Pangaea Logistics Solutions (PANL) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 07, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Pangaea Logistics Solutions Ltd.
Entity Central Index Key	0001606909
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		44,451,940
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 34,171,062	$ 53,614,735
Accounts receivable (net of allowance of $1,823,293 at September 30, 2019 and $2,357,130 at December 31, 2018)	29,221,444	28,481,787
Bunker inventory	17,002,101	19,222,087
Advance hire, prepaid expenses and other current assets	27,998,143	12,187,551
Total current assets	108,392,750	113,506,160
Restricted cash	2,500,000	2,500,000
Fixed assets, net	311,728,339	281,355,366
Investment in newbuildings in-process	7,691,522	0
Finance lease right of use assets, net	54,239,752	56,113,096
Total assets	484,552,363	453,474,622
Current liabilities
Accounts payable, accrued expenses and other current liabilities	35,975,324	31,897,507
Related party debt	1,196,683	2,877,746
Deferred revenue	14,297,237	14,717,072
Current portion of secured long-term debt	23,740,674	20,127,742
Current portion of finance lease liabilities	7,568,888	5,364,963
Dividend payable	1,921,622	4,063,598
Total current liabilities	84,700,428	79,048,628
Secured long-term debt, net	88,561,552	95,374,270
Finance lease liabilities	64,402,040	45,684,727
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized; 44,451,940 shares issued and outstanding at September 30, 2019; 43,998,560 shares issued and outstanding at December 31, 2018	4,445	4,400
Additional paid-in capital	157,176,223	155,946,452
Retained earnings	18,693,177	5,737,199
Total Pangaea Logistics Solutions Ltd. equity	175,873,845	161,688,051
Non-controlling interests	71,014,498	71,678,946
Total stockholders' equity	246,888,343	233,366,997
Total liabilities and stockholders' equity	$ 484,552,363	$ 453,474,622

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1,823,293	$ 2,357,130
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares Issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	44,451,940	43,998,560
Common stock, shares outstanding (in shares)	44,451,940	43,998,560

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Revenue	$ 118,885,396	$ 95,344,839	$ 281,720,196	$ 271,141,334
Expenses:
Voyage expense	45,102,602	36,684,994	114,501,121	104,880,511
Charter hire expense	41,980,065	28,532,774	85,244,779	81,912,601
Vessel operating expense	11,331,770	9,863,944	32,160,692	29,759,818
General and administrative	2,768,253	3,704,360	12,160,924	12,211,329
Depreciation and amortization	4,652,563	4,410,977	13,521,078	13,140,234
Loss on sale and leaseback of vessels	0	0	0	860,426
Total expenses	105,835,253	83,197,049	257,588,594	242,764,919
Income from operations	13,050,143	12,147,790	24,131,602	28,376,415
Other (expense)/income:
Interest expense, net	(2,499,617)	(2,231,589)	(6,807,837)	(6,384,314)
Interest expense on related party debt	(10,902)	(43,961)	(48,938)	(161,334)
Unrealized (loss)/gain on derivative instruments, net	(301,058)	486,412	2,203,899	477,508
Other income	180,194	38,481	580,106	496,813
Total other expense, net	(2,631,383)	(1,750,657)	(4,072,770)	(5,571,327)
Net income	10,418,760	10,397,133	20,058,832	22,805,088
Income attributable to non-controlling interests	(2,097,200)	(2,120,182)	(4,002,217)	(4,430,120)
Net income attributable to Pangaea Logistics Solutions Ltd.	$ 8,321,560	$ 8,276,951	$ 16,056,615	$ 18,374,968
Earnings per common share:
Basic (in dollars per share)	$ 0.19	$ 0.20	$ 0.38	$ 0.44
Diluted (in dollars per share)	$ 0.19	$ 0.19	$ 0.37	$ 0.43
Weighted average shares used to compute earnings per common share:
Basic (in shares)	42,817,933	42,348,175	42,729,775	42,208,038
Diluted (in shares)	43,354,742	42,878,449	43,247,417	42,727,481
Voyage revenue
Revenues:
Revenue	$ 103,806,391	$ 81,812,543	$ 247,087,805	$ 233,979,386
Charter revenue
Revenues:
Revenue	$ 15,079,005	$ 13,532,296	$ 34,632,391	$ 37,161,948

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Total Pangaea Logistics Solutions Ltd. Equity	Common Stock	Additional Paid-in Capital	Retained Earnings/(Accumulated Deficit)	Non-Controlling Interest
Balance at Dec. 31, 2017	$ 210,655,642	$ 145,351,322	$ 4,379	$ 154,943,728	$ (9,596,785)	$ 65,304,320
Balance (in shares) at Dec. 31, 2017			43,794,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognized cost for restricted stock issued as compensation	1,064,520	1,064,520		1,064,520
Issuance of restricted shares, net of forfeitures (in shares)			254,015
Issuance of restricted shares, net of forfeitures	(101,080)	(101,080)	$ 26	(101,106)
Fees incurred for issuance of common shares	(50,812)	(50,812)		(50,812)
Net income	22,805,088	18,374,968			18,374,968	4,430,120
Balance at Sep. 30, 2018	231,950,322	162,215,882	$ 4,405	155,856,330	6,355,147	69,734,440
Balance (in shares) at Sep. 30, 2018			44,048,541
Balance at Jun. 30, 2018	221,328,066	153,713,808	$ 4,406	155,631,206	(1,921,804)	67,614,258
Balance (in shares) at Jun. 30, 2018			44,063,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognized cost for restricted stock issued as compensation	225,124	225,124		225,124
Issuance of restricted shares, net of forfeitures (in shares)			(15,445)
Issuance of restricted shares, net of forfeitures	(1)	(1)	$ (1)
Net income	10,397,133	8,276,951			8,276,951	2,120,182
Balance at Sep. 30, 2018	231,950,322	162,215,882	$ 4,405	155,856,330	6,355,147	69,734,440
Balance (in shares) at Sep. 30, 2018			44,048,541
Balance at Dec. 31, 2018	233,366,997	161,688,051	$ 4,400	155,946,452	5,737,199	71,678,946
Balance (in shares) at Dec. 31, 2018			43,998,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognized cost for restricted stock issued as compensation	1,365,969	1,365,969		1,365,969
Issuance of restricted shares, net of forfeitures (in shares)			453,380
Issuance of restricted shares, net of forfeitures	(136,153)	(136,153)	$ 45	(136,198)
Distribution to Non-Controlling Interests	(4,666,665)					(4,666,665)
Common Stock Dividend	(3,100,637)	(3,100,637)			(3,100,637)	0
Net income	20,058,832	16,056,615			16,056,615	4,002,217
Balance at Sep. 30, 2019	246,888,343	175,873,845	$ 4,445	157,176,223	18,693,177	71,014,498
Balance (in shares) at Sep. 30, 2019			44,451,940
Balance at Jun. 30, 2019	237,693,940	168,776,642	$ 4,445	156,855,761	11,916,436	68,917,298
Balance (in shares) at Jun. 30, 2019			44,451,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recognized cost for restricted stock issued as compensation	320,462	320,462		320,462
Common Stock Dividend	(1,544,819)	(1,544,819)			(1,544,819)
Net income	10,418,760	8,321,560			8,321,560	2,097,200
Balance at Sep. 30, 2019	$ 246,888,343	$ 175,873,845	$ 4,445	$ 157,176,223	$ 18,693,177	$ 71,014,498
Balance (in shares) at Sep. 30, 2019			44,451,940

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income	$ 20,058,832	$ 22,805,088
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	13,521,078	13,140,234
Amortization of deferred financing costs	538,427	517,085
Amortization of prepaid rent	88,948	91,453
Unrealized gain on derivative instruments	(2,203,899)	(477,508)
Gain from equity method investee	(416,435)	(90,000)
Provision for doubtful accounts	(47,351)	(104,288)
Loss on sale of vessel	0	860,426
Drydocking costs	(1,561,689)	(1,497,979)
Recognized cost for restricted stock issued as compensation	1,365,968	1,064,520
Change in operating assets and liabilities:
Accounts receivable	(692,306)	(5,632,597)
Bunker inventory	2,219,986	(5,506,843)
Advance hire, prepaid expenses and other current assets	(15,220,967)	713,646
Accounts payable, accrued expenses and other current liabilities	6,171,148	873,337
Deferred revenue	(419,835)	468,333
Net cash provided by operating activities	23,401,905	27,224,907
Investing activities
Purchase of vessels and vessel improvements	(40,201,356)	(14,695,391)
Investment in newbuildings in-process	(7,691,522)	0
Purchase of fixed assets and equipment	(293,385)	(341,439)
Proceeds from sale of equipment	0	31,594
Net cash used in investing activities	(48,186,263)	(15,005,236)
Financing activities
Proceeds from long-term debt	14,000,000	0
Payments of related party debt	(1,681,063)	(3,308,265)
Payments of financing fees and issuance costs	(646,538)	(702,666)
Payments of long-term debt	(17,343,675)	(16,855,738)
Proceeds from finance leases	25,600,000	27,750,000
Dividends paid to non-controlling interests	(4,666,665)	(904,803)
Payments of finance lease obligations	(4,678,761)	(2,177,959)
Accrued common stock dividends paid	(5,242,613)	(1,135,000)
Cash paid for incentive compensation shares relinquished	0	(101,075)
Proceeds from private placement of common stock, net of issuance costs	0	(50,812)
Net cash provided by financing activities	5,340,685	2,513,682
Net (decrease) increase in cash, cash equivalents and restricted cash	(19,443,673)	14,733,353
Cash, cash equivalents and restricted cash at beginning of period	56,114,735	38,531,812
Cash, cash equivalents and restricted cash at end of period	36,671,062	53,265,165
Supplemental cash flow information
Cash and cash equivalents	34,171,062	50,765,165
Restricted cash	2,500,000	2,500,000
Total cash, cash equivalents and restricted cash	$ 56,114,735	$ 38,531,812

General Information

General Information	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	GENERAL INFORMATION The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. The Company owns three Panamax, two Ultramax Ice Class 1C, nine Supramax, and two Handymax Ice Class 1A drybulk vessels. The Company also owns one-third of Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels and has a 50% interest in the owner of a deck barge.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements have been prepared in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q. Accordingly, these interim financial statements do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. The accompanying financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the interim period results. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018 . The results for three and nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results for the year ending December 31, 2019 or for any other interim period or future years. The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated future cash flows used in its impairment analysis, the estimated salvage value used in determining depreciation expense and the allowances for doubtful accounts. Voyage revenues represent revenues earned by the Company, principally from providing transportation services under voyage charters. A voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo handling terms. Under a voyage charter, the service revenues are earned and recognized ratably over the duration of the voyage. A contract is accounted for when it has approval and commitment from both parties, the rights and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Estimated losses under a voyage charter are provided for in full at the time such losses become probable. Demurrage, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the voyage charter. Demurrage is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage revenues arise. At the time demurrage revenue can be estimated, it is included in the calculation of voyage revenue and recognized ratably over the duration of the voyage to which it pertains. Voyage revenue recognized is presented net of address commissions. Charter revenues relate to a time charter arrangement under which the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, as the vessel operates under the charter. Revenue is not earned when vessels are offhire. Cash and cash equivalents include short-term deposits with an original maturity of less than three months. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: September 30, 2019 December 31, 2018 (unaudited) Money market accounts – cash equivalents $ 11,183,241 $ 13,819,043 Cash (1) 22,987,821 39,795,692 Total cash and cash equivalents $ 34,171,062 $ 53,614,735 Restricted cash 2,500,000 2,500,000 Total cash, cash equivalents and restricted cash $ 36,671,062 $ 56,114,735 (1) Consists of cash deposits at various major banks. Restricted cash at September 30, 2019 and December 31, 2018 consists of $2.5 million held by the facility agent as required by the Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement (See NOTE 4). Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Advance hire $ 6,254,555 $ 5,851,070 Prepaid expenses 4,443,081 1,276,901 Accrued receivables 12,356,249 2,479,800 Margin deposit 741,378 1,820,656 Other current assets 4,202,880 759,124 $ 27,998,143 $ 12,187,551 Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Accounts payable $ 22,881,529 $ 19,892,511 Accrued expenses 10,338,546 7,424,286 Accrued interest 460,758 540,886 Derivative liabilities 1,195,198 3,225,907 Other accrued liabilities 1,099,293 813,917 $ 35,975,324 $ 31,897,507 Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In determining the estimated value of right-of-use assets and lease liabilities, the Company considers the non-cancelable period of the lease as well as periods for which it is reasonably certain that renewal options will be exercised. The Company discounts any estimated lease liability using the portfolio approach, the composition of which is its secured long-term debt facilities. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending September 30, 2019 , the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019. The Company elected the "package of practical expedients" in the new standard, under which we are not required to reassess our prior conclusions regarding lease identification, classification and initial direct costs. We did not elect the use-of-hindsight practical expedient; and the practical expedient pertaining to land easements does not apply to the Company. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 to amend ASU 2016-02 and provided an additional (and optional) transition method to adopt the new lease standard. This transition method allows entities to apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption instead of using the original modified retrospective transition method of adoption which required the restatement of all prior period financial statements. Under this new transition method, the comparative periods presented in the financial statements will continue to be in accordance with ASC Topic 840, Leases. The Company adopted the new lease standard effective January 1, 2019 using this new transition method. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: 1. The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same. 2. The lease component, if accounted for separately, would be classified as an operating lease. The Company elected to use this practical expedient when it adopted the lessor provisions of this Update. As a result, the operating lease component and the vessel operating expense non-lease component in a time charter are reported as a single component. At September 30, 2019 , the Company had nine vessels chartered to customers under time charters that contain leases. These nine leases varied in original length from 22 days to 99 days . At September 30, 2019 , lease payments due under these arrangements totaled approximately $4,257,000 and each of the time charters were due to be completed in ninety-nine days or less. The Company does not have any sales-type or direct financing leases. Adoption of the lessee provisions of this guidance did not have a material impact on the Company's consolidated financial statements because the Company does not have any vessels chartered in (operating leases) for longer than one year and the practical expedient relating to leases with terms of 12 months or less was elected. Furthermore, the Company's finance lease right of use assets and finance lease liabilities were referred to as "assets under capital lease" and "obligations under capital leases" in prior period financial statements, but no other changes resulted from adoption of the standard. In addition, the Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. For most financial assets, such as trade and other receivables, loans and other instruments, this standard changes the current incurred loss model to a forward-looking expected credit loss model, which generally will result in the earlier recognition of allowances for losses. The new standard is effective for the Company at the beginning of 2023. Entities are required to apply the provisions of the standard through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the impact of the standard on its consolidated financial statements.

Fixed Assets

Fixed Assets	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Fixed Assets	FIXED ASSETS At September 30, 2019 , the Company owned twenty-two dry bulk vessels including six financed under finance leases; and one barge. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: September 30, December 31, 2019 2018 Owned vessels (unaudited) m/v BULK PANGAEA $ 15,217,154 $ 15,231,305 m/v BULK PATRIOT 9,424,690 10,130,797 m/v BULK JULIANA 10,189,206 10,651,029 m/v NORDIC ODYSSEY 23,243,646 24,283,497 m/v NORDIC ORION 24,040,476 25,095,469 m/v BULK NEWPORT 13,223,098 13,956,092 m/v NORDIC BARENTS 4,006,193 4,370,817 m/v NORDIC BOTHNIA 3,962,577 4,322,490 m/v NORDIC OSHIMA 28,633,822 28,897,931 m/v NORDIC ODIN 28,401,473 29,151,529 m/v NORDIC OLYMPIC 28,236,711 29,321,599 m/v NORDIC OASIS 29,497,364 30,416,651 m/v BULK ENDURANCE 25,283,457 26,020,505 m/v BULK FREEDOM 8,300,171 8,467,058 m/v BULK PRIDE 13,130,123 13,531,561 m/v BULK SPIRIT 12,977,466 1,950,000 m/v BULK INDEPENDENCE 14,073,766 — m/v BULK FRIENDSHIP (1) 14,332,515 — MISS NORA G PEARL 2,925,285 2,995,144 309,099,193 278,793,474 Other fixed assets, net 2,629,146 2,561,892 Total fixed assets, net $ 311,728,339 $ 281,355,366 Right of Use Assets m/v BULK DESTINY $ 21,690,475 $ 22,307,701 m/v BULK BEOTHUK 6,708,478 7,065,300 m/v BULK TRIDENT 12,238,021 12,664,906 m/v BULK PODS $ 13,602,778 14,075,189 $ 54,239,752 $ 56,113,096 (1) The Company acquired the 2011 built Supramax (m/v Bulk Friendship) on September 24, 2019. Long-lived Assets Impairment Considerations. The carrying values of the Company’s vessels may not represent their fair market value or the amount that could be obtained by selling the vessel at any point in time because the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the pricing of new vessels, which tend to be cyclical. The carrying value of each group of vessels classified as held and used are reviewed for potential impairment when events or changes in circumstances indicate that the carrying value of a particular group may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the group and its eventual disposition is less than its carrying value. This assessment is made at the group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include the Company’s estimate of future time charter equivalent "TCE" rates based on current rates under existing charters and contracts. When existing contracts expire, the Company uses an estimated TCE based on actual results and extends these rates out to the end of the vessel’s useful life. TCE rates can be highly volatile, may affect the fair value of the Company’s vessels and may have a significant impact on the Company’s ability to recover the carrying amount of its fleet. Accordingly, the volatility is contemplated in the undiscounted projected net operating cash flow by using a sensitivity analysis based on percent changes in the TCE rates. The Company prepares a series of scenarios in an attempt to capture the range of possible trends and outcomes. Projected net operating cash flows are net of brokerage and address commissions and assume no revenue on scheduled offhire days. The Company uses the current vessel operating expense budget, estimated costs of drydocking and historical general and administrative expenses as the basis for its expected outflows, and applies an inflation factor it considers appropriate. The net of these inflows and outflows, plus an estimated salvage value, constitutes the projected undiscounted future cash flows. If these projected cash flows do not exceed the carrying value of the asset group, an impairment charge would be recognized. The Company did not identify any potential triggering events for the three and nine month periods ended September 30, 2019 . The Company identified potential triggering events that resulted from sale and leaseback financing arrangements transacted during the nine months ended September 30, 2018 . As a result, the Company evaluated each asset group for impairment by estimating the total undiscounted cash flows expected to result from the use of the asset group and its eventual disposal. The estimated undiscounted future cash flows were higher than the carrying amount of the vessels in the Company's fleet and as such, no loss on impairment was recognized. The Company did not identify any potential triggering events for the three months ended September 30, 2018 .

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	DEBT Long-term debt consists of the following: September 30, 2019 December 31, 2018 (unaudited) Bulk Phoenix Secured Note (1) $ — $ 2,702,374 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 56,700,000 62,325,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) — 4,489,100 Bulk Nordic Oasis Ltd. Loan Agreement 15,875,000 17,000,000 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3) 36,806,664 25,626,665 Bulk Freedom Loan Agreement 3,950,000 4,450,000 109 Long Wharf Commercial Term Loan 730,666 812,867 Total $ 114,062,330 $ 117,406,006 Less: unamortized bank fees (1,760,104 ) (1,903,994 ) $ 112,302,226 $ 115,502,012 Less: current portion (23,740,674 ) (20,127,742 ) Secured long-term debt, net $ 88,561,552 $ 95,374,270 (1) See Senior Secured Post-Delivery Term Loan Facility below. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company. The Senior Secured Post-Delivery Term Loan Facility On April 14, 2017, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Phoenix, entered into the Fourth Amendatory Agreement, (the "Fourth Amendment"), amending and supplementing the Loan Agreement dated April 15, 2013, as amended by a First Amendatory Agreement dated May 16, 2013, the Second Amendatory Agreement dated August 28, 2013 and the Third Amendatory Agreement dated July 14, 2016. The Fourth Amendment advanced the final repayment dates for Bulk Pangaea and Bulk Patriot, which have since been repaid. Final payment on the Bulk Juliana Secured Note was made on July 19, 2018. The Bulk Trident Secured Note was repaid on June 7, 2018 in conjunction with the sale and leaseback of the vessel (NOTE - 7). Bulk Phoenix Secured Note Initial amount of $10,000,000 , entered into in May 2013, for the acquisition of m/v Bulk Newport. The Fourth Amendment did not change this tranche, the balance of which was payable in two installments of $700,000 and seven installments of $442,858 . The final balloon payment of $1,816,659 was paid on July 19, 2019. The interest rate was fixed at 5.09% . Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. And Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement The amended agreement advanced $21,750,000 in respect of each the m/v Nordic Odin and the m/v Nordic Olympic; $13,500,000 in respect of each the m/v Nordic Odyssey and the m/v Nordic Orion, and $21,000,000 in respect of the m/v Nordic Oshima. The agreement requires repayment of the advances as follows: In respect of the Odin and Olympic advances, repayment to be made in 28 equal quarterly installments of $375,000 per borrower (one of which was paid prior to the amendment by each borrower) and balloon payments of $11,233,150 due with each of the final installments in January 2022. In respect of the Odyssey and Orion advances, repayment to be made in 20 quarterly installments of $375,000 per borrower and balloon payments of $5,677,203 due with each of the final installments in September 2020. In respect of the Oshima advance, repayment to be made in 28 equal quarterly installments of $375,000 and a balloon payment of $11,254,295 due with the final installment in September 2021. Interest on 50% of the advances to Odyssey and Orion was fixed at 4.24% in March 2017. Interest on the remaining advances to Odyssey and Orion is floating at LIBOR plus 2.40% ( 4.73% at September 30, 2019 ). Interest on 50% of the advances to Odin and Olympic was fixed at 3.95% in January 2017. Interest on the remaining advances to Odin and Olympic was floating at LIBOR plus 2.0% and was fixed at 4.07% on April 27, 2017. Interest on 50% of the advance to Oshima was fixed at 4.16% in January 2017. Interest on the remaining advance to Oshima is floating at LIBOR plus 2.25% ( 4.40% at September 30, 2019 ). The amended loan is secured by first preferred mortgages on the m/v Nordic Odin, m/v Nordic Olympic, m/v Nordic Odyssey, m/v Nordic Orion and m/v Nordic Oshima, the assignment of earnings, insurances and requisite compensation of the five entities, and by guarantees of their shareholders. The amended agreement contains one financial covenant that requires the Company to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with this covenant. The Bulk Nordic Oasis Ltd. - Loan Agreement - Dated December 11, 2015 The agreement advanced $21,500,000 in respect of the m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly installments of $375,000 beginning on March 28, 2016 and a balloon payment of $12,500,000 due with the final installment in March 2022. Interest on this advance is fixed at 4.30% . The loan is secured by a first preferred mortgage on the m/v Nordic Oasis, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. As of September 30, 2019 and December 31, 2018 , the Company was in compliance with this covenant. Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) Barents and Bothnia entered into a secured Term Loan Facility of $13,000,000 in two tranches of $6,500,000 which were drawn in conjunction with the delivery of the m/v Bulk Bothnia on January 23, 2014 and the m/v Bulk Barents on March 7, 2014. The loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia and is guaranteed by the Company. The loan requires repayment in 22 equal quarterly installments of $163,045 (per borrower) beginning in June 2014, one installment of $163,010 (per borrower) and a balloon payment of $1,755,415 (per borrower) due in December 2019. The term loan was fully repaid on June 26, 2019. The interest rate was floating at LIBOR plus 2.5% since inception. The Amended Senior Facility - Dated May 13, 2019 (previously identified as The Amended Senior Facility - Dated December 21, 2017) On May 13, 2019, the Company, through its wholly owned subsidiaries, Bulk Endurance, Bulk Pride and Bulk Independence entered into the Second Amendatory Agreement, (the "Second Amendment"), amending and supplementing the First Amendatory Agreement dated December 17, 2017. The Second Amendment advanced $14,000,000 under Tranche E in respect to the m/v Bulk Independence, extended maturity dates on Tranche A, B, and C to May 2024, and reduced applicable interest rate margin on Tranche A, B, and C to 1.70% for the first eight quarters following the drawdown of Tranche E, and 2.40% thereafter. Bulk Endurance Tranche A and B The amended agreement advanced $19,500,000 in respect of the m/v Bulk Endurance on January 7, 2017, in two tranches. The agreement requires repayment of Tranche A, totaling $16,000,000 , in three equal quarterly installments of $100,000 beginning on April 7, 2017 and 27 equal quarterly installments of $266,667 . A balloon payment of $8,499,991 is due with the final installment in May 2024. Interest on this advance was fixed at 3.69% through March 2021, fixed at 4.16% through December 2021, and thereafter floating at Libor plus 2.40% . The agreement also advanced $3,500,000 under Tranche B, which is payable in 28 equal quarterly installments of $65,000 beginning on September 27, 2017, and a balloon payment of $1,680,000 due with the final installment in May 2024. Interest on this advance is floating at LIBOR plus 1.70% ( 4.01% at September 30, 2019 ) through March 2021, and thereafter at Libor plus 2.4% . Bulk Pride Tranche C and D The amended agreement advanced $10,000,000 in respect of the m/v Bulk Pride on December 21, 2017, in two tranches. The agreement requires repayment of Tranche C, totaling $8,500,000 , in 26 equal quarterly installments of $275,000 beginning in March 2018 and a balloon payment of $1,350,000 due with the final installment in May 2024. Interest on this advance is floating at LIBOR plus 1.70% ( 4.69% at September 30, 2019 ) through March 2021, and thereafter at Libor plus 2.4% . The agreement also advanced $1,500,000 under Tranche D, which is payable in 4 equal quarterly installments of $375,000 beginning in September 2018. Tranche D was fully repaid in June 2019. Bulk Independence Tranche E The amended agreement advanced $14,000,000 under Tranche E in respect of the m/v Bulk Independence on May 13, 2019, which requires repayment of 20 equal quarterly installments of $250,000 beginning in September 2019 and a balloon payment of $9,000,000 due with the final installment in May 2024. Interest on this advance is floating at LIBOR plus 1.70% ( 4.01% at September 30, 2019 ) during first eight quarters, and at LIBOR plus 2.40% thereafter. The loan is secured by first preferred mortgages on the m/v Bulk Endurance, the m/v Bulk Pride and the m/v Bulk Independence, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a minimum liquidity requirement, positive working capital of the borrower and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The Bulk Freedom Corp. Loan Agreement -- Dated June 14, 2017 The agreement advanced $5,500,000 in respect of the m/v Bulk Freedom on June 14, 2017. The agreement requires repayment of the loan in 8 quarterly installments of $175,000 and 12 quarterly installments of $150,000 beginning on September 14, 2017. A balloon payment of $2,300,000 is due with the final installment. The facility bears interest at LIBOR plus a margin of 3.75% ( 5.78% at September 30, 2019 ). The loan is secured by a first preferred mortgage on the m/v Bulk Freedom, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with this covenant. 109 Long Wharf Commercial Term Loan Initial amount of $1,096,000 entered into on May 27, 2016. The Long Wharf Construction to Term Loan was repaid from the proceeds of this new facility. The loan is payable in 120 equal monthly installments of $9,133 . Interest is floating at the 30 day LIBOR plus 2.0% ( 4.14% at September 30, 2019 ). The loan is collateralized by all real estate located at 109 Long Wharf, Newport, RI, and a corporate guarantee of the Company. The loan contains a maximum loan to value covenant and a debt service coverage ratio. At September 30, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Year ending December 31, (unaudited) Remainder of 2019 $ 3,284,067 2020 22,990,674 2021 20,640,563 2022 41,102,568 2023 3,536,268 Thereafter 22,508,190 $ 114,062,330

Derivative Instruments and Fair

Derivative Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and fair Value Measurements	DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS Forward freight agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). These economic hedges do not usually qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of FFAs at September 30, 2019 and December 31, 2018 were assets and liabilities of approximately $173,000 and $60,000 , respectively, which are included in other current assets and other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the FFAs during the three months ended September 30, 2019 and 2018 are a gain of approximately $116,000 and a loss of approximately $9,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. The change in the aggregate fair value of the FFAs during the nine months ended September 30, 2019 and 2018 are a gain of approximately $233,000 and a loss of approximately $263,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. Fuel Swap Contracts The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. The Company enters into fuel swap contracts that are not designated for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. The aggregate fair value of these fuel swaps at September 30, 2019 and December 31, 2018 are liabilities of approximately $1,195,000 and $3,166,000 , respectively, which are included in other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the fuel swaps during the three months ended September 30, 2019 and 2018 are a loss of approximately $417,000 and a gain of approximately $495,000 , respectively, which are included in unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of income. The change in the aggregate fair value of the fuel swaps during the nine months ended September 30, 2019 and 2018 are gains of approximately $1,971,000 and $740,000 , respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. The three levels of the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures , in order of priority are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 fair value measurements include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 : Balance at September 30, 2019 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 741,378 $ 741,378 $ — $ — Fuel swaps $ (1,195,198 ) $ — $ (1,195,198 ) $ — Freight forward agreements $ 173,190 $ — $ 173,190 $ — Balance at December 31, 2018 Level 1 Level 2 Level 3 Margin accounts $ 1,820,657 $ 1,820,657 $ — $ — Fuel swaps $ (3,165,967 ) $ — $ (3,165,967 ) $ — Freight forward agreements $ (59,940 ) $ — $ (59,940 ) $ — The estimated fair values of the Company’s forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist based on published indices. Such quotes represent the estimated amounts the Company would receive or pay to terminate the contracts.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2018 Activity September 30, 2019 (unaudited) Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: Trade receivables due from King George Slag (i) $ 627,629 $ (119,999 ) $ 507,630 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 1,971,935 951,003 2,922,938 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 2,595,000 (1,730,000 ) $ 865,000 Interest payable - 2011 Founders Note 282,746 48,937 331,683 Total current related party debt $ 2,877,746 $ (1,681,063 ) $ 1,196,683 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar") On October 1, 2011, the Company entered into a $10,000,000 loan agreement with the Founders, which was payable on demand at the request of the lenders (the 2011 Founders Note). The note bears interest at a rate of 5% . The balance of the 2011 Founders Note were $865,000 and $2,595,000 at September 30, 2019 and December 31, 2018 , respectively. Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended September 30, 2019 and 2018 , the Company incurred technical management fees of approximately $832,200 and $777,600 , respectively, under this arrangement. The total amounts payable to Seamar at September 30, 2019 and December 31, 2018 were approximately $2,923,000 and $1,972,000 , respectively. Dividends payable to related parties consist of the following: 2013 common stock dividend Balance at December 31, 2018 $ 4,063,598 Payments (2,256,357 ) Balance at September 30, 2019 $ 1,807,241

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Vessel Sales and Leasebacks Accounted for as Capital Leases (in accordance with prior accounting guidance - ASC 840) The Company's fleet includes six vessels financed under sale and leaseback financing arrangements accounted for as capital leases. These leases are secured by the assignment of earnings and insurances and by guarantees of the Company. The selling price of the m/v Bulk Destiny to the new owner (lessor) was $21.0 million and the fair value of the vessel at the inception of the lease was $24.0 million . The difference between the selling price and the fair value of the vessel was recorded as prepaid rent and is being amortized over the 25 year estimated useful life of the vessel. Prepaid rent is included in finance lease right of use assets (previously "vessels under capital lease") on the consolidated balance sheet at September 30, 2019 . Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term , with a purchase obligation of $11,200,000 due with the final lease payment in January 2024. Interest is floating at LIBOR plus 2.75% ( 5.05% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The lease contains a minimum liquidity requirement, positive working capital of the leasee and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. At September 30, 2019 and December 31, 2018 , the Company was in compliance with these covenants. The selling price of the m/v Bulk Beothuk was $7,000,000 and the fair value was estimated to be the same. The lease is payable at $3,500 per day every fifteen days over the five year lease term , and a balloon payment of $4,000,000 is due with the final lease payment in June 2022. The implied interest rate at inception was 11.83% . The Company will own this vessel at the end of the lease term. The selling price of the m/v Bulk Trident was $13,000,000 and the fair value was estimated to be the same. The Company simultaneously leased the vessel back from the buyer. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the eight -year lease term. The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. Interest is floating at LIBOR plus 1.7% ( 3.79% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The selling price of the m/v Bulk PODS was $14,750,000 and the fair value was estimated to be the same. The Company simultaneously leased the vessel back from the buyer. The minimum lease payments fluctuate based on three-month LIBOR and are payable monthly over the eight -year lease term. The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. Interest is floating at LIBOR plus 1.7% ( 3.63% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. Vessel Acquisition Accounted for as a Finance Lease (in accordance with new accounting guidance - ASC 842) In February 2019, the Company acquired the m/v Bulk Spirit for $13,000,000 , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease transfers ownership of the vessel to the Company by the end of the lease term. The minimum lease payments include interest at 5.10% for the first five years. Interest fluctuates based on the three-month LIBOR for the remaining three years of the eight -year lease term. The Company has the option to purchase the vessel at the end of the second year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. The Company is obligated to repurchase the vessel at the end of the lease term. A balloon payment of $3,875,000 is due with the final lease payment in March 2027. This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. In September 2019, the Company acquired the m/v Bulk Friendship for $14,100,000 , which is the estimated fair value and simultaneously entered into a failed sale and leaseback of the vessel. The Company determined that the transfer of the vessel to the lessor was not a sale in accordance with ASC 606, because control of the vessel was not transferred to the lessor. The lease is classified as finance lease in accordance with ASC 842, because the lease includes a fixed price purchase option, which the Company expects to exercise at the end of the lease term. The minimum lease payments include imputed interest at 5.29% . The Company has the option to purchase the vessel at the end of the third year of the lease or thereafter, or in the case of default by the lessor, at any time during the lease term. In the event the Company has not exercised any of the purchase options during the term of the charter then the Company shall have a final purchase option to purchase the vessel at the end of the fifth year at a fixed price of $7,780,000 . This lease is secured by the assignment of earnings and insurances and by a guarantee of the Company. Long-term Contracts Accounted for as Operating Leases The Company leases office space for its Copenhagen operations. Since December 31, 2018, this lease continues on a month to month basis. The non-cancelable period is six months . The Company leases office space for its Singapore operations. At September 30, 2019 , the remaining obligation under this lease is approximately $115,000 . For the three and nine months ended September 30, 2019 , the Company recognized approximately $52,000 and $155,000 , respectively, as lease expense for office leases in General and Administrative Expenses. Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at September 30, 2019 were: Year ending December 31, Remainder of 2019 $ 3,053,273 2020 11,592,392 2021 11,304,976 2022 14,303,933 2023 21,362,721 Thereafter 27,711,516 Total minimum lease payments $ 89,328,811 Less imputed interest 17,357,883 Present value of minimum lease payments 71,970,928 Less current portion 7,568,888 Long-term portion $ 64,402,040 Other On April 30, 2019, the Company entered into a vessel newbuilding contract to build two new high ice class post-panamax 95,000 dwt dry bulk vessels. At that time, the Company held options to build two more similar vessels. The new vessels, with a building cost of approximately $38.3 million each, are expected to be delivered in the first half of 2021. As of September 30, 2019, the Company has made deposits of $7.7 million for the two new vessels. The second installments of 20% are due and payable upon launching of the vessels and the final payments are due upon delivery of the vessels. On September 29, 2019, the Company declared its options to build the additional optional two new post-panamax 95,000 dwt dry bulk vessels. The new vessels, with a building cost of approximately $37.7 million each, are expected to be delivered in November 2021. The first installments of 10% are expected to be made in November 2019, the second installments of 20% are due and payable upon launching of the vessels and the final payments are due upon delivery of the vessels. Coincident with the declaration of the options, the Company entered into a series of transactions to finance its four new post-panamax dry bulk vessels, to be delivered in 2021, under sale and leaseback transactions. The agreements obligate the Company to sell the vessels upon completion of construction at the lesser of approximately $32 million or 85% of fair market value at closing. Following the sale, the Company is obligated to charter the vessels from the buyer under a bareboat charter for a period of 15 years with a purchase obligation of $2.5 million at the end of year 15 . The Company has options to purchase the vessels at designated prices starting the sixth year after delivery of each vessel. The Company expects to account for these transactions as failed sale and leaseback transactions and classify the leases as finance leases. The Company is subject to certain asserted claims arising in the ordinary course of business. The Company intends to vigorously assert its rights and defend itself in any litigation that may arise from such claims. While the ultimate outcome of these matters could affect the results of operations of any one year, and while there can be no assurance with respect thereto, management believes that after final disposition, any financial impact to the Company would not be material to its consolidated financial position, results of operations, or cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS In October 2019, the Company, through its wholly-owned subsidiary, entered into a Memorandum of Agreement to sell to an unaffiliated third party, the 2001-built vessel Bulk Juliana for a sale price of $6.5 million before commissions. The loss on sale of the vessel upon completion of the transaction will be approximately $3.7 million . The Company expects to deliver the vessel to the new owner in late November 2019. In October 2019, the Company, through its wholly-owned subsidiary, entered into a Memorandum of Agreement to sell to an unaffiliated third party, the 1996-built vessel Bulk Patriot for a sale price of $4.5 million before commissions. The loss on sale of the vessel upon completion of the transaction will be approximately $4.9 million . The Company expects to deliver the vessel to the new owner in December 2019. On November 7, 2019, the Company declared a quarterly cash dividend of $0.035 per common share.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In determining the estimated value of right-of-use assets and lease liabilities, the Company considers the non-cancelable period of the lease as well as periods for which it is reasonably certain that renewal options will be exercised. The Company discounts any estimated lease liability using the portfolio approach, the composition of which is its secured long-term debt facilities. Time charter out contracts Charter revenue is earned when the Company lets a vessel it owns or operates to a charterer for a specified period of time. Charter revenue is based on the agreed rate per day. The charterer has the power to direct the use and receives substantially all of the economic benefits from the use of the vessel. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter in contracts The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under the time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. As allowed by a practical expedient under ASC 842, the Company made an accounting policy election by class of underlying asset for leases with a term of 12 months or less, to forego recognizing a right-of-use asset and lease liability on its balance sheet. For the quarter ending September 30, 2019 , the Company did not have any time charter in contracts with terms greater than 12 months, as such charter hire expense presented on the consolidated statements of income are lease expenses for chartered in contracts less than 12 months. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019. The Company elected the "package of practical expedients" in the new standard, under which we are not required to reassess our prior conclusions regarding lease identification, classification and initial direct costs. We did not elect the use-of-hindsight practical expedient; and the practical expedient pertaining to land easements does not apply to the Company. In July 2018, the Financial Accounting Standards Board issued ASU 2018-11 to amend ASU 2016-02 and provided an additional (and optional) transition method to adopt the new lease standard. This transition method allows entities to apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption instead of using the original modified retrospective transition method of adoption which required the restatement of all prior period financial statements. Under this new transition method, the comparative periods presented in the financial statements will continue to be in accordance with ASC Topic 840, Leases. The Company adopted the new lease standard effective January 1, 2019 using this new transition method. The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: 1. The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same. 2. The lease component, if accounted for separately, would be classified as an operating lease. The Company elected to use this practical expedient when it adopted the lessor provisions of this Update. As a result, the operating lease component and the vessel operating expense non-lease component in a time charter are reported as a single component. At September 30, 2019 , the Company had nine vessels chartered to customers under time charters that contain leases. These nine leases varied in original length from 22 days to 99 days . At September 30, 2019 , lease payments due under these arrangements totaled approximately $4,257,000 and each of the time charters were due to be completed in ninety-nine days or less. The Company does not have any sales-type or direct financing leases. Adoption of the lessee provisions of this guidance did not have a material impact on the Company's consolidated financial statements because the Company does not have any vessels chartered in (operating leases) for longer than one year and the practical expedient relating to leases with terms of 12 months or less was elected. Furthermore, the Company's finance lease right of use assets and finance lease liabilities were referred to as "assets under capital lease" and "obligations under capital leases" in prior period financial statements, but no other changes resulted from adoption of the standard. In addition, the Company has two non-cancelable office leases and non-cancelable office equipment leases and the lease assets and liabilities are not material. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. For most financial assets, such as trade and other receivables, loans and other instruments, this standard changes the current incurred loss model to a forward-looking expected credit loss model, which generally will result in the earlier recognition of allowances for losses. The new standard is effective for the Company at the beginning of 2023. Entities are required to apply the provisions of the standard through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the impact of the standard on its consolidated financial statements

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows: September 30, 2019 December 31, 2018 (unaudited) Money market accounts – cash equivalents $ 11,183,241 $ 13,819,043 Cash (1) 22,987,821 39,795,692 Total cash and cash equivalents $ 34,171,062 $ 53,614,735 Restricted cash 2,500,000 2,500,000 Total cash, cash equivalents and restricted cash $ 36,671,062 $ 56,114,735 (1) Consists of cash deposits at various major banks.
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Advance hire $ 6,254,555 $ 5,851,070 Prepaid expenses 4,443,081 1,276,901 Accrued receivables 12,356,249 2,479,800 Margin deposit 741,378 1,820,656 Other current assets 4,202,880 759,124 $ 27,998,143 $ 12,187,551
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2019 December 31, 2018 (unaudited) Accounts payable $ 22,881,529 $ 19,892,511 Accrued expenses 10,338,546 7,424,286 Accrued interest 460,758 540,886 Derivative liabilities 1,195,198 3,225,907 Other accrued liabilities 1,099,293 813,917 $ 35,975,324 $ 31,897,507

Fixed Assets (Tables)

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property Plant and Equipment Schedule of Significant Acquisitions	The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: September 30, December 31, 2019 2018 Owned vessels (unaudited) m/v BULK PANGAEA $ 15,217,154 $ 15,231,305 m/v BULK PATRIOT 9,424,690 10,130,797 m/v BULK JULIANA 10,189,206 10,651,029 m/v NORDIC ODYSSEY 23,243,646 24,283,497 m/v NORDIC ORION 24,040,476 25,095,469 m/v BULK NEWPORT 13,223,098 13,956,092 m/v NORDIC BARENTS 4,006,193 4,370,817 m/v NORDIC BOTHNIA 3,962,577 4,322,490 m/v NORDIC OSHIMA 28,633,822 28,897,931 m/v NORDIC ODIN 28,401,473 29,151,529 m/v NORDIC OLYMPIC 28,236,711 29,321,599 m/v NORDIC OASIS 29,497,364 30,416,651 m/v BULK ENDURANCE 25,283,457 26,020,505 m/v BULK FREEDOM 8,300,171 8,467,058 m/v BULK PRIDE 13,130,123 13,531,561 m/v BULK SPIRIT 12,977,466 1,950,000 m/v BULK INDEPENDENCE 14,073,766 — m/v BULK FRIENDSHIP (1) 14,332,515 — MISS NORA G PEARL 2,925,285 2,995,144 309,099,193 278,793,474 Other fixed assets, net 2,629,146 2,561,892 Total fixed assets, net $ 311,728,339 $ 281,355,366 Right of Use Assets m/v BULK DESTINY $ 21,690,475 $ 22,307,701 m/v BULK BEOTHUK 6,708,478 7,065,300 m/v BULK TRIDENT 12,238,021 12,664,906 m/v BULK PODS $ 13,602,778 14,075,189 $ 54,239,752 $ 56,113,096 (1) The Company acquired the 2011 built Supramax (m/v Bulk Friendship) on September 24, 2019.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: September 30, 2019 December 31, 2018 (unaudited) Bulk Phoenix Secured Note (1) $ — $ 2,702,374 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 56,700,000 62,325,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) — 4,489,100 Bulk Nordic Oasis Ltd. Loan Agreement 15,875,000 17,000,000 The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3) 36,806,664 25,626,665 Bulk Freedom Loan Agreement 3,950,000 4,450,000 109 Long Wharf Commercial Term Loan 730,666 812,867 Total $ 114,062,330 $ 117,406,006 Less: unamortized bank fees (1,760,104 ) (1,903,994 ) $ 112,302,226 $ 115,502,012 Less: current portion (23,740,674 ) (20,127,742 ) Secured long-term debt, net $ 88,561,552 $ 95,374,270 (1) See Senior Secured Post-Delivery Term Loan Facility below. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (3) This facility is cross-collateralized by the vessels m/v Bulk Endurance, m/v Bulk Pride, and m/v Bulk Independence and is guaranteed by the Company.
Schedule of Maturities of Long-term Debt	The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Year ending December 31, (unaudited) Remainder of 2019 $ 3,284,067 2020 22,990,674 2021 20,640,563 2022 41,102,568 2023 3,536,268 Thereafter 22,508,190 $ 114,062,330

Derivative Instruments and Fa_2

Derivative Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 : Balance at September 30, 2019 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 741,378 $ 741,378 $ — $ — Fuel swaps $ (1,195,198 ) $ — $ (1,195,198 ) $ — Freight forward agreements $ 173,190 $ — $ 173,190 $ — Balance at December 31, 2018 Level 1 Level 2 Level 3 Margin accounts $ 1,820,657 $ 1,820,657 $ — $ — Fuel swaps $ (3,165,967 ) $ — $ (3,165,967 ) $ — Freight forward agreements $ (59,940 ) $ — $ (59,940 ) $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Amounts and notes payable to related parties consist of the following: December 31, 2018 Activity September 30, 2019 (unaudited) Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively: Trade receivables due from King George Slag (i) $ 627,629 $ (119,999 ) $ 507,630 Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) (ii) 1,971,935 951,003 2,922,938 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 2,595,000 (1,730,000 ) $ 865,000 Interest payable - 2011 Founders Note 282,746 48,937 331,683 Total current related party debt $ 2,877,746 $ (1,681,063 ) $ 1,196,683 i. King George Slag LLC is a joint venture of which the Company owns 25% ii. Seamar Management S.A. ("Seamar")
Schedule of Dividends Payable	Dividends payable to related parties consist of the following: 2013 common stock dividend Balance at December 31, 2018 $ 4,063,598 Payments (2,256,357 ) Balance at September 30, 2019 $ 1,807,241

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments for Leases	Future minimum lease payments under finance leases with initial or remaining terms in excess of one year at September 30, 2019 were: Year ending December 31, Remainder of 2019 $ 3,053,273 2020 11,592,392 2021 11,304,976 2022 14,303,933 2023 21,362,721 Thereafter 27,711,516 Total minimum lease payments $ 89,328,811 Less imputed interest 17,357,883 Present value of minimum lease payments 71,970,928 Less current portion 7,568,888 Long-term portion $ 64,402,040

General Information (Details)

General Information (Details)	Sep. 30, 2019vessel
NBHC
Property, Plant and Equipment [Line Items]
Ownership percentage	33.33%
NBHC | Owner of a deck barge
Property, Plant and Equipment [Line Items]
Ownership percentage	50.00%
Panamax
Property, Plant and Equipment [Line Items]
Number of vessels	3
Ultramax Ice Class 1C
Property, Plant and Equipment [Line Items]
Number of vessels	2
Supramax
Property, Plant and Equipment [Line Items]
Number of vessels	9
Handymax Ice Class 1A
Property, Plant and Equipment [Line Items]
Number of vessels	2
Panamax Ice Class 1A
Property, Plant and Equipment [Line Items]
Number of vessels	6

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Money market accounts – cash equivalents	$ 11,183,241	$ 13,819,043
Cash	22,987,821	39,795,692
Total cash and cash equivalents	34,171,062	53,614,735	$ 50,765,165
Restricted cash	2,500,000	2,500,000	2,500,000
Total cash, cash equivalents and restricted cash	$ 36,671,062	$ 56,114,735	$ 53,265,165	$ 38,531,812

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Additional Information (Details)	Sep. 27, 2019	Sep. 30, 2019USD ($)leasevessel	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)
Property, Plant and Equipment [Line Items]
Restricted cash		$ 2,500,000	$ 2,500,000	$ 2,500,000
Number of vessels chartered to customers | vessel		9
Lease payments		$ 4,257,000
Time charter, term to completion	15 years	99 days
Number of noncancelable office leases | lease		2
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement
Property, Plant and Equipment [Line Items]
Restricted cash		$ 2,500,000	$ 2,500,000
Minimum
Property, Plant and Equipment [Line Items]
Vessel lease term		22 days
Maximum
Property, Plant and Equipment [Line Items]
Vessel lease term		99 days

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Advance Hire, Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advance hire	$ 6,254,555	$ 5,851,070
Prepaid expenses	4,443,081	1,276,901
Accrued receivables	12,356,249	2,479,800
Margin deposit	741,378	1,820,656
Other current assets	4,202,880	759,124
Advance hire, prepaid expenses and other current assets	$ 27,998,143	$ 12,187,551

Basis of Presentation and Sig_7

Basis of Presentation and Significant Accounting Policies - Accounts Payable, Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 22,881,529	$ 19,892,511
Accrued voyage expenses	10,338,546	7,424,286
Accrued interest	460,758	540,886
Derivative liabilities	1,195,198	3,225,907
Other accrued liabilities	1,099,293	813,917
Accounts payable accrued expenses and other current liabilities	$ 35,975,324	$ 31,897,507

Fixed Assets (Details)

Fixed Assets (Details)	Sep. 30, 2019USD ($)vesselbarge	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Number of dry bulk vessels owned | vessel	22
Number of dry bulk vessels financed under finance leases | vessel	6
Number of barges owned | barge	1
Vessels, net	$ 309,099,193	$ 278,793,474
Other fixed assets, net	2,629,146	2,561,892
Total fixed assets, net	311,728,339	281,355,366
Right of Use Assets	54,239,752	56,113,096
m/v BULK PANGAEA
Property, Plant and Equipment [Line Items]
Owned vessels	15,217,154	15,231,305
m/v BULK PATRIOT
Property, Plant and Equipment [Line Items]
Owned vessels	9,424,690	10,130,797
m/v BULK JULIANA
Property, Plant and Equipment [Line Items]
Owned vessels	10,189,206	10,651,029
m/v NORDIC ODYSSEY
Property, Plant and Equipment [Line Items]
Owned vessels	23,243,646	24,283,497
m/v NORDIC ORION
Property, Plant and Equipment [Line Items]
Owned vessels	24,040,476	25,095,469
m/v BULK NEWPORT
Property, Plant and Equipment [Line Items]
Owned vessels	13,223,098	13,956,092
m/v NORDIC BARENTS
Property, Plant and Equipment [Line Items]
Owned vessels	4,006,193	4,370,817
m/v NORDIC BOTHNIA
Property, Plant and Equipment [Line Items]
Owned vessels	3,962,577	4,322,490
m/v NORDIC OSHIMA
Property, Plant and Equipment [Line Items]
Owned vessels	28,633,822	28,897,931
m/v NORDIC ODIN
Property, Plant and Equipment [Line Items]
Owned vessels	28,401,473	29,151,529
m/v NORDIC ODIN
Property, Plant and Equipment [Line Items]
Owned vessels	28,236,711	29,321,599
m/v NORDIC OASIS
Property, Plant and Equipment [Line Items]
Owned vessels	29,497,364	30,416,651
m/v BULK ENDURANCE
Property, Plant and Equipment [Line Items]
Owned vessels	25,283,457	26,020,505
m/v BULK FREEDOM
Property, Plant and Equipment [Line Items]
Owned vessels	8,300,171	8,467,058
m/v BULK PRIDE
Property, Plant and Equipment [Line Items]
Owned vessels	13,130,123	13,531,561
m/v BULK SPIRIT
Property, Plant and Equipment [Line Items]
Owned vessels	12,977,466	1,950,000
m/v BULK INDEPENDENCE
Property, Plant and Equipment [Line Items]
Owned vessels	14,073,766	0
m/v BULK FRIENDSHIP
Property, Plant and Equipment [Line Items]
Owned vessels	14,332,515	0
MISS NORA G PEARL
Property, Plant and Equipment [Line Items]
Owned vessels	2,925,285	2,995,144
m/v BULK DESTINY
Property, Plant and Equipment [Line Items]
Right of Use Assets	21,690,475	22,307,701
m/v BULK BEOTHUK
Property, Plant and Equipment [Line Items]
Right of Use Assets	6,708,478	7,065,300
m/v BULK TRIDENT
Property, Plant and Equipment [Line Items]
Right of Use Assets	12,238,021	12,664,906
m/v BULK PODS
Property, Plant and Equipment [Line Items]
Right of Use Assets	$ 13,602,778	$ 14,075,189

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Jun. 14, 2017	Dec. 11, 2015	Mar. 07, 2014	May 31, 2013
Debt Instrument [Line Items]
Long-term debt, gross	$ 114,062,330	$ 117,406,006
Less: unamortized debt issuance and bank fees	(1,760,104)	(1,903,994)
Long-term Debt	112,302,226	115,502,012
Less: current portion	(23,740,674)	(20,127,742)
Secured long-term debt	88,561,552	95,374,270
Bulk Phoenix Secured Note
Debt Instrument [Line Items]
Long-term debt, gross	0	2,702,374
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	56,700,000	62,325,000
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)
Debt Instrument [Line Items]
Long-term debt, gross	0	4,489,100
Bulk Nordic Oasis Ltd. Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	15,875,000	17,000,000
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (3)
Debt Instrument [Line Items]
Long-term debt, gross	36,806,664	25,626,665
Bulk Freedom Loan Agreement
Debt Instrument [Line Items]
Long-term debt, gross	3,950,000	4,450,000
109 Long Wharf Commercial Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	730,666	$ 812,867
Secured Debt | Bulk Phoenix Secured Note
Debt Instrument [Line Items]
Face amount						$ 10,000,000
Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)
Debt Instrument [Line Items]
Face amount	$ 13,000,000				$ 13,000,000
Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement
Debt Instrument [Line Items]
Face amount				$ 21,500,000
Secured Debt | Bulk Freedom Loan Agreement
Debt Instrument [Line Items]
Face amount			$ 5,500,000
Primary Beneficiary | Third parties
Debt Instrument [Line Items]
Ownership percentage	33.33%
ST Shipping and Transport Ltd. (STST) | Not Primary Beneficiary | Third parties
Debt Instrument [Line Items]
Ownership percentage	33.33%
ASO 2020 Maritime S.A. (ASO2020) | Not Primary Beneficiary | Third parties
Debt Instrument [Line Items]
Ownership percentage	33.33%

Debt - Additional Information (

Debt - Additional Information (Details)

May 13, 2019USD ($)quarterinstallment

Dec. 21, 2017USD ($)installment

Jun. 14, 2017USD ($)installment

Apr. 27, 2017

Mar. 31, 2017

Jan. 07, 2017USD ($)trancheinstallment

May 27, 2016USD ($)installment

Dec. 11, 2015USD ($)installment

Sep. 28, 2015USD ($)installment

Mar. 07, 2014USD ($)trancheinstallment

May 31, 2013USD ($)installment

Sep. 30, 2019USD ($)

Dec. 31, 2018USD ($)

Jan. 31, 2017

Debt Instrument [Line Items]

Interest Payable, Current

$ 460,758

$ 540,886

Secured Debt | Bulk Phoenix Secured Note

Debt Instrument [Line Items]

Face amount

$ 10,000,000

Periodic payment terms, balloon payment to be paid

$ 1,816,659

Interest rate, stated percentage

5.09%

Secured Debt | Bulk Phoenix Secured Note | Seven equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

7

Periodic payment, principal amount

$ 442,858

Secured Debt | Bulk Phoenix Secured Note | Two quarterly installment

Debt Instrument [Line Items]

Number of periodic payments | installment

2

Periodic payment, principal amount

$ 700,000

Secured Debt | Bulk Nordic Oasis Ltd. Loan Agreement

Debt Instrument [Line Items]

Face amount

$ 21,500,000

Periodic payment, principal amount

375,000

Periodic payment terms, balloon payment to be paid

$ 12,500,000

Interest rate, stated percentage

4.30%

Secured Debt | Bulk Nordic Oasis

Debt Instrument [Line Items]

Number of periodic payments | installment

24

Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)

Debt Instrument [Line Items]

Face amount

$ 13,000,000

$ 13,000,000

Periodic payment terms, balloon payment to be paid

$ 1,755,415

Number of tranches | tranche

2

Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | Twenty-two equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

22

Periodic payment, principal amount

$ 163,045

Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) | One Installment Per Borrower

Debt Instrument [Line Items]

Periodic payment, principal amount

163,010

Secured Debt | Nordic Bulk Bothina Ltd.

Debt Instrument [Line Items]

Long-term line of credit

$ 6,500,000

Secured Debt | Bulk Freedom Loan Agreement

Debt Instrument [Line Items]

Face amount

$ 5,500,000

Periodic payment terms, balloon payment to be paid

$ 2,300,000

Basis spread on variable rate

3.75%

5.78%

Secured Debt | Bulk Freedom Loan Agreement | Twelve equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

12

Periodic payment, principal amount

$ 150,000

Secured Debt | Bulk Freedom Loan Agreement | Eight equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

8

Periodic payment, principal amount

$ 175,000

Secured Debt | Bulk Endurance Senior Tranche Loan

Debt Instrument [Line Items]

Face amount

$ 16,000,000

Secured Debt | 109 Long Wharf Commercial Term Loan

Debt Instrument [Line Items]

Face amount

$ 1,096,000

Number of periodic payments | installment

120

Periodic payment, principal amount

$ 9,133

Basis spread on variable rate

2.00%

Interest rate, effective percentage

4.14%

m/v Nordic Odin | Secured Debt

Debt Instrument [Line Items]

Face amount

$ 21,750,000

m/v Nordic Odin | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Number of periodic payments | installment

28

Periodic payment, principal amount

$ 375,000

Periodic payment terms, balloon payment to be paid

11,233,150

Interest rate, stated percentage

4.07%

3.95%

Interest rate, portion fixed

50.00%

m/v Nordic Odin | Secured Debt | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Odyssey And Orion | Secured Debt

Debt Instrument [Line Items]

Face amount

$ 13,500,000

Odyssey And Orion | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Number of periodic payments | installment

20

Periodic payment, principal amount

$ 5,677,203

Periodic payment terms, balloon payment to be paid

375,000

Interest rate, stated percentage

4.24%

Interest rate, portion fixed

50.00%

Odyssey And Orion | Secured Debt | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Interest rate, effective percentage

4.73%

m/v Nordic Oshima | Secured Debt

Debt Instrument [Line Items]

Face amount

$ 21,000,000

m/v Nordic Oshima | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

4.16%

Interest rate, portion fixed

50.00%

Oshima | Secured Debt | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement

Debt Instrument [Line Items]

Number of periodic payments | installment

28

Oshima | Secured Debt | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement

Debt Instrument [Line Items]

Periodic payment, principal amount

$ 375,000

Periodic payment terms, balloon payment to be paid

$ 11,254,295

Basis spread on variable rate

2.25%

Interest rate, effective percentage

4.40%

Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Face amount

19,500,000

Periodic payment terms, balloon payment to be paid

$ 8,499,991

Number of tranches | tranche

2

Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | Three equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

3

Periodic payment, principal amount

$ 100,000

Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement | Seventeen equal quarterly installments

Debt Instrument [Line Items]

Number of periodic payments | installment

27

Periodic payment, principal amount

$ 266,667

Tranche A | Secured Debt | The Amended Senior Facility

Debt Instrument [Line Items]

Face amount

$ 10,000,000

Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Face amount

$ 3,500,000

Number of periodic payments | installment

28

Periodic payment, principal amount

$ 65,000

Periodic payment terms, balloon payment to be paid

$ 1,680,000

Tranche C | Secured Debt | The Amended Senior Facility

Debt Instrument [Line Items]

Face amount

$ 8,500,000

Number of periodic payments | installment

26

Periodic payment, principal amount

$ 275,000

Periodic payment terms, balloon payment to be paid

1,350,000

Basis spread on variable rate

4.69%

Tranche D | Secured Debt | The Amended Senior Facility

Debt Instrument [Line Items]

Face amount

$ 1,500,000

Number of periodic payments | installment

4

Periodic payment, principal amount

$ 375,000

Tranche E | Secured Debt | Bulk Independence

Debt Instrument [Line Items]

Face amount

$ 14,000,000

Number of periodic payments | installment

20

Periodic payment, principal amount

$ 250,000

Periodic payment terms, balloon payment to be paid

$ 9,000,000

Number of quarters | quarter

8

London Interbank Offered Rate (LIBOR) | Secured Debt | Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)

Debt Instrument [Line Items]

Basis spread on variable rate

2.50%

Period one | Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

3.69%

Period one | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Interest rate, effective percentage

4.01%

Period one | Tranche C | Secured Debt | The Amended Senior Facility

Debt Instrument [Line Items]

Basis spread on variable rate

1.70%

Period one | Tranche E | Secured Debt | Bulk Independence

Debt Instrument [Line Items]

Interest rate, effective percentage

4.01%

Period one | London Interbank Offered Rate (LIBOR) | Tranche A | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Period one | London Interbank Offered Rate (LIBOR) | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

1.70%

Period one | London Interbank Offered Rate (LIBOR) | Tranche E | Secured Debt | Bulk Independence

Debt Instrument [Line Items]

Basis spread on variable rate

1.70%

Period two | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Interest rate, stated percentage

4.16%

Period two | Tranche C | Secured Debt | The Amended Senior Facility

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Period two | London Interbank Offered Rate (LIBOR) | Tranche B | Secured Debt | Bulk Nordic Six Ltd. Loan Agreement

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Period two | London Interbank Offered Rate (LIBOR) | Tranche E | Secured Debt | Bulk Independence

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Debt - Future Minimum Annual Pa

Debt - Future Minimum Annual Payments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 3,284,067
2021	22,990,674
2022	20,640,563
2023	41,102,568
2024	3,536,268
Thereafter	22,508,190
Long-term Debt	$ 114,062,330	$ 117,406,006

Derivative Instruments and Fa_3

Derivative Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Freight forward agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss)	$ 116,000	$ (9,000)	$ 233,000	$ (263,000)
Fuel swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss)	(417,000)	$ 495,000	1,971,000	$ 740,000
Recurring | Freight forward agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value, net assets (liabilities)	173,190		173,190		$ (59,940)
Recurring | Fuel swaps | Fuel
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value, net assets (liabilities)	(1,195,198)		(1,195,198)		(3,165,967)
Level 2 | Recurring | Freight forward agreements
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value, net assets (liabilities)	173,190		173,190		(59,940)
Level 2 | Recurring | Fuel swaps | Fuel
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value, net assets (liabilities)	$ (1,195,198)		$ (1,195,198)		$ (3,165,967)

Derivative Instruments and Fa_4

Derivative Instruments and Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Margin accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	$ 741,378	$ 1,820,657
Fuel swaps | Fuel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(1,195,198)	(3,165,967)
Freight forward agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	173,190	(59,940)
Level 1 | Margin accounts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	741,378	1,820,657
Level 2 | Fuel swaps | Fuel
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(1,195,198)	(3,165,967)
Level 2 | Freight forward agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	$ 173,190	$ (59,940)

Related Party Transactions - Am

Related Party Transactions - Amounts and Notes Payable to Related Parties (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Schedule of Related Party Payables
Beginning balance	$ 2,877,746
Ending balance	1,196,683
Included in current related party debt on the consolidated balance sheets
Schedule of Related Party Payables
Beginning balance	2,877,746
Activity	(1,681,063)
Ending balance	1,196,683
Trade receivables due from King George Slag | Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively
Schedule of Related Party Payables
Beginning balance	627,629
Activity	(119,999)
Ending balance	$ 507,630
Ownership percentage	25.00%
Affiliated companies (trade payables) | Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets
Schedule of Related Party Payables
Beginning balance	$ 1,971,935
Activity	951,003
Ending balance	2,922,938
Loan payable – 2011 Founders Note | Included in current related party debt on the consolidated balance sheets | Loans payable
Schedule of Related Party Payables
Beginning balance	2,595,000
Activity	(1,730,000)
Ending balance	865,000
Interest payable - 2011 Founders Note | Included in current related party debt on the consolidated balance sheets | Loans payable
Schedule of Related Party Payables
Beginning balance	282,746
Activity	48,937
Ending balance	$ 331,683

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Oct. 01, 2011	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Due to related parties, current		$ 1,196,683		$ 2,877,746
Technical management fees		832,200	$ 777,600
Founder
Related Party Transaction [Line Items]
Loan agreement	$ 10,000,000
Interest rate	5.00%
Related party debt current
Related Party Transaction [Line Items]
Due to related parties, current		1,196,683		2,877,746
Accounts payable and accrued liabilities | Affiliated Companies
Related Party Transaction [Line Items]
Due to related parties, current		$ 2,922,938		$ 1,971,935

Related Party Transactions - Sc

Related Party Transactions - Schedule of Dividends (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Dividends Payable [Roll Forward]
Beginning balance	$ 4,063,598
Payments	(2,256,357)
Ending balance	$ 1,807,241

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Sep. 29, 2019USD ($)vessel	Sep. 27, 2019USD ($)	Apr. 30, 2019USD ($)vessel	Sep. 30, 2019USD ($)vessel	Feb. 28, 2019USD ($)	Sep. 30, 2019USD ($)vessel	Sep. 30, 2019USD ($)vessel	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
Payment for purchase of vessels							$ 40,201,356	$ 14,695,391
Sale of vessel, selling price		$ 32,000,000
Sale price at fair market value at closing, percentage		0.85
Number of dry bulk vessels financed under finance leases | vessel				6		6	6
Investment in newbuildings in-process				$ 7,691,522		$ 7,691,522	$ 7,691,522		$ 0
Remainder of lease term after introductory period					3 years
Noncancelable period							6 months
Operating lease, expense						52,000	$ 155,000
Purchase obligation		$ 2,500,000
Vessel charter period obligation		15 years
Time charter, term to completion		15 years					99 days
m/v Bulk Destiny
Commitments and Contingencies [Line Items]
Sale leaseback transaction, proceeds							$ 21,000,000
Capital leased assets, gross				24,000,000		24,000,000	$ 24,000,000
Useful life							25 years
Lease terms							Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term
Periodic payment terms, balloon payment to be paid				$ 11,200,000		$ 11,200,000	$ 11,200,000
Basis spread on variable rate							2.75%
Interest rate, effective percentage				5.05%		5.05%	5.05%
Term of contract				7 years		7 years	7 years
m/v Bulk Beothuk
Commitments and Contingencies [Line Items]
Capital leased assets, gross				$ 7,000,000		$ 7,000,000	$ 7,000,000
Lease terms							The lease is payable at $3,500 per day every fifteen days over the five year lease term
Periodic payment terms, balloon payment to be paid				4,000,000		4,000,000	$ 4,000,000
Lease payable				$ 3,500		$ 3,500	$ 3,500
Interest rate, stated percentage				11.83%		11.83%	11.83%
Term of contract				5 years		5 years	5 years
m/v Bulk Trident
Commitments and Contingencies [Line Items]
Sale leaseback transaction, proceeds							$ 13,000,000
Basis spread on variable rate							1.70%
Interest rate, effective percentage				3.79%		3.79%	3.79%
Term of contract				8 years		8 years	8 years
m/v Bulk PODS
Commitments and Contingencies [Line Items]
Sale leaseback transaction, proceeds							$ 14,750,000
Interest rate, effective percentage				3.63%		3.63%	3.63%
Term of contract				8 years		8 years	8 years
m/v Bulk Spirit
Commitments and Contingencies [Line Items]
Periodic payment terms, balloon payment to be paid					$ 3,875,000
Term of contract					8 years
Payment for purchase of vessels					$ 13,000,000
Interest for first five years					5.10%
Introductory period					5 years
Owned vessels				$ 12,977,466		$ 12,977,466	$ 12,977,466		1,950,000
m/v BULK FRIENDSHIP
Commitments and Contingencies [Line Items]
Payment for purchase of vessels				$ 14,100,000
Interest for first five years				5.29%		5.29%	5.29%
Purchase options, vessel				$ 7,780,000		$ 7,780,000	$ 7,780,000
Owned vessels				$ 14,332,515		$ 14,332,515	$ 14,332,515		$ 0
dwt Dry Bulk
Commitments and Contingencies [Line Items]
Payment for purchase of vessels	$ 37,700,000		$ 38,300,000
Percentage of payment, first installment due	0.10
Percentage of payment, second installment due				0.20		0.20	0.20
Number of vessels | vessel	2			2		2	2
Additional vessels to be built | vessel			2
Singapore
Commitments and Contingencies [Line Items]
Operating leases remaining obligations				$ 115,000		$ 115,000	$ 115,000

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Lease Payments Under Finance Leases (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
2020	$ 3,053,273
2021	11,592,392
2022	11,304,976
2023	14,303,933
2024	21,362,721
Thereafter	27,711,516
Total minimum lease payments	89,328,811
Less imputed interest	17,357,883
Present value of minimum lease payments	71,970,928
Less current portion	7,568,888	$ 5,364,963
Long-term portion	$ 64,402,040	$ 45,684,727

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 07, 2019	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2018
Subsequent Event [Line Items]
Proceeds from sale of equipment			$ 0	$ 31,594
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in dollars par share)	$ 0.035
Subsequent Event | m/v BULK JULIANA
Subsequent Event [Line Items]
Proceeds from sale of equipment		$ 6,500,000
Gain (loss) on sale of vessel		3,700,000
Subsequent Event | m/v BULK PATRIOT
Subsequent Event [Line Items]
Proceeds from sale of equipment		4,500,000
Gain (loss) on sale of vessel		$ 4,900,000

Uncategorized Items - panl-2019

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,423,036)
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,423,036)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (2,423,036)