Debt (Tables)

9 Months Ended

Sep. 30, 2019

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

- 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