Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt consists of the following: 

	September 30, 2021		December 31, 2020		Interest Rate (%) (1)		Maturity Date
	(unaudited)
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Loan Agreement (2)	$	—	$	25,466,300			Not applicable
Bulk Nordic Oasis Ltd. Loan Agreement (2)	—		14,000,000				Not applicable
Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2)	—		12,004,295				Not applicable
Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3)	16,673,047		18,000,000		2.950	%	December 2027
Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) (4)	50,600,000		—		3.375	%	June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (5)
Bulk Nordic Six Ltd. - Tranche A (2)	11,433,328		12,233,329		4.390	%	May 2024
Bulk Nordic Six Ltd. - Tranche B	2,395,000		2,590,000		2.546	%	May 2024
Bulk Pride - Tranche C (2)	4,375,000		5,200,000		5.390	%	May 2024
Bulk Independence - Tranche E (2)	11,750,000		12,500,000		3.540	%	May 2024
Bulk Freedom Loan Agreement	2,750,000		3,200,000		3.866	%	June 2022
Bulk Valor Corp. Loan and Security Agreement (2)	13,035,430		—		3.290	%	June 2028
Bulk Promise Corp.	12,800,000		—		2.419	%	October 2027
109 Long Wharf Commercial Term Loan	511,466		593,666		2.088	%	April 2026
Total	$	126,323,271	$	105,787,590
Less: unamortized issuance costs, net (6)	(1,881,974)		(643,018)
	$	124,441,297	$	105,144,572
Less: current portion	(15,569,202)		(57,382,674)
Secured long-term debt, net	$	108,872,095	$	47,761,898

(1)As of September 30, 2021.

(2)Interest rates on the loan facilities are fixed.

(3)The borrower under this facility is NBHC. The Company has two-third's ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.

(4)On April 26, 2021, NBHC entered into a new Senior Secured Term Loan Facility with two new lenders. The agreement advanced $53.0 million in respect of the m/v Nordic Oshima, m/v Nordic Olympic, m/v Nordic Odin and m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly principal installments of $1.2 million beginning on June 15, 2021 and a balloon payment of $24.2 million due in June 2027.

(5)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

(6)A portion of unamortized debt issuance costs were reclassified as a reduction of the finance leases liabilities. Refer to Note 7 "Commitments and Contingencies" for additional information.

Schedule of Maturities of Long-term Debt

	Years ending December 31,
	(unaudited)
2021 (remainder of the year)	$	3,346,149
2023	15,443,116
2024	12,940,758
2025	31,857,187
2026	9,718,626
Thereafter	53,017,435
	$	126,323,271