Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 13, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Petrogress, Inc. | |
Entity Central Index Key | 0001558465 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 3,874,808 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 404,000 | $ 2,261,890 | $ 2,526,678 | $ 4,827,154 |
Costs of goods sold | (281,202) | (1,282,524) | (1,446,954) | (2,689,061) |
Gross profit | 122,798 | 979,366 | 1,079,724 | 2,138,093 |
Operating expenses: | ||||
Corporate expenses | (78,548) | (98,644) | (83,611) | (398,782) |
Operating expenses of commodities trade | (85,805) | (35,408) | (178,931) | (179,510) |
Fleet operating expenses | (122,399) | (67,946) | (380,118) | (187,343) |
General and administrative expenses | (126,487) | (149,077) | (318,514) | (426,891) |
Amortization expense | (6,687) | |||
Depreciation expense | (230,768) | (231,061) | (428,048) | (458,680) |
Total operating expenses | (644,007) | (582,136) | (1,395,909) | (1,651,206) |
Operating income/ (loss) before other expenses and income taxes | (521,209) | 397,230 | (316,185) | 486,887 |
Other income/ (expense), net: | ||||
Interest and finance expenses | (3,130) | (15,493) | (1,427) | |
Loss on settlement of loan facility from related party | (160,192) | (160,192) | ||
Other income / (expense), net | (490,900) | 224 | (538,302) | (134,354) |
Total other income/ (expense), net | (494,030) | (159,968) | (553,795) | (135,781) |
Income before income taxes | (1,015,239) | 237,262 | (869,980) | 351,106 |
Income tax expense | ||||
Net income/ (loss) | (1,015,239) | 237,262 | (861,980) | 351,106 |
Net income/ (loss) attributable to: | ||||
Shareholders of the company | (1,011,590) | 228,510 | (861,098) | 351,106 |
Non-controlling interests | (3,649) | 8,752 | (8,882) | 2,117 |
Net income | (1,015,239) | 237,262 | (861,980) | 351,106 |
Other comprehensive income/ (loss) | ||||
Foreign currency translation adjustment | ||||
Comprehensive income/ (loss) | (1,015,239) | 237,262 | (869,980) | 351,106 |
Shareholders of the company | (1,011,590) | 228,510 | (861,098) | 348,989 |
Non-controlling interests | (3,649) | 8,752 | (8,882) | 2,117 |
$ (1,015,239) | $ 237,262 | $ (869,980) | $ 351,106 | |
Weighted average number of shares of Common Stock: | ||||
Basic (in shares) | 3,857,162 | 3,446,279 | 3,842,916 | 3,373,163 |
Diluted (in shares) | 3,857,162 | 4,425,595 | 3,842,916 | 4,352,479 |
Basic earnings per share (in dollars per share) | $ (0.26) | $ 0.07 | $ (0.22) | $ 0.10 |
Diluted earnings per share (in dollars per share) | $ (0.26) | $ 0.05 | $ (0.22) | $ 0.08 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 659,387 | $ 661,010 |
Accounts receivable, net | 4,178,058 | 4,779,432 |
Claims receivable, net | 551,600 | 547,600 |
Inventories | 896,004 | 279,196 |
Prepaid expenses and other current assets | 1,519,480 | 1,765,276 |
Total current assets | 7,889,588 | 8,170,453 |
Non-Current Assets | ||
Goodwill | 900,000 | 900,000 |
Vessels and other fixed assets, net | 4,036,298 | 4,450,906 |
Deferred charges, net | 20,062 | 26,750 |
Security deposit | 10,584 | 10,638 |
Total non-current assets | 4,966,944 | 5,388,294 |
Total Assets | 12,856,532 | 13,558,747 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,205,499 | 1,265,452 |
Due to related party | 1,245,839 | 1,176,863 |
Loan facility from related party | 148,900 | 148,900 |
Accrued Interest | 11,724 | 8,744 |
Total current liabilities | 2,611,962 | 2,599,959 |
Total liabilities | 2,611,962 | 2,599,959 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, value | ||
Shares of Common stock, $0.001 par value, 19,000,000 shares authorized, 3,874,808 and 3,828,412 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 3,875 | 3,829 |
Additional paid-in capital | 9,682,877 | 9,535,161 |
Accumulated comprehensive loss | (10,231) | (10,231) |
Retained earnings | 454,772 | 1,315,870 |
Equity attributable to Shareholders of the Company | 10,141,293 | 10,854,629 |
Non-controlling interests | 103,277 | 104,159 |
Total liabilities and shareholders' equity | 12,856,532 | 13,558,747 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, value | $ 10,000 | $ 10,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 999,900 | 999,900 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 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) | 3,874,808 | 3,828,412 |
Common stock, shares outstanding (in shares) | 3,874,808 | 3,828,412 |
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 | 100 |
Preferred stock, shares outstanding (in shares) | 100 | 100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income/ (loss) | $ (861,980) | $ 351,106 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 428,048 | 458,680 |
Change in Fair value of share-based payments issued for services | 153,178 | |
Share-based compensation expense | 1,496 | |
Gain/ (loss) on settlement of convertible promissory notes | 46 | (12,835) |
Loss on settlement of loan facility from related party | 160,192 | |
Changes in working capital: | ||
- (Increase)/ decrease in Accounts receivable, net | 601,374 | (780,048) |
- (Increase) in Claims receivable, net | (4,000) | |
- (Increase) in Inventories | (563,928) | (10,608) |
- (Increase)/ decrease in Prepaid expenses and other current assets | 245,796 | (646,833) |
- (Increase)/ decrease in Security deposit | 54 | |
- Decrease in Deferred charges, net | 6,688 | |
- Increase/ (decrease) in Accounts payable and accrued expenses | 87,763 | (356,563) |
- Increase/ (decrease) in Amounts due to related party | 68,976 | 98,969 |
- Increase/ (decrease) in Accrued Interest | 2,980 | 3,196 |
Net cash provided by/ (used in) operating activities | 11,817 | (580,070) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property plant and equipment | (13,440) | (88,154) |
Net cash (used in) investing activities | (13,440) | (88,154) |
Proceeds from loan facility from related party | 74,000 | |
Net cash provided by financing activities | 74,000 | |
Effect of exchange rate changes on cash | ||
Net (decrease) in cash and cash equivalents | (1,623) | (594,224) |
Cash and cash equivalents, Beginning of Period | 661,010 | 1,150,999 |
Cash and cash equivalents, End of Period | 659,387 | 556,775 |
Cash paid for interest expense | ||
Cash paid for income taxes | ||
Non-cash investing and financing activities: | ||
Common stock issued for settlement of notes and interest payable | 21 | 297,500 |
Common stock issued for settlement of services | $ 25 | $ 210,000 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) | 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 |
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 convertible notes (in shares) | 76,614 | |||||||
Common stock issued for convertible notes | $ 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 board advisory services (in shares) | 800 | |||||||
Common stock issued for board advisory services | $ 80 | 1,416 | 1,496 | 1,496 | ||||
Net income | 348,989 | 348,989 | 2,117 | 351,106 | ||||
Balances (in shares) at Jun. 30, 2018 | 100 | 3,446,877 | ||||||
Balances at Jun. 30, 2018 | $ 10,000 | $ 3,447 | 9,622,910 | (7,744) | 1,357,812 | 10,986,425 | 100,875 | 11,087,300 |
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 |
Common stock issued to settle liabilities (in shares) | 21,396 | |||||||
Common stock issued to settle liabilities | $ 21 | 41,836 | 41,857 | 41,857 | ||||
Common stock issued for board advisory services (in shares) | 25,000 | |||||||
Common stock issued for board advisory services | $ 25 | 47,475 | 47,500 | 47,500 | ||||
Net income | (861,098) | (843,094) | (8,882) | (861,098) | ||||
Elimination of Petrogress Africa Ltd apic/due from shareholders | 58,405 | 58,405 | 8,000 | 66,405 | ||||
Balances (in shares) at Jun. 30, 2019 | 100 | 3,874,808 | ||||||
Balances at Jun. 30, 2019 | $ 10,000 | $ 3,875 | $ 9,682,877 | $ (10,231) | $ 454,772 | $ 10,141,293 | $ 103,277 | $ 10,244,570 |
Note 1 - The Company and Our Su
Note 1 - The Company and Our Subsidiaries | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1 The Company and our Subsidiaries History and Development of the Company Petrogress, Inc. was incorporated on February 10, 2010 800 "800 February 29, 2016, 800 800 136,000,000 85% 100% 800 On March 9, 2016, March 15, 2016, November 16, 2016, On July 9, 2018, one 100, 490,000,000 19,000,000 10,000,000 1,000,000. July 18, 2018. no We maintain our principal marketing and operating offices at 1, 18538 30 210 459 9741 1013 403 19805 Business Overview Petrogress operates as a holding company and we conduct business primarily through our wholly-owned subsidiaries: Petronav Carriers LLC . Petrogress Int’l LLC . Our business operates in the downstream and midstream sectors of the energy industry, where we acquire and supply crude oil, and engage in the refining and marketing of refined products and lubricants. As a supplier, we procure crude oil from our direct sources and deliver by our tankers fleet to buyers’ destinations. With service centers in East Mediterranean and West Africa, we believe that we are one We provide our customers with services that require sophisticated logistical operations designed to meet their strict oil quality and delivery scheduling needs. We believe that our extensive experience and management systems allow us to meet our customers' specific requirements when they purchase and take delivery of crude oil, refined products and lubricants around the areas in which we operate. This, together with the capital-intensive nature of our industry and the limited available shuttle vessels in the areas of our operation, represent a significant barrier to entry for competitors. We have devoted our efforts to building a global brand and believe that our customers recognize our brand as representing high quality service and products at each of our locations. We also perform our technical ship operations in-house, which helps us maintain high levels of customer service. Throughout our history, we have expanded our business capabilities through strategic alliances, select business and vessel acquisitions, and the establishment of new service centers. In February 2019, 100,000 In addition to our operations described above, we commenced the marketing and distribution of lubricants under an exclusive a greement Sales and Marketing Most of our marketing, sales, ship-management and other related functions are performed at our main office in Piraeus, Greece. We also market products and services through our offices in Ghana and Cyprus and through our representations in Nigeria. Our sales force interacts with our established customers and markets our oil sales and services to local distributors. We believe our level of customer service, years of experience in the industry, and reputation for reliability are significant factors in retaining our customers and attracting new customers. Our sales and marketing approach are designed to create awareness of the benefits and advantages of our sales and services. We are active in industry trade shows and other available public forums. Description Petronav Carriers LLC . PCL March 2016 four Currently PCL owns our vessels through separate wholly-owned subsidiaries described below: Vessel-Owned Subsidiary Incorporation Vessel’s name Shiba ship-management Ltd. Marshall Islands APECUS Danae Marine Ltd. Marshall Islands OPTIMUS Invictus Marine S.A. Marshall Islands INVICTUS Entus Marine Ltd. Marshall Islands ENTUS Petrogress Int’l LLC . PIL September 2017. In September 2017, 90% On April 1, 2019, April 1, 2019. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies Basis of Presentation The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles (“GAAP”) and has elected a year-end of December 31. All significant intercompany transactions and accounts have been eliminated. These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10 December 31, 2018 April 12, 2019. three six June 30, 2019 not Principles of consolidation The consolidated financial statements include the consolidated accounts of the Company and our wholly-owned and majority-owned subsidiaries: Petrogress Int’l LLC., Petronav Carriers LLC., Petrogres Africa Co. Ltd. and PG Cypyard & Offshore Services Terminal Ltd. Percentages Participation in subsidiaries Company Participation Petrogress Int’l LLC. (Delaware) 100% (owned by the corporation) Petronav Carriers LLC. (Marshall Islands) 100% (owned by the corporation) Petrogres Africa Co. Ltd. (Ghanaian) 90% (owned by Petrogress Int’l LLC.) PG CYPYARD & Offshore Services Terminal Ltd. 100% (owned by Petrogress Int’l LLC.) Non-controlling interests Ownership interests in the Company’s subsidiaries held by parties other than the Company are presented separately from the Company’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the Company and the non-controlling interests are both presented on the face of the Consolidated Statement of Income. Emerging Growth Company We qualify 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 GAAP 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. |
Note 3 - Information Relating t
Note 3 - Information Relating to the Consolidated Statement of Cash Flows | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 3 – Information relating to the Consolidated Statement of cash flows Six Months Ended June 30 2019 2018 (Increase)/ decrease in Accounts receivable, net $ 601,374 $ (780,048 ) (Increase) in Claims receivable, net (4,000 ) - (Increase) in Inventories (563,928 ) (10,608 ) (Increase)/ decrease in Prepaid expenses and other assets 245,796 (646,833 ) Increase/ (decrease) in Accounts payable and accrued expenses 87,763 (356,563 ) Increase in Amounts due to related party 68,976 98,969 Increase in Accrued interest 2,980 3,196 Decrease in Security deposit 54 - Decrease in Deferred charges, net 6,688 - Net increase in operating capital $ 445,703 $ (1,691,887 ) Net repayment (borrowing) of loans by equity affiliates consisted of the following gross amounts: Six Months Ended June 30 2019 2018 Borrowing of loans by equity affiliates $ - $ - Repayment of loans by equity affiliates - 63,000 Net repayment of loans by equity affiliates $ - $ 63,000 |
Note 4 - Summarized Financial D
Note 4 - Summarized Financial Data - Petrogress, Inc. | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Summarized Financial Data [Text Block] | Note 4 Petrogress, Inc The management and operation of our business is performed directly and independently by each subsidiary. Assets, inventories, partnership interests, joint venture interests and contracts are held by the subsidiaries. Petrogress, Inc., the parent company, does not The summarized financial information for the Company and its consolidated subsidiaries as of June 30, 2019 2018 Six Months Ended June 30 2019 2018 Sales and other operating revenues $ - $ - Cost and other expenses (254,038 ) (550,793 ) Net (loss) to PGI $ (254,038 ) $ (550,793 ) Six Months Ended June 30 2019 2018 Current assets $ 176,993 $ 29,935 Other assets 7,775 45,075 Current liabilities (1,219,369 ) (697,772 ) Total Petrogress, Inc. net equity $ (1,034,601 ) $ (622,762 ) Petronav Carriers LLC Petrogress, Inc. owns 100% four four Six Months Ended June 30 2019 2018 Sales and other operating revenues $ 528,333 $ 1,796,227 Cost and other expenses* (1,674,142 ) (1,053,180 ) Net income/ (loss) to Petronav Carriers LLC ** $ (1,145,809 ) $ 743,047 ______________ * Cost and other expenses include the ransom paid as well as all expenses related to the hijacking of one ** 100% Petrogress Int’l LLC Petrogress, Inc. owns 100% Six Months Ended June 30 2019 2018 Sales and other operating revenues $ 2,139,178 $ - Cost and other expenses (2,179,311 ) (4,150 ) Net income/ (loss) to Petrogress Int’l LLC * $ 40,133 $ (4,150 ) ______________ * 100% Petrogress Africa Co. Ltd. Petrogress Int’l LLC owns 90% Six Months Ended June 30 2019 2018 Sales and other operating revenues $ 330,000 $ 442,795 Cost and other expenses (418,820 ) (421,627 ) Net income/ (loss ) to Petrogres Africa Co. Ltd * $ (88,820 ) $ 21,168 ______________ * 90% |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5 – Inventories Crude oil, Gas oil and bunkers onboard our vessels are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of items, spare-parts, consumable goods and equipment supplied to our vessel which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. Goods Inventories June 30, 2019 December 31, 2018 Crude Oil $ - $ 279,196 Gas Oil 810,000 - Lubricants 86,004 - Total Inventories $ 896,004 $ 279,196 |
Note 6 - Properties, Vessels, I
Note 6 - Properties, Vessels, Inventories & Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Properties, Vessels, Inventories & Equipment [Text Block] | Note 6 June 30, 2019 December 31, 2018 Vessel’s value, at historical cost $ 3,940,745 $ 4,354,147 Bunkers R.O.B. 85,059 137,939 Equipment, Machineries, Fenders, Vehicles & Trucks 95,554 96,759 Total $ 4,121,358 $ 4,588,845 |
Note 7 - Vessels and Other Fixe
Note 7 - Vessels and Other Fixed Assets, Net | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 We depreciate our vessels on a straight-line basis over the estimated useful life which is 10 Tanker Vessels (in years) 10 Supply boats (in years) 10 Fenders (in years) 10 Oil hoses (in years) 10 Vehicles & trucks (in years) 10 Office equipment and furniture (in years) 10 Computer hardware (in years) 5 Vessels and other fixed assets, net consisted of the following as of June 30, 2019 December 31, 2018: June 30, 2019 December 31, 2018 Estimated useful Life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 203,290 189,848 10 Accumulated depreciation (6,338,922 ) (5,910,872 ) Vessels and other fixed assets, net $ 4,036,298 $ 4,450,906 Depreciation for the six June 30, 2019 June 30, 2018, $428,048 $458,680, |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 8 We file income tax returns in various jurisdictions, as appropriate and required. The Company was not January 1, 2012. We account for income taxes in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 740 10, not not ASC 740 10 not We measure and record 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 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 9 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. Interest rate risk is the risk that our earnings are subject to fluctuations in interest rates on either investments or on debt. We do not Financial risk is the risk that our earnings are subject to fluctuations in interest rates or foreign exchange 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. |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 10 – Revenue Recognition In May 2014, 2014 09, 606 may January 1, 2018, 2014 09, 606 not The Company recognizes revenue for crude oil sales and gas oil sales, its primary sources of revenue, at an amount that reflects the consideration that the Company expects to be entitled to receive in exchange for transferring goods or services to its customers. The Company's policy is to record revenue when, (a) control of the goods (crude oil, gas oil and other petrochemical products) is passed to its customers and (b) the vessels charter (voyages and long term) service is rendered to its independent charterers or Petrogress Int’l LLC. |
Note 11 - Concentrations of Cre
Note 11 - Concentrations of Credit Risk | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 11 Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivables. Concentrations of credit risk with respect to trade receivables are limited due to the short payment terms dictated by the industry and operating environment. As of June 30, 2019 December 31, 2018, no |
Note 12 - Officers Compensation
Note 12 - Officers Compensations | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | Note 12 During the six June 30, 2019 June 30, 2018, $90,000 $110,000, June 30, 2019, $13,738 June 30, 2019. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 The Company is not no |
Note 14 - Shareholders
Note 14 - Shareholders | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 14 As of June 30, 2019, 48 3,874,808 475,574 12% one 336,911 June 30, 2019. not may |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 15 As of April 24, 2019, September 30, 2017, $900,000, October 23, 2019. not 65% 10 3,500,000 may |
Note 16 - Loan Facility from Re
Note 16 - Loan Facility from Related Party | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Note Payable to Stockholder Disclosure [Text Block] | Note 16 On October 31, 2018, July 13, 2017 ( $1,000,000 no $148,900 July 13, 2019; July 13, 2020. The table below presents the amounts due to Christos Traios during the six June 30, 2019: Amounts due to related party December 31, 2018 $ 1,176,863 Wages accrued to Christos Traios 90,000 Wages paid to Christos Traios, in cash (13,738 ) Amount due from Christos Traios (7,286 ) Amounts due to related party June 3 0 , 2019 $ 1,245,839 |
Note 17 - Revenue Concentration
Note 17 - Revenue Concentrations | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue Concentrations Disclosure [Text Block] | Note 17 The Company sells to commercial customers in foreign markets. The following is a summary of customers who accounted for more than ten 10% June 30, 2019 2018: Customer June 3 0 , 2019 June 3 0 , 2018 A 79 % 87 % B 12 % * The following is a summary of customers who accounted for more than ten 10% June 30, 2019 December 31, 2018: Customer June 3 0 , 2019 December 31 , 2018 A 50 % 63 % B 20 % 16 % None August 8, 2019. 10%. |
Note 18 - Additional Informatio
Note 18 - Additional Information | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | Note 1 8 – Additional Information On April 19, 2019 one 6 50 not $3 $350,000 June 26, 2019. one |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company follows the accrual basis of accounting in accordance with generally accepted accounting principles (“GAAP”) and has elected a year-end of December 31. All significant intercompany transactions and accounts have been eliminated. These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the SEC applicable to interim period financial statements and do not These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10 December 31, 2018 April 12, 2019. three six June 30, 2019 not |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the consolidated accounts of the Company and our wholly-owned and majority-owned subsidiaries: Petrogress Int’l LLC., Petronav Carriers LLC., Petrogres Africa Co. Ltd. and PG Cypyard & Offshore Services Terminal Ltd. Percentages Participation in subsidiaries Company Participation Petrogress Int’l LLC. (Delaware) 100% (owned by the corporation) Petronav Carriers LLC. (Marshall Islands) 100% (owned by the corporation) Petrogres Africa Co. Ltd. (Ghanaian) 90% (owned by Petrogress Int’l LLC.) PG CYPYARD & Offshore Services Terminal Ltd. 100% (owned by Petrogress Int’l LLC.) Non Ownership interests in the Company’s subsidiaries held by parties other than the Company are presented separately from the Company’s equity on the Consolidated Balance Sheet. The amount of consolidated net income attributable to the Company and the non-controlling interests are both presented on the face of the Consolidated Statement of Income. |
Emerging Growth Company, Policy [Policy Text Block] | Emerging Growth Company We qualify 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 GAAP 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. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Percentages Participation in Subsidiaries [Table Text Block] | Company Participation Petrogress Int’l LLC. (Delaware) 100% (owned by the corporation) Petronav Carriers LLC. (Marshall Islands) 100% (owned by the corporation) Petrogres Africa Co. Ltd. (Ghanaian) 90% (owned by Petrogress Int’l LLC.) PG CYPYARD & Offshore Services Terminal Ltd. 100% (owned by Petrogress Int’l LLC.) |
Note 3 - Information Relating_2
Note 3 - Information Relating to the Consolidated Statement of Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Six Months Ended June 30 2019 2018 (Increase)/ decrease in Accounts receivable, net $ 601,374 $ (780,048 ) (Increase) in Claims receivable, net (4,000 ) - (Increase) in Inventories (563,928 ) (10,608 ) (Increase)/ decrease in Prepaid expenses and other assets 245,796 (646,833 ) Increase/ (decrease) in Accounts payable and accrued expenses 87,763 (356,563 ) Increase in Amounts due to related party 68,976 98,969 Increase in Accrued interest 2,980 3,196 Decrease in Security deposit 54 - Decrease in Deferred charges, net 6,688 - Net increase in operating capital $ 445,703 $ (1,691,887 ) |
Schedule of Net Repayment (Borrowing) of Loans by Equity Affiliates [Table Text Block] | Six Months Ended June 30 2019 2018 Borrowing of loans by equity affiliates $ - $ - Repayment of loans by equity affiliates - 63,000 Net repayment of loans by equity affiliates $ - $ 63,000 |
Note 4 - Summarized Financial_2
Note 4 - Summarized Financial Data - Petrogress, Inc. (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Six Months Ended June 30 2019 2018 Sales and other operating revenues $ - $ - Cost and other expenses (254,038 ) (550,793 ) Net (loss) to PGI $ (254,038 ) $ (550,793 ) Six Months Ended June 30 2019 2018 Current assets $ 176,993 $ 29,935 Other assets 7,775 45,075 Current liabilities (1,219,369 ) (697,772 ) Total Petrogress, Inc. net equity $ (1,034,601 ) $ (622,762 ) Six Months Ended June 30 2019 2018 Sales and other operating revenues $ 528,333 $ 1,796,227 Cost and other expenses* (1,674,142 ) (1,053,180 ) Net income/ (loss) to Petronav Carriers LLC ** $ (1,145,809 ) $ 743,047 Six Months Ended June 30 2019 2018 Sales and other operating revenues $ 2,139,178 $ - Cost and other expenses (2,179,311 ) (4,150 ) Net income/ (loss) to Petrogress Int’l LLC * $ 40,133 $ (4,150 ) Six Months Ended June 30 2019 2018 Sales and other operating revenues $ 330,000 $ 442,795 Cost and other expenses (418,820 ) (421,627 ) Net income/ (loss ) to Petrogres Africa Co. Ltd * $ (88,820 ) $ 21,168 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Goods Inventories June 30, 2019 December 31, 2018 Crude Oil $ - $ 279,196 Gas Oil 810,000 - Lubricants 86,004 - Total Inventories $ 896,004 $ 279,196 |
Note 6 - Properties, Vessels,_2
Note 6 - Properties, Vessels, Inventories & Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Properties, Vessels, Inventories & Equipment [Table Text Block] | June 30, 2019 December 31, 2018 Vessel’s value, at historical cost $ 3,940,745 $ 4,354,147 Bunkers R.O.B. 85,059 137,939 Equipment, Machineries, Fenders, Vehicles & Trucks 95,554 96,759 Total $ 4,121,358 $ 4,588,845 |
Note 7 - Vessels and Other Fi_2
Note 7 - Vessels and Other Fixed Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Tanker Vessels (in years) 10 Supply boats (in years) 10 Fenders (in years) 10 Oil hoses (in years) 10 Vehicles & trucks (in years) 10 Office equipment and furniture (in years) 10 Computer hardware (in years) 5 |
Property, Plant and Equipment [Table Text Block] | June 30, 2019 December 31, 2018 Estimated useful Life (in years) Marine vessels $ 10,171,930 $ 10,171,930 10 Furniture and equipment 203,290 189,848 10 Accumulated depreciation (6,338,922 ) (5,910,872 ) Vessels and other fixed assets, net $ 4,036,298 $ 4,450,906 |
Note 16 - Loan Facility from _2
Note 16 - Loan Facility from Related Party (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Amounts due to related party December 31, 2018 $ 1,176,863 Wages accrued to Christos Traios 90,000 Wages paid to Christos Traios, in cash (13,738 ) Amount due from Christos Traios (7,286 ) Amounts due to related party June 3 0 , 2019 $ 1,245,839 |
Note 17 - Revenue Concentrati_2
Note 17 - Revenue Concentrations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts Receivable [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer June 3 0 , 2019 December 31 , 2018 A 50 % 63 % B 20 % 16 % |
Revenue from Contract with Customer Benchmark [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Customer June 3 0 , 2019 June 3 0 , 2018 A 79 % 87 % B 12 % * |
Note 1 - The Company and Our _2
Note 1 - The Company and Our Subsidiaries (Details Textual) | Jul. 09, 2018 | Feb. 29, 2016shares | Jun. 30, 2019shares | Dec. 31, 2018shares | Jul. 18, 2018shares | Jul. 17, 2018shares | Nov. 30, 2017 |
Common Stock, Shares Authorized | 19,000,000 | 19,000,000 | 19,000,000 | 490,000,000 | |||
Preferred Stock, Shares Authorized | 999,900 | 999,900 | 1,000,000 | 10,000,000 | |||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 100 | ||||||
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] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies - Percentages Participation in Subsidiaries (Details) | Jun. 30, 2019 |
Petrogress Int’l LLC. (Delaware) [Member] | |
Ownership Interest | 100.00% |
Petronav Carriers LLC. (Marshall Islands) [Member] | |
Ownership Interest | 100.00% |
Petrogres Africa Co. Ltd. (Ghanaian) [Member] | Petrogress Int'l LLC [Member] | |
Ownership Interest | 90.00% |
PG CYPYARD & Offshore Services Terminal Ltd. [Member] | Petrogress Int'l LLC [Member] | |
Ownership Interest | 100.00% |
Note 3 - Information relating_3
Note 3 - Information relating to the Consolidated Statement of Cash Flows - Operating Capital (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
- (Increase)/ decrease in Accounts receivable, net | $ 601,374 | $ (780,048) |
- (Increase) in Claims receivable, net | (4,000) | |
- (Increase) in Inventories | (563,928) | (10,608) |
- (Increase)/ decrease in Prepaid expenses and other current assets | 245,796 | (646,833) |
- Increase/ (decrease) in Accounts payable and accrued expenses | 87,763 | (356,563) |
- Increase/ (decrease) in Amounts due to related party | 68,976 | 98,969 |
- Increase/ (decrease) in Accrued Interest | 2,980 | 3,196 |
- (Increase)/ decrease in Security deposit | 54 | |
- Decrease in Deferred charges, net | 6,688 | |
Net increase in operating capital | $ 445,703 | $ (1,691,887) |
Note 3 - Information Relating_4
Note 3 - Information Relating to the Consolidated Statement of Cash Flows - Loans by Equity Affiliates (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Borrowing of loans by equity affiliates | ||
Repayment of loans by equity affiliates | 63,000 | |
Net repayment of loans by equity affiliates | $ 63,000 |
Note 4 - Summarized Financial_3
Note 4 - Summarized Financial Data - Petrogress, Inc. (Details Textual) | Jun. 30, 2019 |
Petronav Carriers LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Petrogress Int'l LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Petrogres Africa Co. Ltd. (Ghanaian) [Member] | Petrogress Int'l LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 90.00% |
Note 4 - Summarized Financial_4
Note 4 - Summarized Financial Data - Petrogress, Inc. - Condensed Financial Statement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Sales and other operating revenues | $ 404,000 | $ 2,261,890 | $ 2,526,678 | $ 4,827,154 | ||
Cost and other expenses | (281,202) | (1,282,524) | (1,446,954) | (2,689,061) | ||
Net income/ (loss) | (1,015,239) | 237,262 | (861,980) | 351,106 | ||
Current assets | 7,889,588 | 7,889,588 | $ 8,170,453 | |||
Current liabilities | 2,611,962 | 2,611,962 | 2,599,959 | |||
Total Petrogress, Inc. net equity | 10,141,293 | 10,141,293 | $ 10,854,629 | |||
Parent Company [Member] | ||||||
Sales and other operating revenues | ||||||
Cost and other expenses | (254,038) | (550,793) | ||||
Net income/ (loss) | (254,038) | (550,793) | ||||
Current assets | 176,993 | 29,935 | 176,993 | 29,935 | ||
Other assets | 7,775 | 45,075 | 7,775 | 45,075 | ||
Current liabilities | (1,219,369) | (697,772) | (1,219,369) | (697,772) | ||
Total Petrogress, Inc. net equity | $ (1,034,601) | $ (622,762) | (1,034,601) | (622,762) | ||
Petronav Carriers LLC [Member] | ||||||
Sales and other operating revenues | 528,333 | 1,796,227 | ||||
Cost and other expenses | [1] | (1,674,142) | (1,053,180) | |||
Net income/ (loss) | [2] | (1,145,809) | 743,047 | |||
Petrogress Int'l LLC [Member] | ||||||
Sales and other operating revenues | 2,139,178 | |||||
Cost and other expenses | (2,179,311) | (4,150) | ||||
Net income/ (loss) | [3] | 40,133 | (4,150) | |||
Petrogres Africa Co. Ltd. (Ghanaian) [Member] | ||||||
Sales and other operating revenues | 330,000 | 442,795 | ||||
Cost and other expenses | (418,820) | (421,627) | ||||
Net income/ (loss) | [4] | $ (88,820) | $ 21,168 | |||
[1] | Cost and other expenses include the ransom paid as well as all expenses related to the hijacking of one of our vessels. | |||||
[2] | 100% Net income attributable to Petrogress Inc. | |||||
[3] | 100% Net income attributable to Petrogress, Inc. | |||||
[4] | 90% Net income attributable to Petrogress Int'l LLC |
Note 5 - Inventories - Goods In
Note 5 - Inventories - Goods Inventories (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Total Inventories | $ 896,004 | $ 279,196 |
Crude Oil [Member] | ||
Total Inventories | 279,196 | |
Oil and Gas [Member] | ||
Total Inventories | 810,000 | |
Lubricants [Member] | ||
Total Inventories | $ 86,004 |
Note 6 - Properties, Vessels,_3
Note 6 - Properties, Vessels, Inventories & Equipment - Schedule of Properties, Vessels, Inventories & Equipment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Vessel’s value, at historical cost | $ 3,940,745 | $ 4,354,147 |
Bunkers R.O.B. | 85,059 | 137,939 |
Equipment, Machineries, Fenders, Vehicles & Trucks | 95,554 | 96,759 |
Total | $ 4,121,358 | $ 4,588,845 |
Note 7 - Vessels and Other Fi_3
Note 7 - Vessels and Other Fixed Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment, Useful Life | ||||
Depreciation, Total | $ 230,768 | $ 231,061 | $ 428,048 | $ 458,680 |
Vessels [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years |
Note 7 - Vessels and other fi_4
Note 7 - Vessels and other fixed assets, net - Useful Lives of Vessels and Equipment (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment, Useful Life (Year) | |
Tanker Vessels [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Supply Boats [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Fenders [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Oil Hoses [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Vehicles & Trucks [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Office Equipment and Furniture [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Computer Equipment [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 7 - Vessels and Other Fi_5
Note 7 - Vessels and Other Fixed Assets, Net - Vessels and Other Fixed Assets (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Useful Life (Year) | ||
Accumulated depreciation | $ (6,338,922) | $ (5,910,872) |
Net property and equipment | 4,036,298 | 4,450,906 |
Vessels [Member] | ||
Property and equipment, gross | $ 10,171,930 | 10,171,930 |
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Office Equipment and Furniture [Member] | ||
Property and equipment, gross | $ 203,290 | $ 189,848 |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 12 - Officers Compensati_2
Note 12 - Officers Compensations (Details Textual) - Officer [Member] - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 90,000 | $ 110,000 |
Payments to Employees | $ 13,738 |
Note 14 - Shareholders (Details
Note 14 - Shareholders (Details Textual) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Common Stock, Shares, Issued, Total | 3,874,808 | 3,828,412 |
Common Stock, Shares, Outstanding, Ending Balance | 3,874,808 | 3,828,412 |
UNITED STATES | ||
Common Stock, Shares, Outstanding, Ending Balance | 475,574 | |
Percentage of Outstanding Shares Held by Shareholders | 12.00% | |
UNITED STATES | Cede & Co. Shareholder [Member] | ||
Common Stock, Shares, Outstanding, Ending Balance | 336,911 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Details Textual) - Petrogres Africa Co. Ltd [Member] - Forecast [Member] | Oct. 23, 2019USD ($)shares |
Payments to Acquire Businesses, Gross | $ | $ 900,000 |
Business Combination, Maximum Number of Shares on Conversion Rights | shares | 3,500,000 |
Note 16 - Loan Facility from _3
Note 16 - Loan Facility from Related Party (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 31, 2018 |
Long-term Line of Credit, Total | $ 148,900 | $ 148,900 | |
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 |
Note 16 - Loan Facility from _4
Note 16 - Loan Facility from Related Party - Amounts due to CEO (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Amounts due to related party | $ 1,176,863 |
Amounts due to related party | 1,245,839 |
Chief Executive Officer [Member] | Amounts due to Chief Executive Officer [Member] | |
Amounts due to related party | 1,176,863 |
Wages accrued to Christos Traios | 90,000 |
Wages paid to Christos Traios, in cash | (13,738) |
Amount due from Christos Traios | (7,286) |
Amounts due to related party | $ 1,245,839 |
Note 17 - Revenue Concentrati_3
Note 17 - Revenue Concentrations - Revenue Concentration by Customer (Details) - Customer Concentration Risk [Member] - Revenue from Contract with Customer Benchmark [Member] | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Customer A [Member] | ||
Sales concentration percentage | 79.00% | 87.00% |
Customer B [Member] | ||
Sales concentration percentage | 12.00% |
Note 17 - Revenue Concentrati_4
Note 17 - Revenue Concentrations - Accounts Receivable Concentration by Customer (Details) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Customer A [Member] | ||
Sales concentration percentage | 50.00% | 63.00% |
Customer B [Member] | ||
Sales concentration percentage | 20.00% | 16.00% |
Note 18 - Additional Informat_2
Note 18 - Additional Information (Details Textual) | Apr. 19, 2019USD ($) |
Amount of Original Ransom for Employees Held Hostage | $ 3,000,000 |
Payments for Ransom of Employees Held Hostage | $ 350,000 |