Note 8 - Properties, Vessels and Equipment

3 Months Ended

Mar. 31, 2021

Properties, Vessels, Inventories & Equipment [Text Block]

Note

Properties, Vessels and Equipment

We depreciate our vessels on a straight-line basis over the estimated useful life which is

years from the date of being placed in service by the Company or its affiliate. Depreciation is calculated based on a vessel's cost less the estimated residual value.

Vessels and other fixed assets, net consisted of the following as of

March 31, 2021

and

December 2020:

	March 31, 2021			December 31, 2020			Estimated useful Life left (in years)
Vessels purchased costs*	$	10,888,423		$	10,888,423			2
Furniture and equipment		387,150			387,150			4
Accumulated depreciation**		(7,585,576	)		(7,445,859	)
Vessels and other fixed assets, net	$	3,689,997		$	3,829,714

* On

April 1, 2016,

Vessels properties passed by a virtue of deed transfer (Private Placement) from the CEO Christos Traios (the “

Transferor

”) to PGI (the “

Transferee-guarantor

”) and such purchase cost has

not

been repaid to the beneficiary Transferor;

** Depreciation for the

three

months ended

March 31, 2021

and

2020,

was

$152,822

and

$154,696

respectively;

PETROGRESS, INC 10-Q