Debt (Tables)

3 Months Ended

Mar. 31, 2022

Long-term debt consists of the following:


	March 31, 2022		December 31, 2021		Interest Rate (%) (1)		Maturity Date
	(unaudited)



Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3)	15,772,021		16,224,189		2.95	%	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)	48,200,000		49,400,000		3.38	%	June 2027
The Amended Senior Facility - Dated May 13, 2019 (formerly The Amended Senior Facility - Dated December 21, 2017) (4)
Bulk Nordic Six Ltd. - Tranche A (2)	10,899,994		11,166,661		4.39	%	May 2024
Bulk Nordic Six Ltd. - Tranche B	2,265,000		2,330,000		3.37	%	May 2024
Bulk Pride - Tranche C (2)	3,825,000		4,100,000		5.39	%	May 2024
Bulk Independence - Tranche E (2)	11,250,000		11,500,000		3.54	%	May 2024
Bulk Freedom Loan Agreement	2,450,000		2,600,000		4.55	%	June 2022
Bulk Valor Corp. Loan and Security Agreement (2)	12,397,381		12,718,279		3.29	%	June 2028
Bulk Promise Corp.	12,107,852		12,453,926		2.54	%	October 2027
109 Long Wharf Commercial Term Loan	456,666		484,066		2.46	%	April 2026
Total	$	119,623,914	$	122,977,121
Less: unamortized issuance costs, net	(1,590,892)		(1,697,209)
	$	118,033,022	$	121,279,912
Less: current portion	(15,317,100)		(15,443,115)
Secured long-term debt, net	$	102,715,922	$	105,836,797

(1)As of March 31, 2022.

(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)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


	Years ending December 31,
	(unaudited)
2022 (remainder of the year)	$	12,089,908
2023	12,940,758
2024	31,857,187
2025	9,718,626
2026	9,761,812
Thereafter	43,255,623
	$	119,623,914

- 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.

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+ Details