Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Jun. 26, 2020 | |
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 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) | 7,123,884 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, par value $0.001 per share |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenues: | |||
Revenues | [1] | $ 2,147,882 | $ 2,122,678 |
Other Revenues | 11,000 | ||
Total Revenues | 2,147,882 | 2,122,678 | |
Costs and other Deductions: | |||
Costs of goods sold | (1,353,210) | (1,165,752) | |
Gross profit | 794,672 | 956,926 | |
Operating expenses: | |||
Corporate expenses | (75,748) | (5,063) | |
General and administrative expenses | (1,098,716) | (542,872) | |
Provisions for losses on accounts receivable | |||
Amortization expense | (8,531) | (6,687) | |
Depreciation expense | (154,696) | (197,280) | |
Total operating expenses | (1,337,691) | (751,902) | |
Operating income / (loss) before other expenses and income tax | (543,019) | 205,024 | |
Other Income / (expense), net: | |||
Interest and finance expenses | (7,390) | (12,363) | |
Amortization of note discount | (99,702) | ||
Change in fair market value of derivative liabilities | (256,808) | ||
Other income / (expense), net | (15,825) | (47,402) | |
Total other income / (expense), net | (379,725) | (59,765) | |
Income / (loss) before income taxes | (922,744) | 145,259 | |
Income tax expense | |||
Net income / (loss) | (922,744) | 145,259 | |
Net income / (loss) attributable to: | |||
Shareholders of the Company | (910,397) | 150,492 | |
Non-controlling interests | (12,347) | (5,233) | |
Other comprehensive loss, net of tax | |||
Foreign currency translation adjustment | |||
Comprehensive income / (loss) | (922,744) | 145,259 | |
Comprehensive income / (loss) attributable to: | |||
Shareholders of the Company | (910,397) | 150,492 | |
Non-controlling interests | $ (12,347) | $ (5,233) | |
Weighted average number of common shares outstanding | |||
Basic (in shares) | 4,600,584 | 3,828,412 | |
Diluted (in shares) | 3,828,412 | ||
Basic earnings per share (in dollars per share) | $ (0.20) | $ 0.04 | |
Diluted earnings per share (in dollars per share) | $ 0.04 | ||
Crude Oil Sales [Member] | |||
Revenues: | |||
Revenues | [1] | $ 616,000 | $ 1,917,178 |
Costs and other Deductions: | |||
Costs of goods sold | (572,000) | (1,165,752) | |
Gas Oil Sales [Member] | |||
Revenues: | |||
Revenues | [1] | 1,166,000 | |
Costs and other Deductions: | |||
Costs of goods sold | (745,513) | ||
Lubricants [Member] | |||
Revenues: | |||
Revenues | [1] | 113,802 | |
Freights and Hires [Member] | |||
Revenues: | |||
Revenues | [1] | 252,080 | 194,500 |
Costs and other Deductions: | |||
Costs of goods sold | $ (35,697) | ||
[1] | Amounts of products transferred before intercompany eliminations |
Consolidated Statement of Balan
Consolidated Statement of Balance Sheet (Current Period Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 387,622 | $ 391,360 |
Accounts receivable, net | 2,049,256 | 2,011,430 |
Claims receivable, net | 378,545 | 478,500 |
Inventories | 1,235,963 | 1,206,612 |
Prepaid expenses and other current assets | 2,191,023 | 3,143,221 |
Total current assets | 6,242,409 | 7,231,123 |
Non-Current Assets | ||
Goodwill | 900,000 | 900,000 |
Contract-related licensing agreements | 258,747 | |
Right of use assets | 553,531 | |
Vessels and other fixed assets, net | 4,155,180 | 4,249,763 |
Deferred charges, net | 9,991 | 15,629 |
Security deposit | 11,390 | 10,584 |
Total non-current assets | 5,888,839 | 5,175,976 |
Total Assets | 12,131,248 | 12,407,099 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,068,883 | 1,402,198 |
Due to related party | 1,271,450 | 1,271,450 |
Loan facility from related party | 169,407 | 148,900 |
Accrued interest | 3,129 | 23,636 |
Lease liabilities | 15,477 | |
Convertible promissory notes | 296,947 | 237,197 |
Derivative liabilities | 1,066,685 | 809,877 |
Total current liabilities | 3,891,978 | 3,893,258 |
Non-Current Liabilities | ||
Lease liability – long-term portion | 538,054 | |
Total liabilities | 4,430,032 | 3,893,258 |
Commitments and Contingencies | ||
Shareholders’ equity: | ||
Shares of Common stock, $0.001 par value, 19,000,000 shares authorized, 4,798,201 and 4,446,645 shares issued and outstanding as of March 31, 2020 and December 31, 2019. | 4,798 | 4,447 |
Additional paid-in capital | 10,183,578 | 10,073,810 |
Accumulated comprehensive loss | (9,763) | (9,763) |
Retained earnings | (2,545,042) | (1,634,645) |
Shareholders’ equity ` | 7,643,571 | 8,443,849 |
Non-controlling interests | 57,645 | 69,992 |
Total liabilities and shareholders’ equity | 12,131,248 | 12,407,099 |
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 March 31, 2020 and December 31, 2019. | $ 10,000 | $ 10,000 |
Consolidated Statement of Bal_2
Consolidated Statement of Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 1,000,000 | |
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) | 4,798,201 | 4,446,645 |
Common stock, shares outstanding (in shares) | 4,798,201 | 4,446,645 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 100 | $ 100 |
Preferred stock, shares authorized (in shares) | 100 | 100 |
Preferred stock, shares issued (in shares) | 100 | 0 |
Preferred stock, shares outstanding (in shares) | 100 | 0 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net income/ (loss) | $ (922,744) | $ 145,259 |
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities: | ||
Depreciation expense | 154,696 | 197,280 |
Provision for losses on accounts receivable | ||
Change in fair value of derivative liabilities | 256,808 | 0 |
Share-based compensation expense | 110,119 | |
Loss on disposition of fixed assets | ||
Amortization of discount on convertible note | 99,702 | |
Amount of derivative in excess of face value of PCN | 99,702 | 0 |
Loss on settlement of loan facility from related party | ||
Gain/ (loss) on settlement of convertible promissory notes | ||
Elimination of PGAS Africa APIC | ||
Changes in working capital | ||
(Increase)/Decrease in accounts receivable, net | (37,826) | (344,320) |
(Increase)/Decrease in claims receivable, net | 99,955 | |
(Increase)/Decrease in inventories | (29,351) | (801,389) |
(Increase)/Decrease in prepaid expenses | 952,198 | 705,517 |
Increase/(Decrease) in accounts payable and accrued expenses | (333,315) | 666,530 |
Increase/(Decrease) in amounts due to related party | 36,434 | |
Increase/(Decrease) in accrued interest | (150) | |
Increase/(Decrease) in other liabilities | 0 | |
(Increase)/Decrease in security deposit | (806) | 54 |
(Increase)/Decrease in deferred charges, net | 5,638 | |
CASH PROVIDED BY OPERATING ACTIVITIES | 315,122 | 605,215 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (60,113) | (13,440) |
Purchase of vessels and other equipment – related party facility | ||
Purchase of vessels and other equipment | ||
Acquisition of intangible assets | (258,747) | |
CASH USED IN INVESTING ACTIVITIES | (318,860) | (13,440) |
Proceeds from convertible promissory notes | ||
Proceeds from advances from related party | ||
CASH PROVIDED BY FINANCING ACTIVITIES | ||
Effects of exchange rate changes | ||
NET DECREASE IN CASH | (3,738) | 591,775 |
CASH AT BEGINNING OF YEAR | 391,360 | 661,010 |
CASH AT PERIOD END | $ 387,622 | $ 1,252,785 |
Consolidated Statement of Equit
Consolidated Statement of Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2018 | $ 10,000 | $ 3,829 | $ 9,535,161 | $ 1,315,870 | $ (10,231) | $ 10,854,629 | $ 104,159 | $ 10,958,788 |
Elimination of PGAF apic / due from shareholders | ||||||||
Net income/ (loss) | 150,492 | 150,492 | (5,233) | 145,259 | ||||
Other comprehensive income (loss) | ||||||||
Balance at Mar. 31, 2019 | 10,000 | 3,829 | 9,535,161 | 1,466,362 | (10,231) | 11,005,121 | 98,926 | 11,104,047 |
Balance at Dec. 31, 2019 | 10,000 | 4,447 | 10,073,810 | (1,634,645) | (9,763) | 8,443,849 | 69,992 | 8,513,841 |
Net income/ (loss) | (910,397) | (910,397) | (12,347) | (922,744) | ||||
Other comprehensive income (loss) | ||||||||
Shares issued based on convertible notes | 325 | 101,381 | 101,706 | 101,706 | ||||
Shares issued based on compensations | 1 | 287 | 288 | 288 | ||||
Shares issued for liabilities settlement | 25 | 8,100 | 8,125 | 8,125 | ||||
Balance at Mar. 31, 2020 | $ 10,000 | $ 4,798 | $ 10,183,578 | $ (2,545,042) | $ (9,763) | $ 7,643,571 | $ 57,645 | $ 7,701,216 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Petrogress, Inc (PGI), is an integrate energy company, engaged in the upstream, downstream and midstream segments. 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. The company is registered in Delaware and headquartered from Piraeus-Greece, where the company maintain its principal marketing and operating offices at 1, 18538 30 210 459 9741 1013 403 19805 Impact of the novel coronavirus (COVID- 19 19 first 2020, second 19 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. 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 doubts to continue as a going concern within the year from the present issuance of our financial statements. In addition, under the present circumstances and market condition, we believe that our incomes undoubtedly will be heavily affected during the year, and that raises substantial doubt for the company’s ability to continue its business unless the company succeed to raise extra cash financing. See our Risk Factors on page 20 1A. Basis of Presentation ; not three March 31, 2020, not Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10 2019 10 Subsidiaries and Affiliated Companies; 50 All significant intercompany transactions and accounts have been eliminated. Principles of consolidation; Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PIL) 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; |
Note 2 - New Accounting Standar
Note 2 - New Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 2 . New Accounting Standards Financial Instruments - Credit Losses January 1, 2020, 2016 13 |
Note 3 - Information Relating t
Note 3 - Information Relating to the Consolidated Statement of Cash Flows | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 3 . Information Relating to the Consolidated Statement of Cash Flows Three Months Ended March 3 1, 20 20 2019 (Increase) in Accounts receivable, net $ (37,826 ) $ (344,320 ) (Increase) in Claims receivable, net 99,955 - (Increase)/ decrease in Inventories (29,351 ) (801,389 ) Decrease in Prepaid expenses and other assets 952,198 705,517 Increase/ (decrease) in Accounts payable and accrued expenses (333,315 ) 666,530 Increase in Amounts due to related party - 36,434 Increase in Accrued interest - (150 ) Increase in other liabilities 0 - (Increase)/ decrease in Security deposit (806 ) 54 Decrease in Deferred charges, net 5,638 - Net increase in operating capital $ 656,493 $ 262,676 |
Note 4 - Operating Segments and
Note 4 - Operating Segments and Geographic Presence | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 4 . 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 is the United States of America, its country of Domicile; while Greece is the head operating location. Other components of the Company’s operations in Ghana, Nigeria and Cyprus are reported as “International” (outside the United States). 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: Three months Ended March 31, Operating Subsidiaries 20 20 2019 ● Petrogress Int’l LLC. (Internationally) $ 718,000 $ 1,928,178 ● Petronav Carriers LLC. (Internationally) 252,080 194,500 ● Petrogress Africa Co. Ltd. (Nationally Ghana) 1,177,802 - ● Petrogress (Hellas) Co. (Internationally) - - Totals $ 2,147,882 $ 2,122,678 (b) Earnings by products and other services are presented in the following table: Three months Ended March 31, Sales volumes per product & service 2020 2019 ● Crude oil $ 616,000 $ 1,917,178 ● Gas oil 1,166,000 - ● Lubricants 113,802 - ● Vessel’s hires & freights 252,080 194,500 ● Others - 11,000 Totals $ 2,147,882 $ 2,122,678 Segment Information; two Segment Sales and Other Operating Revenues; three March 31, 2020 2019, third Three Months Ended March 31, Sales and Other Operating Revenu e s 20 20 2019 Upstream International $ 616,000 $ 1,917,178 Downstream International 1,279,802 - Midstream International 252,080 194,500 All others International - 11,000 Total Sales and Other Operating Revenues $ 2,147,882 $ 2,122,678 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
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. The table below presents our inventories as of March 31, 2020 March 31, 2019, Commodities and Petroproducts Inventories March 31, 2020 March 31, 2019 Crude Oil $ 678,000 $ - Gas Oil 293,507 1,050,000 Lubricants 127,177 41,202 Vessels Inventories & Others Bunkers R.O.B* 88,750 127,322 Lubricants, provisions, and spare-parts 48,529 - Total $ 1,235,963 $ 1,218,524 |
Note 6 - Properties, Vessels an
Note 6 - Properties, Vessels and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Properties, Vessels, Inventories & Equipment [Text Block] | Note 6 . Properties, Vessels and Equipment We depreciate our vessels on a straight-line basis over the estimated useful life which is 10 Vessels and other fixed assets, net consisted of the following as of March 31, 2020 March 31, 2019: March 31, 20 20 December 31, 201 9 Estimated useful Life left (in years) Vessels purchased costs $ 10,916,684 $ 10,888,423 2 - 4 Furniture and equipment 182,764 182,764 4 - 6 Accumulated depreciation (6,944,268 ) (6,821,424 ) Vessels and other fixed assets, net $ 4,155,180 $ 4,249,763 * Depreciation for the three March 31, 2020 2019, $154,696 $197,280, |
Note 7 - Litigation
Note 7 - Litigation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 7 . Litigation There are currently no |
Note 8 - Other Contingencies an
Note 8 - Other Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 . Other Contingencies and Commitments The Company is not no |
Note 9 - Financial and Derivati
Note 9 - Financial and Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 9 . Financial and Derivative Instruments Financial Instruments; March 31, 2020 2019. $99,702 $0 three March 31, 2020 2019, $256,808 $0 three March 31, 2020 2019, March 31, 2020, 2019, $1,066,685 $0, The fair value for the Company's derivative liability as at March 31, 2020 Minimum Maximum Volatility 272.25 % 428.03 % Risk Free rate 0.05 % 0.12 % Life 0.13 0.41 |
Note 10 - Revenue
Note 10 - Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 10 . Revenue “Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers and consistent with ASC Topic 606. $2,049,256 $2,011,430 March 31, 2020, December 31, 2019, |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share and Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 . Earnings (Loss) per Share and Stockholders’ Equity The table below presents the calculation of basic and diluted net income (loss) attributable to common shareholder per share as of March 31, 2020: March 31, Basic EPS Calculation 2020 2019 Net income attributable to common shareholders $ (910,937 ) $ 150,492 Denominator for basic net income per share – weighted average shares 4,600,584 3,828,412 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - 3,828,412 Basic net earnings per share (0.20 ) 0.04 Diluted net earnings per share - 0.04 As of March 31, 2020, 2019, 4,600,584 3,828,412, three March 31, 2020, no |
Note 12 - Authorized Shares and
Note 12 - Authorized Shares and Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 12 . Authorized Shares and Transactions On July 9, 2018, one 100, 490,000,000 19,000,000 10,000,000 1,000,000. July 18, 2018. no As of March 31, 2020, 19,000,000 $0.001 1,000,000 $0.001 During the three March 31, 2020 351,556 |
Note 13 - Leases
Note 13 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 13. During the three March 31, 2020, fifteen three 842, Leases no two not perating Leases The following is a schedule showing the future minimum lease payments under leases for the next five March 31, 2020: Years Ending December 31 Amount 2020 (Remainder) $ 84,900 2021 113,200 2022 75,600 2023 75,600 2024 75,600 Thereafter 784,300 Total minimum lease payments 1,209,200 Less: Amount representing interest 655,669 Present value of minimum lease payments $ 553,531 For the three March 31, 2020 2019, $9,225 $0, The related lease balance included in the condensed consolidated balance sheet as of March 31, 2020 Amount Assets Operating lease right-of-use asset $ 553,531 Liabilities Lease liability – current portion 15,477 Lease liability – long-term portion 538,054 Present value of minimum lease payments $ 553,531 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 14 . Subsequent events On May 27, 2020, No. 2 864,000 72% not 216,000 $1.20 18 The below tables present the Pro forma information pursuant to Regulation S- X, 11 01 Pro forma condensed consolidated balance sheets March 31, 2020 December 31, 2019 Assets $ 9,603,350 $ 9,781,726 Liabilities 1,478,586 967,810 Shareholders’ equity ` 8,124,764 8,813,916 Three Months Ended March 31, Pro forma condensed statement of operations 2020 2019 Revenues $ 953,630 $ 2,107,678 Net income/ (loss) (799,272 ) 192,648 Income/ (loss) per share (0.17 ) 0.05 Weighted average number of shares 4,600,584 3,828,412 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation ; not three March 31, 2020, not Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10 2019 10 |
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; Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PIL) 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; |
Note 1 - General (Tables)
Note 1 - General (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Percentages Participation in Subsidiaries [Table Text Block] | Subsidiaries & Affiliates Incorporation Percentage Participation Petrogress Int’l LLC. (PIL) 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 - Information Relating_2
Note 3 - Information Relating to the Consolidated Statement of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three Months Ended March 3 1, 20 20 2019 (Increase) in Accounts receivable, net $ (37,826 ) $ (344,320 ) (Increase) in Claims receivable, net 99,955 - (Increase)/ decrease in Inventories (29,351 ) (801,389 ) Decrease in Prepaid expenses and other assets 952,198 705,517 Increase/ (decrease) in Accounts payable and accrued expenses (333,315 ) 666,530 Increase in Amounts due to related party - 36,434 Increase in Accrued interest - (150 ) Increase in other liabilities 0 - (Increase)/ decrease in Security deposit (806 ) 54 Decrease in Deferred charges, net 5,638 - Net increase in operating capital $ 656,493 $ 262,676 |
Note 4 - Operating Segments a_2
Note 4 - Operating Segments and Geographic Presence (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months Ended March 31, Operating Subsidiaries 20 20 2019 ● Petrogress Int’l LLC. (Internationally) $ 718,000 $ 1,928,178 ● Petronav Carriers LLC. (Internationally) 252,080 194,500 ● Petrogress Africa Co. Ltd. (Nationally Ghana) 1,177,802 - ● Petrogress (Hellas) Co. (Internationally) - - Totals $ 2,147,882 $ 2,122,678 Three months Ended March 31, Sales volumes per product & service 2020 2019 ● Crude oil $ 616,000 $ 1,917,178 ● Gas oil 1,166,000 - ● Lubricants 113,802 - ● Vessel’s hires & freights 252,080 194,500 ● Others - 11,000 Totals $ 2,147,882 $ 2,122,678 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, Sales and Other Operating Revenu e s 20 20 2019 Upstream International $ 616,000 $ 1,917,178 Downstream International 1,279,802 - Midstream International 252,080 194,500 All others International - 11,000 Total Sales and Other Operating Revenues $ 2,147,882 $ 2,122,678 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Commodities and Petroproducts Inventories March 31, 2020 March 31, 2019 Crude Oil $ 678,000 $ - Gas Oil 293,507 1,050,000 Lubricants 127,177 41,202 Vessels Inventories & Others Bunkers R.O.B* 88,750 127,322 Lubricants, provisions, and spare-parts 48,529 - Total $ 1,235,963 $ 1,218,524 |
Note 6 - Properties, Vessels _2
Note 6 - Properties, Vessels and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 20 20 December 31, 201 9 Estimated useful Life left (in years) Vessels purchased costs $ 10,916,684 $ 10,888,423 2 - 4 Furniture and equipment 182,764 182,764 4 - 6 Accumulated depreciation (6,944,268 ) (6,821,424 ) Vessels and other fixed assets, net $ 4,155,180 $ 4,249,763 |
Note 9 - Financial and Deriva_2
Note 9 - Financial and Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Financial Instruments, Liabilities [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Minimum Maximum Volatility 272.25 % 428.03 % Risk Free rate 0.05 % 0.12 % Life 0.13 0.41 |
Note 11 - Earnings (Loss) Per_2
Note 11 - Earnings (Loss) Per Share and Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | March 31, Basic EPS Calculation 2020 2019 Net income attributable to common shareholders $ (910,937 ) $ 150,492 Denominator for basic net income per share – weighted average shares 4,600,584 3,828,412 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - 3,828,412 Basic net earnings per share (0.20 ) 0.04 Diluted net earnings per share - 0.04 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years Ending December 31 Amount 2020 (Remainder) $ 84,900 2021 113,200 2022 75,600 2023 75,600 2024 75,600 Thereafter 784,300 Total minimum lease payments 1,209,200 Less: Amount representing interest 655,669 Present value of minimum lease payments $ 553,531 |
Lessee, Operating Lease, Balance Sheet Information [Table Text Block] | Amount Assets Operating lease right-of-use asset $ 553,531 Liabilities Lease liability – current portion 15,477 Lease liability – long-term portion 538,054 Present value of minimum lease payments $ 553,531 |
Note 14 - Subsequent Events (Ta
Note 14 - Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Pro Forma Information [Table Text Block] | Pro forma condensed consolidated balance sheets March 31, 2020 December 31, 2019 Assets $ 9,603,350 $ 9,781,726 Liabilities 1,478,586 967,810 Shareholders’ equity ` 8,124,764 8,813,916 Three Months Ended March 31, Pro forma condensed statement of operations 2020 2019 Revenues $ 953,630 $ 2,107,678 Net income/ (loss) (799,272 ) 192,648 Income/ (loss) per share (0.17 ) 0.05 Weighted average number of shares 4,600,584 3,828,412 |
Note 1 - General - Percentages
Note 1 - General - Percentages Participation in Subsidiaries (Details) | Mar. 31, 2020 |
Petrogress Int’l LLC. (Delaware) [Member] | |
Ownership Interest | 100.00% |
Petronav Carriers LLC [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 - Information Relating_3
Note 3 - Information Relating to the Consolidated Statement of Cash Flows - Operating Capital (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
(Increase)/Decrease in accounts receivable, net | $ (37,826) | $ (344,320) |
(Increase)/Decrease in claims receivable, net | 99,955 | |
(Increase)/Decrease in inventories | (29,351) | (801,389) |
(Increase)/Decrease in prepaid expenses | 952,198 | 705,517 |
Increase/(Decrease) in accounts payable and accrued expenses | (333,315) | 666,530 |
Increase/(Decrease) in amounts due to related party | 36,434 | |
Increase/(Decrease) in accrued interest | (150) | |
Increase/(Decrease) in other liabilities | 0 | |
(Increase)/Decrease in security deposit | (806) | 54 |
(Increase)/Decrease in deferred charges, net | 5,638 | |
Net increase in operating capital | $ 656,493 | $ 262,676 |
Note 4 - Operating Segments a_3
Note 4 - Operating Segments and Geographic Presence (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 2 |
Note 4 - Operating Segments a_4
Note 4 - Operating Segments and Geographic Presence - Revenue Recognized (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue | [1] | $ 2,147,882 | $ 2,122,678 |
Crude Oil Sales [Member] | |||
Revenue | [1] | 616,000 | 1,917,178 |
Gas Oil Sales [Member] | |||
Revenue | [1] | 1,166,000 | |
Lubricants [Member] | |||
Revenue | [1] | 113,802 | |
Freights and Hires [Member] | |||
Revenue | [1] | 252,080 | 194,500 |
Product and Service, Other [Member] | |||
Revenue | [1] | 11,000 | |
Subsidiaries [Member] | Non-US [Member] | Petrogress Int'l LLC [Member] | |||
Revenue | [2] | 718,000 | 1,928,178 |
Subsidiaries [Member] | Non-US [Member] | Petronav Carriers LLC [Member] | |||
Revenue | [2] | 252,080 | 194,500 |
Subsidiaries [Member] | Non-US [Member] | Petrogres (Hellas) Co [Member] | |||
Revenue | [2] | ||
Subsidiaries [Member] | GHANA | Petrogress Africa Co. Ltd. [Member] | |||
Revenue | [2] | $ 1,177,802 | |
[1] | Amounts of products transferred before intercompany eliminations | ||
[2] | Amounts of revenue transactions before intercompany eliminations. |
Note 4 - Operating Segments a_5
Note 4 - Operating Segments and Geographic Presence - Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Revenue | [1] | $ 2,147,882 | $ 2,122,678 |
All others | 11,000 | ||
Total Sales and Other Operating Revenues | 2,147,882 | 2,122,678 | |
Upstream [Member] | |||
Revenue | 616,000 | 1,917,178 | |
Downstream [Member] | |||
Revenue | 1,279,802 | ||
Midstream [Member] | |||
Revenue | $ 252,080 | $ 194,500 | |
[1] | Amounts of products transferred before intercompany eliminations |
Note 5 - Inventories - Goods In
Note 5 - Inventories - Goods Inventories (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Total Inventories | $ 1,235,963 | $ 1,206,612 | ||
Bunkers R.O.B* | [1] | 88,750 | $ 127,322 | |
Lubricants, provisions, and spare-parts | 48,529 | |||
Total | 1,235,963 | 1,218,524 | ||
Crude Oil [Member] | ||||
Total Inventories | 678,000 | |||
Oil and Gas [Member] | ||||
Total Inventories | 293,507 | 1,050,000 | ||
Lubricants [Member] | ||||
Total Inventories | $ 127,177 | $ 41,202 | ||
[1] | Vessels ROB of Gas Oil, lubricants and new spare parts are calculated in the balance sheets separately from goods. |
Note 6 - Properties, Vessels _3
Note 6 - Properties, Vessels and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Total | $ 154,696 | $ 197,280 |
Vessels [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 6 - Properties, Vessels _4
Note 6 - Properties, Vessels and Equipment - Vessels and Other Fixed Assets (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Accumulated depreciation | $ (6,944,268) | $ (6,821,424) |
Net property and equipment | 4,155,180 | 4,249,763 |
Vessels [Member] | ||
Property and equipment, gross | $ 10,916,684 | 10,888,423 |
Estimated useful life (Year) | 10 years | |
Vessels [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 2 years | |
Vessels [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 4 years | |
Office Equipment and Furniture [Member] | ||
Property and equipment, gross | $ 182,764 | $ 182,764 |
Office Equipment and Furniture [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 4 years | |
Office Equipment and Furniture [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 6 years |
Note 9 - Financial and Deriva_3
Note 9 - Financial and Derivative Instruments (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Expense | $ 99,702 | $ 0 |
Derivative, Gain (Loss) on Derivative, Net, Total | (256,808) | 0 |
Derivative Liability, Total | $ 1,066,685 | $ 0 |
Note 9 - Financial and Deriva_4
Note 9 - Financial and Derivative Instruments - Fair Value of Derivative Liability Assumptions (Details) | Mar. 31, 2020 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | |
Assumptions | 2.7225 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | |
Assumptions | 4.2803 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Assumptions | 0.0005 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Assumptions | 0.0012 |
Measurement Input, Expected Term [Member] | Minimum [Member] | |
Assumptions | 0.13 |
Measurement Input, Expected Term [Member] | Maximum [Member] | |
Assumptions | 0.41 |
Note 10 - Revenue (Details Text
Note 10 - Revenue (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 2,049,256 | $ 2,011,430 |
Note 11 - Earnings (Loss) Per_3
Note 11 - Earnings (Loss) Per Share and Stockholders' Equity (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 4,600,584 | 3,828,412 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 |
Note 11 - Earnings (Loss) Per_4
Note 11 - Earnings (Loss) Per Share and Stockholders' Equity - Calculation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income attributable to common shareholders | $ (910,937) | $ 150,492 |
Basic (in shares) | 4,600,584 | 3,828,412 |
Conversion of accrued interest on debt held by related party (in shares) | ||
Denominator for diluted net income per share (in shares) | 3,828,412 | |
Basic earnings per share (in dollars per share) | $ (0.20) | $ 0.04 |
Diluted earnings per share (in dollars per share) | $ 0.04 |
Note 12 - Authorized Shares a_2
Note 12 - Authorized Shares and Transactions (Details Textual) | Jul. 09, 2018shares | Mar. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares | Jul. 18, 2018shares | Jul. 17, 2018shares |
Common Stock, Shares Authorized (in shares) | 19,000,000 | 19,000,000 | 19,000,000 | ||
Preferred Stock, Shares Authorized (in shares) | 1,000,000 | 1,000,000 | 10,000,000 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 351,556 | ||||
Before Reverse Stock Split [Member] | |||||
Common Stock, Shares Authorized (in shares) | 490,000,000 | ||||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 100 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Operating Lease, Expense | $ 9,225 | $ 0 |
Gas-fueling Stations in Greece [Member] | ||
Lessee, Finance Lease, Term of Contract (Year) | 15 years | |
Lessee, Finance Lease, Number of Properties Leased | 3 | |
Leases Related to Office and Other Facilities [Member] | Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 2 years |
Note 13 - Leases - Future Minim
Note 13 - Leases - Future Minimum Lease Payments (Details) | Mar. 31, 2020USD ($) |
2020 (Remainder) | $ 84,900 |
2021 | 113,200 |
2022 | 75,600 |
2023 | 75,600 |
2024 | 75,600 |
Thereafter | 784,300 |
Total minimum lease payments | 1,209,200 |
Less: Amount representing interest | 655,669 |
Present value of minimum lease payments | $ 553,531 |
Note 13 - Leases - Lease Balanc
Note 13 - Leases - Lease Balance Included in the Condensed Consolidated Balance Sheets (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Operating lease right-of-use asset | $ 553,531 | |
Lease liability – current portion | 15,477 | |
Lease liability – long-term portion | 538,054 | |
Present value of minimum lease payments | $ 553,531 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Petrogress Africa Co. Ltd. [Member] | May 27, 2020$ / sharesshares |
Noncontrolling Interest, Number of Shares Owned (in shares) | 216,000 |
Christos P. Traios [Member] | |
Noncontrolling Interest, Shares Returned (in shares) | 864,000 |
Noncontrolling Interest, Ownership Percentage Returned | 72.00% |
Noncontrolling Interest, Price Per Share Owed (in dollars per share) | $ / shares | $ 1.20 |
Note 14 - Subsequent Events - P
Note 14 - Subsequent Events - Pro Forma Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Assets | $ 12,131,248 | $ 12,407,099 | ||
Liabilities | 4,430,032 | 3,893,258 | ||
Shareholders’ equity ` | 7,643,571 | 8,443,849 | ||
Revenues | [1] | 2,147,882 | $ 2,122,678 | |
Net income/ (loss) | (922,744) | 145,259 | ||
Pro Forma [Member] | Petrogress Africa Co. Ltd. [Member] | ||||
Assets | 9,603,350 | 9,781,726 | ||
Liabilities | 1,478,586 | 967,810 | ||
Shareholders’ equity ` | 8,124,764 | $ 8,813,916 | ||
Revenues | 953,630 | 2,107,678 | ||
Net income/ (loss) | $ (799,272) | $ 192,648 | ||
Income/ (loss) per share (in dollars per share) | $ (0.17) | $ 0.05 | ||
Weighted average number of shares (in shares) | 4,600,584 | 3,828,412 | ||
[1] | Amounts of products transferred before intercompany eliminations |