Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 13, 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) | 31,149,362 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common stock, par value $0.001 per share |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Revenues: | |||||||
Revenues | [1] | $ 2,554,962 | $ 8,582,943 | ||||
Other Revenues | $ 12,698 | 46,778 | 11,000 | ||||
Total Revenues | 788,181 | 6,056,265 | 2,554,962 | 8,582,943 | |||
Costs and other Deductions: | |||||||
Costs of goods sold | (5,335,469) | (1,899,000) | (6,741,221) | ||||
Gross profit | 788,181 | 720,796 | 655,962 | 1,841,722 | |||
Operating expenses: | |||||||
Corporate expenses | (497,629) | (146,852) | (790,797) | (230,463) | |||
General and administrative expenses | (1,268,911) | (598,977) | (2,456,502) | (1,476,540) | |||
Amortization expense | (41,158) | 68 | (49,948) | (6,619) | |||
Depreciation expense | (159,101) | (243,261) | (465,996) | (671,309) | |||
Total operating expenses | (1,966,799) | (989,022) | (3,763,243) | (2,384,931) | |||
Operating income / (loss) before other expenses and income tax | (1,178,618) | (268,226) | (3,107,281) | (543,209) | |||
Other Income / (expense), net: | |||||||
Interest and finance expenses | (19,250) | (158,111) | (38,888) | (173,604) | |||
Amortization of note discount | (27,869) | (174,292) | (27,869) | ||||
Change in fair market value of derivative liabilities | 1,626,853 | (23,441) | 740,366 | (23,441) | |||
Other income / (expense), net | 29,907 | 215,068 | (38,245) | (323,234) | |||
Total other income / (expense), net | 1,637,510 | 5,647 | 488,941 | (548,148) | |||
Income / (loss) before income taxes | 458,892 | (262,579) | (2,618,340) | (1,091,357) | |||
Income tax expense | |||||||
Net income / (loss) | 458,892 | (262,579) | (2,618,340) | (1,091,357) | |||
Net income / (loss) attributable to: | |||||||
Shareholders of the Company | 458,892 | (267,867) | (2,618,340) | (1,087,763) | |||
Non-controlling interests | 5,288 | (3,594) | |||||
Other comprehensive loss, net of tax | |||||||
Foreign currency translation adjustment | |||||||
Comprehensive income / (loss) | 458,892 | (262,579) | (2,618,340) | (1,091,357) | |||
Comprehensive income / (loss) attributable to: | |||||||
Shareholders of the Company | 458,892 | (267,867) | (2,618,340) | (1,087,763) | |||
Non-controlling interests | $ 5,288 | $ (3,594) | |||||
Weighted average number of common shares outstanding | |||||||
Basic (in shares) | 9,803,712 | 3,860,285 | 9,803,712 | 3,860,285 | |||
Diluted (in shares) | |||||||
Basic earnings per share (in dollars per share) | $ 0.05 | $ (0.07) | $ (0.27) | $ (0.28) | |||
Diluted earnings per share (in dollars per share) | |||||||
Crude Oil Sales [Member] | |||||||
Revenues: | |||||||
Revenues | $ 4,984,265 | $ 749,200 | [1] | $ 6,901,443 | [1] | ||
Costs and other Deductions: | |||||||
Costs of goods sold | (4,765,469) | (1,250,000) | (5,931,221) | ||||
Gas Oil Sales [Member] | |||||||
Revenues: | |||||||
Revenues | 828,000 | 622,000 | [1] | 1,128,000 | [1] | ||
Costs and other Deductions: | |||||||
Costs of goods sold | (570,000) | (520,000) | (810,000) | ||||
Lubricants [Member] | |||||||
Revenues: | |||||||
Revenues | 143,501 | [1] | [1] | ||||
Freights and Hires [Member] | |||||||
Revenues: | |||||||
Revenues | 775,483 | 244,000 | 993,483 | [1] | 542,500 | [1] | |
Costs and other Deductions: | |||||||
Costs of goods sold | $ (129,000) | ||||||
[1] | Amounts of products transferred before intercompany eliminations |
Consolidated Statement of Balan
Consolidated Statement of Balance Sheet (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 253,005 | $ 391,360 |
Accounts receivable, net | 1,492,595 | 2,011,430 |
Claims receivable, net | 310,145 | 478,500 |
Inventories | 1,424,436 | 1,206,612 |
Prepaid expenses and other current assets | 2,289,861 | 3,143,221 |
Total current assets | 5,770,042 | 7,231,123 |
Non-Current Assets | ||
Goodwill | 900,000 | |
Contract-related licensing agreements | 258,747 | |
Right of use assets | 613,964 | |
Vessels and other fixed assets, net | 3,826,626 | 4,249,763 |
Deferred charges, net | 4,353 | 15,629 |
Security deposit | 11,902 | 10,584 |
Total non-current assets | 4,715,592 | 5,175,976 |
Total Assets | 10,485,634 | 12,407,099 |
Current Liabilities | ||
Accounts payable and accrued expenses | 2,669,069 | 1,402,198 |
Due to related party | 522,461 | 1,271,450 |
Loan facility from related party | 169,407 | 148,900 |
Accrued interest | 3,129 | 23,636 |
Lease liabilities | 18,026 | |
Convertible promissory notes | 178,049 | 237,197 |
Derivative liabilities | 809,877 | |
Total current liabilities | 3,560,141 | 3,893,258 |
Non-Current Liabilities | ||
Lease liabilities | 665,123 | |
Total liabilities | 4,225,264 | 3,893,258 |
Commitments and Contingencies | ||
Shareholders’ equity: | ||
Shares of Common stock, $0.001 par value, 50,000,000 shares authorized, 25,725,093 and 4,446,645 shares issued and outstanding as of September 30, 2020 and December 31, 2019. | 25,725 | 4,447 |
Additional paid-in capital | 10,258,948 | 10,073,810 |
Accumulated comprehensive loss | (9,763) | (9,763) |
Retained earnings | (4,024,540) | (1,634,645) |
Equity attributable to Shareholders of the Company | 6,260,370 | 8,443,849 |
Non-controlling interests | 69,992 | |
Total liabilities and shareholders’ equity | 10,485,634 | 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 September 30, 2020 and December 31, 2019. | $ 10,000 | $ 10,000 |
Consolidated Statement of Bal_2
Consolidated Statement of Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2020 | Dec. 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) | 25,725,093 | 4,446,645 |
Common stock, shares outstanding (in shares) | 25,725,093 | 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 ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (2,618,340) | $ (1,091,357) |
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities: | ||
Depreciation expense | 465,996 | 671,309 |
Change in fair value of derivative liabilities | (809,877) | 23,442 |
Share-based compensation expense | 1,254,257 | 92,500 |
Loss on disposition of fixed assets | 16,331 | |
Amortization of discount on convertible note | 174,292 | 27,869 |
Amount of derivative in excess of face value of PCN | 158,111 | |
Gain / (loss) on settlement of convertible promissory notes | 39,793 | |
Elimination of PGAS Africa APIC | (925,574) | 66,405 |
Changes in working capital | ||
(Increase) / Decrease in accounts receivable, net | 518,835 | 1,643,324 |
(Increase) / Decrease in claims receivable, net | 168,355 | 69,100 |
(Increase) / Decrease in inventories | (217,824) | (399,098) |
(Increase) / Decrease in amounts due from related party | 720,000 | |
(Increase) / Decrease in prepaid expenses | 853,360 | (2,014,135) |
Increase / (Decrease) in accounts payable and accrued expenses | 1,266,871 | (275,230) |
Increase / (Decrease) in amounts due to related party | (748,989) | 183,729 |
Increase / (Decrease) in accrued interest | 2,980 | |
Increase / (Decrease) in lease liabilities | 683,149 | |
(Increase) / Decrease in security deposit | (1,318) | 54 |
(Increase) / Decrease in deferred charges, net | 11,276 | 11,121 |
CASH PROVIDED BY OPERATING ACTIVITIES | 794,469 | (773,752) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (60,113) | (109,935) |
Purchase of vessels and other equipment – related party facility | ||
Purchase of vessels and other equipment | ||
Acquisition of intangible assets | (872,711) | |
CASH USED IN INVESTING ACTIVITIES | (932,824) | (109,935) |
Proceeds from convertible promissory notes | 693,000 | |
Payments made on convertible promissory notes | (34,988) | |
CASH PROVIDED BY FINANCING ACTIVITIES | 658,012 | |
Effects of exchange rate changes | ||
NET DECREASE IN CASH | (138,355) | (225,675) |
CASH AT BEGINNING OF YEAR | 391,360 | 661,010 |
CASH AT PERIOD END | $ 253,005 | $ 435,335 |
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 | 43 | 86,291 | 86,334 | 86,334 | ||||
Shares issued based on compensations | 50 | 92,450 | 92,500 | 92,500 | ||||
Shares issued for liabilities settlement | 35 | 76,965 | 77,000 | 77,000 | ||||
Elimination of PGAF apic / due from shareholders | 66,405 | 66,405 | 66,405 | |||||
Net income (loss) | (1,087,763) | (1,087,763) | (3,594) | (1,091,357) | ||||
Other Comprehensive income / (loss) | ||||||||
Elimination of PGAF apic / due from shareholders | (66,405) | (66,405) | (66,405) | |||||
Balance at Sep. 30, 2019 | 10,000 | 3,957 | 9,857,272 | 228,107 | (10,231) | 10,089,105 | 100,565 | 10,189,670 |
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 |
Shares issued based on convertible notes | 16,486 | 1,027,619 | 1,044,105 | 1,044,105 | ||||
Shares issued based on compensations | 381 | 14,458 | 14,839 | 14,839 | ||||
Shares issued for liabilities settlement | 4,411 | 190,902 | 195,313 | 195,315 | ||||
Elimination of PGAF apic / due from shareholders | 1,047,841 | (228,445) | 819,396 | 69,992 | 889,388 | |||
Net income (loss) | (2,618,340) | (2,618,340) | (2,618,340) | |||||
Other Comprehensive income / (loss) | ||||||||
Elimination of PGAF apic / due from shareholders | (1,047,841) | 228,445 | (819,396) | (69,992) | (889,388) | |||
Balance at Sep. 30, 2020 | $ 10,000 | $ 25,725 | $ 10,258,948 | $ (4,024,540) | $ (9,763) | $ 6,260,370 | $ 6,260,370 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 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.", and “Petrogress (Hellas) Co”. The company also provides sea-transportation services as an independent established Maritime Company Impact of the novel coronavirus (COVID- 19 19 third 2020, second 19 nine 19 Basis of Presentation ; not six September 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 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) |
Note 2 - Information Relating t
Note 2 - Information Relating to the Consolidated Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 2 . Information Relating to the Consolidated Statement of Cash Flows Nine months Ended September 30, 2020 2019 Decrease in Accounts receivable, net $ 518,835 $ 1,643,324 (Increase) / decrease in Claims receivable, net 168,355 69,100 (Increase) in Inventories (217,824 ) (399,098 ) (Increase) / decrease due from related party 720,000 - Decrease in Prepaid expenses and other assets 853,360 (2,014,135 ) Increase in Accounts payable and accrued expenses 1,266,871 (275,230 ) Increase / (decrease) in Amounts due to related party (748,989 ) 183,729 Increase / (decrease) in Accrued interest - 2,980 Increase in lease liabilities 683,149 - (Increase) / decrease in Security deposit (1,318 ) 54 Decrease in Deferred charges, net 11,276 11,121 Net increase in operating capital $ 3,253,715 $ (778,155 ) |
Note 3 - New Accounting Standar
Note 3 - New Accounting Standards | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 3 . New Accounting Standards Financial Instruments - Credit Losses January 1, 2020, 2016 13 |
Note 4 - Summarized Financial D
Note 4 - Summarized Financial Data - Petrogress Int'l LLC | 9 Months Ended |
Sep. 30, 2020 | |
Petrogress Int'l LLC [Member] | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 4 . Summarized Financial Data – Petrogress Int'l llc. Petrogress Int'l llc (PIL), is a major subsidiary of Petrogress, Inc (PGI), and its subsidiary manage and operate most of Petrogress oil businesses. Assets include those related to the exploration and production of crude oil, and those associated with refining, marketing, and supply and distribution of products derived from petroleum, excluding most of the regulated sea-transportation operations of Petrogress. The summarized financial information for PIL and its consolidated subsidiaries is as follows: Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 1,514,701 $ 8,647,152 Costs and other deductions (2,180,948 ) (7,621,775 ) Net income attributable to PIL $ (666,247 ) $ 1,025,377 |
Note 5 - Summarized Financial D
Note 5 - Summarized Financial Data - Petrogress (Hellas) Co. | 9 Months Ended |
Sep. 30, 2020 | |
Petrogress (Hellas) Branch [Member] | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 5 . Summarized Financial Data – Petrogress (Hellas) Co. Petrogress has a 100 100 Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 112,500 $ 72,000 Costs and other deductions (155,038 ) (104,985 ) Net income attributable to PGH $ (42,538 ) $ (32,985 ) |
Note 6 - Summarized Financial D
Note 6 - Summarized Financial Data - Petronav Carriers LLC. | 9 Months Ended |
Sep. 30, 2020 | |
Petronav Carriers LLC [Member] | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 6 . Summarized Financial Data – Petro nav Carriers llc . Petrogress has a 100 100 Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 1,040,261 $ 847,333 Costs and other deductions (2,512,025 ) (2,180,448 ) Net income attributable to P C L $ (1,471,764 ) $ (1,333,115 ) |
Note 7 - Summarized Financial D
Note 7 - Summarized Financial Data - Petrogress, Inc. | 9 Months Ended |
Sep. 30, 2020 | |
Parent Company [Member] | |
Notes to Financial Statements | |
Condensed Financial Statements [Text Block] | Note 7. , Inc . The summarized financial information for Petrogress Inc (PGI) and its consolidated subsidiaries is as follows: Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 2,554,962 $ 2,526,678 Costs and other deductions (5,173,302 ) (3,396,658 ) Net income (loss) attributable to PGI $ (2,618,340 ) $ (869,980 ) Current assets 5,770,042 7,231,123 Other assets 4,715,592 5,175,976 Current liabilities 3,560,141 3,893,258 Other liabilities 665,123 - Total PGI net equity 6,260,370 8,443,849 |
Note 8 - Operating Segments and
Note 8 - Operating Segments and Geographic Presence | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 8 . 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 2, 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: Nine months Ended September 30, Operating Subsidiaries 2020 2019 ● Petrogress Int'l LLC. (Internationally) $ 1,514,701 7,452,443 ● Petronav Carriers LLC. (Internationally) 1,040,261 542,500 ● Petrogres Africa Co Ltd. (Nationally Ghana) - 588,000 ● Petrogress (Hellas) Co. (Internationally) - - Totals $ 2,554,962 $ 8,582,943 (b) Earnings by products and other services are presented in the following table: Nine months Ended September 30, Sales volumes per product & service 2020 2019 ● Crude oil $ 749,200 6,901,443 ● Gas oil 622,000 1,128,000 ● Lubricants 143,501 - ● Vessel's hires & freights 993,483 542,500 ● Others 46,778 11,000 Totals $ 2,554,962 $ 8,582,943 Segment Information; two Segment Sales and Other Operating Revenues; nine September 30, 2020 2019, third Nine months Ended September 30, Sales and Other Operating Revenu e s 20 20 2019 Upstream International $ 749,200 $ 6,901,443 Downstream International 765,501 1,128,000 Midstream International 993,483 542,500 All others International 46,778 11,000 Total Sales and Other Operating Revenues $ 2,554,962 $ 8,582,943 |
Note 9 - Inventories
Note 9 - Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 9 . 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 September 30, 2020 December 31, 2019, Commodities and Petroproducts Inventories September 30, 2020 December 31, 2019 Crude Oil $ 601,120 $ - Gas Oil 677,018 1,039,020 Lubricants - 59,479 Vessels Inventories & Others Bunkers R.O.B.* 114,864 108,113 Lubricants 31,434 - Provisions & Stores - - Total $ 1,424,436 $ 1,206,612 |
Note 10 - Properties, Vessels a
Note 10 - Properties, Vessels and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Properties, Vessels, Inventories & Equipment [Text Block] | Note 10 . 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 September 30, 2020 2019: September 30, 20 20 December 31, 201 9 Estimated useful Life left (in years) Vessels purchased costs $ 10,948,536 $ 10,888,423 2 - 4 Furniture and equipment 189,748 182,764 4 - 6 Accumulated depreciation (7,311,943 ) (6,821,424 ) Vessels and other fixed assets, net $ 3,826,626 $ 4,249,763 * Depreciation for the nine September 30, 2020 2019, $465,996 $671,309, |
Note 12 - Litigation
Note 12 - Litigation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 12. Litigation There are currently no |
Note 13 - Other Contingencies a
Note 13 - Other Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13 . Other Contingencies and Commitments The Company is not no |
Note 14 - Financial Value Measu
Note 14 - Financial Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 14. Fair Value Measurements Fair value measurements are determined under a three not The highest priority is given to unadjusted quoted prices in active markets for identical assets (Level 1 3 The three ● Level 1 ● Level 2 not ● Level 3 Credit risk adjustments are applied to reflect the Company's own credit risk when valuing all liabilities measured at fair value. The methodology is consistent with that applied in developing counterparty credit risk adjustments but incorporates the Company's own credit risk as observed in the credit default swap market. |
Note 15 - Revenue
Note 15 - Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 1 5 . Revenue “Sales and other operating revenue” on the Consolidated Statement of Income primarily arise from contracts with customers and consistent with ASC Topic 606. $1,492,595 $2,011,430 September 30, 2020, December 31, 2019, |
Note 16 - Earnings (Losses) Per
Note 16 - Earnings (Losses) Per Share and Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 1 6 . 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 September 30, 2020: September 30, Basic EPS Calculation 2020 2019 Net income attributable to common shareholders $ (2,618,340 ) $ (1,087,763 ) Denominator for basic net income per share – weighted average shares 9,803,712 3,860,285 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - - Basic net earnings per share (0.27 ) (0.28 ) Diluted net earnings per share - - As of September 30, 2020, 2019, 9,803,712 3,860,285, |
Note 17 - Other Information
Note 17 - Other Information | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Other Information [Text Block] | Note 1 7 . Other information None |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Effect of Covid-19 Pandemic, Policy [Policy Text Block] | Impact of the novel coronavirus (COVID- 19 19 third 2020, second 19 nine 19 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation ; not six September 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, 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) |
Note 1 - General (Tables)
Note 1 - General (Tables) | 9 Months Ended |
Sep. 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) |
Note 2 - Information Relating_2
Note 2 - Information Relating to the Consolidated Statement of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Nine months Ended September 30, 2020 2019 Decrease in Accounts receivable, net $ 518,835 $ 1,643,324 (Increase) / decrease in Claims receivable, net 168,355 69,100 (Increase) in Inventories (217,824 ) (399,098 ) (Increase) / decrease due from related party 720,000 - Decrease in Prepaid expenses and other assets 853,360 (2,014,135 ) Increase in Accounts payable and accrued expenses 1,266,871 (275,230 ) Increase / (decrease) in Amounts due to related party (748,989 ) 183,729 Increase / (decrease) in Accrued interest - 2,980 Increase in lease liabilities 683,149 - (Increase) / decrease in Security deposit (1,318 ) 54 Decrease in Deferred charges, net 11,276 11,121 Net increase in operating capital $ 3,253,715 $ (778,155 ) |
Note 4 - Summarized Financial_2
Note 4 - Summarized Financial Data - Petrogress Int'l LLC (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Petrogress Int'l LLC [Member] | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 1,514,701 $ 8,647,152 Costs and other deductions (2,180,948 ) (7,621,775 ) Net income attributable to PIL $ (666,247 ) $ 1,025,377 |
Note 5 - Summarized Financial_2
Note 5 - Summarized Financial Data - Petrogress (Hellas) Co. (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Petrogress (Hellas) Branch [Member] | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 112,500 $ 72,000 Costs and other deductions (155,038 ) (104,985 ) Net income attributable to PGH $ (42,538 ) $ (32,985 ) |
Note 6 - Summarized Financial_2
Note 6 - Summarized Financial Data - Petronav Carriers LLC. (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Petronav Carriers LLC [Member] | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 1,040,261 $ 847,333 Costs and other deductions (2,512,025 ) (2,180,448 ) Net income attributable to P C L $ (1,471,764 ) $ (1,333,115 ) |
Note 7 - Summarized Financial_2
Note 7 - Summarized Financial Data - Petrogress, Inc. (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Parent Company [Member] | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | Nine months Ended September 30, 2020 2019 Sales and other operating revenues $ 2,554,962 $ 2,526,678 Costs and other deductions (5,173,302 ) (3,396,658 ) Net income (loss) attributable to PGI $ (2,618,340 ) $ (869,980 ) Current assets 5,770,042 7,231,123 Other assets 4,715,592 5,175,976 Current liabilities 3,560,141 3,893,258 Other liabilities 665,123 - Total PGI net equity 6,260,370 8,443,849 |
Note 8 - Operating Segments a_2
Note 8 - Operating Segments and Geographic Presence (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Nine months Ended September 30, Operating Subsidiaries 2020 2019 ● Petrogress Int'l LLC. (Internationally) $ 1,514,701 7,452,443 ● Petronav Carriers LLC. (Internationally) 1,040,261 542,500 ● Petrogres Africa Co Ltd. (Nationally Ghana) - 588,000 ● Petrogress (Hellas) Co. (Internationally) - - Totals $ 2,554,962 $ 8,582,943 Nine months Ended September 30, Sales volumes per product & service 2020 2019 ● Crude oil $ 749,200 6,901,443 ● Gas oil 622,000 1,128,000 ● Lubricants 143,501 - ● Vessel's hires & freights 993,483 542,500 ● Others 46,778 11,000 Totals $ 2,554,962 $ 8,582,943 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Nine months Ended September 30, Sales and Other Operating Revenu e s 20 20 2019 Upstream International $ 749,200 $ 6,901,443 Downstream International 765,501 1,128,000 Midstream International 993,483 542,500 All others International 46,778 11,000 Total Sales and Other Operating Revenues $ 2,554,962 $ 8,582,943 |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Commodities and Petroproducts Inventories September 30, 2020 December 31, 2019 Crude Oil $ 601,120 $ - Gas Oil 677,018 1,039,020 Lubricants - 59,479 Vessels Inventories & Others Bunkers R.O.B.* 114,864 108,113 Lubricants 31,434 - Provisions & Stores - - Total $ 1,424,436 $ 1,206,612 |
Note 10 - Properties, Vessels_2
Note 10 - Properties, Vessels and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 20 20 December 31, 201 9 Estimated useful Life left (in years) Vessels purchased costs $ 10,948,536 $ 10,888,423 2 - 4 Furniture and equipment 189,748 182,764 4 - 6 Accumulated depreciation (7,311,943 ) (6,821,424 ) Vessels and other fixed assets, net $ 3,826,626 $ 4,249,763 |
Note 16 - Earnings (Losses) P_2
Note 16 - Earnings (Losses) Per Share and Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | September 30, Basic EPS Calculation 2020 2019 Net income attributable to common shareholders $ (2,618,340 ) $ (1,087,763 ) Denominator for basic net income per share – weighted average shares 9,803,712 3,860,285 Conversion of accrued interest on debt held by related party - - Denominator for diluted net income per share - - Basic net earnings per share (0.27 ) (0.28 ) Diluted net earnings per share - - |
Note 1 - General - Percentages
Note 1 - General - Percentages Participation in Subsidiaries (Details) | Sep. 30, 2020 |
Petrogress Int’l LLC. (Delaware) [Member] | |
Ownership Interest | 100.00% |
Petronav Carriers LLC [Member] | |
Ownership Interest | 100.00% |
Petrogress (Hellas) Branch [Member] | |
Ownership Interest | 100.00% |
Note 2 - Information Relating_3
Note 2 - Information Relating to the Consolidated Statement of Cash Flows - Operating Capital (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
(Increase) / Decrease in accounts receivable, net | $ 518,835 | $ 1,643,324 |
(Increase) / Decrease in claims receivable, net | 168,355 | 69,100 |
(Increase) / Decrease in inventories | (217,824) | (399,098) |
(Increase) / Decrease in amounts due from related party | 720,000 | |
(Increase) / Decrease in prepaid expenses | 853,360 | (2,014,135) |
Increase / (Decrease) in accounts payable and accrued expenses | 1,266,871 | (275,230) |
Increase / (Decrease) in amounts due to related party | (748,989) | 183,729 |
Increase / (Decrease) in accrued interest | 2,980 | |
Increase / (Decrease) in lease liabilities | 683,149 | |
(Increase) / Decrease in security deposit | (1,318) | 54 |
(Increase) / Decrease in deferred charges, net | 11,276 | 11,121 |
Net increase in operating capital | $ 3,253,715 | $ (778,155) |
Note 4 - Summarized Financial_3
Note 4 - Summarized Financial Data - Petrogress Int'l LLC - Condensed Financial Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Revenue | [1] | $ 2,554,962 | $ 8,582,943 | ||
Costs and other deductions | $ (5,335,469) | (1,899,000) | (6,741,221) | ||
Net income attributable to subsidiary | $ 458,892 | $ (262,579) | (2,618,340) | (1,091,357) | |
Petrogress Int'l LLC [Member] | |||||
Revenue | 1,514,701 | 8,647,152 | |||
Costs and other deductions | (2,180,948) | (7,621,775) | |||
Net income attributable to subsidiary | $ (666,247) | $ 1,025,377 | |||
[1] | Amounts of products transferred before intercompany eliminations |
Note 5 - Summarized Financial_3
Note 5 - Summarized Financial Data - Petrogress (Hellas) Co. (Details Textual) | Sep. 30, 2020 |
Petrogress (Hellas) Branch [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 5 - Summarized Financial_4
Note 5 - Summarized Financial Data - Petrogress (Hellas) Co. - Condensed Financial Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Revenue | [1] | $ 2,554,962 | $ 8,582,943 | ||
Costs and other deductions | $ (5,335,469) | (1,899,000) | (6,741,221) | ||
Net income attributable to subsidiary | $ 458,892 | $ (262,579) | (2,618,340) | (1,091,357) | |
Petrogress (Hellas) Branch [Member] | |||||
Revenue | 112,500 | 72,000 | |||
Costs and other deductions | (155,038) | (104,985) | |||
Net income attributable to subsidiary | $ (42,538) | $ (32,985) | |||
[1] | Amounts of products transferred before intercompany eliminations |
Note 6 - Summarized Financial_3
Note 6 - Summarized Financial Data - Petronav Carriers LLC. (Details Textual) | Sep. 30, 2020 |
Petronav Carriers LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Note 6 - Summarized Financial_4
Note 6 - Summarized Financial Data - Petronav Carriers LLC. - Condensed Financial Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Revenue | [1] | $ 2,554,962 | $ 8,582,943 | ||
Costs and other deductions | $ (5,335,469) | (1,899,000) | (6,741,221) | ||
Net income attributable to subsidiary | $ 458,892 | $ (262,579) | (2,618,340) | (1,091,357) | |
Petronav Carriers LLC [Member] | |||||
Revenue | 1,040,261 | 847,333 | |||
Costs and other deductions | (2,512,025) | (2,180,448) | |||
Net income attributable to subsidiary | $ (1,471,764) | $ (1,333,115) | |||
[1] | Amounts of products transferred before intercompany eliminations |
Note 7 - Summarized Financial_3
Note 7 - Summarized Financial Data - Petrogress, Inc. - Condensed Financial Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Revenue | [1] | $ 2,554,962 | $ 8,582,943 | |||
Costs and other deductions | $ (5,335,469) | (1,899,000) | (6,741,221) | |||
Net income (loss) attributable to PGI | 458,892 | (262,579) | (2,618,340) | (1,091,357) | ||
Current assets | 5,770,042 | 5,770,042 | $ 7,231,123 | |||
Other assets | 4,715,592 | 4,715,592 | 5,175,976 | |||
Current liabilities | 3,560,141 | 3,560,141 | 3,893,258 | |||
Total PGI net equity | 6,260,370 | 6,260,370 | $ 8,443,849 | |||
Parent Company [Member] | ||||||
Revenue | 2,554,962 | 2,526,678 | ||||
Costs and other deductions | (5,173,302) | (3,396,658) | ||||
Net income (loss) attributable to PGI | (2,618,340) | (869,980) | ||||
Current assets | 5,770,042 | 7,231,123 | 5,770,042 | 7,231,123 | ||
Other assets | 4,715,592 | 5,175,976 | 4,715,592 | 5,175,976 | ||
Current liabilities | 3,560,141 | 3,893,258 | 3,560,141 | 3,893,258 | ||
Other liabilities | 665,123 | 665,123 | ||||
Total PGI net equity | $ 6,260,370 | $ 8,443,849 | $ 6,260,370 | $ 8,443,849 | ||
[1] | Amounts of products transferred before intercompany eliminations |
Note 8 - Operating Segments a_3
Note 8 - Operating Segments and Geographic Presence (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 2 |
Note 8 - Operating Segments a_4
Note 8 - Operating Segments and Geographic Presence - Revenue Recognized (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Revenue | [1] | $ 2,554,962 | $ 8,582,943 | ||||
Crude Oil Sales [Member] | |||||||
Revenue | $ 4,984,265 | 749,200 | [1] | 6,901,443 | [1] | ||
Gas Oil Sales [Member] | |||||||
Revenue | 828,000 | 622,000 | [1] | 1,128,000 | [1] | ||
Lubricants [Member] | |||||||
Revenue | 143,501 | [1] | [1] | ||||
Freights and Hires [Member] | |||||||
Revenue | $ 775,483 | $ 244,000 | 993,483 | [1] | 542,500 | [1] | |
Product and Service, Other [Member] | |||||||
Revenue | [1] | 46,778 | 11,000 | ||||
Subsidiaries [Member] | Non-US [Member] | Petrogress Int'l LLC [Member] | |||||||
Revenue | [2] | 1,514,701 | 7,452,443 | ||||
Subsidiaries [Member] | Non-US [Member] | Petronav Carriers LLC [Member] | |||||||
Revenue | [2] | 1,040,261 | 542,500 | ||||
Subsidiaries [Member] | Non-US [Member] | Petrogres (Hellas) Co [Member] | |||||||
Revenue | [2] | ||||||
Subsidiaries [Member] | GHANA | Petrogress Africa Co. Ltd. [Member] | |||||||
Revenue | [2] | $ 588,000 | |||||
[1] | Amounts of products transferred before intercompany eliminations | ||||||
[2] | Amounts of products transferred before intercompany eliminations |
Note 8 - Operating Segments a_5
Note 8 - Operating Segments and Geographic Presence - Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Revenue | [1] | $ 2,554,962 | $ 8,582,943 | ||
All others | $ 12,698 | 46,778 | 11,000 | ||
Total Sales and Other Operating Revenues | $ 788,181 | $ 6,056,265 | 2,554,962 | 8,582,943 | |
Upstream [Member] | |||||
Revenue | 749,200 | 6,901,443 | |||
Downstream [Member] | |||||
Revenue | 765,501 | 1,128,000 | |||
Midstream [Member] | |||||
Revenue | $ 993,483 | $ 542,500 | |||
[1] | Amounts of products transferred before intercompany eliminations |
Note 9 - Inventories - Goods In
Note 9 - Inventories - Goods Inventories (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Total Inventories | $ 1,424,436 | $ 1,206,612 | |
Crude Oil [Member] | |||
Total Inventories | 601,120 | ||
Oil and Gas [Member] | |||
Total Inventories | 677,018 | 1,039,020 | |
Lubricants [Member] | |||
Total Inventories | 59,479 | ||
Bunkers on Board, Gas Oil [Member] | |||
Total Inventories | [1] | 114,864 | 108,113 |
Vessel Lubricants [Member] | |||
Total Inventories | 31,434 | ||
Provisions and Stores [Member] | |||
Total Inventories | |||
[1] | Vessels ROB of Fuel Oil, Gas Oil, lubricants and new spare parts are calculated in the balance sheets separately from goods. |
Note 10 - Properties, Vessels_3
Note 10 - Properties, Vessels and Equipment (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Depreciation, Total | $ 159,101 | $ 243,261 | $ 465,996 | $ 671,309 |
Vessels [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 10 - Properties, Vessels_4
Note 10 - Properties, Vessels and Equipment - Vessels and Other Fixed Assets (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Accumulated depreciation | $ (7,311,943) | [1] | $ (6,821,424) |
Net property and equipment | 3,826,626 | [1] | 4,249,763 |
Vessels [Member] | |||
Property and equipment, gross | $ 10,948,536 | [1] | 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 | $ 189,748 | [1] | $ 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 | ||
[1] | Depreciation for the nine months ended September 30, 2020 and 2019, was $465,996 and $671,309, respectively. |
Note 15 - Revenue (Details Text
Note 15 - Revenue (Details Textual) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 1,492,595 | $ 2,011,430 |
Note 16 - Earnings (Losses) P_3
Note 16 - Earnings (Losses) Per Share and Stockholders' Equity (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 9,803,712 | 3,860,285 | 9,803,712 | 3,860,285 |
Note 16 - Earnings (Losses) P_4
Note 16 - Earnings (Losses) Per Share and Stockholders' Equity - Calculation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income attributable to common shareholders | $ (2,618,340) | $ (1,087,763) | ||
Basic (in shares) | 9,803,712 | 3,860,285 | 9,803,712 | 3,860,285 |
Conversion of accrued interest on debt held by related party (in shares) | ||||
Denominator for diluted net income per share (in shares) | ||||
Basic earnings per share (in dollars per share) | $ 0.05 | $ (0.07) | $ (0.27) | $ (0.28) |
Diluted earnings per share (in dollars per share) |