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Petrogress (PGAS)

Document And Entity Information

Document And Entity Information - shares6 Months Ended
Jun. 30, 2020Aug. 28, 2020
Document Information [Line Items]
Entity Registrant NamePetrogress, Inc.
Entity Central Index Key0001558465
Trading Symbolpgas
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity Current Reporting StatusYes
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity Small Businesstrue
Entity Interactive Data CurrentYes
Entity Common Stock, Shares Outstanding (in shares)23,776,393
Entity Shell Companyfalse
Document Type10-Q
Document Period End DateJun. 30,
2020
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ2
Amendment Flagfalse
Title of 12(b) SecurityCommon stock, par value $0.001 per share

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Revenues:
Revenues[1] $ 1,766,781 $ 2,526,678
Other Revenues $ 34,080 34,080 11,000
Total Revenues133,200 404,000 1,766,781 2,526,678
Costs and other Deductions:
Costs of goods sold(678,000)(281,202)(1,899,000)(1,446,954)
Gross profit(544,800)122,798 (132,219)1,079,724
Operating expenses:
Corporate expenses(217,420)(78,548)(293,168)(83,611)
General and administrative expenses(88,875)(334,691)(1,187,591)(877,563)
Amortization expense(259) (8,790)(6,687)
Depreciation expense(152,199)(230,768)(306,895)(428,048)
Total operating expenses(458,753)(644,007)(1,796,444)(1,395,909)
Operating income / (loss) before other expenses and income tax(1,003,553)(521,209)(1,928,663)(316,185)
Other Income / (expense), net:
Interest and finance expenses(12,248)(3,130)(19,638)(15,493)
Amortization of note discount(74,590) (174,292)
Change in fair market value of derivative liabilities(629,679) (886,487)
Other income / (expense), net(52,327)(490,900)(68,152)(538,302)
Total other income / (expense), net(768,844)(494,030)(1,148,569)(553,795)
Income / (loss) before income taxes(1,772,397)(1,015,239)(3,077,232)(869,980)
Income tax expense
Net income / (loss)(1,772,397)(1,015,239)(3,077,232)(869,980)
Net income / (loss) attributable to:
Shareholders of the Company(1,772,397)(1,011,590)(3,077,232)(861,098)
Non-controlling interests (3,649) (8,882)
Other comprehensive loss, net of tax
Foreign currency translation adjustment
Comprehensive income / (loss)(1,772,397)(1,015,239)(3,077,232)(869,980)
Comprehensive income / (loss) attributable to:
Shareholders of the Company(1,772,397)(1,011,590)(3,077,232)(861,098)
Non-controlling interests $ (3,649) $ (8,882)
Weighted average number of common shares outstanding
Basic (in shares)5,136,808 3,857,162 5,136,808 3,842,916
Diluted (in shares) 3,857,162 3,842,916
Basic earnings per share (in dollars per share) $ (0.35) $ (0.26) $ (0.60) $ (0.22)
Diluted earnings per share (in dollars per share) $ (0.26) $ (0.22)
Crude Oil Sales [Member]
Revenues:
Revenues $ 133,200 $ 749,200 [1] $ 1,917,178 [1]
Costs and other Deductions:
Costs of goods sold(678,000) (1,250,000)(1,165,752)
Gas Oil Sales [Member]
Revenues:
Revenues 300,000 622,000 [1]300,000 [1]
Costs and other Deductions:
Costs of goods sold (240,000)(520,000)(240,000)
Lubricants [Member]
Revenues:
Revenues 143,501 [1] [1]
Freights and Hires [Member]
Revenues:
Revenues(34,080)104,000 218,000 [1]298,500 [1]
Costs and other Deductions:
Costs of goods sold $ (41,202) $ (129,000) $ (41,202)
[1]Amounts of products transferred before intercompany eliminations

Consolidated Statement of Balan

Consolidated Statement of Balance Sheet (Current Period Unaudited) - USD ($)Jun. 30, 2020Dec. 31, 2019
Current Assets
Cash and cash equivalents $ 154,404 $ 391,360
Accounts receivable, net1,787,917 2,011,430
Claims receivable, net375,145 478,500
Inventories377,948 1,206,612
Prepaid expenses and other current assets2,401,798 3,143,221
Total current assets5,097,212 7,231,123
Non-Current Assets
Goodwill 900,000
Contract-related licensing agreements258,747
Right of use assets617,139
Vessels and other fixed assets, net3,983,529 4,249,763
Deferred charges, net7,172 15,629
Security deposit11,762 10,584
Total non-current assets4,878,349 5,175,976
Total Assets9,975,561 12,407,099
Current Liabilities
Accounts payable and accrued expenses1,640,625 1,402,198
Due to related party620,036 1,271,450
Loan facility from related party169,407 148,900
Accrued interest3,129 23,636
Lease liabilities21,930
Convertible promissory notes313,204 237,197
Derivative liabilities1,696,364 809,877
Total current liabilities4,464,695 3,893,258
Non-Current Liabilities
Lease liabilities604,471
Total liabilities5,069,166 3,893,258
Commitments and Contingencies
Shareholders’ equity:
Shares of Common stock, $0.001 par value, 50,000,000 shares authorized, 7,833,562 and 4,446,645 shares issued and outstanding as of June 30, 2020 and December 31, 2019.7,834 4,447
Additional paid-in capital9,377,530 10,073,810
Accumulated comprehensive loss(9,763)(9,763)
Retained earnings(4,479,206)(1,634,645)
Equity attributable to Shareholders of the Company4,906,395 8,443,849
Non-controlling interests 69,992
Total liabilities and shareholders’ equity9,975,561 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 June 30, 2020 and December 31, 2019. $ 10,000 $ 10,000

Consolidated Statement of Bal_2

Consolidated Statement of Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / sharesJun. 30, 2020Dec. 31, 2019
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares)50,000,000 50,000,000
Common stock, shares issued (in shares)7,833,562 4,446,645
Common stock, shares outstanding (in shares)7,833,562 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 ($)6 Months Ended
Jun. 30, 2020Jun. 30, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Net income / (loss) $ (3,077,232) $ (861,980)
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities:
Depreciation expense306,895 428,048
Provision for losses on accounts receivable
Change in fair value of derivative liabilities629,679 0
Share-based compensation expense424,940
Loss on disposition of fixed assets
Amortization of discount on convertible note174,292
Amount of derivative in excess of face value of PCN74,590 0
Loss on settlement of loan facility from related party
Gain / (loss) on settlement of convertible promissory notes83,933 46
Elimination of PGAS Africa APIC(755,702)
Changes in working capital
(Increase) / Decrease in accounts receivable, net223,513 601,374
(Increase) / Decrease in claims receivable, net103,355 (4,000)
(Increase) / Decrease in inventories828,664 (563,928)
(Increase) / Decrease in amounts due from related party720,000
(Increase) / Decrease in prepaid expenses741,423 245,796
Increase / (Decrease) in accounts payable and accrued expenses238,427 87,763
Increase / (Decrease) in amounts due to related party(651,414)68,976
Increase / (Decrease) in accrued interest 2,980
Increase / (Decrease) in lease liabilities626,401
(Increase) / Decrease in security deposit(1,178)54
(Increase) / Decrease in deferred charges, net8,457 6,688
CASH PROVIDED BY OPERATING ACTIVITIES699,043 11,817
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(875,886)
CASH USED IN INVESTING ACTIVITIES(935,999)(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(236,956)(1,623)
CASH AT BEGINNING OF YEAR391,360 661,010
CASH AT PERIOD END $ 154,404 $ 659,387

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
Shares issued based on convertible notes
Shares issued based on compensations 21 41,836 41,836 41,857
Shares issued for liabilities settlement 25 47,475 47,475 47,500
Elimination of PGAF apic / due from shareholders 58,405 58,405 8,000 66,405
Net income (loss) (861,098) (861,098)(8,882)(869,980)
Other Comprehensive income / (loss)
Elimination of PGAF apic / due from shareholders (58,405) (58,405)(8,000)(66,405)
Balance at Jun. 30, 201910,000 3,875 9,682,877 454,772 (10,231)10,141,293 103,277 10,244,570
Balance at Dec. 31, 201910,000 4,447 10,073,810 (1,634,645)(9,763)8,443,849 69,992 8,513,841
Shares issued based on convertible notes 3,386 351,274 35,460 354,660
Shares issued based on compensations 1 287 288 288
Shares issued for liabilities settlement
Elimination of PGAF apic / due from shareholders 1,047,841 (232,671) 815,170 69,992 885,162
Net income (loss) (3,077,232) (3,077,232) (3,077,232)
Other Comprehensive income / (loss)
Elimination of PGAF apic / due from shareholders (1,047,841)232,671 (815,170)(69,992)(885,162)
Balance at Jun. 30, 2020 $ 10,000 $ 7,834 $ 9,377,530 $ (4,479,206) $ (9,763) $ 4,906,395 $ 4,906,395

Note 1 - General

Note 1 - General6 Months Ended
Jun. 30, 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 second 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. Basis of Presentation ; not six June 30, 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 Hellas (PGH) Greece 100 % (owned to PGI) PG-Cypyard & Offshore Terminal Ltd. (PGC) Cyprus 100 % (owned to PGI)

Note 2 - New Accounting Standar

Note 2 - New Accounting Standards6 Months Ended
Jun. 30, 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 Flows6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]Note 3 . Information Relating to the Consolidated Statement of Cash Flows Six Months Ended June 30, 2020 2019 Decrease in Accounts receivable, net $ 223,513 $ 601,374 (Increase) / decrease in Claims receivable, net 103,355 (4,000 ) (Increase) / decrease in Inventories 828,664 (563,928 ) (Increase) / decrease due from related party 720,000 - Decrease in Prepaid expenses and other assets 741,423 245,796 Increase in Accounts payable and accrued expenses 238,427 87,763 Increase / (decrease) in Amounts due to related party (651,414 ) 68,976 Increase / (decrease) in Accrued interest - 2,980 Increase in lease liabilities 626,401 - (Increase) / decrease in Security deposit (1,178 ) 54 Decrease in Deferred charges, net 8,457 6,688 Net increase in operating capital $ 2,837,648 $ 445,704

Note 4 - Operating Segments and

Note 4 - Operating Segments and Geographic Presence6 Months Ended
Jun. 30, 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. 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: Six months Ended June 3 0 , Operating Subsidiaries 2020 2019 ● Petrogress Int'l LLC. (Internationally) $ 1,514,701 1,928,178 ● Petronav Carriers LLC. (Internationally) 252,080 298,500 ● Petrogres Africa Co Ltd. (Nationally Ghana) - 300,000 ● Petrogress (Hellas) Co. (Internationally) - - Totals $ 1,766,781 $ 2,526,678 (b) Earnings by products and other services are presented in the following table: Six months Ended June 3 0 , Sales volumes per product & service 2020 2019 ● Crude oil $ 749,200 1,917,178 ● Gas oil 622,000 300,000 ● Lubricants 143,501 - ● Vessel's hires & freights 218,000 298,500 ● Others 34,080 11,000 Totals $ 1,766,781 $ 2,526,678 Segment Information; two Segment Sales and Other Operating Revenues; six June 30, 2020 2019, third Six months Ended June 3 0 , Sales and Other Operating Revenu e s 20 20 2019 Upstream International $ 749,200 $ 1,917,178 Downstream International 765,501 300,000 Midstream International 218,000 298,500 All others International 34,080 11,000 Total Sales and Other Operating Revenues $ 1,766,781 $ 2,526,678

Note 5 - Inventories

Note 5 - Inventories6 Months Ended
Jun. 30, 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 June 30, 2020 December 31, 2019, Commodities and Petroproducts Inventories June 3 0 , 2020 December 31, 2019 Crude Oil $ - $ - Gas Oil 293,018 1,039,020 Lubricants - 59,479 Vessels Inventories & Others Bunkers R.O.B.* 27,839 108,113 Lubricants 57,091 - Provisions & Stores - - Total $ 377,948 $ 1,206,612

Note 6 - Properties, Vessels an

Note 6 - Properties, Vessels and Equipment6 Months Ended
Jun. 30, 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 June 30, 2020 2019: June 3 0 , 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 (7,115,919 ) (6,821,424 ) Vessels and other fixed assets, net $ 3,983,529 $ 4,249,763 * Depreciation for the six June 30, 2020 2019, $306,895 $428,048,

Note 7 - Litigation

Note 7 - Litigation6 Months Ended
Jun. 30, 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 Commitments6 Months Ended
Jun. 30, 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 Instruments6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]Note 9 . Financial and Derivative Instruments Financial Instruments; June 30, 2020 2019. $74,590 $0 six June 30, 2020 2019, $629,679 $0 six June 30, 2020 2019, June 30, 2020, 2019, $1,911,049 $0, The fair value for the Company's derivative liability as at June 30, 2020 Minimum Maximum Volatility 302.93% 303.08% Risk Free rate 0.13% 1.77% Life 0.16 1.00

Note 10 - Revenue

Note 10 - Revenue6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]Note 1 0 . Revenue “Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers and consistent with ASC Topic 606. $1,787,917 $2,011,430 June 30, 2020, December 31, 2019,

Note 11 - Earnings (Losses) Per

Note 11 - Earnings (Losses) Per Share and Stockholders' Equity6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]Note 1 1 . Earnings / (Loss es ) per Share and S hare holders' Equity The table below presents the calculation of basic and diluted net income / (loss) attributable to common shareholders per share as of June 30, 2020: June 3 0 , Basic EPS Calculation 2020 2019 Net income attributable to common shareholders $ (3,077,232 ) $ (869,980 ) Denominator for basic net income per share – weighted average shares 5,136,808 3,842,916 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - 3,842,916 Basic net earnings per share (0.60 ) (0.22 ) Diluted net earnings per share - (0.22 ) As of June 30, 2020, 2019, 5,136,808 3,842,916,

Note 12 - Other Information

Note 12 - Other Information6 Months Ended
Jun. 30, 2020
Notes to Financial Statements
Other Information [Text Block]Note 1 2 . Ot her information On May 27, 2020, No. 2 864,000 72% not 216,000 $1.20 18

Significant Accounting Policies

Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]
Effect of Covid-19 Pandemic, Policy [Policy Text Block]Impact of the novel coronavirus (COVID- 19 19 second 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.
Basis of Accounting, Policy [Policy Text Block]Basis of Presentation ; not six June 30, 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 Hellas (PGH) Greece 100 % (owned to PGI) PG-Cypyard & Offshore Terminal Ltd. (PGC) Cyprus 100 % (owned to PGI)

Note 1 - General (Tables)

Note 1 - General (Tables)6 Months Ended
Jun. 30, 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 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)6 Months Ended
Jun. 30, 2020
Notes Tables
Cash Flow, Operating Capital [Table Text Block] Six Months Ended June 30, 2020 2019 Decrease in Accounts receivable, net $ 223,513 $ 601,374 (Increase) / decrease in Claims receivable, net 103,355 (4,000 ) (Increase) / decrease in Inventories 828,664 (563,928 ) (Increase) / decrease due from related party 720,000 - Decrease in Prepaid expenses and other assets 741,423 245,796 Increase in Accounts payable and accrued expenses 238,427 87,763 Increase / (decrease) in Amounts due to related party (651,414 ) 68,976 Increase / (decrease) in Accrued interest - 2,980 Increase in lease liabilities 626,401 - (Increase) / decrease in Security deposit (1,178 ) 54 Decrease in Deferred charges, net 8,457 6,688 Net increase in operating capital $ 2,837,648 $ 445,704

Note 4 - Operating Segments a_2

Note 4 - Operating Segments and Geographic Presence (Tables)6 Months Ended
Jun. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block] Six months Ended June 3 0 , Operating Subsidiaries 2020 2019 ● Petrogress Int'l LLC. (Internationally) $ 1,514,701 1,928,178 ● Petronav Carriers LLC. (Internationally) 252,080 298,500 ● Petrogres Africa Co Ltd. (Nationally Ghana) - 300,000 ● Petrogress (Hellas) Co. (Internationally) - - Totals $ 1,766,781 $ 2,526,678 Six months Ended June 3 0 , Sales volumes per product & service 2020 2019 ● Crude oil $ 749,200 1,917,178 ● Gas oil 622,000 300,000 ● Lubricants 143,501 - ● Vessel's hires & freights 218,000 298,500 ● Others 34,080 11,000 Totals $ 1,766,781 $ 2,526,678
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] Six months Ended June 3 0 , Sales and Other Operating Revenu e s 20 20 2019 Upstream International $ 749,200 $ 1,917,178 Downstream International 765,501 300,000 Midstream International 218,000 298,500 All others International 34,080 11,000 Total Sales and Other Operating Revenues $ 1,766,781 $ 2,526,678

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)6 Months Ended
Jun. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block] Commodities and Petroproducts Inventories June 3 0 , 2020 December 31, 2019 Crude Oil $ - $ - Gas Oil 293,018 1,039,020 Lubricants - 59,479 Vessels Inventories & Others Bunkers R.O.B.* 27,839 108,113 Lubricants 57,091 - Provisions & Stores - - Total $ 377,948 $ 1,206,612

Note 6 - Properties, Vessels _2

Note 6 - Properties, Vessels and Equipment (Tables)6 Months Ended
Jun. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block] June 3 0 , 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 (7,115,919 ) (6,821,424 ) Vessels and other fixed assets, net $ 3,983,529 $ 4,249,763

Note 9 - Financial and Deriva_2

Note 9 - Financial and Derivative Instruments (Tables)6 Months Ended
Jun. 30, 2020
Derivative Financial Instruments, Liabilities [Member]
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] Minimum Maximum Volatility 302.93% 303.08% Risk Free rate 0.13% 1.77% Life 0.16 1.00

Note 11 - Earnings (Losses) P_2

Note 11 - Earnings (Losses) Per Share and Stockholders' Equity (Tables)6 Months Ended
Jun. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] June 3 0 , Basic EPS Calculation 2020 2019 Net income attributable to common shareholders $ (3,077,232 ) $ (869,980 ) Denominator for basic net income per share – weighted average shares 5,136,808 3,842,916 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - 3,842,916 Basic net earnings per share (0.60 ) (0.22 ) Diluted net earnings per share - (0.22 )

Note 1 - General - Percentages

Note 1 - General - Percentages Participation in Subsidiaries (Details)Jun. 30, 2020
Petrogress Int’l LLC. (Delaware) [Member]
Ownership Interest100.00%
Petronav Carriers LLC [Member]
Ownership Interest100.00%
Petrogress (Hellas) Branch [Member]
Ownership Interest100.00%
PG CYPYARD & Offshore Services Terminal Ltd. [Member]
Ownership Interest100.00%

Note 3 - Information Relating_3

Note 3 - Information Relating to the Consolidated Statement of Cash Flows - Operating Capital (Details) - USD ($)6 Months Ended
Jun. 30, 2020Jun. 30, 2019
(Increase) / Decrease in accounts receivable, net $ 223,513 $ 601,374
(Increase) / Decrease in claims receivable, net103,355 (4,000)
(Increase) / Decrease in inventories828,664 (563,928)
(Increase) / Decrease in amounts due from related party720,000
(Increase) / Decrease in prepaid expenses741,423 245,796
Increase / (Decrease) in accounts payable and accrued expenses238,427 87,763
Increase / (Decrease) in amounts due to related party(651,414)68,976
Increase / (Decrease) in accrued interest 2,980
Increase / (Decrease) in lease liabilities626,401
(Increase) / Decrease in security deposit(1,178)54
(Increase) / Decrease in deferred charges, net8,457 6,688
Net increase in operating capital $ 2,837,648 $ 445,704

Note 4 - Operating Segments a_3

Note 4 - Operating Segments and Geographic Presence (Details Textual)6 Months Ended
Jun. 30, 2020
Number of Operating Segments3
Number of Reportable Segments2

Note 4 - Operating Segments a_4

Note 4 - Operating Segments and Geographic Presence - Revenue Recognized (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Revenue[1] $ 1,766,781 $ 2,526,678
Crude Oil Sales [Member]
Revenue $ 133,200 749,200 [1]1,917,178 [1]
Gas Oil Sales [Member]
Revenue 300,000 622,000 [1]300,000 [1]
Lubricants [Member]
Revenue 143,501 [1] [1]
Freights and Hires [Member]
Revenue $ (34,080) $ 104,000 218,000 [1]298,500 [1]
Product and Service, Other [Member]
Revenue[1]34,080 11,000
Subsidiaries [Member] | Non-US [Member] | Petrogress Int'l LLC [Member]
Revenue[2]1,514,701 1,928,178
Subsidiaries [Member] | Non-US [Member] | Petronav Carriers LLC [Member]
Revenue[2]252,080 298,500
Subsidiaries [Member] | Non-US [Member] | Petrogres (Hellas) Co [Member]
Revenue[2]
Subsidiaries [Member] | GHANA | Petrogress Africa Co. Ltd. [Member]
Revenue[2] $ 300,000
[1]Amounts of products transferred before intercompany eliminations
[2]Amounts of products transferred before intercompany eliminations

Note 4 - Operating Segments a_5

Note 4 - Operating Segments and Geographic Presence - Disaggregation of Revenues (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Revenue[1] $ 1,766,781 $ 2,526,678
All others $ 34,080 34,080 11,000
Total Sales and Other Operating Revenues $ 133,200 $ 404,000 1,766,781 2,526,678
Upstream [Member]
Revenue749,200 1,917,178
Downstream [Member]
Revenue765,501 300,000
Midstream [Member]
Revenue $ 218,000 $ 298,500
[1]Amounts of products transferred before intercompany eliminations

Note 5 - Inventories - Goods In

Note 5 - Inventories - Goods Inventories (Details) - USD ($)Jun. 30, 2020Dec. 31, 2019
Total Inventories $ 377,948 $ 1,206,612
Crude Oil [Member]
Total Inventories
Oil and Gas [Member]
Total Inventories293,018 1,039,020
Lubricants [Member]
Total Inventories 59,479
Bunkers on Board, Gas Oil [Member]
Total Inventories[1]27,839 108,113
Vessel Lubricants [Member]
Total Inventories57,091
Provisions and Stores [Member]
Total Inventories
[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 Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Depreciation, Total $ 152,199 $ 230,768 $ 306,895 $ 428,048
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 ($)6 Months Ended
Jun. 30, 2020Dec. 31, 2019
Accumulated depreciation $ (7,115,919) $ (6,821,424)
Net property and equipment3,983,529 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 ($)6 Months Ended
Jun. 30, 2020Jun. 30, 2019
Derivative Expense $ 74,590 $ 0
Derivative, Gain (Loss) on Derivative, Net, Total(629,679)0
Derivative Liability, Total $ 1,911,049 $ 0

Note 9 - Financial and Deriva_4

Note 9 - Financial and Derivative Instruments - Fair Value of Derivative Liability Assumptions (Details)Jun. 30, 2020
Measurement Input, Price Volatility [Member] | Minimum [Member]
Assumptions3.0293
Measurement Input, Price Volatility [Member] | Maximum [Member]
Assumptions3.0308
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Assumptions0.0013
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Assumptions0.0177
Measurement Input, Expected Term [Member] | Minimum [Member]
Assumptions0.16
Measurement Input, Expected Term [Member] | Maximum [Member]
Assumptions1

Note 10 - Revenue (Details Text

Note 10 - Revenue (Details Textual) - USD ($)Jun. 30, 2020Dec. 31, 2019
Accounts Receivable, after Allowance for Credit Loss, Current, Total $ 1,787,917 $ 2,011,430

Note 11 - Earnings (Losses) P_3

Note 11 - Earnings (Losses) Per Share and Stockholders' Equity (Details Textual) - shares3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Weighted Average Number of Shares Outstanding, Basic, Total (in shares)5,136,808 3,857,162 5,136,808 3,842,916

Note 11 - Earnings (Losses) P_4

Note 11 - Earnings (Losses) Per Share and Stockholders' Equity - Calculation of Earnings Per Share (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2019Jun. 30, 2020Jun. 30, 2019
Net income attributable to common shareholders $ (3,077,232) $ (869,980)
Basic (in shares)5,136,808 3,857,162 5,136,808 3,842,916
Conversion of accrued interest on debt held by related party (in shares)
Denominator for diluted net income per share (in shares) 3,857,162 3,842,916
Basic earnings per share (in dollars per share) $ (0.35) $ (0.26) $ (0.60) $ (0.22)
Diluted earnings per share (in dollars per share) $ (0.26) $ (0.22)

Note 12 - Other Information (De

Note 12 - Other Information (Details Textual) - 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 Returned72.00%
Noncontrolling Interest, Price Per Share Owed (in dollars per share) | $ / shares $ 1.20