Debt (Tables)

9 Months Ended

Sep. 30, 2017

Long-term debt consists of the following:



	September 30, 2017			December 31, 2016
	(unaudited)
Bulk Pangaea Secured Note	$	—		$	1,040,625
Bulk Patriot Secured Note	—			1,087,500
Bulk Trident Secured Note (1)	3,887,500			5,737,500
Bulk Juliana Secured Note (1)	2,028,126			3,042,186
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)	71,700,000			77,325,001
Bulk Atlantic Secured Note	—			5,350,000
Bulk Phoenix Secured Note (1)	4,916,663			6,816,685
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)	6,119,550			7,097,820
Bulk Nordic Oasis Ltd. Loan Agreement (2)	18,875,000			20,000,000
Bulk Nordic Six Ltd. Loan Agreement	19,135,000			—
Bulk Freedom Loan Agreement	5,325,000			—
109 Long Wharf Commercial Term Loan	949,864			1,032,067
Phoenix Bulk Carriers (US) LLC Automobile Loan	24,483			28,582
Phoenix Bulk Carriers (US) LLC Master Loan	197,362			236,242
Total	133,158,548			128,794,208
Less: unamortized bank fees	(1,897,347		)	(1,528,511		)
	131,261,201			127,265,697
Less: current portion	(17,830,996		)	(19,627,846		)
Secured long-term debt, net	$	113,430,205		$	107,637,851


⁽¹⁾	The Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company.

⁽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 Accounting Standards Codification ("ASC") 810, Consolidation, 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.

Schedule of Maturities of Long-term Debt

The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows:



	Years ending September 30,
	(unaudited)
2018	$	17,830,996
2019	17,999,412
2020	25,225,098
2021	18,921,949
2022	52,779,228
Thereafter	401,865
	$	133,158,548

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details