Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | May 12, 2020 | Jun. 30, 2019 | |
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 Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 5,238,201 | ||
Entity Public Float | $ 1,310,759 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock, par value $0.001 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Revenues: | ||||
Revenues | $ 17,379,737 | [1] | $ 11,924,901 | |
Other Revenues | 20,630 | 7,500 | ||
Total Revenues | 15,961,220 | 9,026,962 | ||
Costs and other Deductions: | ||||
Costs of goods sold | (13,431,020) | (5,068,717) | ||
Gross profit | 2,530,200 | 3,958,245 | ||
Operating expenses: | ||||
Corporate expenses | (362,993) | (254,289) | ||
General and administrative expenses | (2,899,482) | (2,095,839) | ||
Provisions for losses on accounts receivable | (130,550) | (344,466) | ||
Amortization expense | (6,619) | (6,687) | ||
Depreciation expense | (914,748) | (927,596) | ||
Total operating expenses | (4,183,842) | (3,628,877) | ||
Operating income / (loss) before other expenses and income tax | (1,653,642) | 329,368 | ||
Other Income / (expense), net: | ||||
Interest and finance expenses | (217,100) | (16,551) | ||
Amortization of note discount | (166,197) | |||
Change in fair market value of derivative liabilities | (294,083) | |||
Other income / (expense), net | (653,659) | 11,881 | ||
Total other income / (expense), net | (1,331,039) | (4,670) | ||
Income / (loss) before income taxes | (2,984,681) | 324,698 | ||
Income tax expense | ||||
Net income / (loss) | (2,984,681) | 324,698 | ||
Net income / (loss) attributable to: | ||||
Shareholders of the Company | (2,950,515) | 307,047 | ||
Non-controlling interests | (34,166) | 17,651 | ||
Other comprehensive loss, net of tax | ||||
Foreign currency translation adjustment | (2,487) | |||
Comprehensive income / (loss) | (2,984,681) | 322,211 | ||
Comprehensive income / (loss) attributable to: | ||||
Shareholders of the Company | (2,950,515) | 304,560 | ||
Non-controlling interests | $ (34,166) | $ 17,651 | ||
Weighted average number of common shares outstanding | ||||
Denominator for basic net income per share – weighted average shares (in shares) | 3,953,461 | 3,436,387 | ||
Diluted (in shares) | 3,522,331 | |||
Basic net earnings per share (in dollars per share) | $ (0.75) | $ 0.0894 | ||
Diluted net earnings per share (in dollars per share) | $ (0.75) | $ 0.0896 | ||
Crude Oil Sales [Member] | ||||
Revenues: | ||||
Revenues | [1] | $ 13,983,090 | $ 7,558,463 | |
Costs and other Deductions: | ||||
Costs of goods sold | (12,381,020) | (4,764,217) | ||
Gas Oil Sales [Member] | ||||
Revenues: | ||||
Revenues | 1,416,000 | 1,518,500 | ||
Costs and other Deductions: | ||||
Costs of goods sold | (1,050,000) | (304,500) | ||
Freights and Hires [Member] | ||||
Revenues: | ||||
Revenues | 989,313 | 2,257,600 | ||
Costs and other Deductions: | ||||
Costs of goods sold | ||||
[1] | Amounts of products transferred before intercompany eliminations |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 391,360 | $ 661,010 |
Accounts receivable, net | 2,011,430 | 4,779,432 |
Claims receivable, net | 478,500 | 547,600 |
Inventories | 1,206,612 | 417,135 |
Prepaid expenses and other current assets | 3,143,221 | 1,765,276 |
Total current assets | 7,231,123 | 8,170,453 |
Non-Current Assets | ||
Goodwill | 900,000 | 900,000 |
Vessels and other fixed assets, net | 4,249,763 | 4,450,906 |
Deferred charges, net | 15,629 | 26,750 |
Security deposit | 10,584 | 10,638 |
Total non-current assets | 5,175,976 | 5,388,294 |
Total Assets | 12,407,099 | 13,558,747 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,402,198 | 1,265,452 |
Due to related party | 1,271,450 | 1,176,863 |
Loan facility from related party | 148,900 | 148,900 |
Accrued interest | 23,636 | 8,744 |
Convertible promissory notes | 237,197 | |
Derivative liabilities | 809,877 | |
Total current liabilities | 3,893,258 | 2,599,959 |
Total liabilities | 3,893,258 | 2,599,959 |
Commitments and Contingencies | ||
Shareholders’ equity: | ||
Shares of Common stock, $0.001 par value, 19,000,000 shares authorized, 4,446,645 and 3,828,412 shares issued and outstanding as of December 31, 2019 and December 31, 2018 | 4,447 | 3,829 |
Additional paid-in capital | 10,073,810 | 9,535,161 |
Accumulated comprehensive loss | (9,763) | (10,231) |
Retained earnings | (1,634,645) | 1,315,870 |
Equity attributable to Shareholders of the Company | 8,443,849 | 10,854,629 |
Non-controlling interests | 69,992 | 104,159 |
Total liabilities and shareholders’ equity | 12,407,099 | 13,558,747 |
Series A Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Series A Preferred shares, $100 par value, 100 shares authorized, 100 and 0 shares issued and outstanding as of December 31, 2019 and December 31, 2018 | $ 10,000 | $ 10,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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) | 4,446,645 | 3,828,412 |
Common stock, shares outstanding (in shares) | 4,446,645 | 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) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (2,984,681) | $ 324,698 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation expense | 914,748 | 927,596 |
Provision for losses on accounts receivable | 130,550 | 344,466 |
Change in fair value of derivative liabilities | 294,083 | 0 |
Share-based compensation expense | 583,674 | 1,496 |
Loss on disposition of fixed assets | 16,331 | |
Amortization of discount on convertible note | 166,197 | |
Amount of derivative in excess of face value of PCN | 105,793 | 0 |
Loss on settlement of loan facility from related party | 160,192 | |
Gain/(loss) on settlement of convertible promissory notes | (12,835) | |
Elimination of PGAS Africa APIC | (43,940) | |
Changes in working capital | ||
(Increase)/Decrease in accounts receivable, net | 2,768,002 | (615,014) |
(Increase)/Decrease in claims receivable, net | 69,100 | (547,600) |
(Increase)/Decrease in inventories | (789,477) | (245,635) |
(Increase)/Decrease in prepaid expenses | (1,377,945) | (968,420) |
Increase/(Decrease) in accounts payable and accrued expenses | 136,746 | (34,513) |
Increase/(Decrease) in amounts due to related party | (246,863) | 165,611 |
Increase/(Decrease) in accrued interest | 14,892 | 12,323 |
(Increase)/Decrease in security deposit | 54 | (3,065) |
(Increase)/Decrease in deferred charges, net | 11,121 | (26,750) |
CASH USED IN OPERATING ACTIVITIES | (362,164) | (517,449) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (109,936) | |
Purchase of vessels and other equipment – related party facility | (341,450) | |
Purchase of vessels and other equipment | (278,550) | (96,553) |
CASH USED IN INVESTING ACTIVITIES | (729,936) | (96.553) |
Proceeds from convertible promissory notes | 481,000 | |
Proceeds from advances from related party | 341,450 | 126,500 |
CASH PROVIDED BY FINANCING ACTIVITIES | 822,450 | 126,500 |
Effects of exchange rate changes | (2,487) | |
NET DECREASE IN CASH | (269,650) | (489,989) |
CASH AT BEGINNING OF YEAR | 661,010 | 1,150,999 |
CASH AT YEAR END | $ 391,360 | $ 661,010 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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 | ||||||
Balance at Dec. 31, 2017 | $ 10,000 | $ 3,098 | $ 9,100,838 | $ (7,744) | $ 1,008,823 | $ 10,115,015 | $ 98,753 | $ 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 | ||||
Common stock issued for accrued interest on LOC (in shares) | 382,841 | |||||||
Common stock issued for accrued interest on LOC | $ 383 | 383 | 383 | |||||
Foreign currency translation adjustment | (2,487) | (2,487) | (2,487) | |||||
Elimination of PGAF Ltd apic/due from shareholders | (87,750) | (87,750) | (12,250) | (100,000) | ||||
Net income (loss) | 307,047 | 307,047 | 17,651 | 324,698 | ||||
Balances (in shares) at Dec. 31, 2018 | 100 | 3,828,412 | ||||||
Balance 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) | 43,071 | |||||||
Common stock issued to settle liabilities | $ 43 | 86,291 | 86,334 | 457,692 | ||||
Common stock issued for board advisory services (in shares) | 540,162 | |||||||
Foreign currency translation adjustment | ||||||||
Elimination of PGAF Ltd apic/due from shareholders | (44,408) | 468 | (43,940) | (43,940) | ||||
Net income (loss) | (2,950,515) | (2,950,515) | (34,166) | (2,984,681) | ||||
Common stock issued as commitment (in shares) | 35,000 | |||||||
Common stock issued as commitment | $ 35 | 76,965 | 77,000 | 210,000 | ||||
Common stock issued for services | $ 540 | 419,801 | 420,341 | (146,767) | ||||
Balances (in shares) at Dec. 31, 2019 | 100 | 4,446,645 | ||||||
Balance at Dec. 31, 2019 | $ 10,000 | $ 4,447 | $ 10,073,810 | $ (9,763) | $ (1,634,645) | $ 8,443,849 | $ 69,993 | $ 8,513,841 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Summary of Significant Accounting Policies We are an integrate energy company, engaged in the upstream, downstream and midstream segments. The Upstream segment consist of exploration, and production of crude oil in West Africa, associated with processing and storage; currently the Company is expanding its U.S. base to include exploration and production. The company operates Internationally through its wholly owned subsidiaries "Petrogress Int'l LLC.", "Petronav Carriers LLC.", “Petrogress Africa Ltd.” and “PG Cypyard Offshore terminal Ltd.”. The company also provides sea-transportation services -as an independent established Maritime Company- by our tankers fleet. Since last year, the company entered into the retailing market by operating a number of Gas-filling stations in Greece. The company is registered in Delaware and headquartered from the historical port Piraeus-Greece. General ; December 31. Use of Estimates: not Subsidiaries and Affiliated Companies ; 50 All significant intercompany transactions and accounts have been eliminated. Principles of consolidation ; Inter-company transaction balances and unrealized gains/(losses) on transactions between the companies are eliminated. Our significant subsidiaries are listed below: Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PGI) Delaware 100% (owned to PG) Petronav Carriers LLC. (PCL) Delaware 100% (owned to PG) Petrogress Africa Co. Ltd. (PGAF) Ghana 90% (owned to PGI) Petrogress Hellas (PGH) Greece 100% (owned to PGI PG-Cypyard & Offshore Terminal Ltd. (PGC) Cyprus 100% (owned to PGI) Non-controlling interests ; Fair Value Measurements; three 5 Derivatives and Financial Instruments ; Inventories; first first Cash and Cash Equivalents ; three not Currency Translation; Revenue Recognition; 606, sixty ninety The company accounts for delivery sea- transportation as a fulfilment cost, not third Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to customer. The company’s commodity sales are typically based on prevailing market-based prices and may not Prior to the adoption of ASC 606 January 1, 2018, Prepaid Expenses; Fixed Assets; Depreciation; 10 Vessels and properties held for sale; one not Accounting for Special Survey and Drydocking Costs; Vessel Operating Expenses; Repairs and Maintenance; Segment Reporting; Going Concern; one 24. Stock Options and Other Share-Based Compensation ; 7 Emerging Growth Company; 2012, 107 7 2 |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2 New Accounting Standards Leases (Topic 842 ; January 1, 2019, 2016 02 December 31, 2019, 842 not February 2020, first 2020. 3 |
Note 3 - Lease Commitments
Note 3 - Lease Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 3 Lease Commitments Petrogress implemented the new lease standard at the effective date of January 1, 2019. one The company enters into lease arrangements through its subsidiaries as a lessee in three The lease term includes the committed lease term identified in the contract, taking into account renewal and termination options that management is reasonably to exercise; The below table presents the company’s leases arrangements and liabilities for an aggregate period of the next 2 15 Lease location Lessee Period: Jan. 01, 2020 to Dec. 31, 2035 Lease Amount Piraeus (Greece) office Petrogress Hellas 24 months $ 68,000 Tema (Ghana) office Petrogress Africa 24 months 7,200 Gas Station - Aeges (Greece) Petrogress Hellas 15 years 126,000 Gas Station - Areopolis (Greece) Petrogress Hellas 15 years 180,000 Gas Station - Sparta (Greece) Petrogress Hellas 15 years 180,000 Total Lease cost $ 561,200 On October 1, 2019, $160,000 one February 2020. |
Note 4 - Summarized Financial D
Note 4 - Summarized Financial Data - Petrogress, Inc. | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Summarized Financial Data [Text Block] | Note 4 Summarized Financial Data – Petrogress, Inc. Petrogress Int’l LLC. (PGI) is a major subsidiary of Petrogress, Inc. PGI, through its affiliates manage and operate most of Petrogress business. The summarized financial information for Petrogress, Inc., and its consolidated subsidiaries is as follows: Year Ended December 31, 2019 2018 2017 Sales and other operating revenues $ 15,961,220 $ 9,038,843 $ 9,163,356 Total cost and other deductions (18,945,901 ) (8,714,145 ) (8,892,091 ) Net income/(loss) attributable to Shareholders $ (2,950,515 ) $ 307,047 $ 271,265 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 5 Fair Value Measurements Our financial instruments consist primarily of cash, accounts receivable, accounts payable and accrued expenses, and convertible debt as at December 31, 2019 December 31, 2018. 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 Marketable Securities; Derivatives; 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. Financial instruments measured at fair value on a recurring basis are summarized as follows: At December 31, 2019 At December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives Fair value $ --- $ --- $ 809,877 $ 809,877 $ --- $ --- $ --- $ --- Total Liabilities $ --- $ --- $ 809,877 $ 809,877 $ --- $ --- $ --- $ --- |
Note 6 - Financial and Derivati
Note 6 - Financial and Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 6 Financial and Derivative Instruments Financial Instrument s ; December 31, 2019 2018. $105,793 $0 December 31, 2019 2018, $294,083 $0 December 31, 2019 2018, December 31, 2019, 2018, $809,877 $0, Credit Risk Concentrations; |
Note 7 - Accounting for Equity-
Note 7 - Accounting for Equity-based Payments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | Note 7 Accounting for Equity-based Payments We account for stock awards issued to non-employees in accordance with ASC 505 50, Equity-Based Payments to Non-Employees 2018/17 1 2 |
Note 8 - Earnings (Loss) Per Sh
Note 8 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 8 Earnings (Loss) per Share In accordance with ASC Topic 260, As of December 31, 2019, 2018, 3,953,461 3,436,387, December 31, 2019, no December 31, 2018, 3,522,331. The table below presents the Earnings per Share calculations for the years ended December 31, 2019 2018: Basic EPS Calculation 2019 2018 Net income attributable to common shareholders $ (2,950,515 ) $ 307,047 Denominator for basic net income per share – weighted average shares 3,953,461 3,436,387 Conversion of accrued interest on debt held by related party - 85,944 Denominator for diluted net income per share - 3,522,331 Basic net earnings per share (0.75 ) 0.0894 Diluted net earnings per share (0.75 ) 0.0896 |
Note 9 - Operating Segments and
Note 9 - Operating Segments and Geographic Presence | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 Operating Segments & Geographic presence Although each subsidiary of Petrogress is responsible for its own affairs, Petrogress manages the operations in these subsidiaries and affiliates. The operations are grouped into three 1, The company’s primary country of operation is Greece -its head operating location- while other of the company’s operations are in Ghana and Cyprus. 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, Cyprus and our representations or agents. The company evaluate the performance of its operating earnings based on its major’s subsidiaries and goods sales. (a) Earnings by major operating subsidiaries and their trading areas are presented in the following table: Year Ended December 31, Operating Subsidiaries 2019 2018 ● Petrogress Int’l LLC. (Internationally) $ 15,344,924 $ 8,650,462 ● Petronav Carriers LLC. (Internationally) 989,313 2,737,600 ● Petrogress Africa Co. Ltd. ( Nationally Ghana ) 936,000 479,000 ● Petrogress (Hellas) Co. (Internationally) 109,500 57,838 Totals $ 17,379,737 $ 11,924,900 (b) Earnings by products and other services are presented in the following table: Year Ended December 31, Sales volumes per product & service 2019 2018 ● Crude oil $ 13,983,090 $ 7,558,463 ● Gas oil 2,136,000 1,518,500 ● Lubricants 90,834 - ● Vessel’s hires & freights 989,313 2,257,600 ● Others 180,500 590,338 Totals $ 17,379,737 $ 11,924,901 ( 1 Amounts of revenue transactions before intercompany eliminations ( 2 Amounts of products transferred before intercompany eliminations Segment Information; two ● C & O – stores, distributed and markets crude oil, Gas Oil, and refined petroleum products. Also includes retailing sales of its gas stations and rest areas, terminals, and refined logistics. ● H & F – marine transportations, transports, and marine service. The tables below present information about revenues and other income, capital expenditures in unconsolidated affiliates for the years ended December 31, 2019 2018: Year Ended December 31, C&O 2019 2018 Revenues from crude oil sales $ 15,399,090 $ 8,982,462 Other Revenues 20,630 7,500 Total Revenues 15,419,720 8,989,962 Segment Adjusted EBITDA (3,145,868 ) 323,367 Net income/ (loss) attributable to: Shareholders of the Company (3,112,862 ) 305,788 Non-controlling interests (33,007 ) 17,579 F&H Revenues from freights & hires $ 541,500 $ 37,000 Total Revenues 541,500 37,000 Segment Adjusted EBITDA 361,187 1,331 Net income/ (loss) attributable to: Shareholders of the Company 362,347 1,259 Non-controlling interests (1,159 ) 72 Year Ended December 31, Disaggregation of Revenues 2019 2018 Revenues commodities sales $ 15,399,090 $ 8,982,462 Revenues from freights & hires 541,500 37,000 Other Revenues 20,630 7,500 Total Revenues 15,961,220 9,026,962 Accounts Receivable, net; not The table below sets forth Accounts Receivable, net of the Company for the years ended December 31, 2019 December 31, 2018: Year Ended December 31, Receivables 2019 2018 Receivables from commodities and hires sales $ 2,085,838 $ 5,092,860 Less: Provision for doubtful accounts (130,550 ) (344,466 ) Sales receivable net 1,955,288 4,748,394 Other receivables 56,142 31,038 Accounts receivable, net $ 2,011,430 $ 4,779,432 As of December 31, 2019, 2018, $130,550 $344,466 No December 31, 2019 2018. Accounts payable and Accrued Expenses; December 31, 2019 2018 Year Ended December 31, Accounts payable and Accrued Expenses 2019 2018 Service providers $ 439,448 $ 664,344 Wages and Bonuses 874,470 60,351 Oil Suppliers 38,307 501,536 Vendors and Suppliers 49,973 39,221 Totals $ 1,402,198 $ 1,265,452 |
Note 10 - Prepaid Expenses and
Note 10 - Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Prepaid Expenses and Other Current Assets [Text Block] | Note 10 Prepaid expenses and other current assets The table below shows the company’s prepaid expenses and other current assets as of December 31, 2019 2018: Year Ended December 31, Prepaid expenses and other current assets 2019 2018 Salt-pond oil field and oil rig Platform “AGK-1” Petrogress Africa Ltd. $ 460,000 $ - Oil Suppliers, Vendors & Various Petrogress Africa Ltd. 595,136 136,357 Oil Suppliers, Vendors & Various Petrogress Int’l LLC. 2,318,986 2,385 Service Providers Petrogress, Inc. 17,940 3,940 Service Providers Petrogress (Hellas) Co . 19 20,100 Others Petronav Carriers LLC. 68,655 203,058 Others Petrogres Co. Limited - 1,399,436 Totals $ 3,143,221 $ 1,765,276 Salt-pond; $460,000 Oil suppliers, Vendors & Various; $2,914,122 |
Note 11 - Litigation
Note 11 - Litigation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 1 1 Litigation There are currently no |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 2 Income Taxes 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, Income Taxes not not ASC 740 10 not not may 2011 Hellenic Federal Income Tax Considerations; 4646/2019, 24%. Ghanaian Tax Considerations : August 2015 ( 2015 896 25%. Marshall Islands Tax Considerations; not, not not not not not During the years ended December 31, 2019 2018, 21% Year Ended December 31, 2019 2018 Income tax (expense) benefit at statutory federal rates $ 9,487 $ (68,187 ) Permanent differences - - Increase (decrease) in valuation allowance (9,487 ) 68,187 Income tax expense (benefit) at Company’s effective tax rate $ - $ - At December 31, 2019, $3,014,668, may no may not 2039. |
Note 13 - Properties, Vessels a
Note 13 - Properties, Vessels and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Properties, Vessels, Inventories & Equipment [Text Block] | Note 1 3 Properties, Vessels and Equipment Vessels and other s fixed assets, net; 10 Tanker Vessels (in years) 10 -years Supply boats (in years) 10 -years Fenders (in years) 10 -years Oil hoses (in years) 10 -years Vehicles & trucks (in years) 10 -years Office equipment and furniture (in years) 10 -years Computer hardware (in years) 5 -years Vessels and other fixed assets, net consisted of the following as of December 31, 2019 December 31, 2018: December 31, 2019 December 31, 2018 Estimated useful Life (in years) Vessels purchased costs $ 10,888,423 $ 10,171,930 10 Furniture and equipment 182,764 189,848 10 Accumulated depreciation (6,821,424 ) (5,910,872 ) Vessels and other fixed assets, net $ 4,249,763 $ 4,450,906 * Depreciation for the year ended December 31, 2019 2018, $914,748 $927,596, Inventories ; The table below presents our inventories as of December 31, 2019 December 31, 2018: Commodities and Petroproducts Inventories December 31, 2019 December 31, 2018 Crude Oil $ - $ 279,196 Gas Oil 1,039,020 - Lubricants 59,479 - Vessels Inventories & Others Bunkers R.O.B* 108,113 137,939 Lubricants, provisions, and spare-parts 68,473 96,759 Total $ 1,275,085 $ 513,894 |
Note 14 - Short-term Debt
Note 14 - Short-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Convertible Debt [Text Block] | Note 1 4 Short-Term Debt Convertible Note; August 27, 2019, $310,000. 8% August 26, 2020. $10,000, 110% 1 60 115% 61 120 120% 121 180 180 25% The Company determined that the conversion feature of the Convertible Note represents an embedded derivative since the Note is convertible into a variable number of shares upon conversion. Additionally, the note contains a ratchet provision. The Company determined under ASC 815, no not August 27, 2019 The fair value for the Company's derivative liability as at December 31, 2019 Minimum Maximum Volatility 180.96 % 232.41 % Risk Free rate 1.60 % 1.78 % Life 0.66 1.00 |
Note 15 - Shareholders Equity,
Note 15 - Shareholders Equity, Stock Options and Other Compensations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 1 5 Shareholders Equity, Stock options and other compensations Common Stock; 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 $383.00 On April 17, 2019 25,000 March 25 th 2019. On August 27, 2019 25,000 March 25 th 2019. On September 9, 2019 35,000 August 27 th 2019. On October 29, 2019 142,858 October 22, 2019. On December 2019 349,875 On December 4, 2019 15,000 September 1 st 2019. On December 4, 2019 25,000 December 1 st 2018. On December 4, 2019 500 two Preferred stock ; July 9, 2018, 10,000,000 1,000,000. July 18, 2018. no |
Note 16 - Unregistered Sales of
Note 16 - Unregistered Sales of Equity Securities and Use of Proceeds | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Sales of Equity Securities [Text Block] | Note 16 Unregistered Sales of Equity Securities and Use of Proceeds On August 27, 2019, 8% $310,000. 8% $10,000 110% 1 60 115% 61 120 120% 121 180 180 25% The issuance of the 8% 1933, 4 2 |
Note 17 - Loan Facility From Re
Note 17 - Loan Facility From Related Party | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Note Payable to Stockholder Disclosure [Text Block] | Note 1 7 Loan Facility from Related Party On 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 Except in the event of a default, in no may ten 10% On October 31, 2018, July 13, 2017 ( $1,000,000 no $148,900 July 13, 2019. July 13, 2020. December 31, 2019 2018, $11,912 $8,744, On November 8, 2019, $311,300, $30,150 Cash and other contribution made by Christos Traios from inception up to the year ended December 31, 2019, 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 February23, 2018 (275,000 ) Balance (Principal) December 31, 2018 148,900 Balance (Principal) December 31, 2019 * $ 148,900 * Balance at December 31, 2019 do not include the interest due of $20,656 for 2018 and 2019 |
Note 18 - Related Party Capital
Note 18 - Related Party Capital Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 1 8 Related Party Capital Transactions Effective September 30, 2017, 1,080,000 90% $1,080,000 $180,000 $900,000 December 31, 2017. Mr. Traios initially acquired 90% $900,000, August 17, 2017. 805 50 25 2, August17, 2017. PGAF was incorporated in the summer of 2017 |
Note 19 - Wages Due to Related
Note 19 - Wages Due to Related Party from the Company and its Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure, Wages Due from Company and Subsidiaries [Text Block] | Note 1 9 Wages due to Related Party from the Company and its Subsidiaries The table below presents the wages due to Christos Traios from his service to the company and its significant subsidiaries at year ended December 31, 2019: December 31, 2019 Petrogress, Inc. $ 203,698 Petrogress Int’l LLC. 404,365 Petronav Carriers LLC. 156,340 Petrogress (Hellas) Co. 24,671 Total outstanding wages to Ch. Traios at December 31, 2019 $ 789,074 |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 20 Commitments and Contingencies The Company is not no |
Note 21 - Revenues
Note 21 - Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 1 Revenues Revenue from contracts with customers is presented in “Sales and other operating revenue”. Purchases and sales are combined and recorded on a net basis and reported in “purchased crude oil” on the Consolidated Statement of Income. For disaggregation disclosure see Note 9 39 Receivables related to revenue from customers are included in “Accounts and notes receivable” on the Consolidated Balance Sheet. The net balance of these receivables was $2,011,430 $4,779,432 December 31, 2019 December 31, 2018, |
Note 22 - Claims Receivable
Note 22 - Claims Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Claims Receivable [Text Block] | Note 2 2 Claims receivable As on December 31, 2019 2018, $478,500 $547,600, $395,100 2020. |
Note 23 - Other Information
Note 23 - Other Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Information [Text Block] | Note 2 3 Other Information On October 1, 2019, October 2019, one 15 Effective as on October 14, 2019, two On October 22, 2019, 142,858 $0.001 November 2019. On November 8, 2019, |
Note 24 - Going Concern - Subst
Note 24 - Going Concern - Substantial Doubt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | Note 2 4 Going Concern - Substantial Doubt The management of the Company assesses the Company’s ability to continue as a going concern at each period end. The assessments evaluate whether there are conditions that give rise to substantial doubt to continue as a going concern within one On the ground of management evaluation and consideration for the next period of twelve no not The coronavirus pandemic has imposed the continuing lockdown of the Company’s offices in Greece and Africa, and the majority of its operations ceased. While our employees, vessel’s crew and labors are staying at their homes and our fleet still remains idle. Furthermore, the Covid- 19 may not 19 In of that said and under the present circumstances we believe that our incomes undoubtedly will be heavily affected during the next year, and that raises substantial doubt for the company’s ability to continue its business unless the company succeed to raise extra cash financing in the near future. |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 2 5 Subsequent Events During February March 2020, three two On March 28, 2020, one During April 2020, 15 $380,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | General ; December 31. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: not |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Subsidiaries and Affiliated Companies ; 50 All significant intercompany transactions and accounts have been eliminated. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation ; Inter-company transaction balances and unrealized gains/(losses) on transactions between the companies are eliminated. Our significant subsidiaries are listed below: Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PGI) Delaware 100% (owned to PG) Petronav Carriers LLC. (PCL) Delaware 100% (owned to PG) Petrogress Africa Co. Ltd. (PGAF) Ghana 90% (owned to PGI) Petrogress Hellas (PGH) Greece 100% (owned to PGI PG-Cypyard & Offshore Terminal Ltd. (PGC) Cyprus 100% (owned to PGI) Non-controlling interests ; |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements; three 5 |
Derivatives, Policy [Policy Text Block] | Derivatives and Financial Instruments ; |
Inventory, Policy [Policy Text Block] | Inventories; first first |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents ; three not |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Currency Translation; |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition; 606, sixty ninety The company accounts for delivery sea- transportation as a fulfilment cost, not third Revenue is measured as the amount the company expects to receive in exchange for transferring commodities to customer. The company’s commodity sales are typically based on prevailing market-based prices and may not Prior to the adoption of ASC 606 January 1, 2018, |
Prepaid Expenses [Policy Text Block] | Prepaid Expenses; |
Property, Plant and Equipment, Policy [Policy Text Block] | Fixed Assets; |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation; 10 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Vessels and properties held for sale; one not |
Accounting for Special Survey and Drydocking Costs [Policy Text Block] | Accounting for Special Survey and Drydocking Costs; |
Vessel Operating Expenses [Policy Text Block] | Vessel Operating Expenses; |
Maintenance Cost, Policy [Policy Text Block] | Repairs and Maintenance; |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting; |
Substantial Doubt about Going Concern [Policy Text Block] | Going Concern; one 24. |
Share-based Payment Arrangement [Policy Text Block] | Stock Options and Other Share-Based Compensation ; 7 |
Emerging Growth Company [Policy Text Block] | Emerging Growth Company; 2012, 107 7 2 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Percentages Participation in Subsidiaries [Table Text Block] | Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PGI) Delaware 100% (owned to PG) Petronav Carriers LLC. (PCL) Delaware 100% (owned to PG) Petrogress Africa Co. Ltd. (PGAF) Ghana 90% (owned to PGI) Petrogress Hellas (PGH) Greece 100% (owned to PGI PG-Cypyard & Offshore Terminal Ltd. (PGC) Cyprus 100% (owned to PGI) |
Note 3 - Lease Commitments (Tab
Note 3 - Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Lease location Lessee Period: Jan. 01, 2020 to Dec. 31, 2035 Lease Amount Piraeus (Greece) office Petrogress Hellas 24 months $ 68,000 Tema (Ghana) office Petrogress Africa 24 months 7,200 Gas Station - Aeges (Greece) Petrogress Hellas 15 years 126,000 Gas Station - Areopolis (Greece) Petrogress Hellas 15 years 180,000 Gas Station - Sparta (Greece) Petrogress Hellas 15 years 180,000 Total Lease cost $ 561,200 |
Note 4 - Summarized Financial_2
Note 4 - Summarized Financial Data - Petrogress, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Year Ended December 31, 2019 2018 2017 Sales and other operating revenues $ 15,961,220 $ 9,038,843 $ 9,163,356 Total cost and other deductions (18,945,901 ) (8,714,145 ) (8,892,091 ) Net income/(loss) attributable to Shareholders $ (2,950,515 ) $ 307,047 $ 271,265 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | At December 31, 2019 At December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives Fair value $ --- $ --- $ 809,877 $ 809,877 $ --- $ --- $ --- $ --- Total Liabilities $ --- $ --- $ 809,877 $ 809,877 $ --- $ --- $ --- $ --- |
Note 8 - Earnings (Loss) Per _2
Note 8 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic EPS Calculation 2019 2018 Net income attributable to common shareholders $ (2,950,515 ) $ 307,047 Denominator for basic net income per share – weighted average shares 3,953,461 3,436,387 Conversion of accrued interest on debt held by related party - 85,944 Denominator for diluted net income per share - 3,522,331 Basic net earnings per share (0.75 ) 0.0894 Diluted net earnings per share (0.75 ) 0.0896 |
Note 9 - Operating Segments a_2
Note 9 - Operating Segments and Geographic Presence (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, Operating Subsidiaries 2019 2018 ● Petrogress Int’l LLC. (Internationally) $ 15,344,924 $ 8,650,462 ● Petronav Carriers LLC. (Internationally) 989,313 2,737,600 ● Petrogress Africa Co. Ltd. ( Nationally Ghana ) 936,000 479,000 ● Petrogress (Hellas) Co. (Internationally) 109,500 57,838 Totals $ 17,379,737 $ 11,924,900 Year Ended December 31, Sales volumes per product & service 2019 2018 ● Crude oil $ 13,983,090 $ 7,558,463 ● Gas oil 2,136,000 1,518,500 ● Lubricants 90,834 - ● Vessel’s hires & freights 989,313 2,257,600 ● Others 180,500 590,338 Totals $ 17,379,737 $ 11,924,901 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, C&O 2019 2018 Revenues from crude oil sales $ 15,399,090 $ 8,982,462 Other Revenues 20,630 7,500 Total Revenues 15,419,720 8,989,962 Segment Adjusted EBITDA (3,145,868 ) 323,367 Net income/ (loss) attributable to: Shareholders of the Company (3,112,862 ) 305,788 Non-controlling interests (33,007 ) 17,579 F&H Revenues from freights & hires $ 541,500 $ 37,000 Total Revenues 541,500 37,000 Segment Adjusted EBITDA 361,187 1,331 Net income/ (loss) attributable to: Shareholders of the Company 362,347 1,259 Non-controlling interests (1,159 ) 72 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, Disaggregation of Revenues 2019 2018 Revenues commodities sales $ 15,399,090 $ 8,982,462 Revenues from freights & hires 541,500 37,000 Other Revenues 20,630 7,500 Total Revenues 15,961,220 9,026,962 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Year Ended December 31, Receivables 2019 2018 Receivables from commodities and hires sales $ 2,085,838 $ 5,092,860 Less: Provision for doubtful accounts (130,550 ) (344,466 ) Sales receivable net 1,955,288 4,748,394 Other receivables 56,142 31,038 Accounts receivable, net $ 2,011,430 $ 4,779,432 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Year Ended December 31, Accounts payable and Accrued Expenses 2019 2018 Service providers $ 439,448 $ 664,344 Wages and Bonuses 874,470 60,351 Oil Suppliers 38,307 501,536 Vendors and Suppliers 49,973 39,221 Totals $ 1,402,198 $ 1,265,452 |
Note 10 - Prepaid Expenses an_2
Note 10 - Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Year Ended December 31, Prepaid expenses and other current assets 2019 2018 Salt-pond oil field and oil rig Platform “AGK-1” Petrogress Africa Ltd. $ 460,000 $ - Oil Suppliers, Vendors & Various Petrogress Africa Ltd. 595,136 136,357 Oil Suppliers, Vendors & Various Petrogress Int’l LLC. 2,318,986 2,385 Service Providers Petrogress, Inc. 17,940 3,940 Service Providers Petrogress (Hellas) Co . 19 20,100 Others Petronav Carriers LLC. 68,655 203,058 Others Petrogres Co. Limited - 1,399,436 Totals $ 3,143,221 $ 1,765,276 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 Income tax (expense) benefit at statutory federal rates $ 9,487 $ (68,187 ) Permanent differences - - Increase (decrease) in valuation allowance (9,487 ) 68,187 Income tax expense (benefit) at Company’s effective tax rate $ - $ - |
Note 13 - Properties, Vessels_2
Note 13 - Properties, Vessels and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment, Estimated Useful Lives [Table Text Block] | Tanker Vessels (in years) 10 -years Supply boats (in years) 10 -years Fenders (in years) 10 -years Oil hoses (in years) 10 -years Vehicles & trucks (in years) 10 -years Office equipment and furniture (in years) 10 -years Computer hardware (in years) 5 -years |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 December 31, 2018 Estimated useful Life (in years) Vessels purchased costs $ 10,888,423 $ 10,171,930 10 Furniture and equipment 182,764 189,848 10 Accumulated depreciation (6,821,424 ) (5,910,872 ) Vessels and other fixed assets, net $ 4,249,763 $ 4,450,906 |
Schedule of Inventory, Current [Table Text Block] | Commodities and Petroproducts Inventories December 31, 2019 December 31, 2018 Crude Oil $ - $ 279,196 Gas Oil 1,039,020 - Lubricants 59,479 - Vessels Inventories & Others Bunkers R.O.B* 108,113 137,939 Lubricants, provisions, and spare-parts 68,473 96,759 Total $ 1,275,085 $ 513,894 |
Note 14 - Short-term Debt (Tabl
Note 14 - Short-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Minimum Maximum Volatility 180.96 % 232.41 % Risk Free rate 1.60 % 1.78 % Life 0.66 1.00 |
Note 17 - Loan Facility From _2
Note 17 - Loan Facility From Related Party (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 February23, 2018 (275,000 ) Balance (Principal) December 31, 2018 148,900 Balance (Principal) December 31, 2019 * $ 148,900 * Balance at December 31, 2019 do not include the interest due of $20,656 for 2018 and 2019 |
Note 19 - Wages Due to Relate_2
Note 19 - Wages Due to Related Party from the Company and its Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | December 31, 2019 Petrogress, Inc. $ 203,698 Petrogress Int’l LLC. 404,365 Petronav Carriers LLC. 156,340 Petrogress (Hellas) Co. 24,671 Total outstanding wages to Ch. Traios at December 31, 2019 $ 789,074 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies - Percentages Participation in Subsidiaries (Details) | Dec. 31, 2019 |
Petrogress Int’l LLC. (Delaware) [Member] | |
Ownership Interest | 100.00% |
Petronav Carriers LLC. (Marshall Islands) [Member] | |
Ownership Interest | 100.00% |
Petrogress Africa Co. Ltd. [Member] | |
Ownership Interest | 90.00% |
Petrogress (Hellas) Branch [Member] | |
Ownership Interest | 100.00% |
PG CYPYARD & Offshore Services Terminal Ltd. [Member] | |
Ownership Interest | 100.00% |
Note 3 - Lease Commitments (Det
Note 3 - Lease Commitments (Details Textual) - USD ($) | Dec. 31, 2019 | Oct. 01, 2019 |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 561,200 | |
Gas Station Lease at Aegies Location [Member] | ||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 160,000 | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 15 years |
Note 3 - Lease Commitments - Le
Note 3 - Lease Commitments - Lease Arrangements and Liabilities (Details) | Dec. 31, 2019USD ($) |
Lease amount | $ 561,200 |
Piraeus (Greece) Office [Member] | |
Lease period (Month) | 2 years |
Lease amount | $ 68,000 |
Tema (Ghana) Office [Member] | |
Lease period (Month) | 2 years |
Lease amount | $ 7,200 |
Gas Station - Aeges (Greece) [Member] | |
Lease period (Month) | 15 years |
Lease amount | $ 126,000 |
Gas Station - Areopolis (Greece) [Member] | |
Lease period (Month) | 15 years |
Lease amount | $ 180,000 |
Gas Station - Sparta (Greece) [Member] | |
Lease period (Month) | 15 years |
Lease amount | $ 180,000 |
Note 4 - Summarized Financial_3
Note 4 - Summarized Financial Data - Petrogress, Inc. - Condensed Financial Statement (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Sales and other operating revenues | $ 17,379,737 | [1] | $ 11,924,901 | |
Total cost and other deductions | (13,431,020) | (5,068,717) | ||
Net income (loss) | (2,984,681) | 324,698 | ||
Parent Company [Member] | ||||
Sales and other operating revenues | 15,961,220 | 9,038,843 | $ 9,163,356 | |
Total cost and other deductions | (18,945,901) | (8,714,145) | (8,892,091) | |
Net income (loss) | $ (2,950,515) | $ 307,047 | $ 271,265 | |
[1] | Amounts of products transferred before intercompany eliminations |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives Fair value | $ 809,877 | $ 0 |
Fair Value, Recurring [Member] | ||
Derivatives Fair value | 809,877 | |
Total Liabilities | 809,877 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Derivatives Fair value | ||
Total Liabilities | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Derivatives Fair value | ||
Total Liabilities | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Derivatives Fair value | 809,877 | |
Total Liabilities | $ 809,877 |
Note 6 - Financial and Deriva_2
Note 6 - Financial and Derivative Instruments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Expense | $ 105,793 | $ 0 |
Derivative, Gain (Loss) on Derivative, Net, Total | (294,083) | 0 |
Derivative Liability, Total | $ 809,877 | $ 0 |
Note 8 - Earnings (Loss) Per _3
Note 8 - Earnings (Loss) Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 3,953,461 | 3,436,387 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | |
Weighted Average Number of Shares Outstanding, Diluted, Total (in shares) | 3,522,331 |
Note 8 - Earnings (Loss) Per _4
Note 8 - Earnings (Loss) Per Share - Calculation of Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income attributable to common shareholders | $ (2,950,515) | $ 307,047 |
Denominator for basic net income per share – weighted average shares (in shares) | 3,953,461 | 3,436,387 |
Conversion of accrued interest on debt held by related party (in shares) | 85,944 | |
Denominator for diluted net income per share (in shares) | 3,522,331 | |
Basic net earnings per share (in dollars per share) | $ (0.75) | $ 0.0894 |
Diluted net earnings per share (in dollars per share) | $ (0.75) | $ 0.0896 |
Note 9 - Operating Segments a_3
Note 9 - Operating Segments and Geographic Presence (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Operating Segments | 3 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 130,550 | $ 344,466 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 0 | $ 0 |
Note 9 - Operating Segments a_4
Note 9 - Operating Segments and Geographic Presence - Revenue Recognized (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Sales and other operating revenues | $ 17,379,737 | [1] | $ 11,924,901 | |
Crude Oil Sales [Member] | ||||
Sales and other operating revenues | [1] | 13,983,090 | 7,558,463 | |
Gas Oil Sales [Member] | ||||
Sales and other operating revenues | 1,416,000 | 1,518,500 | ||
Lubricants [Member] | ||||
Sales and other operating revenues | [1] | 90,834 | ||
Freights and Hires [Member] | ||||
Sales and other operating revenues | 989,313 | 2,257,600 | ||
Product and Service, Other [Member] | ||||
Sales and other operating revenues | [1] | 180,500 | 590,338 | |
Subsidiaries [Member] | Non-US [Member] | Petrogress Int'l LLC [Member] | ||||
Sales and other operating revenues | [2] | 15,344,924 | 8,650,462 | |
Subsidiaries [Member] | Non-US [Member] | Petronav Carriers LLC [Member] | ||||
Sales and other operating revenues | [2] | 989,313 | 2,737,600 | |
Subsidiaries [Member] | Non-US [Member] | Petrogres (Hellas) Co [Member] | ||||
Sales and other operating revenues | [2] | 109,500 | 57,838 | |
Subsidiaries [Member] | GHANA | Petrogress Africa Co. Ltd. [Member] | ||||
Sales and other operating revenues | [2] | $ 936,000 | $ 479,000 | |
[1] | Amounts of products transferred before intercompany eliminations | |||
[2] | Amounts of revenue transactions before intercompany eliminations. |
Note 9 - Operating Segments a_5
Note 9 - Operating Segments and Geographic Presence - Revenues and Other Income, Capital Expenditures in Unconsolidated Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | $ 17,379,737 | [1] | $ 11,924,901 |
Other Revenues | 20,630 | 7,500 | |
Total Revenues | 15,961,220 | 9,026,962 | |
Shareholders of the Company | (2,950,515) | 307,047 | |
Non-controlling interests | (34,166) | 17,651 | |
Commodities & Other [Member] | |||
Revenues | 15,399,090 | 8,982,462 | |
Other Revenues | 20,630 | 7,500 | |
Total Revenues | 15,419,720 | 8,989,962 | |
Segment Adjusted EBITDA | (3,145,868) | 323,367 | |
Shareholders of the Company | (3,112,862) | 305,788 | |
Non-controlling interests | (33,007) | 17,579 | |
Freights & Hires [Member] | |||
Revenues | 541,500 | 37,000 | |
Total Revenues | 541,500 | 37,000 | |
Segment Adjusted EBITDA | 361,187 | 1,331 | |
Shareholders of the Company | 362,347 | 1,259 | |
Non-controlling interests | $ (1,159) | $ 72 | |
[1] | Amounts of products transferred before intercompany eliminations |
Note 9 - Operating Segments a_6
Note 9 - Operating Segments and Geographic Presence - Disaggregation of Revenues (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | $ 17,379,737 | [1] | $ 11,924,901 |
Other Revenues | 20,630 | 7,500 | |
Total Revenues | 15,961,220 | 9,026,962 | |
Commodities & Other [Member] | |||
Revenues | 15,399,090 | 8,982,462 | |
Other Revenues | 20,630 | 7,500 | |
Total Revenues | 15,419,720 | 8,989,962 | |
Freights & Hires [Member] | |||
Revenues | 541,500 | 37,000 | |
Total Revenues | $ 541,500 | $ 37,000 | |
[1] | Amounts of products transferred before intercompany eliminations |
Note 9 - Operating Segments a_7
Note 9 - Operating Segments and Geographic Presence - Accounts Receivable (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 2,011,430 | $ 4,779,432 |
Other receivables | 56,142 | 31,038 |
Trade Accounts Receivable [Member] | ||
Receivables from commodities and hires sales | 2,085,838 | 5,092,860 |
Less: Provision for doubtful accounts | (130,550) | (344,466) |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 1,955,288 | $ 4,748,394 |
Note 9 - Operating Segments a_8
Note 9 - Operating Segments and Geographic Presence - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Service providers | $ 439,448 | $ 664,344 |
Wages and Bonuses | 874,470 | 60,351 |
Oil Suppliers | 38,307 | 501,536 |
Vendors and Suppliers | 49,973 | 39,221 |
Totals | $ 1,402,198 | $ 1,265,452 |
Note 10 - Prepaid Expenses an_3
Note 10 - Prepaid Expenses and Other Current Assets (Details Textual) | Dec. 31, 2019USD ($) |
Prepaid Supplies | $ 2,914,122 |
Ghana National Petroleum Company [Member] | Petrogress Africa Co. Ltd. [Member] | |
Prepaid Project | $ 460,000 |
Note 10 - Prepaid Expenses an_4
Note 10 - Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Oil Suppliers, Vendors & Various | $ 2,914,122 | |
Totals | 3,143,221 | $ 1,765,276 |
Subsidiaries [Member] | Petrogress Africa Co. Ltd. [Member] | ||
Salt-pond oil field and oil rig Platform “AGK-1” | 460,000 | |
Oil Suppliers, Vendors & Various | 595,136 | 136,357 |
Subsidiaries [Member] | Petrogress Int'l LLC [Member] | ||
Oil Suppliers, Vendors & Various | 2,318,986 | 2,385 |
Subsidiaries [Member] | Petrogres (Hellas) Co [Member] | ||
Service Providers | 19 | 20,100 |
Subsidiaries [Member] | Petronav Carriers LLC [Member] | ||
Others | 68,655 | 203,058 |
Subsidiaries [Member] | Petrogres Co. Limited [Member] | ||
Others | 1,399,436 | |
Parent Company [Member] | ||
Service Providers | $ 17,940 | $ 3,940 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards, Total | $ 3,014,668 | |
Foreign Tax Authority [Member] | GHANA | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 25.00% | |
Foreign Tax Authority [Member] | Hellenic Ministry of the Treasury [Member] | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 24.00% | |
Domestic Tax Authority [Member] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax (expense) benefit at statutory federal rates | $ 9,487 | $ (68,187) |
Permanent differences | ||
Increase (decrease) in valuation allowance | (9,487) | 68,187 |
Income tax expense (benefit) at Company’s effective tax rate |
Note 13 - Properties, Vessels_3
Note 13 - Properties, Vessels and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 914,748 | $ 927,596 |
Note 13 - Properties, Vessels_4
Note 13 - Properties, Vessels and Equipment - Useful Lives of Vessels and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 13 - Properties, Vessels_5
Note 13 - Properties, Vessels and Equipment - Vessels and Other Fixed Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated depreciation | $ (6,821,424) | $ (5,910,872) |
Net property and equipment | 4,249,763 | 4,450,906 |
Vessels [Member] | ||
Property and equipment, gross | $ 10,888,423 | 10,171,930 |
Property, Plant and Equipment, Useful Life (Year) | 10 years | |
Office Equipment and Furniture [Member] | ||
Property and equipment, gross | $ 182,764 | $ 189,848 |
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 13 - Properties, Vessels_6
Note 13 - Properties, Vessels and Equipment - Inventories (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Total Inventories | $ 1,206,612 | $ 417,135 | |
Bunkers R.O.B* | [1] | 108,113 | 137,939 |
Lubricants, provisions, and spare-parts | 68,473 | 96,759 | |
Total | 1,275,085 | 513,894 | |
Crude Oil [Member] | |||
Total Inventories | 279,196 | ||
Oil and Gas [Member] | |||
Total Inventories | 1,039,020 | ||
Lubricants [Member] | |||
Total Inventories | $ 59,479 | ||
[1] | Vessels ROB of Gas Oil, lubricants and new spare parts are calculated in the balance sheets separately from goods. |
Note 14 - Short-term Debt (Deta
Note 14 - Short-term Debt (Details Textual) - Convertible Notes Payable [Member] | Aug. 27, 2019USD ($) |
Debt Instrument, Face Amount | $ 310,000 |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
Debt Instrument, Original Issue Discount | $ 10,000 |
Debt Instrument, Repayment Percent within 1 to 60 Days | 110.00% |
Debt Instrument, Repayment Percent within 61 to 120 Days | 115.00% |
Debt Instrument, Repayment Percent within 121 to 180 Days | 120.00% |
Debt Instrument, Convertible, Discount Percent on Equity | 25.00% |
Note 14 - Short-term Debt - Der
Note 14 - Short-term Debt - Derivative Liability (Details) | Dec. 31, 2019 |
Minimum [Member] | Measurement Input, Price Volatility [Member] | |
Derivative liability assumptions | 1.8096 |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Derivative liability assumptions | 0.016 |
Minimum [Member] | Measurement Input, Expected Term [Member] | |
Derivative liability assumptions | 0.66 |
Maximum [Member] | Measurement Input, Price Volatility [Member] | |
Derivative liability assumptions | 2.3241 |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Derivative liability assumptions | 0.0178 |
Maximum [Member] | Measurement Input, Expected Term [Member] | |
Derivative liability assumptions | 1 |
Note 15 - Shareholders Equity_2
Note 15 - Shareholders Equity, Stock Options and Other Compensations (Details Textual) | Dec. 04, 2019shares | Dec. 01, 2019shares | Oct. 29, 2019shares | Sep. 09, 2019shares | Aug. 27, 2019shares | Apr. 17, 2019shares | Dec. 05, 2018USD ($)shares | Jul. 09, 2018shares | Jun. 07, 2018shares | Feb. 23, 2018USD ($)shares | Jan. 12, 2018shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Jul. 18, 2018shares | Jul. 17, 2018shares |
Gain (Loss) on Settlement of Related Party Debt | $ | $ (160,192) | $ (160,192) | |||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 25,000 | 25,000 | 25,000 | ||||||||||||||
Common Stock, Shares Authorized (in shares) | 19,000,000 | 19,000,000 | 19,000,000 | ||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 4,446,645 | 3,828,412 | 3,178,452 | ||||||||||||||
Common Stock, Value, Issued, Ending Balance | $ | $ 4,447 | $ 3,829 | $ 3,098 | ||||||||||||||
Additional Paid in Capital, Ending Balance | $ | $ 10,073,810 | $ 9,535,161 | $ 9,100,838 | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 349,875 | 35,000 | |||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 10,000,000 | |||||||||||||||
Chief Operating Officer [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,000 | ||||||||||||||||
Director [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 500 | ||||||||||||||||
Before Reverse Stock Split [Member] | |||||||||||||||||
Common Stock, Shares Authorized (in shares) | 490,000,000 | ||||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 317,875,807 | ||||||||||||||||
Common Stock, Value, Issued, Ending Balance | $ | $ 317,876 | ||||||||||||||||
Additional Paid in Capital, Ending Balance | $ | 8,786,060 | ||||||||||||||||
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 | ||||||||||||||||
Christos P. Traios [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross (in shares) | 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 (in shares) | 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 (in shares) | 47,582 | 29,032 | |||||||||||||||
Stock Issued During Period, Shares, Debt Settlement Agreement (in shares) | 190,705 | ||||||||||||||||
Dr. Pieride [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 20,000 | ||||||||||||||||
Dr. Pieride [Member] | Post-stock Split [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 200 | ||||||||||||||||
Dr. Warnke [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 60,000 | ||||||||||||||||
Dr. Warnke [Member] | Post-stock Split [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 600 | ||||||||||||||||
Mr. Traios [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 142,858 | 382,841 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 383 |
Note 16 - Unregistered Sales _2
Note 16 - Unregistered Sales of Equity Securities and Use of Proceeds (Details Textual) - Convertible Notes Payable [Member] | Aug. 27, 2019USD ($) |
Debt Instrument, Interest Rate, Stated Percentage | 8.00% |
Debt Instrument, Face Amount | $ 310,000 |
Debt Instrument, Original Issue Discount | $ 10,000 |
Debt Instrument, Repayment Percent within 1 to 60 Days | 110.00% |
Debt Instrument, Repayment Percent within 61 to 120 Days | 115.00% |
Debt Instrument, Repayment Percent within 121 to 180 Days | 120.00% |
Debt Instrument, Convertible, Discount Percent on Equity | 25.00% |
Note 17 - Loan Facility From _3
Note 17 - Loan Facility From Related Party (Details Textual) - USD ($) | Nov. 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2017 | Jul. 13, 2017 | Dec. 31, 2016 | Feb. 29, 2016 | |
Long-term Line of Credit, Total | $ 148,900 | [1] | $ 148,900 | $ 297,400 | $ 157,000 | ||||
Christos P. Traios [Member] | Purchase of Vessel [Member] | |||||||||
Proceeds from Related Party Advances | $ 311,300 | ||||||||
Christos P. Traios [Member] | Expenses Paid in Relation to the Condition Surveys and Port Dues [Member] | |||||||||
Proceeds from Related Party Advances | $ 30,150 | ||||||||
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 | ||||||||
Interest Payable | $ 11,912 | $ 8,744 | |||||||
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 (in dollars per share) | $ 0.001 | ||||||||
[1] | Balance at December 31, 2019 do not include the interest due of $20,656 for 2018 and 2019 |
Note 17 - Loan Facility From _4
Note 17 - Loan Facility From Related Party - Activity on LOC Note (Details) - USD ($) | 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) | |
Amount converted to common shares February23, 2018 | (275,000) | 134,600 | |
Balance | $ 157,000 | $ 148,900 | $ 297,400 |
Note 17 - Loan Facility From _5
Note 17 - Loan Facility From Related Party - Activity on LOC Note (Details) (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Revolving Credit Facility [Member] | ||
Interest Due | $ 20,656 | $ 20,656 |
Note 18 - Related Party Capit_2
Note 18 - Related Party Capital Transactions (Details Textual) - Petrogres Africa Co. Ltd [Member] - USD ($) | Sep. 30, 2017 | Aug. 17, 2017 | Dec. 31, 2017 |
Stock Issued During Period, Shares, Acquisitions (in shares) | 1,080,000 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 90.00% | 90.00% | |
Business Combination, Consideration Transferred, Total | $ 1,080,000 | $ 900,000 | |
Payments to Acquire Businesses, Gross | $ 900,000 | ||
Christos P. Traios [Member] | |||
Business Combination, Consideration Transferred, Total | $ 180,000 |
Note 19 - Wages Due to Relate_3
Note 19 - Wages Due to Related Party from the Company and its Subsidiaries - Schedule of Wages Due (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Wages Due | $ 1,271,450 | $ 1,176,863 |
Christos P. Traios, President, Chief Executive Officer and Director of the Company [Member] | ||
Wages Due | 789,074 | |
Christos P. Traios, President, Chief Executive Officer and Director of the Company [Member] | Parent Company [Member] | ||
Wages Due | 203,698 | |
Christos P. Traios, President, Chief Executive Officer and Director of the Company [Member] | Subsidiaries [Member] | Petrogress Int'l LLC [Member] | ||
Wages Due | 404,365 | |
Christos P. Traios, President, Chief Executive Officer and Director of the Company [Member] | Subsidiaries [Member] | Petronav Carriers LLC [Member] | ||
Wages Due | 156,340 | |
Christos P. Traios, President, Chief Executive Officer and Director of the Company [Member] | Subsidiaries [Member] | Petrogress (Hellas) Branch [Member] | ||
Wages Due | $ 24,671 |
Note 21 - Revenues (Details Tex
Note 21 - Revenues (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 2,011,430 | $ 4,779,432 |
Note 22 - Claims Receivable (De
Note 22 - Claims Receivable (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Claims Receivable, Net, Current | $ 478,500 | $ 547,600 |
Claims Receivable, Amount Expected to Settle | $ 395,100 |
Note 23 - Other Information (De
Note 23 - Other Information (Details Textual) - $ / shares | Oct. 22, 2019 | Dec. 31, 2019 | Oct. 31, 2019 | Oct. 01, 2019 | Dec. 31, 2018 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||
Libertus Marine Ltd. [Member] | Common Stock [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 142,858 | ||||
Gas Refilling Station in Mainland South Greece One [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years | ||||
Gas Refilling Station in Mainland South Greece Two [Member] | |||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) - Forecast [Member] - Gas Station Lease Agreement [Member] | 1 Months Ended |
Apr. 30, 2020USD ($) | |
Lessee, Operating Lease, Term of Contract (Year) | 15 years |
Payments to Acquire Goodwill and Fixed Assets | $ 380,000 |