. A. and Entus Marine Ltd. (all incorporated in the Republic of the Marshall Islands) and Petrogress Oil & Gas, Inc. (a State of Texas corporation). All significant intercompany transactions have been eliminated. The consolidated entities are collectively referred to as “Company”.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note C - Summary of Significant Accounting Policies 1. Cash and cash equivalents The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. 2. Accounts receivable and revenue recognition The Company, through its subsidiaries, is primarily engaged in the purchase, transport and processing of oil and petroleum products. In the normal course of business, the Company extends unsecured credit to virtually all of its customers which are located principally in Africa. The Company performs ongoing credit evaluations of its customers' financial condition and, generally, requires no collateral from its customers. Because of the credit risk involved, management has provided an allowance for doubtful accounts which reflects its opinion of amounts which will eventually become uncollectible. In the event of complete non-performance, the maximum exposure to the Company is the recorded amount of trade accounts receivable shown on the balance sheet at the date of non- performance. The Company recognizes revenues after product is delivered to a contracted customer. Product in transit at the end of an accounting period is 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. The Company recognizes revenue from commissions during the month in which commissions are earned. 3. Inventory The Company's inventory, which consists primarily of purchased crude oil in transit on a marine vessel at the respective balance sheet date, is valued at the lower of cost or market using the mark-to-market method of valuation. 4. 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. Other investments, if any, that do not have a readily determinable fair value are recorded at amortized cost. For purposes of computing realized gains and losses, the specific identification method is used. 5. Property and equipment Property and equipment are recorded at historical cost. These costs are depreciated over the estimated useful lives of the individual assets using the straight-line method, generally 5 to 10 years. Gains and losses from disposition of property and equipment are recognized as incurred and are included in operations. In accordance with the appropriate sections of the Fixed Asset topic of the FASB ASC, the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. At June 30, 2017 and 2016, respectively, management has not provided any impairment for the future recoverability of these assets. 6. Organization costs The Company has adopted the provisions of provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. 7. Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2012. 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 incurred any liability for unrecognized tax benefits, including assessments of penalties and/or interest. 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. 8. Income (Loss) per share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. As of June 30, 2017, the Company does not have any outstanding items which could be deemed to be dilutive. As of June 30, 2016, the Company had potentially dilutive securities related to the Company’s outstanding convertible debt that could have potentially converted into approximately 6,018,760 shares of common stock. 9. 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. 11. 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. 12. New and Pending Accounting Pronouncements The Company is of the opinion that any and all other pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company's financial position or results of operations.

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Concentration of Credit Risk	Note D - Concentrations of Credit Risk 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 June 30, 2017 and December 31, 2016, management is of the opinion that the Company had no significant concentrations of credit risk.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note E - Fair Value of Financial Instruments The Company's financial instruments consist primarily of cash, accounts receivable, inventory, marketable securities, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, inventory, 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. Marketable securities are adjusted to fair value each balance sheet date, based on quoted prices; which are considered level 1 inputs. The Company’s derivative liability is valued using the level 3 inputs. The estimated fair value is not necessarily indicative of the amounts the Company would realize in a current market exchange or from future earnings or cash flows. Interest rate risk is the risk that the Company’s earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to interest rate risk, if any. Financial risk is the risk that the Company’s earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. The Company does not use derivative instruments to moderate its exposure to financial risk, if any. Fair value measurements are determined under a three-level hierarchy for fair value measurements that prioritizes the inputs to valuation techniques used to measure fair value, distinguishing between market participant assumptions developed based on market data obtained from sources independent of the reporting entity (“observable inputs”) and the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (“unobservable inputs”). Fair value is the price that would be received to sell an asset or would be paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company primarily uses prices and other relevant information generated by market transactions involving identical or comparable assets (“market approach”). The Company also considers the impact of a significant decrease in volume and level of activity for an asset or liability when compared with normal activity to identify transactions that are not orderly. The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Securities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three hierarchy levels are defined as follows: Level 1 - Quoted prices in active markets that is unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. 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 following table represents the Company’s financial instruments that are measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016, respectively, for each fair value hierarchy level: Derivative Marketable June 30, 2017 Liability Securities Total Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ — $ — $ — December 31, 2016 Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ 65,499 $ — $ 65,499

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Note F - Property and Equipment Property and equipment consist of the following components: June 30, December 31, Estimated 2017 2016 useful life Marine vessels $ 10,171,930 $ 9,999,380 10 years Furniture and equipment 116,808 89,328 5-10 years 10,288,738 10,088,708 Accumulated depreciation (4,518,671 ) (4,169,641 ) Net property and equipment $ 5,770,067 $ 5,919,067 Total depreciation expense charged to operations for the six month periods ended June 30, 2017 and 2016, respectively, was approximately $348,930 and $334,877. Total depreciation expense for the year ended December 31, 2016 was approximately $676,328.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note G - Income Taxes The components of income tax (benefit) expense for the each of the six month periods ended June 30, 2017 and 2016, respectively, are as follows: Six months ended June 30, 2017 Six months ended June 30, 2016 Federal: Domestic – current $ — $ — Foreign – current — 34,700 Deferred — — — 34,700 State: Current — — Deferred — 34,700 Total $ — $ 34,700

Convertible Notes Payable

Convertible Notes Payable	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Convertible Notes Payable	Note H - Convertible Notes Payable On May 1, 2015, the Company entered into a Convertible Promissory Note with LG Capital Funding LLC in the amount of $21,500 and on May 26, 2015, entered into a Convertible Promissory Note with Crown Bridge Partners LLC in the amount of $24,000. On December 9, 2015, both of these notes were acquired by Mammoth Corporation and restructured to the principal amount of $31,259 and $38,280, respectively. The notes had a scheduled maturity of September 9, 2016. Each note was non-interest bearing and contained a conversion feature, at the option of the holder, whereby the principal amount and any accrued interest, if any, could be converted to common stock of the Company at a conversion price of 54% of the lowest closing price for the Company’s common stock during the 20 trading days preceding the date of the conversion notice. The Company tendered a cash payment of approximately $44,887 as payment in full on the outstanding principal and accrued interest, if any, on July 3, 2017. Given the timing of this debt retirement in relation to the date of the accompanying financial statements, the retirement of the underlying derivative is effectively retired as of June 30, 2017. 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 of the Mammoth Notes as of June 30, 2017 and December 31, 2016, is as follows: June 30, 2017 Balance assumed $ 300,321 Reduction for conversion in prior periods (82,652 ) Fair value changes over time (152,170 ) Cancellation due to debt retirement in cash (65,499 ) Balance at June 30, 2017 $ — December 31, 2016 Balance assumed $ 300,321 Reduction for conversion in prior periods (82,652 ) Fair value changes over time (152,170 ) Balance at December 31, 2016 $ 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 June 30, 2017 and December 31, 2o16, respectively: June 30, 2017 Assumption date Remeasurement date Expected dividends $ -0- $ -0- Expected volatility 363 % 366 % Expected term in months 6 3 Risk yield 0.49 % 0.28 % December 31, 2016 Expected dividends $ -0- $ -0- Expected volatility 363 % 366 % Expected term in months 6 3 Risk yield 0.49 % 0.28 % A summary of the convertible notes payable balance as of June 30, 2017 and December 31, 2016 is as follows: Assumed balance $ 69,619 Conversion of debt in March and April 2016 (24,732 ) Balance at December 31, 2016 44,887 Activity through June 30, 2017 -0- Balance at June 30, 2017 44,887 Payment in cash on July 3, 2017 (44,887 ) Balance at July 3, 2017 $ -0-

Note Payable to Stockholder

Note Payable to Stockholder	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Note Payable to Stockholder	Note I - Note Payable to Stockholder In conjunction with the aforementioned change-in-control transaction on February 29, 2016, the Company and its current controlling stockholder, Christos Traios, recognized that sufficient working capital would be required for the foreseeable future to support the operations of the parent holding company, including the maintenance of the corporate entity and compliance with the periodic reporting requirements of the Securities Exchange Act of 1934, as amended. For the period February 29, 2016 through July 13, 2017, this arrangement was undocumented and informal. On July 13, 2017 (Closing Date), the Company issued a $1,000,000 Revolving Line of Credit Note (LOC Note) in favor of the Company’s principal stockholder and sole officer/director, Christos Traios (Holder). As previously mentioned, Mr. Traios and the Company have agreed that additional working capital will be required by the Company to support the day-to-day operations of Petrogress Incorporated, the consolidated group’s parent and holding company and this note codifies the existence of that previously informal relationship. The LOC Note bears interest payable on the outstanding principal from accrue from the Closing Date at eight percent (8%) per annum and will be computed for actual days elapsed on the basis of a 360 day year. The principal and any accrued but unpaid interest on this Note (collectively, the “Principal”) is due and payable on or before July 13, 2018 (Maturity Date). At the Maturity Date, provided that Borrower is not in default under this Agreement or the Promissory Note, the Company, at the Company’s option may extend and renew the LOC Note for additional terms of twelve (12) months, with a new Effective Date and Maturity Date assigned for each successive extension and renewal. Interest shall be due and payable every six (6) months, with payments due on the first business day six (6) months following the Effective Date (the “Interest Due Date”) and on the Maturity Date, and each successive iteration of such dates upon extension and renewal thereafter for so long as this Agreement shall remain in effect. The Principal amount of this Note may be prepaid by the Company, in whole or in part, without penalty, at any time. Upon any prepayment of a portion of this LOC Note, a new LOC Note containing the same date and provisions of this Note shall, at the request of the Holder, be issued by the Company to the Holder for the principal balance of this Note which shall not have been paid. Upon the Interest Due Date or Maturity Date, or any of them, regardless of any Event of Default, as defined, the Lender may demand payment of any or all of the interest due on the principal amount by delivery of a number of common shares converted at a rate of $0.001 per share. There is no provision for any of the Principal to be repaid in common stock of the Company. Except in the Event of a Default (as defined), in no instance shall the Lender convert amounts due for accrued interest to the extent that said repayment in common stock will cause the Company to issue a number of shares constituting ten percent (10%) or more of the Company’s then issued and outstanding common shares. In consideration of Lender's extending the Credit Line to the Company, the Company agreed to issue to Lender a Warrant (the "Warrant") to purchase 15,000,000 shares of the Company’s common stock at an exercise price of $0.05 for a period of five years. The Warrant will provide for cashless exercise privileges, and be transferrable or assignable at the Holder’s option, with the Company’s approval. Activity on the LOC Note, including activity from inception, is as follows: Balance at February 29, 2016 $ — Net changes during the period 134,600 Balance at December 31, 2016 134,600 Net changes during the period 236,945 Balance at June 30, 2017 $ 371,545

Common Stock Transactions

Common Stock Transactions	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Common Stock Transactions	Note J - Common Stock Transactions On November 16, 2016, the Company filed Articles of Merger and Plan of Merger with the State of Florida and the State of Delaware to change the Company’s domicile from Florida to Delaware by means of a merger with and into a Delaware corporation formed solely for the purpose of effecting the reincorporation. The Articles of Incorporation and Bylaws of the Delaware corporation are the Articles of Incorporation and Bylaws of the surviving corporation. Such Articles of Incorporation maintained the Company’s corporate name of Petrogress, Inc. and modified the Company’s capital structure to allow for the issuance of up to 490,000,000 shares of $0.001 par value common stock and up to 10,000,000 shares of $0.001 par value preferred stock. The effect of this action is reflected in the accompanying financial statements as of the first day of the first period presented. 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.

Preferred Stock

Preferred Stock	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Preferred Stock	Note K - Preferred Stock The Company is authorized to issue up to 10,000,000 shares of preferred stock, $0.001 par value. As of June 30, 2017 and December 31, 2016, respectively, there are no shares of preferred stock issued and outstanding. On July 14, 2017,the Company’s Board of Directors approved a resolution authorizing the establishment of Series A Preferred Stock. The Series A Preferred Stock shall consist of 100 shares in total with a redesignated par value of $100.00 per share. The Holder(s) of the Series A share shall as a class have rights in all matters requiring shareholder approval to a number of votes equal to two (2) times the sum of: (I) the total number of shares of common stock which are issued and outstanding at the time of any election or vote by the shareholders; plus (ii) the number of shares of Preferred Stock issued and outstanding of any other class that has voting rights, if any. These voting rights may, if required, extend to a number of votes in excess of the total number of shares authorized. The Holder(s) of the Series A share shall not be entitled to convert the Series A share to shares of Common Stock or any other class of the Corporation’s stock and the Holder(s) of the Series A shares shall not be entitled to dividends. In the event of liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, the Holder(s) of the Series A share will be entitled to receive out of the assets of the Corporation, prior to and in preference to any distribution of the assets or surplus funds of the Corporation to the holders of any other class of preferred stock or the Common Stock, the amount of One Hundred Dollars ($100.00) per share, and will

Common Stock Warrants

Common Stock Warrants	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Common Stock Warrants	Note L - Common Stock Warrants The Company has issued an aggregate 15,000,000 warrants to purchase an equivalent number of shares of common stock at a price of $0.05 per share as a component of the July 13, 2017 Revolving Line of Credit Agreement by and between the Company and Christos Traios, the Company’s Chief Executive Officer. Number of Warrant Shares Weighted Average Price Balance at January 1, 2017 — $ 0.00 Issued — Exercised — Cancelled — Balance at June 30, 2017 — $ 0.00 Issued on July 13,2017 as a component of the Revolving Line of Credit Agreement with stockholder 15,000,000 $ 0.05 Exercised — Expired — — Balance at July 13, 2017 15,000,000 $ 0.05 As of July 13, 2017, the warrants break down as follows: # warrants exercise price 15,000,000 $0.05 15,000,000 $0.05 # warrants expiring in 15,000,000 2022

Officer Compensation

Officer Compensation	6 Months Ended
	Jun. 30, 2017
Compensation Related Costs [Abstract]
Officer Compensation	Note M - Officer Compensation On April 1, 2016, the Company entered into an Employment Agreement (Employment Agreement) between Christos P. Traios, an individual residing in Piraeus - Greece (Executive) and the Company. The Company has agreed to employ the Executive to perform managerial and executive functions for the Company and the Executive has agreed to perform such services for the Company on the terms and conditions defined in the Employment Agreement, subject to the directives of the Company’s Board of Directors. The term of this Employment Agreement commenced on April 1, 2016 and terminates on March 31, 2021, provided, however, that the Employment Agreement shall automatically renew on a year-to-year basis unless terminated by either party via written notice at least four (4) months prior written notice during any given year, unless terminated as provided for in the Employment Agreement. The Executive is entitled to receive: (a) - During the Term of Employment, the Company shall pay the Executive a salary at an annual rate of U.S. $120,000.00 (One Hundred Twenty Thousand) U. S. Dollars (Base Salary). The Base Salary will be payable in monthly installments of $10,000 (Ten Thousand) U. S. Dollars on the 1st day of each calendar month, commencing on the starting date of the Agreement; (b) - In addition to his Base Salary, the Company shall issue to the Executive shares of Preferred stock with super-voting rights, which he shall hold until the parties, either of them, terminate this Agreement; (c) - The Executive will also be given an expense allowance of $5,000 (Five Thousand) U. S. Dollars per month, subject to the Company receiving supporting receipts and other required documentation for any such expenses on a monthly basis. Any expenses in excess of that amount will require the prior approval of the Company’s Board of Directors; (d) - The Executive shall also be eligible to participate in any future bonus, profit sharing and/or ESOP plans approved and enacted by the Company’s Board of Directors on the same basis with all other senior executives of the Company, subject to the terms thereof. The Executive understands, however, that no such plans are currently in effect or anticipated. The Executive is also entitled to receive any other normal and ordinary benefits offered by the Company on a basis equal to any other senior executive(s) of the Company. The Agreement may be terminated as follows: (a) at any time by the mutual written consent of the Executive and the Company; (b) at any time for cause (as defined in the Employment Agreement) by the Company upon written notice to the Executive; (c) upon the Executive’s death or upon the Executive’s permanent disability (as defined in the Employment Agreement) continuing for a period of ninety (90) days; (d) at any time by the Executive with sixty (60) days written notice of intent to terminate to the Company; or (e) at any time without cause (as defined in the Employment Agreement) by the Company upon written notice to the Executive of not less than thirty (30) days, subject to the caveats that the Company will pay the Executive the Executive’s Base Salary for a period of six (6) months as severance pay and shall pay any unpaid bonus and benefits in each case through the effective date of termination. During the six months ended June 30, 2017 and the year ended December 31, 2016, the Company paid or accrued approximately $60,000 and $100,000 pursuant to this Employment Agreement.

Rental Commitments

Rental Commitments	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Rental Commitments	Note N - Rental Commitments The Company leases office and other facilities benefitting the Company on long-term operating leases, as follows: Office space in Piraeus, Greece for monthly rent of €2,500 (approximately $2,942 USD at August 1, 2017). The lease, as amended, expires on May 31, 2018. The Company believes that this office space is adequate for its operations at the present time. 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 CEO during his travel to New York. Mr. Traios spends approximately 35% of his time in New York on business matters. The monthly rental is for $4,100 through July 12, 2018. 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 minimum rental payments on the above leases are as follows: Year ended December 31, Amount 2017 $ 84,750 2018 $ 13,375 Totals $ 98,125 For the six months ended June 30, 2017 and the year ended December 31, 2016, respectively, the Company paid an aggregate of $ 62,200

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note O - Related Party Transactions The Company has accounts receivable from affiliated entities of approximately $475,632 and $-0- at June 30, 2017 and December 31, 2016, respectively.

Revenue Concentrations

Revenue Concentrations	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Revenue Concentrations	Note P - Revenue Concentrations The Company sells to commercial customers in foreign markets. The following table shows the Company’s gross revenue composition: Foreign Commercial Six months ended Jun. 30, 2017 Six months ended Jun. 30, 2016 Six months ended Dec. 31, 2016 Accounts Receivable Balance at Jun. 30, 2017 A 52.10 % — — $ 2,059,439 B 11.40 % 28.50 % 25.40 % 685,264 C — 33.90 % 20.10 % 93,980 D — 11.80 % 21.60 % 280,875 E — 10.70 % — 80,000 F — 10.20 % 13.70 % 121,000 63.50 % 95.10 % 80.80 % 3,320,558 Others 36.50 % 4.90 % 19.20 % 608,633 Totals 100.00 % 100.0 % 100.0 % $ 3,929,191

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note Q - Subsequent Events Management has evaluated all other activity of the Company through the issue date of the financial statements and concluded that, except as disclosed in the appropriate notes listed above, no other subsequent events have occurred that would require recognition in the accompanying financial statements or disclosure in the Notes to Consolidated Financial Statements as of the date of this filing.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	1. Cash and cash equivalents The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents.
Accounts receivable and revenue recognition	2. Accounts receivable and revenue recognition The Company, through its subsidiaries, is primarily engaged in the purchase, transport and processing of oil and petroleum products. In the normal course of business, the Company extends unsecured credit to virtually all of its customers which are located principally in Africa. The Company performs ongoing credit evaluations of its customers' financial condition and, generally, requires no collateral from its customers. Because of the credit risk involved, management has provided an allowance for doubtful accounts which reflects its opinion of amounts which will eventually become uncollectible. In the event of complete non-performance, the maximum exposure to the Company is the recorded amount of trade accounts receivable shown on the balance sheet at the date of non- performance. The Company recognizes revenues after product is delivered to a contracted customer. Product in transit at the end of an accounting period is 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. The Company recognizes revenue from commissions during the month in which commissions are earned.
Inventory	3. Inventory The Company's inventory, which consists primarily of purchased crude oil in transit on a marine vessel at the respective balance sheet date, is valued at the lower of cost or market using the mark-to-market method of valuation.
Marketable Securities	4. 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. Other investments, if any, that do not have a readily determinable fair value are recorded at amortized cost. For purposes of computing realized gains and losses, the specific identification method is used.
Property and equipment	5. Property and equipment Property and equipment are recorded at historical cost. These costs are depreciated over the estimated useful lives of the individual assets using the straight-line method, generally 5 to 10 years. Gains and losses from disposition of property and equipment are recognized as incurred and are included in operations. In accordance with the appropriate sections of the Fixed Asset topic of the FASB ASC, the Company follows the policy of evaluating all property and equipment as of the end of each reporting quarter. At June 30, 2017 and 2016, respectively, management has not provided any impairment for the future recoverability of these assets.
Organization costs	6. Organization costs The Company has adopted the provisions of provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred.
Income taxes	7. Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company is no longer subject to U.S. federal, state and local, as applicable, income tax examinations by regulatory taxing authorities for any period prior to January 1, 2012. 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 incurred any liability for unrecognized tax benefits, including assessments of penalties and/or interest. 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.
Income (Loss) per share	8. Income (Loss) per share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of the outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. As of June 30, 2017, the Company does not have any outstanding items which could be deemed to be dilutive. As of June 30, 2016, the Company had potentially dilutive securities related to the Company’s outstanding convertible debt that could have potentially converted into approximately 6,018,760 shares of common stock.
Accounting for Stock-based Compensation	9. 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.
Comprehensive Income	11. 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.
New and Pending Accounting Pronouncements	12. New and Pending Accounting Pronouncements The Company is of the opinion that any and all other pending accounting pronouncements, either in the adoption phase or not yet required to be adopted, will not have a significant impact on the Company's financial position or results of operations.

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Financial instruments measured at fair value on a recurring basis	Derivative Marketable June 30, 2017 Liability Securities Total Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ — $ — $ — December 31, 2016 Level I $ — $ 20,940 $ 20,940 Level II $ — $ — $ — Level III $ 65,499 $ — $ 65,499

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Property and equipment	June 30, December 31, Estimated 2017 2016 useful life Marine vessels $ 10,171,930 $ 9,999,380 10 years Furniture and equipment 116,808 89,328 5-10 years 10,288,738 10,088,708 Accumulated depreciation (4,518,671 ) (4,169,641 ) Net property and equipment $ 5,770,067 $ 5,919,067

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2017
Income Taxes Tables
Components of income tax (benefit) expense	Six months ended June 30, 2017 Six months ended June 30, 2016 Federal: Domestic – current $ — $ — Foreign – current — 34,700 Deferred — — — 34,700 State: Current — — Deferred — 34,700 Total $ — $ 34,700

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of derivative liability balance	June 30, 2017 Balance assumed $ 300,321 Reduction for conversion in prior periods (82,652 ) Fair value changes over time (152,170 ) Cancellation due to debt retirement in cash (65,499 ) Balance at June 30, 2017 $ — December 31, 2016 Balance assumed $ 300,321 Reduction for conversion in prior periods (82,652 ) Fair value changes over time (152,170 ) Balance at December 31, 2016 $ 65,499
Fair value assumptions for derivative liabilities	June 30, 2017 Assumption date Remeasurement date Expected dividends $ -0- $ -0- Expected volatility 363 % 366 % Expected term in months 6 3 Risk yield 0.49 % 0.28 % December 31, 2016 Expected dividends $ -0- $ -0- Expected volatility 363 % 366 % Expected term in months 6 3 Risk yield 0.49 % 0.28 %
Summary of convertible notes payable balance	Assumed balance $ 69,619 Conversion of debt in March and April 2016 (24,732 ) Balance at December 31, 2016 44,887 Activity through June 30, 2017 -0- Balance at June 30, 2017 44,887 Payment in cash on July 3, 2017 (44,887 ) Balance at July 3, 2017 $ -0-

Note Payable to Stockholder (Ta

Note Payable to Stockholder (Tables)	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Activity on LOC Note	Balance at February 29, 2016 $ — Net changes during the period 134,600 Balance at December 31, 2016 134,600 Net changes during the period 236,945 Balance at June 30, 2017 $ 371,545

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Warrant activity	Number of Warrant Shares Weighted Average Price Balance at January 1, 2017 — $ 0.00 Issued — Exercised — Cancelled — Balance at June 30, 2017 — $ 0.00 Issued on July 13,2017 as a component of the Revolving Line of Credit Agreement with stockholder 15,000,000 $ 0.05 Exercised — Expired — — Balance at July 13, 2017 15,000,000 $ 0.05

Rental Commitments (Tables)

Rental Commitments (Tables)	6 Months Ended
	Jun. 30, 2017
Rental Commitments Tables
Future minimum rental payments	Twelve months ending December 31, Amount 2017 $ 84,750 2018 13,375 $ 98,125

Revenue Concentrations (Tables)

Revenue Concentrations (Tables)	6 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Gross revenue composition	Foreign Commercial Six months ended Jun. 30, 2017 Six months ended Jun. 30, 2016 Six months ended Dec. 31, 2016 Accounts Receivable Balance at Jun. 30, 2017 A 52.10 % — — $ 2,059,439 B 11.40 % 28.50 % 25.40 % 685,264 C — 33.90 % 20.10 % 93,980 D — 11.80 % 21.60 % 280,875 E — 10.70 % — 80,000 F — 10.20 % 13.70 % 121,000 63.50 % 95.10 % 80.80 % 3,320,558 Others 36.50 % 4.90 % 19.20 % 608,633 Totals 100.00 % 100.0 % 100.0 % $ 3,929,191

Background and Description of32

Background and Description of Business (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Feb. 29, 2016
Increase of authorized capital, shares of common stock	490,000,000	490,000,000
Increase of authorized capital, common stock par value	$ 0.001	$ 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 Accoun33

Summary of Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2017shares
Property, Plant and Equipment [Abstract]
Antidilutive shares from outstanding convertible debt excluded from computation of earnings per share	6,018,760

Fair Value of Financial Instr34

Fair Value of Financial Instruments - Financial instruments measured at fair value on a recurring basis (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Level I
Derivative liability
Marketable securities	20,940	20,940
Total	20,940	20,940
Level II
Derivative liability
Marketable securities
Total
Level III
Derivative liability		65,499
Marketable securities
Total		$ 65,499

Property and Equipment - Proper

Property and Equipment - Property and equipment (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Marine vessels	$ 10,171,930	$ 9,999,380
Furniture and equipment	116,808	89,328
Gross property and equipment	10,288,738	10,088,708
Accumulated depreciation	(4,518,671)	(4,169,641)
Net property and equipment	$ 5,770,067	$ 5,919,067
Marine vessels
Estimated useful life	10 years
Furniture and equipment
Estimated useful life	5 years
Furniture and equipment (maximum)
Estimated useful life	10 years

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Total depreciation expense	$ 348,930	$ 334,877	$ 676,328

Income Taxes - Components of in

Income Taxes - Components of income tax (benefit) expense (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Federal:
Domestic - current
Foreign - current		34,700
Deferred
Federal total		34,700
State:
Current
Deferred		34,700
Total		$ 34,700

Convertible Notes Payable - Sum

Convertible Notes Payable - Summary of derivative liability balance (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Ending Balance		$ 65,499
Derivative liability balance
Balance assumed	300,321	300,321
Reduction for conversion in prior periods	(82,652)	(82,652)
Fair value changes over time	(152,170)	(152,170)
Cancellation due to debt retirement in cash	(65,499)
Ending Balance		$ 65,499

Convertible Notes Payable - Fai

Convertible Notes Payable - Fair value assumptions for derivative liabilities (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Assumption date
Expected dividends	0.00%		0.00%
Expected volatility	363.00%		363.00%
Expected term in months	6 months		6 months
Risk yield	0.49%		0.49%
Remeasurement date
Expected dividends	0.00%	0.00%
Expected volatility	366.00%	366.00%
Expected term in months	3 months	3 months
Risk yield	0.28%	0.28%

Convertible Notes Payable - S40

Convertible Notes Payable - Summary of convertible notes payable balance (Details) - Convertible notes payable balance - USD ($)	Jul. 03, 2017	Jun. 30, 2016
Assumed Balance		$ 69,619
Conversion of debt		(24,732)
Payment in cash	$ (44,887)
Ending Balance	$ 0	$ 44,887

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 09, 2015
Mammoth Notes (1)
Convertible promissory note, original amount		$ 21,500
Convertible promissory note, restructured principal amount		31,259
Mammoth Notes (2)
Convertible promissory note, original amount		24,000
Convertible promissory note, restructured principal amount		$ 38,280
Mammoth Notes
Due date	Sep. 9, 2016
Debt discount	$ (48,975)
Derivative liability	$ 300,321

Note Payable to Stockholder - A

Note Payable to Stockholder - Activity on LOC Note (Details) - USD ($)	6 Months Ended	11 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Notes to Financial Statements
Beginning balance	$ 134,600
Net changes during the period	236,945	134,600
Ending balance	$ 371,545	$ 134,600

Note Payable to Stockholder (De

Note Payable to Stockholder (Details Narrative)	Jul. 13, 2017USD ($)
Notes to Financial Statements
Revolving Line of Credit Note issued to Stockholder	$ 1,000,000

Common Stock Transactions (Deta

Common Stock Transactions (Details Narrative) - USD ($)	Apr. 11, 2016	Mar. 07, 2016	Feb. 29, 2016	Jun. 30, 2017	Jun. 30, 2016
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

Common Stock Warrants - Warrant

Common Stock Warrants - Warrant activity (Details) - $ / shares	Jul. 13, 2017	Jun. 30, 2017
Notes to Financial Statements
Beginning balance
Weighted average price, beginning	$ 0	$ 0
Issued
Issued as component of Revolving Line of Credit Agreement with stockholder	15,000,000
Weighted average price of issues	$ 0.05
Exercised
Cancelled
Expired
Ending balance	15,000,000
Weighted average price, ending	$ 0.05	$ 0

Officer Compensation (Details N

Officer Compensation (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Compensation Related Costs [Abstract]
Officer's annual salary	$ 120,000
Expense allowance per month	5,000
Compensation expense paid or accrued pursuant to Employment Agreement	$ 60,000	$ 100,000

Rental Commitments - Future min

Rental Commitments - Future minimum rental payments (Details)	Jun. 30, 2017USD ($)
Rental Commitments - Future Minimum Rental Payments Details
2,017	$ 84,750
2,018	13,375
Total	$ 98,125

Rental Commitments (Details Nar

Rental Commitments (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Rent expenses paid	$ 62,200	$ 88,181
Office space in Piraeus, Greece
Monthly office expense	2,942
Corporate apartment in New York City
Monthly office expense	4,100
Office Services Agreement in New York office space
Monthly office expense	$ 2,800

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Related Party Transactions Details Narrative
Accounts receivable due from affiliated entities	$ 475,632	$ 0

Revenue Concentrations - Gross

Revenue Concentrations - Gross revenue composition (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Foreign Commercial Customer A
Revenue composition percentage	52.10%
Accounts receivable balance	$ 2,059,439
Foreign Commercial Customer B
Revenue composition percentage	11.40%	28.50%	25.40%
Accounts receivable balance	$ 685,264
Foreign Commercial Customer C
Revenue composition percentage		33.90%	20.10%
Accounts receivable balance	$ 93,980
Foreign Commercial Customer D
Revenue composition percentage		11.80%	21.60%
Accounts receivable balance	$ 280,875
Foreign Commercial Customer E
Revenue composition percentage		10.70%
Accounts receivable balance	$ 80,000
Foreign Commercial Customer F
Revenue composition percentage		10.20%	13.70%
Accounts receivable balance	$ 121,000
Foreign Commercial Customer Subtotals
Revenue composition percentage	63.50%	95.10%	80.80%
Accounts receivable balance	$ 3,320,558
Others
Revenue composition percentage	36.50%	4.90%	19.20%
Accounts receivable balance	$ 608,633
Totals
Revenue composition percentage	10.00%	10.00%	10.00%
Accounts receivable balance	$ 3,929,191

Uncategorized Items - pgas-2017

Label	Element	Value
Convertible notes payable balance
Convertible Debt, Current	us-gaap_ConvertibleDebtCurrent	$ 44,887