Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Apr. 12, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | Petrogress, Inc. | ||
Entity Central Index Key | 0001558465 | ||
Trading Symbol | pgas | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 3,828,412 | ||
Entity Public Float | $ 662,296 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 661,010 | $ 1,150,999 |
Accounts receivable, net | 4,779,432 | 4,508,885 |
Claims receivable, net | 547,600 | |
Inventories | 417,135 | 171,500 |
Prepaid expenses and other current assets | 1,765,276 | 1,043,624 |
Total current assets | 8,170,453 | 6,875,008 |
Non-Current Assets | ||
Goodwill | 900,000 | 900,000 |
Vessels and other fixed assets, net | 4,450,906 | 5,281,949 |
Deferred charges, net | 26,750 | |
Security deposit | 10,638 | 7,573 |
Total non-current assets | 5,388,294 | 6,189,522 |
Total Assets | 13,558,747 | 13,064,530 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,265,452 | 1,299,965 |
Due to related party | 1,176,863 | 1,243,753 |
Loan facility from related party | 148,900 | 297,400 |
Accrued Interest | 8,744 | 9,639 |
Total current liabilities | 2,599,959 | 2,850,757 |
Total liabilities | 2,599,959 | 2,850,757 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, value | ||
Shares of Common stock, $0.001 par value, 19,000,000 shares authorized, 3,828,412 and 3,178,452 shares issued and outstanding as of December 31, 2018 and December 31, 2017 respectively | 3,829 | 3,098 |
Additional paid-in capital | 9,535,161 | 9,100,838 |
Accumulated comprehensive loss | (10,231) | (7,744) |
Retained earnings | 1,315,870 | 1,008,823 |
Equity attributable to Owners of the Company | 10,854,629 | 10,115,015 |
Non-controlling interests | 104,159 | 98,758 |
Total liabilities and shareholders' equity | 13,558,747 | 13,064,530 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 10,000 | $ 10,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 100 | 0 |
Preferred stock, shares outstanding (in shares) | 100 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 19,000,000 | 19,000,000 |
Common stock, shares issued (in shares) | 3,828,412 | 3,178,452 |
Common stock, shares outstanding (in shares) | 3,828,412 | 3,178,452 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, shares authorized (in shares) | 100 | 100 |
Preferred stock, shares issued (in shares) | 100 | 0 |
Preferred stock, shares outstanding (in shares) | 100 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 9,026,962 | $ 9,163,356 |
Costs of goods sold | (5,068,717) | (5,619,978) |
Gross profit | 3,958,245 | 3,543,378 |
Operating expenses: | ||
Corporate expenses | (254,289) | (465,274) |
Selling, general and administrative expenses | (2,095,839) | (1,162,930) |
Provision for losses on accounts receivable | (344,466) | (395,413) |
Write offs of accounts receivable | 0 | (326,724) |
Amortization of Dry Docking | (6,687) | |
Depreciation expense | (927,596) | (918,166) |
Total operating expenses | (3,628,877) | (3,268,507) |
Operating income before other expenses | 329,368 | 274,871 |
Other income/ (expense), net: | ||
Interest and finance expenses | (16,551) | (14,919) |
Other income, net | 11,881 | 33,475 |
Total other income, net | (4,670) | 18,556 |
Income before income taxes | 324,698 | 293,427 |
Income tax expense | ||
Net income | 324,698 | 293,427 |
Net income attributable to: | ||
Shareholders of the company | 307,047 | 294,669 |
Non-controlling interests | 17,651 | (1,242) |
324,698 | 293,427 | |
Other comprehensive loss | ||
Cancellation of marketable securities | (15,660) | |
Foreign currency translation adjustment | (2,487) | (7,744) |
Comprehensive income | 322,211 | 270,023 |
Owners of the company | 304,560 | 271,265 |
Non-controlling interests | 17,651 | (1,242) |
$ 322,211 | $ 270,023 | |
Weighted average number of shares of Common Stock: | ||
Basic (in shares) | 3,436,387 | 1,729,624 |
Diluted (in shares) | 3,522,331 | 1,729,888 |
Basic earnings per share (in dollars per share) | $ 0.0894 | $ 0.1696 |
Diluted earnings per share (in dollars per share) | $ 0.0896 | $ 0.1696 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Series A Preferred Stock [Member]Preferred Stock [Member] | Series A Preferred Stock [Member]Common Stock [Member] | Series A Preferred Stock [Member]Additional Paid-in Capital [Member] | Series A Preferred Stock [Member]AOCI Attributable to Parent [Member] | Series A Preferred Stock [Member]Retained Earnings [Member] | Series A Preferred Stock [Member]Parent [Member] | Series A Preferred Stock [Member]Noncontrolling Interest [Member] | Series A Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Reverse split of common shares 100 to 1 | $ (165,128,355) | $ 165,209 | ||||||||||||||
Balances (in shares) at Dec. 31, 2016 | 166,795,807 | |||||||||||||||
Balances at Dec. 31, 2016 | $ 166,796 | 8,423,641 | 15,660 | 799,487 | 9,405,584 | 9,405,584 | ||||||||||
Balances, after stock split (in shares) at Dec. 31, 2016 | 1,667,452 | |||||||||||||||
Balances, after stock split at Dec. 31, 2016 | $ 1,587 | 8,588,850 | 15,660 | 799,487 | 9,405,584 | 9,405,584 | ||||||||||
Issuance of Series A Preferred Shares (in shares) | 100 | |||||||||||||||
Issuance of Series A Preferred Shares | $ 10,000 | $ 10,000 | $ 10,000 | |||||||||||||
Reclassification of derivative liability upon conversion of convertible note | 65,499 | 65,499 | 65,499 | |||||||||||||
Common stock issued for convertible notes (in shares) | 1,410,000 | |||||||||||||||
Common stock issued for convertible notes | $ 1,411 | 156,589 | 158,000 | 158,000 | ||||||||||||
Common stock issued for consulting services (in shares) | 100,000 | |||||||||||||||
Common stock issued for consulting services | $ 100 | 299,900 | 300,000 | 300,000 | ||||||||||||
Cancellation of marketable securities | (15,660) | (15,660) | (15,660) | |||||||||||||
Amounts due from related party classified under APIC | (10,000) | (10,000) | (10,000) | |||||||||||||
Foreign currency translation adjustment | (7,744) | (7,744) | (7,744) | |||||||||||||
Beginning deficit balance of Petrogress (Hellas) Co. consolidated as of January 1, 2017 | (85,333) | (85,333) | (85,333) | |||||||||||||
Acquisition of Petrogres Africa Ltd. | 100,000 | 100,000 | ||||||||||||||
294,669 | 294,669 | (1,242) | 293,427 | |||||||||||||
Common stock issued for settlement of accrued wages | ||||||||||||||||
Balances (in shares) at Dec. 31, 2017 | 100 | 3,177,452 | ||||||||||||||
Balances at Dec. 31, 2017 | $ 10,000 | $ 3,098 | 9,100,838 | (7,744) | 1,008,823 | 10,115,015 | 98,758 | 10,213,773 | ||||||||
Common stock issued for consulting services (in shares) | 800 | |||||||||||||||
Common stock issued for consulting services | $ 80 | 1,416 | 1,496 | 1,496 | ||||||||||||
Cancellation of marketable securities | ||||||||||||||||
Foreign currency translation adjustment | (2,487) | (2,487) | (2,487) | |||||||||||||
307,047 | 307,047 | 17,651 | 324,698 | |||||||||||||
Common stock issued for payment of accrued wages (in shares) | 76,614 | |||||||||||||||
Common stock issued for settlement of accrued wages | $ 77 | 209,923 | 210,000 | 210,000 | ||||||||||||
Common stock issued to settle liabilities (in shares) | 190,705 | |||||||||||||||
Common stock issued to settle liabilities | $ 191 | 457,501 | 457,692 | 457,692 | ||||||||||||
Cancellation of common stock issued for services | (146,767) | (146,767) | (146,767) | |||||||||||||
Common stock issued for accrued interest of LOC (in shares) | 382,841 | |||||||||||||||
Common stock issued for accrued interest of LOC | $ 383 | 383 | 383 | |||||||||||||
Elimination of Petrogress Africa Ltd apic/due from shareholders | (87,750) | (87,750) | (12,250) | (100,000) | ||||||||||||
Balances (in shares) at Dec. 31, 2018 | 100 | 3,828,412 | ||||||||||||||
Balances at Dec. 31, 2018 | $ 10,000 | $ 3,829 | $ 9,535,161 | $ (10,231) | $ 1,315,870 | $ 10,854,629 | $ 104,159 | $ 10,958,788 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2016 | |
Common stock, reverse split ratio | 100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 324,698 | $ 293,427 |
Adjustments to reconcile net income to net cash | ||
Depreciation | 927,596 | 918,166 |
Provision for losses on accounts receivable | 344,466 | 395,413 |
Write offs on accounts receivable | 0 | 326,724 |
Write off of marketable securities | 5,280 | |
Share-based compensation expense | 1,496 | |
Gain on convertible promissory notes settlement | (12,835) | (1,390) |
Loss on settlement of loan facility from related party | 160,192 | |
Shares of common stock issued for services | 300,000 | |
Changes in working capital: | ||
- Increase in Accounts receivable, net | (615,014) | (2,803,354) |
- Increase in Claims receivable, net | (547,600) | |
- Increase in Inventories | (245,635) | (171,500) |
- Decrease / (increase) in Prepaid expenses and other current assets | (968,420) | 34,464 |
- Decrease in Security deposits | 1,202 | |
- Increase / (decrease) in Accounts payable and accrued expenses | (34,513) | 1,100,419 |
- Increase in Amounts due to related party | 165,611 | 266,153 |
- Increase in Accrued Interest | 12,323 | 16,364 |
- Decrease in security deposit | (3,065) | |
- Decrease in deferred charges, net | (26,750) | |
Net cash provided by operating activities | (517,449) | 681,368 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Vessels and other equipment | (96,553) | (179,313) |
Cash transferred upon acquisition under common control | 33,553 | |
Net cash used in investing activities | (96,553) | (145,760) |
Proceeds from loan facility from related party | 126,500 | 275,000 |
Repayment of convertible note payable | (26,767) | |
Net cash provided by financing activities | 126,500 | 248,233 |
Effect of exchange rate changes on cash | (2,487) | 5,075 |
Net increase / (decrease) in cash and cash equivalents | (489,989) | 788,916 |
Cash and cash equivalents, Beginning of the Year | 1,150,999 | 362,083 |
Cash and cash equivalents, End of the Year | 661,010 | 1,150,999 |
Cash paid for income taxes | 55,900 | |
Non-cash investing and financing activities: | ||
Reclassification of derivative liability upon repayment of convertible debt | 65,499 | |
Series A Preference Shares issued to related party | 10,000 | |
Common stock issued for settlement of notes and interest payable | 297,500 | 158,000 |
Common stock issued for settlement of accrued wages | 210,000 | |
Common stock issued for payment of accrued interest | 383 | |
Cancellation sale marketable securities | 15,660 | |
Acquisition under common control | $ 900,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1: AND BASIS OF PRESENTATION Petrogress, Inc. was incorporated on February 10, 2010 800 "800 February 29, 2016, 800 800 136,000,000 85% 100% 800 800 February 29, 2016 On March 9, 2016, 800 800 800 March 15, 2016, November 16, 2016, The Company operates as a fully integrated international merchant of petroleum products, focused on the supply and trade of light petroleum fuel oil (LPFO), refined oil products and other petrochemical products to local refineries in West Africa and Mediterranean countries. The Company operates as a holding company and provides its services primarily through its four four The Company’s management team operates from its principal offices located in Piraeus, Greece. Overview of subsidiaries Petrogres Co. Limited 2009 five 25 On February 28, 2018 Petronav Carriers LLC April 2016 four Effective as of July 13, 2018, Petrogress Int’l LLC, September 2017, In September 2017, 90% In October 2017, In March 2018, On November 28, 2018, 45 Petrogress Oil & Gas Energy In c December 2015 December 2018 Petrogres Africa Co. Ltd, . September 30, 2017, 90% 2017 Basis of Preparation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Marshall Islands) Petrogress Int'l LLC (Delaware) Petrogres Africa Co. Limited (Ghanaian) (Ghana; 90% For the year ended December 31, 2017, March 2015 8 830. January 1, 2017 not Reclassification s During the year ended December 31, 2017, Oil purchase costs include the costs for purchasing the gas and crude oil that the Company then resells through its subsidiary Petrogres Co. limited. Shipping and handling costs include all the costs necessary to ship/transport our commodities to the possession of the final customer. Most significant items in this category of expenses are crew wages, bunkers and port expenses. Direct vessels operating expenses include all the expenses necessary to maintain the Company’s fleet in a proper condition in order to be able to serve the Company and its final customers. These expenses mainly consist of maintenance and repairs expenses, provisions and management expenses. In order to better reflect the operations of the Company and also improve the presentation of specific material transactions, we established the following categories of expenses that are depicted in the Consolidated Statements of Comprehensive Income: Corporate expenses, Provisions for losses on accounts receivable, and Write offs of accounts receivable. Corporate expenses mainly include the expenses incurred by Petrogress, Inc. which is the listed company of our group in order to comply with all the regulatory requirements of a public company. These include compensation of Christos Traios, our President, Chief Executive Officer and sole Director, Consultants and professional services namely legal and audit fees, transfer agent and travel expenses of Mr. Traios to the New York office of the Company. The nature of expenses included in Provisions for losses on accounts receivable, and Write offs of accounts receivable is readily determinable. Finally, we renamed General and administrative expenses to Selling, general and administrative expenses to better reflect the items included therein, mainly being consulting & professional fees & personnel related expenses of Petrogres Co. Limited, insurance expenses of the vessels, office expenses and office rents. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 : SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited (Marshall Islands) Petrogress Oil & Gas Energy, Inc. (Texas) Petronav Carriers LLC (Marshall Islands) Petrogress Int'l LLC (Delaware) Petrogres Africa Co. Limited (Ghanaian) (Ghana; 90% Emerging Growth Company The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, 107 7 2 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original term of three December 31, 2018, $456,000 Accounts Receivable, net The amount shown as accounts receivables, net at each balance sheet date includes estimated recoveries from customers and charterers for sales of oil products, hires, freight and demurrage billings, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of non-payment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not For the year ended December 31, 2018 2017, $344,466 $395,413 not For the year ended December 31, 2018, no December 31, 2017, $326,724, Inventories The Company's inventories consist primarily of purchased crude oil for re-sale and gas oil in transit on a marine vessel at the respective balance sheet date, and both are valued at the purchased cost or market using the mark-to-market method of valuation. Year ended December 31, 2018 2017 Crude oil 279,196 49,676 Gas oil 137,939 121,824 Totals 417,135 171,500 Marketable Securities We classify marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses, net of deferred income taxes, reported as accumulated other comprehensive income/ (loss), a separate component of shareholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. Vessels and other fixed assets, net The Company depreciates vessels on a straight-line basis over the estimated useful life which is 10 Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years Organization costs The Company has adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. The Company accounts for income taxes in accordance with ASC 740 10, not not ASC 740 10 not The company had U.S. federal and state Net Operating Loss Carryforwards of $1,379,119 $718,616 December 31, 2018 December 31, 2017 $434,639 $344,936 December 31, 2018 December 31, 2017 not $434,639 $344,936 December 31, 2018 December31, 2017, December 31, 2018 December 31, 2017 no not not not not The Company measures and records uncertain tax positions by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than- not may 2011 Earnings/ (Loss) Per Share The Company reports earnings/ (loss) per share in accordance with ASC 260, As of December 31, 2018, 3,436,387 3,522,331 As of December 31, 2017, 1,729,624 1,729,888 As of December 31, 2018 2017, 85,944 264 Accounting for Equity-based Payments The Company accounts for stock awards issued to non-employees in accordance with ASC 505 50, 1 2 Comprehensive Income The Company adopted ASC Topic 220, Revenue Recognition In May 2014, 2014 09, 606 may January 1, 2018, 2014 09, 606 not Net sales for the years ended December 31, 2018 2017 Year ended December 31, 2018 2017 Crude oil net sales 7,558,462 6,539,346 Gas oil net sales 1,424,000 1,997,660 Other 44,500 626,350 Totals 9,026,962 9,163,356 Fair Value of Financial Instruments Our financial instruments consist primarily of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt, as applicable, approximates fair value due to the short-term nature of these items and/or the current interest rates payable in relation to current market conditions. Marketable securities are adjusted to fair value each balance sheet date, based on quoted prices; which are considered level 1 3 not Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do not Fair value measurements are determined under a three not The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 3 The three Level 1 Level 2 not Level 3 Credit risk adjustments are applied to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s own credit risk as observed in the credit default swap market. Recent Accounting Pronouncements In January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” February 2018, 2018 03, 825 10 No. 2016 01, 825 10 may 820, December 15, 2018 June 15, 2019. January 1, 2019, not 2016 01 In February 2016, No. 2016 02, Leases 2016 02” January 2018, 2018 01, 2016 02. 1 2 not In January 2017, 2017 01, Business Combinations 805 December 15, 2018. not |
Note 3 - Vessels and Other Fixe
Note 3 - Vessels and Other Fixed Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 : VESSELS AND OTHER FIXED ASSETS, NET Fixed assets consisted of the following as of December 31, 2018 2017: Vessels Furniture & equipment Total Cost Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Additions - 96,553 96,553 Disposals - - - Balance at December 31, 2018 $ 10,171,930 $ 189,848 $ 10,361,778 Accumulated depreciation Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Depreciation for the period (909,590 ) (18,006 ) (927,596 ) Balance at December 31, 2018 $ (5,817,783 ) $ (93,089 ) $ (5,910,872 ) Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 Vessels and other fixed assets, net - December 31, 2018 $ 4,354,147 $ 96,759 $ 4,450,906 Depreciation expense of $927,596 $918,166 December 31, 2018 2017, |
Note 4 - Concentration of Sales
Note 4 - Concentration of Sales and Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 4 : CONCENTRATION OF SALES AND CREDIT RISK Sales and Accounts Receivable The following is a summary of customers who accounted for more than ten 10% December 31, 2018 2017 December 31, 2018: Accounts receivable balance as of Customer % Sales 2018 % Sales 2017 December 31, 2018 A 87% * 2,991,220 B 9% * 780,000 C * 66% 300,081 D * 11% 262,500 None April 12, 2019. 10%. |
Note 5 - Shareholders' Equity
Note 5 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 : SHAREHOLDERS’ EQUITY Common stock On September 12, 2017, 12,000 $18,120. $26,767 August 30, 2017, On October 20, 2017, 10,000,000 10,000 5 8 September 22, 2017. On December 21, 2017, 139,880 8% May 12, 2017 $134,600 On June 18, 2018, 5,000,000 50,000 July 18, 2018) On January 12, 2018, 2,903,225 29,032 $90,000 December 31, 2017. On February 23, 2018 4,758,128 47,582 $120,000 December 31, 2016. On February 23, 2018 19,070,512 190,705 $297,500 $275,000 $15,000 $7,500 $160,192 The Company entered into two October 1, 2017 June 7, 2018 20,000 60,000 200 600 On July 9, 2018, one 100 490,000,000 19,000,000. July 18, 2018. No no The Amendment and reverse stock split have been recognized retroactively as of January 1, 2017. December 31, 2017 317,875,807 3,178,452. December 31, 2017 $317,876 $3,098. December 31, 2017 $8,786,060 $9,100,838. On December 5, 2018, 382,841 $383. Preferred stock On July 14, 2017, 100 $100 two 2 may may, not not $100 not not On October 6, 2017, 100 On July 9, 2018, 10,000,000 1,000,000. July 18, 2018. no |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 6 : RELATED PARTY TRANSACTIONS Officer’s compensation During the year ended December 31, 2018, $80,000 $120,000 $200,000 $44,867 During the year ended December 31, 2018, $90,000 2016 $120,000 2017 During the year ended December 31, 2017, $120,000 150,000 $270,000 $21,695 Revolving Line of Credit During the year ended December 31, 2018, $126,500, July 13, 2017. During the year ended December 31, 2017, $275,000. October 31 st 2018. no July 13, 2019. On February 23, 2018, 190,705 $297,500 $275,000 $15,000 $7,500 $160,192 On October 31, 2018, July 13, 2017 ( $1,000,000 no $148,900 July 13, 2019. The table below presents the movement of the Loan facility from related party during the year ended December 31, 2018: February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lent to the Company by Christos Traios 275,000 Amount converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 New amounts lent to the Company by Christos Traios 126,500 Amount converted to common shares signed February 23, 2018 (275,000 ) Balance December 31, 2018 $ 148,900 Capital transactions Effective September 30, 2017, 1,080,000 90% $1,080,000 $180,000 $900,000 December 31, 2017. PGAF was incorporated in the summer of 2017 Mr. Traios initially acquired 90% $900,000, August 17, 2017. 805 50 25 2, August17, 2017. Partnership Agreement with Platon Gas Oil Ghana Ltd On February 28, 2018, 24,000 10,000 third The Company accounts for this agreement under ASC 808 10, December 31, 2018, $7,877,962 4. not No not Other Non-Interest Bearing Advances The table below presents the movement of the amounts due to Christos Traios during the year ended December 31, 2018: Amounts due to related party December 31, 2017 $ 1,243,753 Wages paid to Christos Traios in shares of Common Stock of Petrogress Inc. $ (210,000 ) Wages accrued to Christos Traios $ 200,000 Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress Inc. $ (22,500 ) Wages paid to Christos Traios in cash $ (34,390 ) Amounts due to related party December 31, 2018 $ 1,176,863 |
Note 7 - Accounts Receivable, N
Note 7 - Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 7 : ACCOUNTS RECEIVABLE, NET The table below sets forth Accounts Receivable, net of the Company for the years ended December 31, 2018 December 31, 2017: Year ended December 31, 2018 2017 Trade receivables 5,092,860 4,904,298 Less: Provision for doubtful accounts (344,466 ) (395,413 ) Trade receivables, net 4,748,394 4,508,885 Other receivables 31,038 - Accounts receivable, net 4,779,432 4,508,885 During the year ended December 31, 2018, $547,600 During the years ended December 31, 2018 2017, $344,466 $395,413 During the year ended December 31, 2017, $326,724 not No December 31, 2018. |
Note 8 - Loan Facility From Rel
Note 8 - Loan Facility From Related Party | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Note Payable to Stockholder Disclosure [Text Block] | NOTE 8 : LOAN FACILITY FROM RELATED PARTY In conjunction with the aforementioned change-in-control transaction on March 15, 2016, 1934, For the period March 15, 2016 July 13, 2017, July 13, 2017, $1,000,000 The LOC Note bears interest payable on the outstanding principal at eight 8% July 13, 2018. not may twelve 12 Interest is due and payable every six 6 may Upon the interest due date or maturity date, or any of them, regardless of any event of default, the LOC Note holder may $0.001 no no may ten 10% In consideration of Lender's extending the Credit Line to the Company, the Company agreed to issue to Mr. Traios a Warrant (the "Warrant") to purchase 15,000,000 $0.05 five not December 31, 2017 not On October 31, 2018, July 13, 2017 ( $1,000,000 no $148,900 July 13, 2019. Advances from Christos Traios from inception, including activity on the LOC Note, are as follows: February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lent to the Company by Christos Traios 275,000 Amount converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 New amounts lent to the Company by Christos Traios 126,500 Amount converted to common shares signed February 23, 2018 (275,000 ) Balance December 31, 2018 $ 148,900 |
Note 9 - Accounts Payable and A
Note 9 - Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 9 : ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following items for the years ended December 31, 2018 2017: Year ended December 31, 2018 2017 Service providers 664,344 113,333 Wages & salaries payable 60,351 62,868 Oil providers 501,536 1,068,714 Providers of lubricants 39,221 55,050 Totals $ 1,265,452 $ 1,299,965 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 10 : EARNINGS PER SHARE We report earnings/ (loss) per share in accordance with ASC 260, The table below presents the Earnings per Share calculations for the years ended December 31, 2018 2017: Year ended December 31, 2018 2017 Net income attributable to common shareholders $ 307,047 $ 294,669 Denominator for basic net income per share - weighted average shares 3,436,387 1,729,624 Conversion of accrued interest on debt held by related party 85,944 264 Denominator for diluted net income per share 3,522,331 1,729,888 Basic net earnings per share $ 0.0894 $ 0.1696 Diluted net earnings per share $ 0.0896 $ 0.1696 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 : COMMITMENTS AND CONTINGENCIES The Company is not no Lease Agreements The Company leases office space in Piraeus, Greece for monthly rent of €2,500 $2,863 December 31, 2018). January 31, 2020. The Company leases office space in Tema, Ghana for monthly rent of GHS1,350 $300 December 31, 2018). January 31, 2019. $600. February 2, 2021. The Company leases a corporate apartment in New York City, to be used by Christos Traios, the Company’s President, Chief Executive Officer and sole Director. Mr. Traios spends approximately 35% $3,200 July 31, 2019. The Company leased a New York office space which is utilized for administrative purposes. The monthly lease was for $2,800 August 31, 2018. The following rent payments will be undertaken if the Company decides to renew the leases depicted above, for an aggregate period of 5 Twelve months ending December 31, Amount 2019 79,356 2020 79,956 2021 79,956 2022 79,956 2023 79,956 Total $ 399,180 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 12 : SUBSEQUENT EVENTS Management has evaluated subsequent events through April 12, 2019, On March 6, 2019, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements are prepared on the accrual basis of accounting in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements of the Company include the consolidated accounts of the Company and its’ wholly owned subsidiaries listed below. All intercompany accounts and transactions have been eliminated in consolidation. Petrogres Co. Limited Petrogress Oil & Gas Energy, Inc. Petronav Carriers LLC Petrogress Int'l LLC Petrogres Africa Co. Limited 90% |
Emerging Growth Company, Policy [Policy Text Block] | Emerging Growth Company The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, 107 7 2 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original term of three December 31, 2018, $456,000 |
Receivables, Policy [Policy Text Block] | Accounts Receivable, net The amount shown as accounts receivables, net at each balance sheet date includes estimated recoveries from customers and charterers for sales of oil products, hires, freight and demurrage billings, net of allowance for doubtful accounts. Accounts receivable involve risk, including the credit risk of non-payment by the customer. Accounts receivable are considered past due based on contractual and invoice terms. An estimate is made of the allowance for doubtful accounts based on a review of all outstanding amounts at each period, and an allowance is made for any accounts which management believes are not For the year ended December 31, 2018 2017, $344,466 $395,413 not For the year ended December 31, 2018, no December 31, 2017, $326,724, |
Inventory, Policy [Policy Text Block] | Inventories The Company's inventories consist primarily of purchased crude oil for re-sale and gas oil in transit on a marine vessel at the respective balance sheet date, and both are valued at the purchased cost or market using the mark-to-market method of valuation. Year ended December 31, 2018 2017 Crude oil 279,196 49,676 Gas oil 137,939 121,824 Totals 417,135 171,500 |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities We classify marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted market prices of the securities with unrealized gains and losses, net of deferred income taxes, reported as accumulated other comprehensive income/ (loss), a separate component of shareholders’ equity. Realized gains and losses on available-for-sale securities are included in net earnings in the period earned or incurred. |
Property, Plant and Equipment, Policy [Policy Text Block] | Vessels and other fixed assets, net The Company depreciates vessels on a straight-line basis over the estimated useful life which is 10 Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years |
Organization Costs, Policy [Policy Text Block] | Organization costs The Company has adopted the provisions required by the Start-Up Activities topic of the FASB ASC whereby all costs incurred with the incorporation and reorganization of the Company were charged to operations as incurred. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company files income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. The Company accounts for income taxes in accordance with ASC 740 10, not not ASC 740 10 not The company had U.S. federal and state Net Operating Loss Carryforwards of $1,379,119 $718,616 December 31, 2018 December 31, 2017 $434,639 $344,936 December 31, 2018 December 31, 2017 not $434,639 $344,936 December 31, 2018 December31, 2017, December 31, 2018 December 31, 2017 no not not not not The Company measures and records uncertain tax positions by establishing a threshold for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Only tax positions meeting the more-likely-than- not may 2011 |
Earnings Per Share, Policy [Policy Text Block] | Earnings/ (Loss) Per Share The Company reports earnings/ (loss) per share in accordance with ASC 260, As of December 31, 2018, 3,436,387 3,522,331 As of December 31, 2017, 1,729,624 1,729,888 As of December 31, 2018 2017, 85,944 264 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Accounting for Equity -based Payments The Company accounts for stock awards issued to non-employees in accordance with ASC 505 50, 1 2 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company adopted ASC Topic 220, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition In May 2014, 2014 09, 606 may January 1, 2018, 2014 09, 606 not Net sales for the years ended December 31, 2018 2017 Year ended December 31, 2018 2017 Crude oil net sales 7,558,462 6,539,346 Gas oil net sales 1,424,000 1,997,660 Other 44,500 626,350 Totals 9,026,962 9,163,356 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Our financial instruments consist primarily of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt. The carrying amount of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt, as applicable, approximates fair value due to the short-term nature of these items and/or the current interest rates payable in relation to current market conditions. Marketable securities are adjusted to fair value each balance sheet date, based on quoted prices; which are considered level 1 3 not Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt and is fully dependent upon the volatility of these rates. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange rates and are fully dependent upon the volatility of these rates. We do not Fair value measurements are determined under a three not The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 3 The three Level 1 Level 2 not Level 3 Credit risk adjustments are applied to reflect the Company’s own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments, but incorporates the Company’s own credit risk as observed in the credit default swap market. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In January 2016, No. 2016 01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01” February 2018, 2018 03, 825 10 No. 2016 01, 825 10 may 820, December 15, 2018 June 15, 2019. January 1, 2019, not 2016 01 In February 2016, No. 2016 02, Leases 2016 02” January 2018, 2018 01, 2016 02. 1 2 not In January 2017, 2017 01, Business Combinations 805 December 15, 2018. not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Year ended December 31, 2018 2017 Crude oil 279,196 49,676 Gas oil 137,939 121,824 Totals 417,135 171,500 |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Vessels 10 years Office equipment and furniture 10 years Computer hardware 5 years |
Disaggregation of Revenue [Table Text Block] | Year ended December 31, 2018 2017 Crude oil net sales 7,558,462 6,539,346 Gas oil net sales 1,424,000 1,997,660 Other 44,500 626,350 Totals 9,026,962 9,163,356 |
Note 3 - Vessels and Other Fi_2
Note 3 - Vessels and Other Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Restatement of Fixed Assets [Table Text Block] | Vessels Furniture & equipment Total Cost Balance at December 31, 2016 $ 9,999,380 $ 87,015 $ 10,086,395 Additions 172,550 6,763 179,313 Disposals - (483 ) (483 ) Balance at December 31, 2017 $ 10,171,930 $ 93,295 $ 10,265,225 Additions - 96,553 96,553 Disposals - - - Balance at December 31, 2018 $ 10,171,930 $ 189,848 $ 10,361,778 Accumulated depreciation Balance at December 31, 2016 $ (4,005,290 ) $ (59,820 ) $ (4,065,110 ) Depreciation for the period (902,903 ) (15,263 ) (918,166 ) Balance at December 31, 2017 $ (4,908,193 ) $ (75,083 ) $ (4,983,276 ) Depreciation for the period (909,590 ) (18,006 ) (927,596 ) Balance at December 31, 2018 $ (5,817,783 ) $ (93,089 ) $ (5,910,872 ) Vessels and other fixed assets, net - December 31, 2017 $ 5,263,737 $ 18,212 $ 5,281,949 Vessels and other fixed assets, net - December 31, 2018 $ 4,354,147 $ 96,759 $ 4,450,906 |
Note 4 - Concentration of Sal_2
Note 4 - Concentration of Sales and Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Accounts receivable balance as of Customer % Sales 2018 % Sales 2017 December 31, 2018 A 87% * 2,991,220 B 9% * 780,000 C * 66% 300,081 D * 11% 262,500 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Activity on Line of Credit Note [Table Text Block] | February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lent to the Company by Christos Traios 275,000 Amount converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 New amounts lent to the Company by Christos Traios 126,500 Amount converted to common shares signed February 23, 2018 (275,000 ) Balance December 31, 2018 $ 148,900 |
Schedule of Amounts Due to Related Parties [Table Text Block] | Amounts due to related party December 31, 2017 $ 1,243,753 Wages paid to Christos Traios in shares of Common Stock of Petrogress Inc. $ (210,000 ) Wages accrued to Christos Traios $ 200,000 Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress Inc. $ (22,500 ) Wages paid to Christos Traios in cash $ (34,390 ) Amounts due to related party December 31, 2018 $ 1,176,863 |
Chief Executive Officer [Member] | |
Notes Tables | |
Activity on Line of Credit Note [Table Text Block] | February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lent to the Company by Christos Traios 275,000 Amount converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 New amounts lent to the Company by Christos Traios 126,500 Amount converted to common shares signed February 23, 2018 (275,000 ) Balance December 31, 2018 $ 148,900 |
Note 7 - Accounts Receivable,_2
Note 7 - Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year ended December 31, 2018 2017 Trade receivables 5,092,860 4,904,298 Less: Provision for doubtful accounts (344,466 ) (395,413 ) Trade receivables, net 4,748,394 4,508,885 Other receivables 31,038 - Accounts receivable, net 4,779,432 4,508,885 |
Note 8 - Loan Facility From R_2
Note 8 - Loan Facility From Related Party (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Activity on Line of Credit Note [Table Text Block] | February 29, 2016 $ - Advances made by Christos Traios 157,000 Balance December 31, 2016 $ 157,000 New amounts lent to the Company by Christos Traios 275,000 Amount converted to 8% Convertible Promissory Note signed May 12, 2017 (134,600 ) Balance December 31, 2017 $ 297,400 New amounts lent to the Company by Christos Traios 126,500 Amount converted to common shares signed February 23, 2018 (275,000 ) Balance December 31, 2018 $ 148,900 |
Note 9 - Accounts Payable and_2
Note 9 - Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Year ended December 31, 2018 2017 Service providers 664,344 113,333 Wages & salaries payable 60,351 62,868 Oil providers 501,536 1,068,714 Providers of lubricants 39,221 55,050 Totals $ 1,265,452 $ 1,299,965 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, 2018 2017 Net income attributable to common shareholders $ 307,047 $ 294,669 Denominator for basic net income per share - weighted average shares 3,436,387 1,729,624 Conversion of accrued interest on debt held by related party 85,944 264 Denominator for diluted net income per share 3,522,331 1,729,888 Basic net earnings per share $ 0.0894 $ 0.1696 Diluted net earnings per share $ 0.0896 $ 0.1696 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Twelve months ending December 31, Amount 2019 79,356 2020 79,956 2021 79,956 2022 79,956 2023 79,956 Total $ 399,180 |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) | Sep. 30, 2017shares | Feb. 29, 2016shares | Feb. 28, 2018 | Nov. 30, 2017 | Aug. 17, 2017 | Mar. 09, 2016 |
GREECE | ||||||
Entity Number of Employees | 8 | |||||
Petronav Carriers LLC [Member] | ||||||
Number of Vessels in Tanker Fleet | 4 | |||||
Acquisition of Petrogres Co. Limited [Member] | ||||||
Stock Issued During Period, Shares, Acquisitions | 136,000,000 | |||||
Equity Method Investment, Ownership Percentage | 85.00% | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Petrogres Africa Co. Ltd [Member] | ||||||
Stock Issued During Period, Shares, Acquisitions | 1,080,000 | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | 90.00% | 90.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash, Ending Balance | $ 456,000 | |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | 344,466 | $ 395,413 |
Provision for Doubtful Accounts, Other Receivables | 0 | 326,724 |
Unrecognized Tax Benefits, Ending Balance | 0 | |
Operating Loss Carryforwards, Total | 1,379,119 | 718,616 |
Deferred Tax Assets, Operating Loss Carryforwards, Total | 434,639 | 344,936 |
Deferred Tax Assets, Valuation Allowance, Total | $ 434,639 | $ 344,936 |
Weighted Average Number of Shares Outstanding, Basic, Total | 3,436,387 | 1,729,624 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 3,522,331 | 1,729,888 |
Incremental Common Shares Attributable to Conversion of Debt Securities, Total | 85,944 | 264 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 0 | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 | |
Vessels [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Purchased Crude Oil and Gas Oil (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories | $ 417,135 | $ 171,500 |
Crude Oil [Member] | ||
Inventories | 279,196 | 49,676 |
Oil and Gas [Member] | ||
Inventories | $ 137,939 | $ 121,824 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Vessels and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Vessels [Member] | |
Useful Life (Year) | 10 years |
Office Equipment and Furniture [Member] | |
Useful Life (Year) | 10 years |
Computer Hardware and Software [Member] | |
Useful Life (Year) | 5 years |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Revenue Recognized (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 9,026,962 | $ 9,163,356 |
Crude Oil [Member] | ||
Revenues | 7,558,462 | 6,539,346 |
Oil and Gas [Member] | ||
Revenues | 1,424,000 | 1,997,660 |
Product and Service, Other [Member] | ||
Revenues | $ 44,500 | $ 626,350 |
Note 3 - Vessels and Other Fi_3
Note 3 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation, Total | $ 927,596 | $ 918,166 |
Note 3 - Vessels and Other Fi_4
Note 3 - Vessels and Other Fixed Assets, Net - Adjustments to Fixed Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 10,265,225 | $ 10,086,395 |
Additions | 96,553 | 179,313 |
Disposals | (483) | |
Balance | 10,361,778 | 10,265,225 |
Balance | (4,983,276) | (4,065,110) |
Depreciation for the period | (927,596) | (918,166) |
Balance | (5,910,872) | (4,983,276) |
Vessels and other fixed assets, net | 4,450,906 | 5,281,949 |
Vessels [Member] | ||
Balance | 10,171,930 | 9,999,380 |
Additions | 172,550 | |
Disposals | ||
Balance | 10,171,930 | 10,171,930 |
Balance | (4,908,193) | (4,005,290) |
Depreciation for the period | (909,590) | (902,903) |
Balance | (5,817,783) | (4,908,193) |
Vessels and other fixed assets, net | 4,354,147 | 5,263,737 |
Furniture and Equipment [Member] | ||
Balance | 93,295 | 87,015 |
Additions | 96,553 | 6,763 |
Disposals | (483) | |
Balance | 189,848 | 93,295 |
Balance | (75,083) | (59,820) |
Depreciation for the period | (18,006) | (15,263) |
Balance | (93,089) | (75,083) |
Vessels and other fixed assets, net | $ 96,759 | $ 18,212 |
Note 4 - Concentration of Sal_3
Note 4 - Concentration of Sales and Credit Risk - Gross Revenue Composition (Details) - Customer Concentration Risk [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Customer A [Member] | ||
Sales concentration percentage | 87.00% | |
Accounts receivable balance | $ 2,991,220 | |
Customer B [Member] | ||
Sales concentration percentage | 9.00% | |
Accounts receivable balance | $ 780,000 | |
Customer C [Member] | ||
Sales concentration percentage | 66.00% | |
Accounts receivable balance | 300,081 | |
Customer D [Member] | ||
Sales concentration percentage | 11.00% | |
Accounts receivable balance | $ 262,500 |
Note 5 - Shareholders' Equity (
Note 5 - Shareholders' Equity (Details Textual) | Dec. 05, 2018USD ($)shares | Jul. 18, 2018shares | Jul. 09, 2018shares | Jun. 18, 2018shares | Jun. 07, 2018shares | Feb. 23, 2018USD ($)shares | Jan. 12, 2018shares | Dec. 21, 2017USD ($)shares | Oct. 20, 2017shares | Sep. 12, 2017USD ($) | Aug. 30, 2017USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Jul. 17, 2018shares | Oct. 06, 2017shares | Jul. 14, 2017$ / sharesshares |
Stock Issued During Period, Value, Conversion of Convertible Securities | $ | $ 18,120 | $ 158,000 | |||||||||||||||
Repayments of Convertible Debt | $ | $ 26,767 | 26,767 | |||||||||||||||
Stock Issued During Period, Shares, Settlement of Convertible Promissory Note | 139,880 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||
Stock Issued During Period, Value, Settlement of Convertible Promissory Note | $ | $ 134,600 | ||||||||||||||||
Gain (Loss) on Settlement of Related Party Debt | $ | $ (160,192) | $ (160,192) | |||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 100 | ||||||||||||||||
Common Stock, Shares Authorized | 19,000,000 | 19,000,000 | 19,000,000 | ||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance | 3,828,412 | 3,178,452 | |||||||||||||||
Common Stock, Value, Issued, Ending Balance | $ | $ 3,829 | $ 3,098 | |||||||||||||||
Additional Paid in Capital, Ending Balance | $ | $ 9,535,161 | $ 9,100,838 | |||||||||||||||
Preferred Stock, Shares Issued, Total | 100 | 0 | |||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | 10,000,000 | |||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 10,000 | ||||||||||||||||
Preferred Stock, Shares Issued, Total | 100 | 0 | |||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 100 | $ 100 | $ 100 | ||||||||||||||
Preferred Stock, Shares Authorized | 100 | 100 | |||||||||||||||
Mr. Traios [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 382,841 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 383 | ||||||||||||||||
Sole Director, President and Chief Executive Officer [Member] | Series A Preferred Stock [Member] | |||||||||||||||||
Preferred Stock, Shares Issued, Total | 100 | 100 | |||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 100 | ||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 100 | ||||||||||||||||
Petrogress Int'l LLC [Member] | |||||||||||||||||
Repayments of Notes Payable | $ | 15,000 | ||||||||||||||||
Petrogress, Inc. [Member] | |||||||||||||||||
Repayments of Notes Payable | $ | $ 7,500 | ||||||||||||||||
Before Reverse Stock Split [Member] | |||||||||||||||||
Common Stock, Shares Authorized | 490,000,000 | ||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance | 317,875,807 | ||||||||||||||||
Common Stock, Value, Issued, Ending Balance | $ | $ 317,876 | ||||||||||||||||
Additional Paid in Capital, Ending Balance | $ | 8,786,060 | ||||||||||||||||
Charles L. Stidham [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,000 | ||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 50,000 | ||||||||||||||||
Charles L. Stidham [Member] | Before Reverse Stock Split [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 10,000,000 | ||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | 5,000,000 | ||||||||||||||||
Christos P. Traios [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 4,758,128 | 2,903,225 | |||||||||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ | $ 90,000 | $ 120,000 | |||||||||||||||
Stock Issued During Period, Shares, Debt Settlement Agreement | 19,070,512 | ||||||||||||||||
Stock Issued During Period, Value, Debt Settlement Agreement | $ | $ 297,500 | ||||||||||||||||
Repayments of Notes Payable | $ | $ 275,000 | ||||||||||||||||
Christos P. Traios [Member] | Post-stock Split [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 47,582 | 29,032 | |||||||||||||||
Stock Issued During Period, Shares, Debt Settlement Agreement | 190,705 | ||||||||||||||||
Dr. Pieride [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 20,000 | ||||||||||||||||
Dr. Pieride [Member] | Post-stock Split [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 200 | ||||||||||||||||
Dr. Warnke [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 60,000 | ||||||||||||||||
Dr. Warnke [Member] | Post-stock Split [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 600 |
Note 6 - Related Party Transa_3
Note 6 - Related Party Transactions (Details Textual) - USD ($) | Feb. 23, 2018 | Sep. 30, 2017 | Aug. 17, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2018 | Nov. 30, 2017 | Dec. 31, 2016 | Feb. 29, 2016 |
Stock Issued During Period, Value, Repayment of Debt | $ 383 | ||||||||
Long-term Line of Credit, Total | 148,900 | $ 297,400 | $ 157,000 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 9,026,962 | 9,163,356 | |||||||
Crude Oil Sales [Member] | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,877,962 | ||||||||
Petrogres Africa Co. Ltd [Member] | |||||||||
Stock Issued During Period, Shares, Acquisitions | 1,080,000 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | 90.00% | 90.00% | ||||||
Business Combination, Consideration Transferred, Total | $ 1,080,000 | $ 900,000 | |||||||
Payments to Acquire Businesses, Gross | 900,000 | ||||||||
Chief Executive Officer [Member] | |||||||||
Proceeds from Related Party Advances | 126,500 | ||||||||
Due to Related Parties, Total | 275,000 | ||||||||
Stock Issued During Period, Shares, Repayment of Debt | 190,705 | ||||||||
Stock Issued During Period, Value, Repayment of Debt | $ 297,500 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | (160,192) | ||||||||
Chief Executive Officer [Member] | Petrogres Africa Co. Ltd [Member] | |||||||||
Business Combination, Consideration Transferred, Total | $ 180,000 | ||||||||
Chief Executive Officer [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||||
Long-term Line of Credit, Total | $ 148,900 | ||||||||
Chief Executive Officer [Member] | In 2016 [Member] | |||||||||
Accrued Wages, Converted Into Shares, Value | 90,000 | ||||||||
Chief Executive Officer [Member] | In 2017 [Member] | |||||||||
Accrued Wages, Converted Into Shares, Value | 120,000 | ||||||||
Chief Executive Officer [Member] | Corporate Expense [Member] | |||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 200,000 | 270,000 | |||||||
Chief Executive Officer [Member] | Petrogress, Inc. [Member] | |||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 80,000 | 120,000 | |||||||
Chief Executive Officer [Member] | Petrogres Co. Limited [Member] | |||||||||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | 120,000 | 150,000 | |||||||
Officers' Compensation, Previously Accured | $ 44,867 | $ 21,695 | |||||||
Chief Executive Officer [Member] | Petrogress Int'l LLC [Member] | |||||||||
Stock Issued During Period, Value, Repayment of Debt | 15,000 | ||||||||
Chief Executive Officer [Member] | Petrogres Oil & Gas [Member] | |||||||||
Stock Issued During Period, Value, Repayment of Debt | $ 7,500 |
Note 6 - Related Party Transa_4
Note 6 - Related Party Transactions - Activity on LOC Note (Details) - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 297,400 | $ 157,000 | |
Advances made by Christos Traios | 157,000 | 126,500 | 275,000 |
Amount converted to 8% Convertible Promissory Note signed May 12, 2017 | (275,000) | (134,600) | |
Balance | $ 157,000 | $ 148,900 | $ 297,400 |
Note 6 - Related Party Transa_5
Note 6 - Related Party Transactions - Amounts Due to Related Party (Details) - President, Chief Executive Officer and Chief Financial Officer [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Balance | $ 1,243,753 |
Wages paid to Christos Traios in shares of Common Stock of Petrogress Inc. | (210,000) |
Wages accrued to Christos Traios | 200,000 |
Amount due to Christos Traios from Petrogress Int'l LLC and Petrogress Oil & Gas Inc. converted into Shares of Common Stock of Petrogress Inc. | (22,500) |
Wages paid to Christos Traios in cash | (34,390) |
Balance | $ 1,176,863 |
Note 7 - Accounts Receivable,_3
Note 7 - Accounts Receivable, Net (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification of Accounts Receivable to Claims Receivable | $ 547,600 | |
Provision for Doubtful Accounts | 344,466 | $ 395,413 |
Allowance for Doubtful Other Receivables, Current | $ 326,724 | |
Allowance for Doubtful Accounts Receivable, Write-offs | $ 0 |
Note 7 - Accounts Receivable,_4
Note 7 - Accounts Receivable, Net - Accounts Receivable (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Less: Provision for doubtful accounts | $ (344,466) | $ (395,413) |
Accounts receivable, net | 4,779,432 | 4,508,885 |
Other receivables | 31,038 | |
Trade Accounts Receivable [Member] | ||
Accounts receivable, gross | 5,092,860 | 4,904,298 |
Accounts receivable, net | $ 4,748,394 | $ 4,508,885 |
Note 8 - Loan Facility From R_3
Note 8 - Loan Facility From Related Party (Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2018 | Oct. 31, 2018 | Dec. 21, 2017 | Jul. 13, 2017 | Dec. 31, 2016 | Feb. 29, 2016 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Long-term Line of Credit, Total | $ 297,400 | $ 148,900 | $ 157,000 | ||||
Warrant Issued to Mr. Traios [Member] | |||||||
Class of Warrant or Right, Outstanding | 15,000,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.05 | ||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||
Class of Warrant or Right, Issued During Period | 0 | ||||||
Revolving Credit Facility [Member] | Chief Executive Officer [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||
Long-term Line of Credit, Total | $ 148,900 | ||||||
Revolving Credit Facility [Member] | Principal Stockholder and Sole Officer/Director [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||||||
Debt Instrument, Convertible, Conversion Price | $ 0.001 |
Note 8 - Loan Facility From R_4
Note 8 - Loan Facility From Related Party - Activity on LOC Note (Details) - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 297,400 | $ 157,000 | |
Advances made by Christos Traios | 157,000 | 126,500 | 275,000 |
Amount converted to 8% Convertible Promissory Note signed May 12, 2017 | (275,000) | (134,600) | |
Balance | $ 157,000 | $ 148,900 | $ 297,400 |
Note 9 - Accounts Payable and_3
Note 9 - Accounts Payable and Accrued Expense - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Service providers | $ 664,344 | $ 113,333 |
Wages & salaries payable | 60,351 | 62,868 |
Oil providers | 501,536 | 1,068,714 |
Providers of lubricants | 39,221 | 55,050 |
Totals | $ 1,265,452 | $ 1,299,965 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Calculation of Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income attributable to common shareholders | $ 307,047 | $ 294,669 |
Basic (in shares) | 3,436,387 | 1,729,624 |
Conversion of accrued interest on debt held by related party (in shares) | 85,944 | 264 |
Denominator for diluted net income per share (in shares) | 3,522,331 | 1,729,888 |
Basic earnings per share (in dollars per share) | $ 0.0894 | $ 0.1696 |
Diluted earnings per share (in dollars per share) | $ 0.0896 | $ 0.1696 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018GHS (GH₵) | |
Office Space in Piraeus, Greece [Member] | ||||
Operating Leases, Monthly Rent | $ 2,863 | € 2,500 | ||
Office Space in Tema, Ghana [Member] | ||||
Operating Leases, Monthly Rent | 300 | GH₵ 1,350 | ||
New Office Space in Tema, Ghana [Member] | ||||
Operating Leases, Monthly Rent | 600 | |||
Corporate Apartment in New York City [Member] | ||||
Operating Leases, Monthly Rent | $ 3,200 | |||
Office Services Agreement in New York Office Space [Member] | ||||
Operating Leases, Monthly Rent | $ 2,800 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Future Minimum Rental Payments (Details) | Dec. 31, 2018USD ($) |
2019 | $ 79,356 |
2020 | 79,956 |
2021 | 79,956 |
2022 | 79,956 |
2023 | 79,956 |
Total | $ 399,180 |