Euroseas (ESEA) 20-F 2 May 16 2015 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document and Entity Information [Abstract]
Entity Registrant Name	EUROSEAS LTD.
Trading Symbol	esea
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	8,195,760
Amendment Flag	false
Entity Central Index Key	1,341,170
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 8,715,636	$ 25,411,420
Trade accounts receivable, net	1,408,272	2,189,986
Other receivables	1,231,391	844,720
Inventories	1,464,940	1,758,930
Restricted cash	5,916,743	294,093
Prepaid expenses	175,506	348,231
Vessel held for sale	2,671,811
Total current assets	21,584,299	30,847,380
Fixed assets
Vessels, net	88,957,752	111,150,227
Advances for vessels under construction	32,701,867	15,687,490
Long-term assets
Restricted cash	4,550,000	7,700,000
Deferred charges, net	700,606	335,621
Other investments	7,396,738	6,183,800
Investment in joint venture	16,515,701	18,674,094
Total long-term assets	150,822,664	159,731,232
Total assets	172,406,963	190,578,612
Current liabilities
Long-term debt, current portion	14,810,000	19,512,000
Trade accounts payable	1,394,874	2,369,983
Accrued expenses	1,203,070	1,060,797
Liabilities from assets held for sale	1,122,208
Deferred revenues	462,124	803,649
Due to related company	322,703	1,145,808
Derivatives	50,402	297,992
Total current liabilities	19,365,381	25,190,229
Long-term liabilities
Long-term debt, net of current portion	25,711,040	34,745,000
Derivatives	202,700	779
Total long-term liabilities	25,913,740	34,745,779
Total liabilities	45,279,121	59,936,008
Mezzanine Equity
Preferred shares (par value $0.01, 20,000,000 shares authorized, 32,140 and 33,779 issued and outstanding, respectively)	32,079,249	30,440,100
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 5,715,731 and 8,195,760 issued and outstanding)	245,873	171,472
Additional paid-in capital	278,833,156	268,374,336
Accumulated deficit	(184,030,436)	(168,343,304)
Total shareholders’ equity	95,048,593	100,202,504
Total liabilities and shareholders’ equity	$ 172,406,963	$ 190,578,612

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized	20,000,000	20,000,000
Preferred shares, shares issued	33,779	32,140
Preferred shares, shares outstanding	33,779	32,140
Common stock, par value (in Dollars per share)	$ 0.03	$ 0.03
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,195,760	5,715,731
Common stock, shares outstanding	8,195,760	5,715,731

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Voyage revenue	$ 39,656,670	$ 42,586,963	$ 40,850,051
Related party revenue	240,000	240,000	240,000
Commissions (including, $474,466 $517,828 and $475,792, respectively, to related party)	(2,216,836)	(2,192,626)	(1,936,381)
Net revenue	37,679,834	40,634,337	39,153,670
Operating expenses
Voyage expenses	2,312,513	3,963,181	1,537,898
Vessel operating expenses (including, $399,665, $347,363 and $305,150, respectively, to related party)	25,204,593	25,279,087	25,191,250
Dry-docking expenses	1,912,407	1,975,590	3,816,699
Vessel depreciation	10,995,023	12,137,445	19,983,772
Related party management fees	4,151,335	4,894,559	4,891,024
Other general and administrative expenses (including $1,900,000, $2,000,000 and $2,000,000, respectively, to related party)	3,327,061	3,514,636	3,542,619
Net loss/(gain) on sale of vessels (including $76,183 and $77,022 to related party)	(461,586)		1,935,019
Impairment loss and loss on write-down of vessel held for sale	1,641,885	3,500,000	78,207,462
Total operating expenses	49,083,231	55,264,498	139,105,743
Operating loss	(11,403,397)	(14,630,161)	(99,952,073)
Other income/(expenses)
Interest and other financing costs	(1,486,534)	(2,152,187)	(1,845,776)
Loss on derivatives, net	(261,674)	(44,648)	(177,132)
Foreign exchange gain / (loss)	22,421	40,022	(10,143)
Investment income	1,212,938	987,604	196,196
Interest income	26,656	422,240	387,292
Other expenses, net	(486,193)	(746,969)	(1,449,563)
Equity loss in joint venture	(2,158,393)	(2,541,775)	(2,023,191)
Net loss	(14,047,983)	(17,918,905)	(103,424,827)
Dividends to Series B preferred shares	(1,639,149)	(1,440,100)
Net loss attributable to common shareholders	$ (15,687,132)	$ (19,359,005)	$ (103,424,827)
Loss per share attributable to common shareholders - basic and diluted (in Dollars per share)	$ (2.45)	$ (3.53)	$ (22.76)
Weighted average number of shares outstanding during the year, basic and diluted (in Shares)	6,410,794	5,479,418	4,544,284

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commissions	$ 475,792	$ 517,828	$ 474,466
Vessel operating expenses	305,150	347,363	399,665
Other general and administrative expenses	2,000,000	$ 2,000,000	1,900,000
Net loss/(gain) on sale of vessels	$ 77,022		$ 76,183

Consolidated Statements of Shar

Consolidated Statements of Shareholders’ Equity - USD ($)	Private Placement [Member]Common Stock [Member]	Private Placement [Member]Additional Paid-in Capital [Member]	Private Placement [Member]	Rights Offering [Member]Common Stock [Member]	Rights Offering [Member]Additional Paid-in Capital [Member]	Rights Offering [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2012							$ 135,959	$ 252,982,089	$ (43,491,902)	$ 209,626,146
Balance (in Shares) at Dec. 31, 2012							4,531,961
Net loss									(103,424,827)	(103,424,827)
Issuance of restricted shares for stock incentive award and share-based compensation							$ 1,211	567,122		568,333
Issuance of restricted shares for stock incentive award and share-based compensation (in Shares)							40,365
Dividends declared ($0.45 per share)									(2,067,570)	(2,067,570)
Balance at Dec. 31, 2013							$ 137,170	253,549,211	(148,984,299)	104,702,082
Balance (in Shares) at Dec. 31, 2013							4,572,326
Net loss									(19,359,005)	(19,359,005)
Issuance of shares, net of issuance costs	$ 33,495	$ 14,466,505	$ 14,500,000
Issuance of shares, net of issuance costs (in Shares)	1,116,487
Issuance of restricted shares for stock incentive award and share-based compensation							$ 1,312	508,802		510,114
Issuance of restricted shares for stock incentive award and share-based compensation (in Shares)							43,724
Canceled shares due to repurchase program							$ (505)	(150,182)		(150,687)
Canceled shares due to repurchase program (in Shares)							(16,806)
Balance at Dec. 31, 2014							$ 171,472	268,374,336	(168,343,304)	100,202,504
Balance (in Shares) at Dec. 31, 2014							5,715,731
Net loss									(15,687,132)	(15,687,132)
Issuance of shares, net of issuance costs				$ 70,300	$ 10,156,810	$ 10,227,110
Issuance of shares, net of issuance costs (in Shares)				2,343,335
Rounding of stock split							$ 24	(24)
Rounding of stock split (in Shares)							794
Issuance of restricted shares for stock incentive award and share-based compensation							$ 4,077	302,034		306,111
Issuance of restricted shares for stock incentive award and share-based compensation (in Shares)							135,900
Balance at Dec. 31, 2015							$ 245,873	$ 278,833,156	$ (184,030,436)	$ 95,048,593
Balance (in Shares) at Dec. 31, 2015							8,195,760

Consolidated Statements of Sha7

Consolidated Statements of Shareholders’ Equity (Parentheticals)	12 Months Ended
	Dec. 31, 2013$ / shares
Dividends declared, per share	$ 0.45

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (14,047,983)	$ (17,918,905)	$ (103,424,827)
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities:
Depreciation of vessels	10,995,023	12,137,445	19,983,772
Impairment loss and loss on write-down of vessel held for sale	1,641,885	3,500,000	78,207,462
Amortization of deferred charges	150,189	137,032	145,825
Loss / (gain) on sale of vessels	(461,586)		1,935,019
Share-based compensation	306,111	510,114	568,334
Unrealized gain on derivatives	(45,669)	(718,977)	(1,375,820)
Other income accrued	(1,212,938)	(987,604)	(196,196)
Loss in investment in joint venture	2,158,393	2,541,775	2,023,191
(Increase) / decrease in:
Trade accounts receivable	781,714	(316,841)	(453,980)
Prepaid expenses	172,725	(52,983)	(22,168)
Other receivables	(386,671)	596,113	869,278
Inventories	293,990	(284,816)	338,522
Due from related company			4,948,443
Increase / (decrease) in:
Due to related company	(823,105)	242,330	903,478
Trade accounts payable	(1,262,798)	466,139	(101,764)
Accrued expenses	54,673	(394,155)	(219,962)
Deferred revenue	(341,525)	(186,944)	(96,718)
Net cash provided by / (used in) operating activities	(2,027,572)	(730,277)	4,031,889
Cash flows from investing activities:
Advances for vessels under construction	(16,628,889)	(15,637,368)	(37,820)
Advance received for vessel held for sale	1,122,208
Contributions to joint venture			(6,250,000)
Purchase of a vessel		(21,323,935)	(5,978,062)
Other investments			(5,000,000)
Release of restricted cash	4,102,364	168,322	2,063,596
Increase in restricted cash	(6,575,014)	(300,000)
Proceeds from sale of vessels	7,345,342		7,322,818
Net cash used in investing activities	(10,633,989)	(37,092,981)	(7,879,468)
Cash flows from financing activities:
Proceeds from issuance of preferred stock, net of commissions paid		29,700,000
Proceeds from issuance of common stock, net of commissions paid	10,545,007	14,550,000
Funds used for common stock buyback		(150,687)
Offering expenses paid	(400,696)	(564,922)	(99,200)
Dividends paid		(13,050)	(2,090,944)
Loan arrangement fees paid	(442,574)	(299,900)
Proceeds from long-term debt	8,400,000	23,300,000
Repayment of long-term debt	(22,135,960)	(14,687,000)	(15,937,000)
Net cash (used in) / provided by financing activities	(4,034,223)	51,834,441	(18,127,144)
Net (decrease) / increase in cash and cash equivalents	(16,695,784)	14,011,183	(21,974,723)
Cash and cash equivalents at beginning of year	25,411,420	11,400,237	33,374,960
Cash and cash equivalents at end of year	8,715,636	25,411,420	11,400,237
Supplemental cash flow information
Cash paid for interest, net of capitalized expenses	1,352,737	2,000,850	1,734,967
Financing and investing activities fees:
Loan arrangement fees accrued	72,600
Offering expenses accrued	3,279	86,078	$ 66,478
“Payment-in-kind” dividends	1,639,149	$ 1,440,100
Capital expenditures included in liabilities	$ 385,488

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation and General Information Euroseas Ltd. (the “Company”) was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On June 28, 2005, the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company. On June 29, 2005, Friends Investment Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus, becoming the sole shareholder of Euroseas Ltd. The operations of the vessels are managed by Eurobulk Ltd. (the “Manager” or “Management Company”), a corporation controlled by members of the Pittas family. The Pittas family is the controlling shareholders of Friends Investment Company Inc. which owns 34.8% of the Company’s shares. The Manager has an office in Greece located at 4, Messogiou & Evropis Street, Maroussi, Athens, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services, as well as executive management services, in consideration for fixed and variable fees (see Note 8). On July 22, 2015, the Company effected a one-to- ten reverse stock split on its issued and outstanding common stock (Note 19). In connection with the reverse stock split 794 fractional shares were issued. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. The Company is engaged in the ocean transportation of dry bulk and containers through ownership and operation of dry bulk and container carrier ship-owning companies. For the periods under review the Company’s wholly owned subsidiaries are set out below: · Allendale Investment S.A. incorporated in Panama on January 22, 2002, owner of the Panama flag 18,154 deadweight tons (“DWT”) / 1,169 twenty-foot equivalent (“TEU” – a measure of carrying capacity in containers) container carrier M/V “Kuo Hsiung”, which was built in 1993 and acquired on May 13, 2002. · Alterwall Business Inc. incorporated in Panama on January 15, 2001, owner of the Panama flag 18,253 DWT / 1,169 TEU container carrier M/V “Ninos” (previously named M/V “Quingdao I”) which was built in 1990 and acquired on February 16, 2001. · Diana Trading Ltd. incorporated in the Marshall Islands on September 25, 2002, owner of the Marshall Islands flag 69,734 DWT bulk carrier M/V “Irini”, which was built in 1988 and acquired on October 15, 2002. M/V “Irini” was sold on July 10, 2013. · Xenia International Corp., incorporated in the Marshall Islands on April 6, 2006, owner of the Marshall Islands flag 22,568 DWT / 950 TEU multipurpose M/V “Tasman Trader”, which was built in 1990 and acquired on April 27, 2006. On March 7, 2012, the vessel was renamed M/V “Anking”. On June 4, 2013 the vessel was sold. · Prospero Maritime Inc., incorporated in the Marshall Islands on July 21, 2006, owner of the Marshall Islands flag 69,268 DWT dry bulk M/V “Aristides N.P.”, which was built in 1993 and acquired on September 21, 2006. The vessel was sold on January 15, 2016. · Xingang Shipping Ltd., incorporated in Liberia on October 16, 2006, owner of the Liberian flag 23,596 DWT / 1,599 TEU container carrier M/V “YM Xingang I” , which was built in February 1993 and acquired on November 15, 2006. On July 11, 2009, the vessel was renamed M/V “Mastro Nicos” and on November 5, 2009, it was renamed M/V “YM Port Kelang”. On October 25, 2011 the vessel was renamed M/V “Marinos”. The vessel was sold on November 26, 2015. · Manolis Shipping Ltd., incorporated in the Marshall Islands on March 16, 2007, owner of the Marshall Islands flag 20,346 DWT / 1,452 TEU container carrier M/V “Manolis P”, which was built in 1995 and acquired on April 12, 2007. · Eternity Shipping Company, incorporated in the Marshall Islands on May 17, 2007, owner of the Marshall Islands flag 30,007 DWT / 1,742 TEU container carrier M/V “Clan Gladiator”, which was built in 1992 and acquired on June 13, 2007. On May 9, 2008, M/V “Clan Gladiator” was renamed M/V “OEL Transworld” and on August 31, 2009 the vessel was renamed M/V “Captain Costas”. · Pilory Associates Corp., incorporated in Panama on July 4, 2007, owner of the Panamanian flag 33,667 DWT / 1,932 TEU container carrier M/V “Despina P”, which was built in 1990 and acquired on August 13, 2007. The vessel was sold in December 28, 2015. · Tiger Navigation Corp., incorporated in Marshall Islands on August 29, 2007, owner of the Marshall Islands flag 31,627 DWT / 2,228 TEU container carrier M/V “Tiger Bridge”, which was built in 1990 and acquired on October 4, 2007. The vessel was sold in November 9, 2015 · Noumea Shipping Ltd, incorporated in Marshall Islands on May 14, 2008, owner of the Marshall Islands flag 34,677 DWT / 2,556 TEU container carrier M/V “Maersk Noumea”, renamed “Evridiki G”, which was built in 2001 and acquired on May 22, 2008. · Saf-Concord Shipping Ltd., incorporated in Liberia on June 8, 2008, owner of the Liberian flag 46,667 DWT bulk carrier M/V “Monica P”, which was built in 1998 and acquired on January 19, 2009. · Eleni Shipping Ltd., incorporated in Liberia on February 11, 2009, owner of the Liberian flag 72,119 DWT bulk carrier M/V “Eleni P”, which was built in 1997 and acquired on March 6, 2009. · Pantelis Shipping Ltd., incorporated in the Republic of Malta on July 2, 2009, owner of the Maltese flag 74,020 DWT bulk carrier M/V “Pantelis” which was built in 2000 and acquired on July 23, 2009. On December 15, 2009, ownership of the vessel was transferred to Pantelis Shipping Corp., incorporated in Liberia, and the vessel changed its flag to the Liberian flag. · Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on May 21, 2010, owner of the Liberian flag 30,306 DWT / 2008 TEU container carrier M/V “Aggeliki P” which was built in 1998 and acquired on June 21, 2010. · Joanna Maritime Ltd., incorporated in Liberia on June 10, 2013, owner of the Liberian flag 22,301 DWT / 1,732 TEU container carrier M/V “Joanna” which was built in 1999 and acquired on July 4, 2013. The vessel has been renamed Vento di Grecale. · Eirini Shipping Ltd., incorporated in the Republic of Liberia on February 2, 2014, owner of the Liberian flag 76,466 DWT bulk carrier M/V “Eirini P” which was built in 2004 and acquired on May 26, 2014. · Ultra One Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, entered on November 29, 2013, into a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., for the construction of a 63,500 DWT bulk carrier (Hull No. DY160, to be renamed ‘Alexandros’). The vessel is expected to be delivered within the second quarter of 2016. · Ultra Two Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, entered on November 29, 2013, into a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., for the construction of a 63,500 DWT bulk carrier (Hull No. DY161). The vessel is expected to be delivered within the third quarter of 2016. · Kamsarmax One Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, agreed to acquire from Klaveness Bulk AS, the 82,000 DWT bulk carrier Hull No. YZJ2013-1116 (renamed ‘Xenia’). The vessel is a new-building and was delivered on February 25, 2016. · Kamsarmax Two Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, entered on April 4, 2014, into a shipbuilding contract with Jiangsu Tianyuan Marine Import & Export Co., Ltd., and Jiangsu Yangzijiang Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., for the construction of a 82,000 DWT bulk carrier (Hull No. YZJ2013-1153). The vessel is expected to be delivered within 2018. During the years ended December 31, 2013, 2014 and 2015, the following charterers individually accounted for more than 10% of the Company’s voyage and time charter revenues as follows: Year ended December 31, Charterer 2013 2014 2015 CMA 7.13 % 12.61 % 17.41 % GSS 2.21 % 3.84 % 16.14 % MSC 10.16 % 10.62 % 12.92 %

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company: Principles of consolidation The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company transactions are eliminated on consolidation. Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other comprehensive income / (loss) The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement of comprehensive income / (loss) has been presented. Foreign currency translation The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. Cash equivalents Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three months or less. Restricted cash Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel. Trade accounts receivable The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. Inventories Inventories are stated at the lower of cost and market value. Inventories are valued using the FIFO (First-In First-Out) method. Vessels Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including borrowing costs incurred during the construction period. Expenditures for vessel repair and maintenance are charged against income in the period incurred. Depreciation Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from the completion of its construction (see Note 5). Assets Held for Sale The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are no longer depreciated once they meet the criteria of being held for sale. Insurance claims and insurance proceeds Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow. Revenue and expense recognition Revenues are generated from voyage charters, time charters and chartering pool arrangements. If a charter agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured, revenues are recorded over the term of the charter as service is provided and recognized on a pro-rata basis over the duration of the voyage or time charter adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A voyage is deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or the time it receives a contract that is not cancelable and is deemed to end upon the completion of discharge of the current cargo. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port. Demurrage income, which is included in voyage revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. For the Company’s vessels operating in chartering pools, pool profits are allocated to each pool participant on a time charter equivalent basis in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Pool income is recognized during the period services are performed, the collectability is reasonably assured, an agreement with the pool exists and price is determinable. Pool income may be subject to future adjustments by the pool however, the effect on the Company’s income resulting from a subsequent reallocation of pool income on the results for the year historically has not been significant. Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Voyage expenses relate to bunkers, port charges, canal tolls, and agency fees which are incurred when the vessel is chartered under a voyage charter or during off-hire or idle periods. Voyage expenses are expensed as incurred. Dry-docking and special survey expenses Dry-docking and special survey expenses are expensed as incurred. Pension and retirement benefit obligations – crew The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are not liable for any pension or post-retirement benefits. Financing costs Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to other general and administrative expenses when financing efforts are terminated. Fair value of time charter acquired The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of the charter. Stock incentive plan awards Share-based compensation represents vested and non-vested restricted shares granted to employees and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete. Investment in Joint Venture Investments in companies over which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method. Under this method the investment is carried at cost, and is adjusted to recognize the investor’s share of the earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever facts and circumstances determine that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income. The investment is also adjusted to reflect the Company’s share of changes in the investee’s capital. Impairment of long-lived assets The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels. Other investments Investments over which the Company believes it does not exercise any influence are carried at the book value and are adjusted to recognize accrued income and are adjusted for impairment whenever facts and circumstances determine that they are not recoverable. The amount of the adjustment is included in the determination of net income (Note 17). Derivative financial instruments Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not met. Preferred shares Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the fair value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect. Earnings/(loss) per common share Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of December 31, 2014 and 2015, are considered contingently returnable until the restrictions lapse and will not be included in the basic net income per share calculation until the shares are vested. Diluted earnings/(loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. Segment reporting The Company reports financial information and evaluates its operations by charter revenue and not by the length of ship employment for its customers, i.e. voyage or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reporting segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. Recent accounting pronouncements In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2015-14 states the following regarding application that should be considered as part of the disclosure requirements under SAB Topic 11M: An entity shall apply one of the following two methods: (i).retrospectively to each prior reporting period presented in accordance with the guidance on accounting changes in ASC 250-10-45-5 through 45-10 (retrospective method) or (ii) retrospectively with the cumulative effect recognized at the date of initial application (cumulative effect transition method). This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company has not yet evaluated the impact, if any, of the adoption of this new standard. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This ASU establishes specific guidance to an organization's management on their responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern. The provisions of this ASU are effective for interim and annual periods ending after December 15, 2016. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In April, 2015, FASB issued ASU No 2015-03, Simplifying the Presentation of Debt Issuance Costs, which outlines a simplified approach to present debt issuance costs and debt discount and premium by requiring debt issuance costs to be presented as deduction from the corresponding liability. This standard is effective for public entities with reporting periods beginning after December 15, 2015 and should be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. The Company’s adoption of this standard will result in the “Deferred charges, net” of $700,606 as of December 31, 2015 to be presented against the related debt liability. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory to simplify the measurement of inventory using first-in, first out (FIFO) or average cost method. According to this ASU an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of completion, disposal and transportation. This update is effective for public entities with reporting periods beginning after December 15, 2016. Early adoption is permitted. Management believes that the implementation of this update will not have any material impact on its financial statements and has not elected the early adoption. In February 2016, the FASB issued ASU 2016-02, Leases. The standard amends the existing accounting standards for lease accounting and adds additional disclosures about leasing arrangements. The ASU requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. This update is effective for public entities with reporting periods beginning after December 15, 2018. Early adoption is permitted for all entities. The Company has not yet evaluated the impact, if any, of the adoption of this new standard.

Note 3 - Inventories

Note 3 - Inventories	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	3. Inventories Inventories consisted of the following: 2014 2015 Lubricants 1,226,172 990,440 Victualing 186,188 105,369 Bunkers 346,570 369,131 Total 1,758,930 1,464,940

Note 4 - Advances for Vessels u

Note 4 - Advances for Vessels under Construction	12 Months Ended
	Dec. 31, 2015
Advances For Vessels Under Construction [Abstract]
Advances For Vessels Under Construction [Text Block]	4. Advances for Vessels under Construction On November 29, 2013, the Company concluded an agreement with an established Chinese shipyard for the construction of two Ultramax fuel efficient drybulk carriers. The vessels will have a carrying capacity of 63,500 dwt each and will be built at Yangzhou Dayang Shipbuilding Co., Ltd., member of Sinopacific Shipbuilding Group. Delivery of the vessels is scheduled during the third quarter of 2016. The aggregate purchase price of the two newbuilding vessels is approximately $54.4 million. See Note 11 for schedule of outstanding payments to the yard. On April, 2014, the Company concluded an agreement with an established Chinese shipyard for the resale and construction of two Kamsarmax fuel efficient drybulk carriers. The vessels will have a carrying capacity of 82,000 dwt each and will be built at Jiangsu Yangzijiang Shipbuilding Co., Ltd. The first vessel was delivered to the Company on February, 2016. Delivery of the second vessel is scheduled for the first quarter of 2018. The aggregate purchase price of the two newbuilding vessels is approximately $59.2 million. See Note 11 for schedule of payments to the yard. As of December 31, 2015 the amount of the advances for vessels under construction amounts to $32,004,819 mainly representing progress payments according to the agreement entered into with the shipyard as well as legal and other costs related to the construction and another $697,048 for capitalized interest costs for a total of $32,701,867.

Note 5 - Vessels, Net

Note 5 - Vessels, Net	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	5. Vessels, net The amounts in the accompanying consolidated balance sheets are as follows: Costs Accumulated Net Book Balance, January 1, 2014 137,960,194 (32,496,457 ) 105,463,737 - Depreciation for the year - (12,137,445 ) (12,137,445 ) - Purchase of vessel 21,323,935 - 21,323,935 - (18,894,213 ) 15,394,213 (3,500,000 ) Balance, December 31, 2014 140,389,916 (29,239,689 ) 111,150,227 - Depreciation for the year - (10,995,023 ) (10,995,023 ) - Sale of vessels (10,550,000 ) 3,666,244 (6,883,756 ) - Vessel held for sale (5,091,539 ) 777,843 (4,313,696 ) Balance, December 31, 2015 124,748,377 (35,790,625 ) 88,957,752 During 2014 the Company acquired one bulk carrier vessel. M/V “Eirini P” was acquired on May 26, 2014 for a purchase price plus costs required to make the vessel available for use of $21,323,935. In November and December 2015 the Company sold for scrap three of its vessels, M/V Tiger Bridge, M/V Marinos and M/V Despina P, for a net price of $2,728,440, $ 2,090,010 and $2,526,892 respectively. After sales commissions of 4%, which includes the 1% payable to Eurochart, and other sale expenses, the Company recorded a gain of $535,169, a loss of $280,373 and a gain of $206,790, respectively from the sale of the vessels. In December 2015, the Company agreed to sell for scrap M/V Aristides NP for an amount of $2,805,521. The vessel was classified as held for sale, for the year ended December 31, 2015. The Company received a deposit for the sale of $1,122,208 which was classified as “Liability for asset held for sale” in the “Consolidated Balance Sheets”. In the fourth quarter of 2013, management reassessed the estimated useful life of its container vessels based on the further decrease in charter rates and the decrease in the age of vessels scrapped including the container vessels the Company scrapped in the second quarter of 2013. Market reports indicated that from 2000 till 2011 the scrapping age of containerships was close to thirty years while during 2012 and 2013, when charter rates and secondhand values of the containership market remain at the bottom of the market cycle, the average scrapping age of containership carriers scrapped was approximately 24 and 22 years, respectively. Based on the latter data, the Company decided to revise its estimate of the useful life of its containerships from 30 years to 25 years to reflect mid-cycle conditions effective October 1, 2013. The effect of this change of estimate on the depreciation of the Company's vessels increased depreciation charge by approximately $2.5 million in each of 2014 and 2015 or $0.46 and $0.38 loss per share, basic and diluted for the year ended December 31, 2014 and 2015, respectively. The Company's impairment analysis as of December 31, 2014 indicated that the carrying amount of one of its bulk-carriers (M/V Aristides NP) was not recoverable and thus, a non-cash impairment loss of $3.5 million, or $0.64 loss per share basic and diluted, was recorded in its books (please see Note 15). The Company performed the undiscounted cash flow test as of December 31, 2015 and determined the carrying amounts of its vessels not held for sale were recoverable. M/V Aristides NP, held for sale as of December 31, 2015, was written-down to its fair value resulting in a non-cash loss of $1.64 million, or $0.26 loss per share basic and diluted, recorded in its books. These amounts are presented in the "Impairment loss and loss on write-down of vessel held for sale" line in the "Operating Expenses" section of the "Consolidated Statements of Operations". Vessels with a carrying value of $82.58 million (2014: $111.15 million) have been mortgaged as security for the loans.

Note 6 - Deferred Charges, Net

Note 6 - Deferred Charges, Net	12 Months Ended
	Dec. 31, 2015
Deferred Charges [Abstract]
Deferred Charges [Text Block]	6. Deferred Charges, net “Deferred charges, net” consist of loan arrangement fees which are amortized over the duration of the loan and deferred offering expenses. The deferred offering expenses in 2014 related to the costs incurred in 2013 of filing the Company’s shelf registration which was charged against the proceeds of the offering of the Company’s securities completed in 2014. 2014 2015 Balance, beginning of year 338,431 335,621 Amortization of loan arrangement fees (137,032 ) (150,189 ) Deferred offering expenses (165,678 ) - Loan arrangement fees 299,900 515,174 Balance, end of year 335,621 700,606

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued Expenses The accrued expenses consisted of: As of December 31, 2014 As of December 31, 2015 Accrued payroll expenses 218,887 319,443 Accrued interest 96,894 153,102 Accrued general and administrative expenses 181,593 112,570 Accrued commissions 94,778 36,189 Other accrued expenses 468,645 581,766 Total 1,060,797 1,203,070

Note 8 - Related Party Transact

Note 8 - Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	8. Related Party Transactions The Company’s vessel owning companies are parties to management agreements with the Manager whereby the Manager provided technical and commercial vessel management for a fixed daily fee of an average of Euro 685 for 2013, 2014 and 2015, under the Company’s Master Management Agreement (see below). An additional fixed management fee (see below) is paid to the Manager for the provision of various management services. Vessel management fees paid to the Manager amounted to $4,891,024, $4,894,559 and $4,151,335 in 2013, 2014 and 2015, respectively. The fixed management fee paid to the Manager amounted to, $1,900,000 and $2,000,000 in 2013, 2014 and 2015, respectively. The management agreement provides for an annual adjustment of the daily management fee due to inflation to take effect January 1 of each year. Laid-up vessels are billed for half of the daily fee for the period they are laid-up. The Company’s Master Management Agreement with the Manager – originally effective as of January 1, 2011 and with an initial term of five years until January 1, 2016. The amended and restated Master Management Agreement will automatically be extended after the initial period for an additional five year period unless terminated on or before the 90th day preceding the initial termination date. Pursuant to the Master Management Agreement, each ship owning company has signed – and each future ship owning company when a vessel is acquired will sign - with the Manager a management agreement with the rate and term of these agreements set in the Master Management Agreement effective at such time. The new agreement was amended and restated as of January 1, 2012 to reflect a 5% discount of the daily vessel management fee for the period during which the number of the Euroseas owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than 20 (“volume discount”); it was further renewed as of January 1, 2014 for a new five year term until January 1, 2019. As of December 31, 2015, there are 11 vessels in the Company’s fleet and 11 vessels in the fleet of the Company’s Euromar LLC joint venture. Starting January 1, 2013, the management fee was adjusted to 720 Euros per vessel per day in operation and 360 Euros per vessel per day in lay-up before the 5% discount. The fee remained unchanged for the years starting January 1, 2014, January 1, 2015 and January 1, 2016 as well. After the 5% discount, Euroseas pays to the Manager a fee of 685 Euros per vessel per day in operation and 342.5 Euros per vessel per day in lay-up, as the number of vessels wholly or partly owned by Euroseas and managed by the Manager has been in excess of 20. These fees are recorded under “Related party management fees” in the “Consolidated statements of operations”. In addition to the vessel management services, the Manager provides management services for the Company’s needs as a public company. In 2013, compensation for such services to the Company as a public company was $1,900,000 and at $2,000,000 for 2014 and 2015; the fee was agreed to remain at $2,000,000 for 2016. These amounts are recorded in “Other general and administrative expenses” in the “Consolidated statements of operations.” Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of December 31, 2014 and 2015, the amounts due to related company were $1,145,808 and $322,703, respectively. Based on the Master Management Agreement between Euroseas Ltd. and Euroseas’ ship owning subsidiaries and the Manager an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced in the beginning of the quarter to the Manager. The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues. A commission of 1% of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the Company makes. Commission expenses for vessel purchases for the year ended December 31, 2014 of $204,500 were recorded for the acquisition of M/V “Eirini P.” This commission expense was paid to Eurochart S.A. in 2014. Eurochart S.A. also received 1% commission for vessel acquisitions from the sellers of the vessels that the Company acquired. For the year 2015 Eurochart received a 1% from the sale of vessels M/V “Tiger Bridge”, M/V “Marinos” and M/V “Despina P” for a total of $77,022, all of which was paid within 2015. Commissions to Eurochart S.A. for chartering services were, $474,466, $517,828 and $475,792 in 2013, 2014 and 2015, respectively. Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”); and with a crewing agent Technomar Crew Management Services Corp (“Technomar”). Technomar is a company owned by certain members of the Pittas family, together with two other unrelated ship management companies. Sentinel is paid a commission on premium not exceeding 5%; Technomar is paid a fee of about As of February 25, 2016, the management of the newly delivered vessel, M/V “Xenia” is performed by Eurobulk (Far East) Ltd., Inc. This is an affiliate company controlled by members of the Pittas family. Eurobulk (Far East) Ltd., Inc. is located in Manilla, the Philippines and provides M/V “Xenia” with technical, commercial and accounting services. The terms of the management agreement between Kamsarmax One Shipping Ltd., the owner of M/V “Xenia”, and Eurobulk (Far East) Ltd., Inc. are similar to agreement with the Manager.

Note 9 - Long-term Debt

Note 9 - Long-term Debt	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Long-term Debt [Text Block]	9. Long-Term Debt This consists of bank loans of the ship-owning companies and is as follows: Borrower December 31, December 31, Joanna Maritime Ltd (a) 4,200,000 1,276,040 Manolis Shipping Ltd. (b) 5,200,000 4,500,000 Saf-Concord Shipping Ltd. (c) 4,250,000 3,250,000 Pantelis Shipping Corp. (d) 6,240,000 5,120,000 Aggeliki Shipping Ltd. (e) 3,652,000 - Noumea Shipping Ltd. (f) 9,240,000 7,800,000 Eirini Shipping Ltd. / Eleni Shipping Ltd. (g) 14,600,000 13,200,000 Euroseas Ltd. (h) 6,875,000 5,375,000 54,257,000 40,521,040 Less: Current portion (19,512,000 ) (14,810,000 ) Long-term portion 34,745,000 25,711,040 None of the above loans is registered in the U.S. The future annual loan repayments are as follows: To December 31: 2016 14,810,000 2017 7,629,373 2018 2,653,333 2019 15,428,334 Total $ 40,521,040 (a) This is a $20,000,000 loan drawn by Xingang Shipping Ltd. on November 15, 2006; Joanna Maritime Ltd, owner of M/V “Joanna” is a guarantor to this loan. The loan is payable in eight consecutive quarterly installments of $1.0 million each, the first of which was due in February 2007, followed by four consecutive quarterly installments of $750,000 each, followed by sixteen consecutive installments of $250,000 each and a balloon payment of $5.0 million payable with the final quarterly installment due in November 2013. The interest was based on LIBOR plus a margin of 0.935% initially; after Alcinoe Shipping Ltd. became a guarantor the rate became 0.90%. On April 5, 2013, an Addendum was signed by which the balloon payment of $5.0 million will be repaid by eight consecutive quarterly instalments of $200,000 each starting in February 2014 plus a balloon payment of $3,400,000 payable with the final quarterly instalment in November 15, 2015. The interest is based on LIBOR plus a margin of 5.30%. As of the November 1, 2013 and thereafter at any time throughout the repayment of the loan a minimum deposit of $400,000 is to be maintained with the bank. The loan is secured with the following: (i) first priority mortgage over M/V “Marinos” owned by Xingang Shipping Ltd, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a mortgage on M/V “Joanna”. On November 12, 2015, a $3,400,000 loan was drawn part of which was used to refinance the balloon payment of the above loan term. The facility would be repaid by eight consecutive quarterly instalments of $200,000 each starting in February 2016 plus a balloon payment of $1,800,000 payable with the final quarterly instalment in November, 2017. The interest is based on LIBOR plus a margin of 5.30%. At any time throughout the repayment of the loan a minimum deposit of $400,000 is to be maintained with the bank. The loan is secured with the following: (i) first priority mortgage over M/V “Marinos” owned by Xingang Shipping Ltd, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a mortgage on M/V “Joanna”. On November 26, 2015, the Company sold M/V Marinos and prepaid $2,123,961 of the facility outstanding amount and the $400,000 minimum deposit requirement was cancelled. The remaining balance of $1,276,039 will be repaid by eight consecutive quarterly instalments of $75,000 plus a balloon payment of $676,039 payable with the final quarterly instalment in November, 2017. (b) This is a $10,000,000 loan drawn by Manolis Shipping Ltd. on June 11, 2007. The loan is payable in thirty-two consecutive quarterly instalments of $160,000 each, the first of which was due in September 2007, plus a balloon payment of $4,880,000 payable with the final quarterly instalment in June 2015. The interest is based on LIBOR plus a margin of 0.80% if the ratio of the outstanding loan to the vessel value is below 55%, otherwise the margin is 0.90%. The loan is secured with the following: (i) first priority mortgage over M/V “Manolis P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Manolis Shipping Ltd. maintains with the bank. (c) This loan is a $10,000,000 loan drawn by SAF-Concord Shipping Ltd. on January 19, 2009. The loan was payable in twenty consecutive quarterly instalments of $250,000 each, the first of which was due in April 2009, plus a balloon payment of $5,000,000 payable with the final quarterly instalment in January 2014. The interest was based on LIBOR plus a margin of 2.50%. The loan was secured with the following: (i) first priority mortgage over M/V “Monica P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account SAF-Concord Shipping Ltd. maintains with the bank. (d) This loan is a $13,000,000 loan drawn by Pantelis Shipping Corp. on December 15, 2009. The loan is payable in 32 consecutive quarterly instalments, four in the amount of $500,000 and twenty-eight in the amount of $280,000, with a $3.16 million balloon payment to be paid together with the last instalment in December 2017. The margin of the loan is 2.70% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Pantelis”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Pantelis Shipping Corp. maintains with the bank. (e) This loan was an $8,500,000 loan drawn by Aggeliki Shipping Ltd. on November 5, 2010. The loan was repaid in 20 equal consecutive quarterly instalments of $303,000 each, with a $2.44 million balloon payment paid together with the last instalment in November 2015. The margin of the loan was 2.85% above LIBOR. The loan was secured with the following: (i) first priority mortgage over M/V “Aggeliki P.”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. (f) This loan is a $20,000,000 loan drawn by Noumea Shipping Ltd. on December 28, 2010. The loan consists of two tranches: Tranche A of $15,000,000 payable in 12 equal consecutive six-monthly instalments of $720,000 each with a $6.36 million balloon payment to be paid together with the last instalment in December 2016; and, Tranche B of $5,000,000 payable in 8 equal consecutive six-monthly instalments of $625,000 each running in parallel with Tranche A. The margin of both tranches is 2.65% above LIBOR, however, if the collateral vessel, M/V “Maersk Noumea”, does not have a charter, the margin of Tranche B becomes 4% above LIBOR and any balance remaining thereof, to be repaid not later that the original Tranche B Maturity, as an Interim Balloon. The loan is secured with the following: (i) first priority mortgage over M/V “Maersk Noumea”, (ii) first assignment of earnings and insurance, (iv) a corporate guarantee of Euroseas Ltd. (g) This loan is a $15,300,000 loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, on June 25, 2014. The loan is payable in 20 equal consecutive quarterly instalments of $350,000 each, with an $8.3 million balloon payment to be paid together with the last instalment in June 2019. The margin of the loan is 3.75% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Eirini P.” and M/V “Eleni P.”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. On November 12, 2015, the Company signed a supplemental agreement and agreed to pledge $1,250,000 as cash collateral and fully cross collateralized this loan facility with loan facilities described under (a) and (d) above via the registration of second and third mortgages. The cash collateral amount will be released as soon as the aggregate market value of the M/V Eirini and M/V Eleni is at least one hundred thirty per cent (130%) of the aggregate of the outstanding amount under the facility. (h) This loan is an $8,000,000 loan drawn by Euroseas Ltd., on February 3, 2014. The loan is payable in 12 equal consecutive quarterly instalments of $375,000 each, with a $3.5 million balloon payment to be paid together with the last instalment in February 2017. The margin of the loan is 6.0% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Kuo Hsiung.”, M/V “Aristides N. P.”, M/V “Captain Costas” and M/V “Despina P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. The balance of this as of February 12, 2016 was repaid with the part of proceeds of a new loan (see Note 20-(b)). Furthermore, the Company has signed loan agreements to finance the acquisition of two of its vessels under construction. These loans will be drawn upon the delivery of the vessels. i. On January 12, 2015, the Company signed a term loan facility with HSBC Bank plc of up to the maximum of $19.95 million or 70% of the vessel’s market value upon delivery if the ship is under a time-charter contract with a charterer approved by the bank or 65% of the vessel’s market value upon delivery otherwise. The facility will be used to partly finance the construction cost of Hull No DY 160 and will be repaid over 5 years following the delivery of the vessel. Hull No DY 160 will serve as collateral to the loan. The interest rate margin is 2.80% over LIBOR and the Company pays a 1% per annum commitment fee until the loan is drawn. ii. On March 20, 2015, the Company signed a term loan facility with HSH Nordbank AG of up to the maximum of $19.00 million or 62.5% of the vessel’s market value upon delivery (lesser of). The facility will be used to partly finance the construction cost of Hull No DY 161 and will be repaid over 4 years following the delivery of the vessel. Hull No DY 161 will serve as collateral to the loan. The interest rate margin is 3.00% over LIBOR and the Company pays a 0.9% per annum commitment fee until the loan is drawn. In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower. The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from 125% to 130%), restrictions as to changes in management and ownership of the vessel ship-owning companies, distribution of profits or assets (i.e. limiting dividends in some loans to 60% of profits, or, not permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $7,994,093 and $10,466,743 as of December 31, 2014 and 2015, respectively, and are shown as “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of December 31, 2015, all the debt covenants are satisfied. Interest expense for the years ended December 31, 2013, 2014 and 2015 amounted to $1,699,951, $2,015,155 and $1,352,737 respectively. Capitalized interest was booked only for the year ended December 31, 2015 and amounted to $697,048.

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	10. Income Taxes Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in “Vessel operating expenses” in the accompanying “Consolidated statements of operations.” Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S tax if the company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the company operating the ships must be incorporated in a country, which

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies (a) There are no material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business. In the opinion of the management, the disposition of these lawsuits should not have a material impact on the consolidated results of operations, financial position and cash flows. (b) As of December 31, 2015, the Company had under construction four bulk carriers one of which was delivered on February 25, 2016 (see also Note 20(c)). The contracted amount paid for the delivery of that vessel was $21.35 million while the contracted amount remaining to be paid for the remaining three vessels amounts to $40.84 million in 2016, $2.77 million in 2017 and $19.39 in 2018 which has and will be funded from undrawn facilities available, cash, future loan facilities and proceeds from equity raisings.

Note 12 - Stock Incentive Plan

Note 12 - Stock Incentive Plan	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	12. Stock Incentive Plan On June 15, 2010, the Board of Directors approved the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). The plan is administered by the Board of Directors which can make awards totaling in aggregate up to 1,500,000 shares, respectively over 10 years after the plan’s adoption date. On July 31, 2014, the Board of Directors approved the Company’s 2014 Stock Incentive Plan (the “2014 Plan”). The plan is administered by the Board of Directors which can make awards totaling in aggregate up to 2,500,000 shares, respectively over 10 years after the plan’s adoption date. The persons eligible to receive awards under either plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart, (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards may be made under either plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Details of awards granted during the three year period ended December 31, 2015 are noted below. a) On November 21, 2013 an award of 45,000 non-vested restricted shares under the 2010 Plan, was made to 19 key persons of which 50% vested on July 1, 2014 and July 1, 2015; awards to officers and directors amounted to 25,350 shares and the remaining 19,650 shares were awarded to employees of Eurobulk. b) On November 3, 2014 an award of 45,000 non-vested restricted shares under the 2014 Plan, was made to 19 key persons of which 50% vested on November 16, 2015 and 50% will vest on November 16, 2016; awards to officers and directors amounted to 26,100 shares and the remaining 18,900 shares were awarded to employees of Eurobulk. c) On November 6, 2015 an award of 68,400 non-vested restricted shares under the 2014 Plan, was made to 19 key persons of which 50% will vest on July 1, 2016 and 50% on July 1, 2017; awards to officers and directors amounted to 40,040 shares and the remaining 28,360 shares were awarded to employees of Eurobulk. All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does not have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings. The Company estimates the forfeitures of non-vested restricted shares to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period. The compensation cost that has been charged against income for these plans was $568,334, $510,114 and $306,111, for the years ended December 31, 2013, 2014 and 2015, respectively. The Company has used the straight-line method to recognize the cost of the awards. A summary of the status of the Company’s non-vested shares as of December 31, 2015 and changes during the year ended December 31, 2015, are presented below: Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2015 67,500 10.57 Granted 68,400 4.18 Vested (45,000 ) 10.75 Non-vested on December 31, 2015 90,900 5.67 As of December 31, 2015, there was $334,762 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan and is expected to be recognized over a weighted-average period of 0.769 years. The total fair value at grant-date of shares granted during the year ended December 31, 2013, December 31, 2014, and December 31, 2015 was $508,500, $459,000 and $285,912, respectively.

Note 13 - Earnings _ (Loss) Per

Note 13 - Earnings / (Loss) Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	13. Earnings / (Loss) Per Share Basic and diluted earnings / (loss) per common share are computed as follows: 2013 2014 2015 Income: Net loss attributable to common shareholders’ (103,424,827 ) (19,359,005 ) (15,687,132 ) Basic earnings per share: Weighted average common shares – Outstanding 4,544,284 5,479,418 6,410,794 Basic loss per share (22.76 ) (3.53 ) (2.45 ) Effect of dilutive securities Weighted average common shares – Outstanding 4,544,284 5,479,418 6,410,794 Diluted loss per share (22.76 ) (3.53 ) (2.45 ) During 2013, 2014 and 2015, the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was 11,581, 18,395 and 22,443 shares in 2013, 2014 and 2015, respectively.

Note 14 - Voyage, Vessel Operat

Note 14 - Voyage, Vessel Operating Expenses and Commissions	12 Months Ended
	Dec. 31, 2015
Vessel Voyage And Operating Expenses [Abstract]
Vessel Voyage And Operating Expenses [Text Block]	14. Voyage, Vessel Operating Expenses and Commissions These consisted of: Year ended December 31, 2013 2014 2015 Voyage expenses Port charges and canal dues 364,091 1,214,856 832,917 Bunkers 1,173,807 2,748,325 1,479,596 Total 1,537,898 3,963,181 2,312,513 Vessel operating expenses Crew wages and related costs 13,921,033 13,985,377 14,164,355 Insurance 2,222,912 2,364,112 2,412,366 Repairs and maintenance 478,197 501,733 503,934 Lubricants 2,836,561 2,379,191 2,433,956 Spares and consumable stores 4,204,965 4,083,942 4,058,153 Professional and legal fees 158,978 498,240 492,852 Other 1,368,604 1,466,492 1,138,977 Total 25,191,250 25,279,087 25,204,593 Commission consisted of commissions charged by: Year ended December 31, 2013 2014 2015 Third parties 1,461,915 1,674,798 1,741,044 Related parties (see Note 8) 474,466 517,828 475,792 1,936,381 2,192,626 2,216,836

Note 15 - Financial Instruments

Note 15 - Financial Instruments	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]
Financial Instruments Disclosure [Text Block]	15. Financial Instruments The principal financial assets of the Company consist of cash on hand and at banks, other investment and accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term loans, derivatives including interest rate swaps and accounts payable due to suppliers. Interest rate risk The Company enters into interest rate swap contracts as economic hedges to manage its exposure to variability in its floating rate long term debt. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, the derivatives described below (see Note 16) do not qualify for hedge accounting, under the guidance relating to Derivatives and Hedging Concentration of credit risk Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable. As of December 31, 2015, there were no customers with trade accounts receivable accounting for more than 10% of the customer’s 2015 hire revenues. Fair value of financial instruments The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items. As of December 31, 2014 and December 31, 2015 no fair value measurements for assets or liabilities under Level 3 were recognized in the Company’s consolidated financial statements. Fair Value Measurement as of December 31, 2015 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, current and long-term portion $ 253,102 - $ 253,102 - Fair Value Measurement as of December 31, 2014 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, current and long-term portion $ 298,771 - $ 298,771 - Asset Measured at Fair Value on a Non-recurring Basis As of December 31, 2014, the Company reviewed the carrying amount in connection with the estimated amount of each of its vessels. The review indicated that such carrying amount was not recoverable for one of the Company’s vessels; the M/V Aristides NP. The Company recognized the total impairment losses of $3.5 million in 2014 which was included in the “Consolidated statements of operations” for the period. On December 21, 2015 the Company agreed to sell M/V Aristides NP for scrap. The vessel was sold for a net price of $2,671,811. The vessel was delivered to her new owners on January 16, 2016. As of December 31, 2015 the vessel was classified as “Held for Sale”. This resulted in a write-down of $1,641,885 representing the difference between the vessel’s carrying value and its fair value. This amount was included in the “Consolidated statements of operations” for the period. Details of the impairment charge and the write-down of vessel held for sale are noted in the table below. Vessel – M/V Aristides NP Significant Other Observable Inputs (Level 2) (amounts in $million) Loss (amounts in $million) December 31, 2014 $5.1 $3.5 December 31, 2015 $2.7 $1.6 The fair value is based on the Company’s best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independent shipbrokers as of December 31, 2014 and 2015, respectively, which are mainly based on recent sales and purchase transactions of similar vessels. The Company did not have any other assets or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2014 and 2015. The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of December 31, 2014 and 2015, due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities The fair value of the Company’s “Other investment” approximates its carrying value (see Note 17 – “Investment in Joint Venture and Other Investment”) and is considered a Level 3 item. The key input that determines the fair value of the Company’s “Other investment” is the required rate of return for preferred equity investments in investment opportunities of similar risk which is not observable and hence is considered a level 3 item. The Company considers the initial dividend rate of 19% p.a. as the appropriate rate for its fair value calculation and monitors market conditions for similar investment and other possible developments specific to its investment that might provide indications for changes in the required rate of return it uses in its fair value measurement. As of December 31, 2015, the Company did not identify indications that would require changes in the required rate of return. Quantitative Information about Level 3 Fair Value Measurements Fair Value at December 31, 2015 Valuation Technique Unobservable Input Value Other investment 7,396,738 Discounted cash flow Rate of return 19% The fair value of the Company’s “Other investment” is sensitive to the required rate of return used to estimate the present value of its investment using the discounted cash flow approach. If the required rate of return increases or decreases by 1%, the fair value of the Company’s “Other investment” will decrease or increase by approximately $0.3 million, respectively, assuming that the preferred investment is redeemed at the end of the investment period (October 2020).

Note 16 - Derivative Financial

Note 16 - Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	16. Derivative Financial Instruments Interest rate swaps Effective September 20, 2013 and on October 17, 2014 respectively, the Company entered into two interest rate swaps with EFG Eurobank – Ergasias S.A. (“Eurobank”) on a notional amount of $10.0 million for each of the contracts, each in order to manage interest costs and the risk associated with changing interest rates. Under the terms of the swaps, Eurobank makes a quarterly payment to the Company equal to the 3-month LIBOR while the Company pays the fixed rate of 1.29% on the first and an adjustable rate averaging 1.97% on the second swap (Eurobank makes a quarterly payment to the Company equal to the 3-month LIBOR while the Company pays the fixed rate of 0.50% until November 28, 2016 then 0.95% till November 28, 2017 and then 3.55% till May 28, 2019 * In October 2014 the Company entered into a new forward step-up swap contract for a notional amount of $10 million, under the terms of the contract dated November 28, 2015. The interest rate swaps did not qualify for hedge accounting as of December 31, 2014 and 2015. The table below summarizes the swaps active as of December 31, 2015: Trade Date Financial Institution Notional Amount($m) Interest rate (%) End Date 21 Jan 2011 EFG Eurobank – Ergasias S.A. 10.0 2.29 21 Jan 2016 20 Sep 2013 EFG Eurobank – Ergasias S.A. 10.0 1.29 31 Dec 2016 17 Oct 2014 EFG Eurobank – Ergasias S.A. 10.0 1.97 (average) * 28 May 2019 Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2014 December 31, 2015 Interest rate swap contracts Current liabilities – Derivatives 297,992 50,402 Interest rate contracts Long-term liabilities – Derivatives 779 202,700 Total derivative liabilities 298,771 253,102 Derivatives not designated as hedging instruments Location of gain (loss) recognized Year Ended December 31, 2013 Year Ended December 31, 2014 Year Ended December 31, 2015 Interest rate – Fair value Change in fair value of derivatives 1,375,820 718,977 45,669 Interest rate contracts - Realized loss Change in fair value of derivatives (1,552,952) (763,625) (307,343) Total loss on derivatives (177,132) (44,648) (261,674)

Note 17 - Investment in Joint V

Note 17 - Investment in Joint Venture and Other Investment	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	17. Investment in Joint Venture and Other Investment On March 25, 2010, the Company entered into a partnership (the “Joint Venture”) with companies managed by Eton Park Capital Management, L.P. ("Eton Park") and Rhône Capital III L.P. ("Rhône") to form Euromar LLC. Eton Park’s investments are made through Paros Ltd., a Cayman Islands exempted company, and Rhône’s investments are made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP. Euromar LLC will acquire, maintain, manage, operate and dispose of shipping vessels. Pursuant to the terms of the Joint Venture, the Company may invest up to $25.0 million for a 14.286% interest in the Joint Venture, while Eton Park and Rhône may each invest up to $75.0 million for a 42.857% interest in the Joint Venture each, for a total of $175 million. After March 25, 2012, Eton Park and Rhône have the option to convert part or all of their holdings in the Company’s stock at a conversion ratio based on the ratio of the net asset market values of the Company and the Joint Venture, or the ratio of the Company’s market value multiplied by 0.925 and the net asset market value of the Joint Venture whichever is to the advantage of the Company. No conversion can take place if any of the net asset market values are negative. Management of the vessels and various administrative services pertaining to the vessels are performed by the Manager and its affiliates; strategic, financial and reporting services are provided by Euroseas. For these services, Euroseas earned $240,000 in 2015, 2014 and 2013. These amounts are recorded in “Related party revenue” under “Revenues”. In March 2013, the Company contributed $6,250,000 and as of December 31, 2013, the Company had contributed $25.0 million. No new contributions were made in 2014 and 2015. The Company accounts for its investment in the Joint Venture using the equity method of accounting despite the fact that it is a minority partner, it is considered to have significant influence in the operations and management of Euromar LLC (see “Significant Accounting Policies” – Note 2). The Company’s share of the results of operations of the Joint Venture is included in the “Consolidated statements of operations” as “Equity loss in joint venture”. The Company’s share of the results of operations of the Joint Venture amounted to a loss of $2.0 million, $2.5 million and $2.2 million for the years 2013, 2014 and 2015, respectively. Summarized financial information for the Joint Venture is as follows: 2013 2014 2015 Current assets 11,207,156 9,520,607 11,880,202 Non current assets 268,669,047 252,531,888 223,366,979 Current liabilities 4,079,748 16,194,148 116,207,106 Non current liabilities 127,350,355 115,181,837 3,495,007 Members’ contributions 175,000,000 175,000,000 175,000,000 Voyage revenue 27,510,792 31,663,989 34,419,758 Net revenue 26,163,274 30,269,066 33,114,016 Operating loss (7,313,783 ) (11,058,601 ) (7,912,039 ) Net loss (14,106,082 ) (17,798,476 ) (15,108,751 ) On October 15, 2013 by and among the Company, Paros Ltd., All Seas Investors I Ltd., All Seas Investors II Ltd. and All Seas Investors III LP, a Contribution Agreement was signed. Under this agreement Euroseas agreed to deposit an amount of $5,000,000 into an escrow account (“Escrowed Funds”) controlled by Paros Ltd., All Seas Investors I Ltd., All Seas Investors II Ltd. and All Seas Investors III LP which can distribute part or all of the funds to Euromar LLC until December 31, 2018. With the distribution of the Escrowed Funds, Euromar LLC will issue to the Company (or a subsidiary thereof) units representing a preferred membership interest in Euromar LLC (each, a “Preferred Unit”) in respect of the Escrowed Funds based on the following ratio: one Preferred Unit in exchange for each $1,000 of the Escrowed Cash, or 5,000 Preferred Units in total (assuming $5 million of Escrowed Cash). The Company is entitled to a “payment-in-kind” dividend at a rate of 19% per year compounded annually from the date of issuance. Euromar LLC can return any undistributed Escrowed Funds to the Company after the second anniversary of the agreement while after the fifth anniversary any undistributed Escrowed Funds will be returned to the Company and Preferred Units will be issued by Euromar LLC for any accrued dividends at the time. Euroseas recorded an accrued dividend income of $196,196, $987,604 and $1,212,938 for the years ended December 31, 2013, 2014 and 2015, respectively. This amount is recorded in the “Consolidated statements of operations” as “Investment Income” under “Other Income / (expenses)”. In USD Other Investment Balance, January 1, 2014 5,196,196 Total gain for period included in Investment income 987,604 Balance, December 31, 2014 6,183,800 Total gain for period included in Investment income 1,212,938 Balance, December 31, 2015 7,396,738 Euromar LLC has two of its credit facilities maturing in August and October 2016 requiring final payments of $63.01 million and $23.45 million, respectively. Euromar LLC is in negotiations with the banks and expects to successfully restructure its credit facilities.

Note 18 - Preferred shares

Note 18 - Preferred shares	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]
Preferred Stock [Text Block]	18. Preferred shares Number Preferred Shares Dividends paid-in-kind Total Balance, - - - - Issuance of preferred shares from private placement net of issuance costs 30,700 29,000,000 29,000,000 Dividends declared 1,440 1,440,100 1,440,100 Balance, 32,140 29,000,000 1,400,100 30,440,100 Dividends declared 1,639 1,639,149 1,639,149 Balance, 33,779 29,000,000 3,039,249 32,079,249 On January 27, 2014, the Company entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately $29 million. The redemption amount of the Company’s Series B Preferred Shares is $1,000 per share. The Company used the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares will pay dividends (in cash or in-kind at the option of the Company, subject to certain exceptions) during the first five years at a rate of 0% or 5%, depending on the trading price of the Company's common stock. In addition, if a cash dividend is paid on the Company's common stock during such time, then if the dividend paid on the Series B Preferred Shares is 5%, the holders of Series B Preferred Shares shall receive such dividend in cash and shall also receive an additional cash dividend in an amount equal to 40% of the common stock dividend it would have received on an as-converted basis. If, however, the dividend on the Series B Preferred Shares is 0%, then the holders of Series B Preferred Shares shall receive a cash dividend equal to the greater of 100% of the common stock dividend it would have received on an as-converted basis and 5%. If a cash dividend is paid on the Company's common stock after the first five years, the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to 40% of the common stock dividend it would have received on an as-converted basis. The dividend rate will increase to 12% in years six and seven and to 14% thereafter. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at a conversion price of $12.25 (as adjusted in September 2015 following the shareholders’ rights offering of the Company) subject to further adjustment for certain events. The Series B Preferred Shares are redeemable in cash by the Company at any time after the fifth anniversary of the original issue date. Holders of the Series B Preferred Shares may require the Company to redeem their shares only upon the occurrence of certain corporate events. The redemption liability as of December 31, 2015 is $33,779,249. If all the subsequent dividend payments are made in-kind, the Series B Preferred Shares will increase by $1,720,806, $1,808,472, $1,900,607 and $152,473 for the years 2016, 2017, 2018 and 2019, respectively The redemption liability will be $35,498,294, $37,306,766, $39,207,373 and $39,359,846 as of December 31, 2016, 2017, 2018 and end-January 2019, respectively. After January 2019, the dividend will be payable only in cash as described above. Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint one director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as one class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to 50% of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date. For the year ended December 31, 2015, the Company declared four consecutive dividends aggregating $1.64 million, all of which were paid in kind.

Note 19 - Common Stock

Note 19 - Common Stock	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	19. Common Stock On March 11, 2014, the Company entered into an agreement and sold approximately 1.1 million shares of its common stock in a private placement at a price of $13.435 per share to an institutional investor for net proceeds of approximately $14.5 million. On July 23, 2015, the Company announced that it has completed a 1 for 10 reverse stock split, effective at the close of trading on July 22, 2015. The Company's common shares began trading on a split-adjusted basis on July 23, 2015.

Note 20 - Subsequent Events

Note 20 - Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	20. Subsequent Events (a) On January 5, 2016, the Company announced the sale of M/V Aristides N. P. The vessel was delivered to its buyers on January 16, 2016. (b) On February 12, 2016, the Company signed and drew a term loan facility with Eurobank Ergasias S.A in order to refinance all existing facilities with the bank. This is a $14,500,000 loan drawn by Saf-Concord Shipping Ltd, Eternity Shipping Company, Allendale Investments S.A., Manolis Shipping Limited, Alterwall Business Inc. and Aggeliki Shipping Ltd as Borrowers. The loan is payable in 12 equal consecutive quarterly instalments of $460,000 each, with an $8.98 million balloon payment to be paid together with the last instalment in February 2019. The margin of the loan is 6.00% above LIBOR. The loan is secured with the following: (i) first priority mortgages over M/V Monica P, M/V Captain Costas, M/V Kuo Hsuing, M/V Manolis P, M/V Ninos and M/V Aggeliki P, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd and other covenants and guarantees similar to the rest of the loans of the Company, and (iv) a $2,800,000 cash collateral deposit pledged in favor of the bank. (c) On February 19, 2016, the Company signed a term loan facility with Nord LB and on February 25, 2016 a loan of $13,800,000 was drawn by Kamsarmax One Shipping Ltd. to partly finance the purchase of M/V Xenia. The loan is to be repaid in 14 consecutive equal semi-annual installments of $467,000 plus a balloon amount of $7,262,000. The margin of the loan is 2.95% above LIBOR. The loan is secured with (i) first priority mortgages over M/V Xenia, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd and other covenants and guarantees similar to the rest of the loans of the Company. (d) On April 27, 2016, the Company signed a memorandum of agreement to sell M/V Captain Costas, one of the Company’s containership vessels. The sale is expected to occur in May 2016 and to result in gross proceeds of approximately $2.77 million which is in excess of its carrying value.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of consolidation The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company transactions are eliminated on consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Comprehensive Income, Policy [Policy Text Block]	Other comprehensive income / (loss) The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement of comprehensive income / (loss) has been presented.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency translation The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash equivalents Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three months or less.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted cash Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Trade accounts receivable The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of cost and market value. Inventories are valued using the FIFO (First-In First-Out) method.
Vessels [Policy Text Block]	Vessels Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including borrowing costs incurred during the construction period. Expenditures for vessel repair and maintenance are charged against income in the period incurred.
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from the completion of its construction (see Note 5).
Assets Held for Sale [Policy Text Block]	Assets Held for Sale The Company may dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are no longer depreciated once they meet the criteria of being held for sale.
Insurance Premiums Revenue Recognition, Policy [Policy Text Block]	Insurance claims and insurance proceeds Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.
Revenue Recognition, Policy [Policy Text Block]	Revenue and expense recognition Revenues are generated from voyage charters, time charters and chartering pool arrangements. If a charter agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured, revenues are recorded over the term of the charter as service is provided and recognized on a pro-rata basis over the duration of the voyage or time charter adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A voyage is deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or the time it receives a contract that is not cancelable and is deemed to end upon the completion of discharge of the current cargo. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port. Demurrage income, which is included in voyage revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. For the Company’s vessels operating in chartering pools, pool profits are allocated to each pool participant on a time charter equivalent basis in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Pool income is recognized during the period services are performed, the collectability is reasonably assured, an agreement with the pool exists and price is determinable. Pool income may be subject to future adjustments by the pool however, the effect on the Company’s income resulting from a subsequent reallocation of pool income on the results for the year historically has not been significant. Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Voyage expenses relate to bunkers, port charges, canal tolls, and agency fees which are incurred when the vessel is chartered under a voyage charter or during off-hire or idle periods. Voyage expenses are expensed as incurred.
Drydocking and Special Survey Expenses [Policy Text Block]	Dry-docking and special survey expenses Dry-docking and special survey expenses are expensed as incurred.
Pension and Other Postretirement Plans, Policy [Policy Text Block]	Pension and retirement benefit obligations – crew The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are not liable for any pension or post-retirement benefits.
Finance, Loans and Leases Receivable, Policy [Policy Text Block]	Financing costs Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to other general and administrative expenses when financing efforts are terminated.
Fair Value Measurement, Policy [Policy Text Block]	Fair value of time charter acquired The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of the charter.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock incentive plan awards Share-based compensation represents vested and non-vested restricted shares granted to employees and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete.
Equity Method Investments, Policy [Policy Text Block]	Investment in Joint Venture Investments in companies over which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method. Under this method the investment is carried at cost, and is adjusted to recognize the investor’s share of the earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever facts and circumstances determine that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income. The investment is also adjusted to reflect the Company’s share of changes in the investee’s capital.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Impairment of long-lived assets The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.
Equity and Cost Method Investments, Policy [Policy Text Block]	Other investments Investments over which the Company believes it does not exercise any influence are carried at the book value and are adjusted to recognize accrued income and are adjusted for impairment whenever facts and circumstances determine that they are not recoverable. The amount of the adjustment is included in the determination of net income (Note 17).
Derivatives, Policy [Policy Text Block]	Derivative financial instruments Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not met.
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block]	Preferred shares Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the fair value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.
Earnings Per Share, Policy [Policy Text Block]	Earnings/(loss) per common share Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of December 31, 2014 and 2015, are considered contingently returnable until the restrictions lapse and will not be included in the basic net income per share calculation until the shares are vested. Diluted earnings/(loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.
Segment Reporting, Policy [Policy Text Block]	Segment reporting The Company reports financial information and evaluates its operations by charter revenue and not by the length of ship employment for its customers, i.e. voyage or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reporting segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2015-14 states the following regarding application that should be considered as part of the disclosure requirements under SAB Topic 11M: An entity shall apply one of the following two methods: (i).retrospectively to each prior reporting period presented in accordance with the guidance on accounting changes in ASC 250-10-45-5 through 45-10 (retrospective method) or (ii) retrospectively with the cumulative effect recognized at the date of initial application (cumulative effect transition method). This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company has not yet evaluated the impact, if any, of the adoption of this new standard. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This ASU establishes specific guidance to an organization's management on their responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern. The provisions of this ASU are effective for interim and annual periods ending after December 15, 2016. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In April, 2015, FASB issued ASU No 2015-03, Simplifying the Presentation of Debt Issuance Costs, which outlines a simplified approach to present debt issuance costs and debt discount and premium by requiring debt issuance costs to be presented as deduction from the corresponding liability. This standard is effective for public entities with reporting periods beginning after December 15, 2015 and should be applied on a retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. The Company’s adoption of this standard will result in the “Deferred charges, net” of $700,606 as of December 31, 2015 to be presented against the related debt liability. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory to simplify the measurement of inventory using first-in, first out (FIFO) or average cost method. According to this ASU an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of completion, disposal and transportation. This update is effective for public entities with reporting periods beginning after December 15, 2016. Early adoption is permitted. Management believes that the implementation of this update will not have any material impact on its financial statements and has not elected the early adoption. In February 2016, the FASB issued ASU 2016-02, Leases. The standard amends the existing accounting standards for lease accounting and adds additional disclosures about leasing arrangements. The ASU requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. This update is effective for public entities with reporting periods beginning after December 15, 2018. Early adoption is permitted for all entities. The Company has not yet evaluated the impact, if any, of the adoption of this new standard.

Note 1 - Basis of Presentatio30

Note 1 - Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Year ended December 31, Charterer 2013 2014 2015 CMA 7.13 % 12.61 % 17.41 % GSS 2.21 % 3.84 % 16.14 % MSC 10.16 % 10.62 % 12.92 %

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	2014 2015 Lubricants 1,226,172 990,440 Victualing 186,188 105,369 Bunkers 346,570 369,131 Total 1,758,930 1,464,940

Note 5 - Vessels, Net (Tables)

Note 5 - Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Costs Accumulated Net Book Balance, January 1, 2014 137,960,194 (32,496,457 ) 105,463,737 - Depreciation for the year - (12,137,445 ) (12,137,445 ) - Purchase of vessel 21,323,935 - 21,323,935 - (18,894,213 ) 15,394,213 (3,500,000 ) Balance, December 31, 2014 140,389,916 (29,239,689 ) 111,150,227 - Depreciation for the year - (10,995,023 ) (10,995,023 ) - Sale of vessels (10,550,000 ) 3,666,244 (6,883,756 ) - Vessel held for sale (5,091,539 ) 777,843 (4,313,696 ) Balance, December 31, 2015 124,748,377 (35,790,625 ) 88,957,752

Note 6 - Deferred Charges, Net

Note 6 - Deferred Charges, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Charges [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	2014 2015 Balance, beginning of year 338,431 335,621 Amortization of loan arrangement fees (137,032 ) (150,189 ) Deferred offering expenses (165,678 ) - Loan arrangement fees 299,900 515,174 Balance, end of year 335,621 700,606

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	As of December 31, 2014 As of December 31, 2015 Accrued payroll expenses 218,887 319,443 Accrued interest 96,894 153,102 Accrued general and administrative expenses 181,593 112,570 Accrued commissions 94,778 36,189 Other accrued expenses 468,645 581,766 Total 1,060,797 1,203,070

Note 9 - Long-term Debt (Tables

Note 9 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Borrower December 31, December 31, Joanna Maritime Ltd (a) 4,200,000 1,276,040 Manolis Shipping Ltd. (b) 5,200,000 4,500,000 Saf-Concord Shipping Ltd. (c) 4,250,000 3,250,000 Pantelis Shipping Corp. (d) 6,240,000 5,120,000 Aggeliki Shipping Ltd. (e) 3,652,000 - Noumea Shipping Ltd. (f) 9,240,000 7,800,000 Eirini Shipping Ltd. / Eleni Shipping Ltd. (g) 14,600,000 13,200,000 Euroseas Ltd. (h) 6,875,000 5,375,000 54,257,000 40,521,040 Less: Current portion (19,512,000 ) (14,810,000 ) Long-term portion 34,745,000 25,711,040
Schedule of Future Annual Loan Repayments [Table Text Block]	To December 31: 2016 14,810,000 2017 7,629,373 2018 2,653,333 2019 15,428,334 Total $ 40,521,040

Note 12 - Stock Incentive Plan

Note 12 - Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Share Activity [Table Text Block]	Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2015 67,500 10.57 Granted 68,400 4.18 Vested (45,000 ) 10.75 Non-vested on December 31, 2015 90,900 5.67

Note 13 - Earnings _ (Loss) P37

Note 13 - Earnings / (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	2013 2014 2015 Income: Net loss attributable to common shareholders’ (103,424,827 ) (19,359,005 ) (15,687,132 ) Basic earnings per share: Weighted average common shares – Outstanding 4,544,284 5,479,418 6,410,794 Basic loss per share (22.76 ) (3.53 ) (2.45 ) Effect of dilutive securities Weighted average common shares – Outstanding 4,544,284 5,479,418 6,410,794 Diluted loss per share (22.76 ) (3.53 ) (2.45 )

Note 14 - Voyage, Vessel Oper38

Note 14 - Voyage, Vessel Operating Expenses and Commissions (Tables)	12 Months Ended
	Dec. 31, 2015
Vessel Voyage And Operating Expenses [Abstract]
Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block]	Year ended December 31, 2013 2014 2015 Voyage expenses Port charges and canal dues 364,091 1,214,856 832,917 Bunkers 1,173,807 2,748,325 1,479,596 Total 1,537,898 3,963,181 2,312,513 Vessel operating expenses Crew wages and related costs 13,921,033 13,985,377 14,164,355 Insurance 2,222,912 2,364,112 2,412,366 Repairs and maintenance 478,197 501,733 503,934 Lubricants 2,836,561 2,379,191 2,433,956 Spares and consumable stores 4,204,965 4,083,942 4,058,153 Professional and legal fees 158,978 498,240 492,852 Other 1,368,604 1,466,492 1,138,977 Total 25,191,250 25,279,087 25,204,593
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Year ended December 31, 2013 2014 2015 Third parties 1,461,915 1,674,798 1,741,044 Related parties (see Note 8) 474,466 517,828 475,792 1,936,381 2,192,626 2,216,836

Note 15 - Financial Instrumen39

Note 15 - Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair Value Measurement as of December 31, 2015 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, current and long-term portion $ 253,102 - $ 253,102 - Fair Value Measurement as of December 31, 2014 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, current and long-term portion $ 298,771 - $ 298,771 -
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	Vessel – M/V Aristides NP Significant Other Observable Inputs (Level 2) (amounts in $million) Loss (amounts in $million) December 31, 2014 $5.1 $3.5 December 31, 2015 $2.7 $1.6
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	Fair Value at December 31, 2015 Valuation Technique Unobservable Input Value Other investment 7,396,738 Discounted cash flow Rate of return 19%

Note 16 - Derivative Financia40

Note 16 - Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments [Table Text Block]	Trade Date Financial Institution Notional Amount($m) Interest rate (%) End Date 21 Jan 2011 EFG Eurobank – Ergasias S.A. 10.0 2.29 21 Jan 2016 20 Sep 2013 EFG Eurobank – Ergasias S.A. 10.0 1.29 31 Dec 2016 17 Oct 2014 EFG Eurobank – Ergasias S.A. 10.0 1.97 (average) * 28 May 2019
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2014 December 31, 2015 Interest rate swap contracts Current liabilities – Derivatives 297,992 50,402 Interest rate contracts Long-term liabilities – Derivatives 779 202,700 Total derivative liabilities 298,771 253,102
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivatives not designated as hedging instruments Location of gain (loss) recognized Year Ended December 31, 2013 Year Ended December 31, 2014 Year Ended December 31, 2015 Interest rate – Fair value Change in fair value of derivatives 1,375,820 718,977 45,669 Interest rate contracts - Realized loss Change in fair value of derivatives (1,552,952) (763,625) (307,343) Total loss on derivatives (177,132) (44,648) (261,674)

Note 17 - Investment in Joint41

Note 17 - Investment in Joint Venture and Other Investment (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments [Table Text Block]	2013 2014 2015 Current assets 11,207,156 9,520,607 11,880,202 Non current assets 268,669,047 252,531,888 223,366,979 Current liabilities 4,079,748 16,194,148 116,207,106 Non current liabilities 127,350,355 115,181,837 3,495,007 Members’ contributions 175,000,000 175,000,000 175,000,000 Voyage revenue 27,510,792 31,663,989 34,419,758 Net revenue 26,163,274 30,269,066 33,114,016 Operating loss (7,313,783 ) (11,058,601 ) (7,912,039 ) Net loss (14,106,082 ) (17,798,476 ) (15,108,751 )
Investment Income [Table Text Block]	In USD Other Investment Balance, January 1, 2014 5,196,196 Total gain for period included in Investment income 987,604 Balance, December 31, 2014 6,183,800 Total gain for period included in Investment income 1,212,938 Balance, December 31, 2015 7,396,738

Note 18 - Preferred shares (Tab

Note 18 - Preferred shares (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block Supplement [Abstract]
Schedule of Stockholders Equity [Table Text Block]	Number Preferred Shares Dividends paid-in-kind Total Balance, - - - - Issuance of preferred shares from private placement net of issuance costs 30,700 29,000,000 29,000,000 Dividends declared 1,440 1,440,100 1,440,100 Balance, 32,140 29,000,000 1,400,100 30,440,100 Dividends declared 1,639 1,639,149 1,639,149 Balance, 33,779 29,000,000 3,039,249 32,079,249

Note 1 - Basis of Presentatio43

Note 1 - Basis of Presentation and General Information (Details)	Jul. 23, 2015	Jul. 22, 2015shares	Dec. 31, 2015
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
(in Shares)		794
Friends Investment Company Inc. [Member]
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			34.80%
Reverse Stock Split [Member]
Note 1 - Basis of Presentation and General Information (Details) [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	10	10

Note 1 - Basis of Presentatio44

Note 1 - Basis of Presentation and General Information (Details) - Charterers Individually Accounted for More than 10% of the Company’s Voyage and Time Charter Revenues - Sales Revenue, Net [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Charterer CMA [Member]
Concentration Risk [Line Items]
Percentage of revenue by charter	17.41%	12.61%	7.13%
Charterer GSS [Member]
Concentration Risk [Line Items]
Percentage of revenue by charter	16.14%	3.84%	2.21%
Charterer MSC [Member]
Concentration Risk [Line Items]
Percentage of revenue by charter	12.92%	10.62%	10.16%

Note 2 - Significant Accounti45

Note 2 - Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015
Note 2 - Significant Accounting Policies (Details) [Line Items]
Ship-owning Crew Contract Term	9 months
Number of Reportable Segments	1
Minimum [Member] | Vessels [Member]
Note 2 - Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	25 years

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - Summary of Inventories - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Inventory	$ 1,464,940	$ 1,758,930
Lubricant [Member]
Inventory [Line Items]
Inventory	990,440	1,226,172
Victualling [Member]
Inventory [Line Items]
Inventory	105,369	186,188
Bunkers [Member]
Inventory [Line Items]
Inventory	$ 369,131	$ 346,570

Note 4 - Advances for Vessels47

Note 4 - Advances for Vessels under Construction (Details)	Nov. 29, 2013USD ($)T	Apr. 30, 2014USD ($)T	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Note 4 - Advances for Vessels under Construction (Details) [Line Items]
Advances for Vessel Acquisition, Net of Capitalized Costs			$ 32,004,819
Accumulated Capitalized Interest Costs			697,048
Advance for Vessel Acquisition			$ 32,701,867	$ 15,687,490
Ultramax Drybulk Carrieres [Member]
Note 4 - Advances for Vessels under Construction (Details) [Line Items]
Number of New Building Vessels	2
Vessel Carrying Capacity (in US Tons) | T	63,500
Long-term Purchase Commitment, Amount	$ 54,400,000
Kamsarmax Drybulk Carriers [Member]
Note 4 - Advances for Vessels under Construction (Details) [Line Items]
Number of New Building Vessels		2
Vessel Carrying Capacity (in US Tons) | T		82,000
Long-term Purchase Commitment, Amount		$ 59,200,000

Note 5 - Vessels, Net (Details)

Note 5 - Vessels, Net (Details)	Dec. 31, 2015USD ($)	Dec. 21, 2015USD ($)	Dec. 31, 2014USD ($)	May. 26, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)$ / shares	Dec. 31, 2012	Dec. 31, 2011
Note 5 - Vessels, Net (Details) [Line Items]
Payments to Acquire Property, Plant, and Equipment							$ 21,323,935	$ 5,978,062
Number of Vessels Disposed or Sold					3
Proceeds from Sale of Property, Plant, and Equipment						$ 7,345,342		7,322,818
Sales Commission Percentage	4.00%				4.00%	4.00%
Gain (Loss) on Disposition of Property Plant Equipment						$ 461,586		$ (1,935,019)
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 1,122,208				$ 1,122,208	$ 1,122,208
Earnings Per Share, Basic and Diluted (in Dollars per share) | $ / shares						$ (2.45)	$ (3.53)	$ (22.76)
Impairment loss						$ 1,641,885	$ 3,500,000	$ 78,207,462
Payable to Manager [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Sales Commission Percentage	1.00%				1.00%	1.00%
M/V Eirini P [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Number of Vessels Acquired				1
Payments to Acquire Property, Plant, and Equipment				$ 21,323,935
Tiger Bridge [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Proceeds from Sale of Property, Plant, and Equipment					$ 2,728,440
Gain (Loss) on Disposition of Property Plant Equipment					535,169
Marinos [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Proceeds from Sale of Property, Plant, and Equipment					2,090,010
Gain (Loss) on Disposition of Property Plant Equipment					(280,373)
Despina P [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Proceeds from Sale of Property, Plant, and Equipment					2,526,892
Gain (Loss) on Disposition of Property Plant Equipment					206,790
M/V Aristides [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Assets Held-for-sale, Not Part of Disposal Group, Current	$ 2,805,521				2,805,521	$ 2,805,521
Disposal Group, Including Discontinued Operation, Liabilities, Current	1,122,208				1,122,208	$ 1,122,208
Earnings Per Share, Basic and Diluted (in Dollars per share) | $ / shares						$ 0.26	$ (0.64)
Impairment loss	1,600,000	$ 1,641,885	$ 3,500,000			$ 1,640,000	$ 3,500,000
Vessels [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Property, Plant, and Equipment, Pledged as Collateral	$ 82,580,000		$ 111,150,000		$ 82,580,000	$ 82,580,000	111,150,000
Vessels [Member] | Service Life [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Depreciation, Depletion and Amortization							$ 2,500,000
Earnings Per Share, Basic and Diluted (in Dollars per share) | $ / shares						$ (380,000)	$ (0.46)
Maximum [Member] | Containerships [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Property, Plant, and Equipment, Useful Life, Disposal Group								22 years	24 years	30 years
Maximum [Member] | Mid-cycle Condition Containerships [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Property, Plant and Equipment, Useful Life								30 years
Minimum [Member] | Mid-cycle Condition Containerships [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Property, Plant and Equipment, Useful Life								25 years
Minimum [Member] | Vessels [Member]
Note 5 - Vessels, Net (Details) [Line Items]
Property, Plant and Equipment, Useful Life						25 years

Note 5 - Vessels, Net (Detail49

Note 5 - Vessels, Net (Details) - Summary of Vessels - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of Vessels [Abstract]
Balance, January 1, 2014	$ 140,389,916	$ 137,960,194
Balance, January 1, 2014	(29,239,689)	(32,496,457)
Balance, January 1, 2014	111,150,227	105,463,737
- Impairment loss		(18,894,213)
- Impairment loss		15,394,213
- Impairment loss	(1,641,885)	(3,500,000)	$ (78,207,462)
Ending balance, costs	124,748,377	140,389,916	137,960,194
Ending balance, accumulated depreciation	(35,790,625)	(29,239,689)	(32,496,457)
Ending balance, net book value	88,957,752	111,150,227	105,463,737
- Depreciation for the year	(10,995,023)	(12,137,445)	$ (19,983,772)
- Sale of vessels	(10,550,000)
- Sale of vessels	3,666,244
- Sale of vessels	(6,883,756)
- Vessel held for sale	(5,091,539)
- Vessel held for sale	777,843
- Vessel held for sale	$ (4,313,696)
- Purchase of vessel		$ 21,323,935

Note 6 - Deferred Charges, Ne50

Note 6 - Deferred Charges, Net (Details) - Summary of Deferred Charges - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary of Deferred Charges [Abstract]
Balance, beginning of year	$ 335,621	$ 338,431
Amortization of loan arrangement fees	(150,189)	(137,032)
Deferred offering expenses		(165,678)
Loan arrangement fees	515,174	299,900
Balance, end of year	$ 700,606	$ 335,621

Note 7 - Accrued Expenses (Deta

Note 7 - Accrued Expenses (Details) - Summary of Accrued Expenses - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Summary of Accrued Expenses [Abstract]
Accrued payroll expenses	$ 319,443	$ 218,887
Accrued interest	153,102	96,894
Accrued general and administrative expenses	112,570	181,593
Accrued commissions	36,189	94,778
Other accrued expenses	581,766	468,645
Total	$ 1,203,070	$ 1,060,797

Note 8 - Related Party Transa52

Note 8 - Related Party Transactions (Details)	Jan. 01, 2014	Jan. 01, 2012	Jan. 01, 2011	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2013USD ($)	Dec. 31, 2013EUR (€)
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Agreement Term	5 years		5 years
Related Party Transaction Discount Percentage		5.00%
Number of Vessels					20
Related Party Transaction Daily Fee Per Vessel Per Day In Operation (in Euro) | €						€ 720
Related Party Transaction Daily Fee Per Vessel Per Day In Lay Up (in Euro) | €						€ 360
Due to Related Parties					$ 322,703		$ 1,145,808
Related Party Transaction Amounts Of Transaction Per Crew Member Per Month					50
Eurobulk Ltd. [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction					$ 2,000,000		2,000,000		$ 1,900,000
Related Party Transaction Discount Percentage					5.00%	5.00%
Eurobulk Ltd. [Member] | After Discount [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction Daily Fee Per Vessel Per Day In Operation (in Euro) | €						€ 685
Related Party Transaction Daily Fee Per Vessel Per Day In Lay Up (in Euro) | €						€ 342.5
Eurobulk Ltd. [Member] | Scenario, Forecast [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction				$ 2,000,000
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction					$ 2,000,000		2,000,000		1,900,000
Eurochart [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party					77,022
Sentinel [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party					$ 129,564		131,448			€ 128,742
Related Party Transaction, Commission on Premium, Maximum, Percentage					5.00%	5.00%
Technomar [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party					$ 175,586		215,915			270,923
Vessel Management Fees (Member) | Eurobulk Ltd. [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Servce Management Costs, Daily Fee, Related Party (in Euro) | €						€ 685		€ 685		€ 685
Related Party Transaction, Amounts of Transaction					$ 4,151,335		4,894,559		4,891,024
Vessel Sales [Member] | Eurochart [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction Commission Percentage					1.00%	1.00%
Charter Revenues [Member] | Eurochart [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction Commission Percentage					1.25%	1.25%
Related Party Transaction, Expenses from Transactions with Related Party					$ 475,792		517,828		$ 474,466
Euroseas Ltd (Member)
Note 8 - Related Party Transactions (Details) [Line Items]
Number of Vessels					11
Euromar LLC Joint Venture (Member)
Note 8 - Related Party Transactions (Details) [Line Items]
Number of Vessels					11
Euromar LLC Joint Venture (Member) | M/V Eirini P [Member]
Note 8 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party							$ 204,500

Note 9 - Long-term Debt (Detail

Note 9 - Long-term Debt (Details)

Nov. 26, 2015USD ($)

Nov. 12, 2015USD ($)

Mar. 20, 2015USD ($)

Jan. 12, 2015USD ($)

Jun. 25, 2014USD ($)

Feb. 03, 2014USD ($)

Apr. 05, 2013USD ($)

Oct. 29, 2012USD ($)

Dec. 28, 2010USD ($)

Nov. 05, 2010USD ($)

Dec. 15, 2009USD ($)

Jan. 19, 2009USD ($)

Jun. 11, 2007USD ($)

Nov. 15, 2006USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Nov. 01, 2013USD ($)

Note 9 - Long-term Debt (Details) [Line Items]

Proceeds from Issuance of Long-term Debt

$ 8,400,000

$ 23,300,000

Long-term Debt, Gross

$ 40,521,040

54,257,000

Limited Dividends Percentage Loans to Profits

60.00%

Restricted Cash and Cash Equivalents

$ 10,466,743

7,994,093

Interest Expense

1,352,737

$ 2,015,155

$ 1,699,951

Accumulated Capitalized Interest Costs

$ 697,048

Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 20,000,000

Debt Instrument Number of Quarterly Payments

8

Debt Instrument, Periodic Payment

$ 75,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

676,039

$ 5,000,000

Extinguishment of Debt, Amount

2,123,961

Debt Instrument Minimum Cash Balance, Cancelled

400,000

Long-term Debt, Gross

$ 1,276,039

Manolis Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 10,000,000

Debt Instrument Number of Quarterly Payments

32

Debt Instrument, Periodic Payment

$ 160,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

4,880,000

Debt Instrument Minimum Cash Balance

$ 300,000

SAF-Concord Shipping Ltd. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 10,000,000

Debt Instrument Number of Quarterly Payments

20

Debt Instrument, Periodic Payment

$ 250,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

5,000,000

Debt Instrument Minimum Cash Balance

$ 300,000

Pantelis Shipping Corp. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 13,000,000

Debt Instrument Number of Quarterly Payments

32

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 3,160,000

Debt Instrument Minimum Cash Balance

$ 300,000

Aggeliki Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 8,500,000

Debt Instrument Number of Quarterly Payments

20

Debt Instrument, Periodic Payment

$ 303,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 2,440,000

Noumea Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 20,000,000

Eirini Shipping Ltd and Eleni Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 15,300,000

Debt Instrument Number of Quarterly Payments

20

Debt Instrument, Periodic Payment

$ 350,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 8,300,000

Cash Pledged as Collateral for Loan Facility

$ 1,250,000

Eirini Shipping Ltd and Eleni Shipping Ltd [Member] | M/V Eirini and M/V Eleni [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Property, Plant, and Equipment Value to Outstanding Facility Amount

130.00%

Euroseas Ltd (Member)

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 8,000,000

Debt Instrument Number of Quarterly Payments

12

Debt Instrument, Periodic Payment

$ 375,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 3,500,000

London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member] | Joanna Maritime Ltd as Guarantor [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.935%

London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member] | Alcinoe Shipping Ltd as Guarantor [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.90%

London Interbank Offered Rate (LIBOR) [Member] | SAF-Concord Shipping Ltd. [Member] | First Five Year Installments [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.50%

London Interbank Offered Rate (LIBOR) [Member] | Pantelis Shipping Corp. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.70%

London Interbank Offered Rate (LIBOR) [Member] | Aggeliki Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.85%

London Interbank Offered Rate (LIBOR) [Member] | Eirini Shipping Ltd and Eleni Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

3.75%

London Interbank Offered Rate (LIBOR) [Member] | Euroseas Ltd (Member)

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

6.00%

Minimum [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Property, Plant, and Equipment Fair Falue, to Oustanding Loan Net, Ratio

125.00%

Minimum [Member] | Manolis Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Percentage To Fair Market Value

55.00%

Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Manolis Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.80%

Maximum [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Property, Plant, and Equipment Fair Falue, to Oustanding Loan Net, Ratio

130.00%

Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Manolis Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

0.90%

First Set of Payments [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

8

Debt Instrument, Periodic Payment

$ 1,000,000

Second Set of Payments [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

4

Debt Instrument, Periodic Payment

$ 750,000

Third Set of Payments [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

16

Debt Instrument, Periodic Payment

$ 250,000

Addendum [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

8

Debt Instrument, Periodic Payment

$ 200,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 3,400,000

Debt Instrument Minimum Cash Balance

$ 400,000

Addendum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

5.30%

Refinancing [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

8

Debt Instrument, Periodic Payment

$ 200,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

1,800,000

Debt Instrument Minimum Cash Balance

400,000

Proceeds from Issuance of Long-term Debt

$ 3,400,000

Refinancing [Member] | London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

5.30%

Supplemental Agreement [Member] | SAF-Concord Shipping Ltd. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

8

Debt Instrument, Periodic Payment

$ 250,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 3,000,000

Supplemental Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | SAF-Concord Shipping Ltd. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

5.00%

Four Installments [Member] | Pantelis Shipping Corp. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

4

Debt Instrument, Periodic Payment

$ 500,000

Twenty-Eight Installments [Member] | Pantelis Shipping Corp. [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument Number of Quarterly Payments

28

Debt Instrument, Periodic Payment

$ 280,000

Tranche A [Member] | Noumea Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

15,000,000

Debt Instrument, Periodic Payment

720,000

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$ 6,360,000

Debt Instrument, Number of Tranches

2

Debt Instrument Number Of Semi-Annual Payments

12

Tranche A [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Noumea Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.65%

Tranche B [Member] | Noumea Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Face Amount

$ 5,000,000

Debt Instrument, Periodic Payment

$ 625,000

Debt Instrument Number Of Semi-Annual Payments

8

Tranche B [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Noumea Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.65%

Tranche B [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Noumea Shipping Ltd [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

4.00%

Finance Construction of Hull No DY 160 [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Term Loan Facility, Maximum Borrowing Capacity

$ 19,950,000

Term Loan Facility, Maximum Borrowing Capacity, As a Percentage of Vessel Market Value Upon Delivery, Approved Charter

70.00%

Term Loan Facility, Maximum Borrowing Capacity, As a Percentage of Vessel Market Value Upon Delivery, Charter Free

65.00%

Debt Instrument, Term

5 years

Line of Credit Facility, Commitment Fee Percentage

1.00%

Finance Construction of Hull No DY 160 [Member] | London Interbank Offered Rate (LIBOR) [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

2.80%

Finance Construction of Hull No DY 161 [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Term Loan Facility, Maximum Borrowing Capacity

$ 19,000,000

Debt Instrument, Term

4 years

Line of Credit Facility, Commitment Fee Percentage

0.90%

Term Loan Facility, Maximum Borrowing Capacity, As a Percentage of Vessel Market Value Upon Delivery

62.50%

Finance Construction of Hull No DY 161 [Member] | London Interbank Offered Rate (LIBOR) [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

3.00%

Note 9 - Long-term Debt (Deta54

Note 9 - Long-term Debt (Details) - Summary of Long-term Debt - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Bank loans	$ 40,521,040	$ 54,257,000
Less: Current portion	(14,810,000)	(19,512,000)
Long-term portion	25,711,040	34,745,000
Joanna Maritime Ltd. Borrower [Member]
Debt Instrument [Line Items]
Bank loans	1,276,040	4,200,000
Manolis Shipping Ltd. Borrower [Member]
Debt Instrument [Line Items]
Bank loans	4,500,000	5,200,000
Saf-Concord Shipping Ltd. Borrower [Member]
Debt Instrument [Line Items]
Bank loans	3,250,000	4,250,000
Pantelis Shipping Corp. Borrower [Member]
Debt Instrument [Line Items]
Bank loans	5,120,000	6,240,000
Aggeliki Shipping Ltd. Borrower [Member]
Debt Instrument [Line Items]
Bank loans		3,652,000
Noumea Shipping Ltd. Borrower [Member]
Debt Instrument [Line Items]
Bank loans	7,800,000	9,240,000
Eirini Shipping Ltd. [Member]
Debt Instrument [Line Items]
Bank loans	13,200,000	14,600,000
Euroseas Ltd (Member)
Debt Instrument [Line Items]
Bank loans	$ 5,375,000	$ 6,875,000

Note 9 - Long-term Debt (Deta55

Note 9 - Long-term Debt (Details) - Summary of Future Annual Loan Repayments for Long-term Debt	Dec. 31, 2015USD ($)
Summary of Future Annual Loan Repayments for Long-term Debt [Abstract]
2,016	$ 14,810,000
2,017	7,629,373
2,018	2,653,333
2,019	15,428,334
Total	$ 40,521,040

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details)	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Equity Method Investment, Ownership Percentage	50.00%

Note 11 - Commitments and Con57

Note 11 - Commitments and Contingencies (Details)	Feb. 25, 2016USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)
Note 11 - Commitments and Contingencies (Details) [Line Items]
Number of Vessels Under Construction				4
Payments to Acquire Property, Plant, and Equipment		$ 21,323,935	$ 5,978,062
Purchase Obligation, Due in Next Twelve Months				$ 40,840,000
Purchase Obligation, Due in Second Year				2,770,000
Purchase Obligation, Due in Third Year				$ 19,390,000
Subsequent Event [Member]
Note 11 - Commitments and Contingencies (Details) [Line Items]
Number of Vessels Under Construction	3
Number of Vessels Delivered	1
One Vessel [Member] | Subsequent Event [Member]
Note 11 - Commitments and Contingencies (Details) [Line Items]
Payments to Acquire Property, Plant, and Equipment	$ 21,350,000

Note 12 - Stock Incentive Pla58

Note 12 - Stock Incentive Plan (Details)	Nov. 06, 2015shares	Nov. 03, 2014shares	Jul. 31, 2014shares	Nov. 21, 2013shares	Jun. 15, 2010shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Note 12 - Stock Incentive Plan (Details) [Line Items]
Allocated Share-based Compensation Expense (in Dollars) | $						$ 306,111	$ 510,114	$ 568,334
The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					1,500,000
Share-basedCompensation Arrangement by Share Based Payment Awarded Term					10 years
The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			2,500,000
Share-basedCompensation Arrangement by Share Based Payment Awarded Term			10 years
Restricted Stock [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						68,400
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | $						$ 334,762
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition						280 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value (in Dollars) | $						$ 285,912	$ 459,000	$ 508,500
Restricted Stock [Member] | The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Number of Key People Issued Awards				19
Restricted Stock [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Number of Key People Issued Awards	19	19
Restricted Stock [Member] | The 19 Key Persons [Member] | The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				45,000
Restricted Stock [Member] | The 19 Key Persons [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	68,400	45,000
Restricted Stock [Member] | Officers and Directors [Member] | The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				25,350
Restricted Stock [Member] | Officers and Directors [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	40,040	26,100
Restricted Stock [Member] | Eurobulk Employees [Member] | The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				19,650
Restricted Stock [Member] | Eurobulk Employees [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	28,360	18,900
Restricted Stock [Member] | Vesting on July 1, 2014 [Member] | The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50.00%
Restricted Stock [Member] | Vesting on July 1, 2015 [Member] | The 2010 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				50.00%
Restricted Stock [Member] | Vesting November 16, 2015 [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Restricted Stock [Member] | Vesting November 16, 2016 [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Restricted Stock [Member] | Vesting on July 1, 2016 [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
Restricted Stock [Member] | Vesting on July 1, 2017 [Member] | The 2014 Plan [Member]
Note 12 - Stock Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%

Note 12 - Stock Incentive Pla59

Note 12 - Stock Incentive Plan (Details) - Summary of the Status of the Company’s Non-vested Shares - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Note 12 - Stock Incentive Plan (Details) - Summary of the Status of the Company’s Non-vested Shares [Line Items]
Non-vested on January 1, 2015 | shares	67,500
Non-vested on January 1, 2015 | $ / shares	$ 10.57
Granted | shares	68,400
Granted | $ / shares	$ 4.18
Vested | shares	(45,000)
Vested | $ / shares	$ 10.75
Non-vested on December 31, 2015 | shares	90,900
Non-vested on December 31, 2015 | $ / shares	$ 5.67

Note 13 - Earnings _ (Loss) P60

Note 13 - Earnings / (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,443	18,395	11,581

Note 13 - Earnings _ (Loss) P61

Note 13 - Earnings / (Loss) Per Share (Details) - Summary of Basic and Diluted Loss per Common Share - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income:
Net loss attributable to common shareholders’	$ (15,687,132)	$ (19,359,005)	$ (103,424,827)
Basic earnings per share:
Weighted average common shares - Outstanding	6,410,794	5,479,418	4,544,284
Basic loss per share	$ (2.45)	$ (3.53)	$ (22.76)
Effect of dilutive securities
Diluted loss per share	$ (2.45)	$ (3.53)	$ (22.76)

Note 14 - Voyage, Vessel Oper62

Note 14 - Voyage, Vessel Operating Expenses and Commissions (Details) - Summary of Voyage, Vessel, Operating Expenses and Commissions - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Voyage expenses
Voyage expenses	$ 2,312,513	$ 3,963,181	$ 1,537,898
Vessel operating expenses
Vessel operating expenses	25,204,593	25,279,087	25,191,250
Port Charges and Canal Dues [Member]
Voyage expenses
Voyage expenses	832,917	1,214,856	364,091
Bunkers [Member]
Voyage expenses
Voyage expenses	1,479,596	2,748,325	1,173,807
Crew Wages and Related Costs [Member]
Vessel operating expenses
Vessel operating expenses	14,164,355	13,985,377	13,921,033
Insurance [Member]
Vessel operating expenses
Vessel operating expenses	2,412,366	2,364,112	2,222,912
Repairs and Maintenance [Member]
Vessel operating expenses
Vessel operating expenses	503,934	501,733	478,197
Lubricants [Member]
Vessel operating expenses
Vessel operating expenses	2,433,956	2,379,191	2,836,561
Spares and Consumable Stores [Member]
Vessel operating expenses
Vessel operating expenses	4,058,153	4,083,942	4,204,965
Professional and Legal Fees [Member]
Vessel operating expenses
Vessel operating expenses	492,852	498,240	158,978
Other Vessel Operating Expenses [Member]
Vessel operating expenses
Vessel operating expenses	$ 1,138,977	$ 1,466,492	$ 1,368,604

Note 14 - Voyage, Vessel Oper63

Note 14 - Voyage, Vessel Operating Expenses and Commissions (Details) - Commission Consisted of Commissions Charged - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Commissions	$ 2,216,836	$ 2,192,626	$ 1,936,381
Third Party [Member]
Segment Reporting Information [Line Items]
Commissions	1,741,044	1,674,798	1,461,915
Related Party [Member]
Segment Reporting Information [Line Items]
Commissions	$ 475,792	$ 517,828	$ 474,466

Note 15 - Financial Instrumen64

Note 15 - Financial Instruments (Details)	Dec. 31, 2015USD ($)	Dec. 21, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Note 15 - Financial Instruments (Details) [Line Items]
Asset Impairment Charges				$ 1,641,885	$ 3,500,000	$ 78,207,462
Long-term Debt, Fair Value	$ 39,000,000			39,000,000
Difference between Fair Value and Carrying Value	(1,500,000)			(1,500,000)
Long-term Debt	$ 40,521,040			$ 40,521,040
Fair Value Assumptions, Expected Dividend Rate				19.00%
Other Investment, Effect of One Percentage Point Increase (Decrease) on Fair Value				$ 300,000
Interest Rate Swap [Member]
Note 15 - Financial Instruments (Details) [Line Items]
Derivative, Number of Instruments Held	3			3
Derivative, Notional Amount	$ 30,000,000			$ 30,000,000
M/V Aristides [Member]
Note 15 - Financial Instruments (Details) [Line Items]
Asset Impairment Charges	$ 1,600,000	$ 1,641,885	$ 3,500,000	$ 1,640,000	$ 3,500,000
Disposal Group, Including Discontinued Operation, Consideration		$ 2,671,811

Note 15 - Financial Instrumen65

Note 15 - Financial Instruments (Details) - Fair Value of Company’s Liabilities - Interest Rate Swap [Member] - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Liabilities
Interest rate swap contracts, current and long-term portion	$ 298,771	$ 253,102
Fair Value, Inputs, Level 2 [Member]
Liabilities
Interest rate swap contracts, current and long-term portion	$ 298,771	$ 253,102

Note 15 - Financial Instrumen66

Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis - USD ($)	Dec. 31, 2015	Dec. 21, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items]
Asset Impairment Charges				$ 1,641,885	$ 3,500,000	$ 78,207,462
M/V Aristides [Member]
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items]
Asset Impairment Charges	$ 1,600,000	$ 1,641,885	$ 3,500,000	1,640,000	3,500,000
Fair Value, Inputs, Level 2 [Member] | M/V Aristides [Member]
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items]
Significant Other Observable Inputs (Level 2)	$ 2,700,000		$ 5,100,000	$ 2,700,000	$ 5,100,000

Note 15 - Financial Instrumen67

Note 15 - Financial Instruments (Details) - Quantitative Information about Level 3 Fair Value Measurements - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investment	$ 7,396,738	$ 6,183,800	$ 5,196,196
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Other investment	$ 7,396,738
Other investment	19%

Note 16 - Derivative Financia68

Note 16 - Derivative Financial Instruments (Details) $ in Millions	Dec. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Oct. 17, 2014USD ($)
Interest Rate Swap [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Number of Instruments Held	3
Derivative, Notional Amount (in Dollars)	$ 30
Interest Rate Swap [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Number of Instruments Held			2
Interest Rate Swap [Member] | November 28, 2016 [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Average Fixed Interest Rate			0.50%
Interest Rate Swap [Member] | November 28, 2017 [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Average Fixed Interest Rate			0.95%
Interest Rate Swap [Member] | May 28, 2019 [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Average Fixed Interest Rate			3.55%
First Two Contracts [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Notional Amount (in Dollars)			$ 10
Interest Rate Swap One [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Notional Amount (in Dollars)	$ 10
Derivative, Fixed Interest Rate	2.29%		1.29%
Interest Rate Swap Two [Member] | Eurobank [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Notional Amount (in Dollars)	$ 10
Derivative, Fixed Interest Rate	1.29%
Derivative, Average Fixed Interest Rate			1.97%
Forward Step Up Swap [Member]
Note 16 - Derivative Financial Instruments (Details) [Line Items]
Derivative, Notional Amount (in Dollars)		$ 10

Note 16 - Derivative Financia69

Note 16 - Derivative Financial Instruments (Details) - Summary of Derivative Activity - Eurobank [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Oct. 17, 2014
Interest Rate Swap One [Member]
Derivative [Line Items]
Trade date	Jan. 21, 2011
Notional amount	$ 10
Interest rate	2.29%	1.29%
End date	Jan. 21, 2016
Interest Rate Swap Two [Member]
Derivative [Line Items]
Trade date	Sep. 20, 2013
Notional amount	$ 10
Interest rate	1.29%
End date	Dec. 31, 2016
Interest Rate Swap Three [Member]
Derivative [Line Items]
Trade date	Oct. 17, 2014
Notional amount	$ 10
Interest rate	1.97%
End date	May 28, 2019

Note 16 - Derivative Financia70

Note 16 - Derivative Financial Instruments (Details) - Derivative Not Designated as Hedging Instruments by Account Type - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Interest rate swap contracts	$ 50,402	$ 297,992
Interest rate contracts	202,700	779
Total derivative liabilities	253,102	298,771
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Interest rate swap contracts	50,402	297,992
Interest rate contracts	$ 202,700	$ 779

Note 16 - Derivative Financia71

Note 16 - Derivative Financial Instruments (Details) - Gain or Loss on Derivatives Not Designated as Hedging Instruments - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivatives	$ (261,674)	$ (44,648)	$ (177,132)
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivatives	(261,674)	(44,648)	(177,132)
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate – Fair value	45,669	718,977	1,375,820
Interest rate contracts - Realized loss	$ (307,343)	$ (763,625)	$ (1,552,952)

Note 17 - Investment in Joint72

Note 17 - Investment in Joint Venture and Other Investment (Details) - USD ($)	Oct. 15, 2013	Mar. 26, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 25, 2010
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Income (Loss) from Equity Method Investments			$ (2,158,393)	$ (2,541,775)	$ (2,023,191)
Payments to Acquire Equity Method Investments			0	0
Equity Method Investments			16,515,701	18,674,094
Investment Income, Dividend			1,212,938	987,604	196,196
Long-term Debt			40,521,040
Corporate Joint Venture [Member] | Euromar LLC, The Joint Venture (Member)
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Investment in Joint Venture, Total Maximum Investment by Members						$ 175,000,000
Euromar LLC, The Joint Venture (Member)
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Equity Method Investments			2,200,000	2,500,000	2,000,000
Escrow Deposit	$ 5,000,000
Limited Liability Company LLC Amount of Escrowed Cash Exchanged for Each Preferred Unit	$ 1,000
Limited Liability Company (LLC) Preferred Unit, Issued (in Shares)	5,000
Preferred Stock, Dividend Rate, Percentage	19.00%
Investment Income, Dividend			1,212,938	987,604	196,196
Euromar LLC, The Joint Venture (Member) | Corporate Joint Venture [Member]
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Equity Method Investment, Aggregate Cost						$ 25,000,000
Equity Method Investment, Ownership Percentage, Maximum Percentage						14.286%
Income (Loss) from Equity Method Investments				$ 240,000
Payments to Acquire Equity Method Investments					6,250,000
Equity Method Investment, increase in maximum investment					$ 25,000,000
Euromar LLC, The Joint Venture (Member) | Corporate Joint Venture [Member] | Eton Park and Rhone [Member]
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Equity Method Investment, Ownership Percentage, Maximum Percentage						42.857%
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Maximum Investment						$ 75,000,000
Conversion Ratio Company Market Value Multiplier		0.925%
Credit Facility Maturing August 2016 [Member] | Euromar LLC, The Joint Venture (Member) | Corporate Joint Venture [Member]
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Long-term Debt			63,010,000
Credit Facility Maturing October 2016 [Member] | Euromar LLC, The Joint Venture (Member) | Corporate Joint Venture [Member]
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items]
Long-term Debt			$ 23,450,000

Note 17 - Investment in Joint73

Note 17 - Investment in Joint Venture and Other Investment (Details) - Summarized Financial Information for the Joint Venture - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Voyage revenue	$ 39,656,670	$ 42,586,963	$ 40,850,051
Euromar LLC, The Joint Venture (Member)
Schedule of Equity Method Investments [Line Items]
Current assets	11,880,202	9,520,607	11,207,156
Non current assets	223,366,979	252,531,888	268,669,047
Current liabilities	116,207,106	16,194,148	4,079,748
Non current liabilities	3,495,007	115,181,837	127,350,355
Members’ contributions	175,000,000	175,000,000	175,000,000
Voyage revenue	34,419,758	31,663,989	27,510,792
Net revenue	33,114,016	30,269,066	26,163,274
Operating loss	(7,912,039)	(11,058,601)	(7,313,783)
Net loss	$ (15,108,751)	$ (17,798,476)	$ (14,106,082)

Note 17 - Investment in Joint74

Note 17 - Investment in Joint Venture and Other Investment (Details) - Investment in Joint Venture - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in Joint Venture [Abstract]
Balance	$ 6,183,800	$ 5,196,196
Total gain for period included in Investment income	1,212,938	987,604	$ 196,196
Balance	$ 7,396,738	$ 6,183,800	$ 5,196,196

Note 18 - Preferred shares (Det

Note 18 - Preferred shares (Details)	Sep. 17, 2015shares	Mar. 11, 2014shares	Jan. 27, 2014USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Note 18 - Preferred shares (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) | shares	2,343,335	1,100,000
Preferred Stock, Percentage of Voting Rights, Number of Common Shares								50.00%
Dividends, Paid-in-kind								$ 1,639,149	$ 1,440,100
Series B Preferred Stock [Member]
Note 18 - Preferred shares (Details) [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			$ 29,000,000
Preferred Stock, Redemption Price Per Share (in Dollars per share) | $ / shares			$ 1,000
Preferred Stock, Convertible, Initial Conversion Price (in Dollars per share) | $ / shares			$ 12.25
Preferred Stock, Redemption Amount								$ 33,779,249
Number of Consecutive In-Kind Dividends Declared								4
Dividends, Paid-in-kind								$ 1,640,000
Series B Preferred Stock [Member] | TCP [Member]
Note 18 - Preferred shares (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) | shares			25,000
Series B Preferred Stock [Member] | Preferred Friends Investment Company, Inc [Member]
Note 18 - Preferred shares (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) | shares			5,700
Series B Preferred Stock [Member] | First Five Years [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Additional Cash Dividend Under Specified Conditions, Percentage			40.00%
Preferred Stock, Cash Dividend Under Other Specified Conditions, Percentage			100.00%
Preferred Stock, Dividend Rate Under Other Specified Conditions, Percentage			5.00%
Series B Preferred Stock [Member] | After First Five Years [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Dividend Rate, Percentage			40.00%
Series B Preferred Stock [Member] | Years Six and Seven [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Dividend Rate, Percentage			12.00%
Series B Preferred Stock [Member] | After Year Seven [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Dividend Rate, Percentage			14.00%
Series B Preferred Stock [Member] | Scenario, Forecast [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Redemption Amount				$ 39,359,846	$ 39,207,373	$ 37,306,766	$ 35,498,294
Increase in Carrying Amount of Redeemable Preferred Stock				$ 152,473	$ 1,900,607	$ 1,808,472	$ 1,720,806
Minimum [Member] | Series B Preferred Stock [Member] | First Five Years [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Dividend Rate, Percentage			0.00%
Maximum [Member] | Series B Preferred Stock [Member] | First Five Years [Member]
Note 18 - Preferred shares (Details) [Line Items]
Preferred Stock, Dividend Rate, Percentage			5.00%

Note 18 - Preferred shares (D76

Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares - USD ($)	Sep. 17, 2015	Mar. 11, 2014	Dec. 31, 2015	Dec. 31, 2014
Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares [Line Items]
Issuance of preferred shares from private placement net of issuance costs (in Shares)	2,343,335	1,100,000
Dividends declared (in Shares)			1,639	1,440
Dividends declared			$ 1,639,149	$ 1,440,100
Balance (in Shares)			33,779	32,140
Balance			$ 32,079,249	$ 30,440,100
Private Placement [Member]
Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares [Line Items]
Issuance of preferred shares from private placement net of issuance costs				$ 14,500,000
Private Placement [Member] | Preferred Stock [Member]
Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares [Line Items]
Issuance of preferred shares from private placement net of issuance costs (in Shares)				30,700
Issuance of preferred shares from private placement net of issuance costs				$ 29,000,000
Ordinary Preferred Stock [Member]
Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares [Line Items]
Balance			29,000,000	29,000,000
Ordinary Preferred Stock [Member] | Private Placement [Member] | Preferred Stock [Member]
Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares [Line Items]
Issuance of preferred shares from private placement net of issuance costs				29,000,000
Preferred Stock Issued as Dividends [Member]
Note 18 - Preferred shares (Details) - Dividends Series B Preferred Shares [Line Items]
Dividends declared			1,639,149	1,440,100
Balance			$ 3,039,249	$ 1,400,100

Note 19 - Common Stock (Details

Note 19 - Common Stock (Details)	Sep. 17, 2015USD ($)$ / sharesshares	Jul. 23, 2015	Jul. 22, 2015	Mar. 11, 2014USD ($)$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Note 19 - Common Stock (Details) [Line Items]
Stock Issued During Period, Shares, New Issues (in Shares) | shares	2,343,335			1,100,000
Share Price | $ / shares	$ 4.50			$ 13.435
Proceeds from Issuance of Private Placement				$ 14,500,000
Proceeds from Issuance of Common Stock	$ 10,550,000				$ 10,545,007	$ 14,550,000
Reverse Stock Split [Member]
Note 19 - Common Stock (Details) [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio		10	10

Note 20 - Subsequent Events (De

Note 20 - Subsequent Events (Details)	Feb. 25, 2016USD ($)	Feb. 12, 2016USD ($)	May. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Note 20 - Subsequent Events (Details) [Line Items]
Proceeds from Issuance of Long-term Debt				$ 8,400,000	$ 23,300,000
Proceeds from Sale of Property, Plant, and Equipment				$ 7,345,342		$ 7,322,818
M/V Captain Costas [Member] | Scenario, Forecast [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Proceeds from Sale of Property, Plant, and Equipment			$ 2,770,000
Eurobank [Member] | Subsequent Event [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Proceeds from Issuance of Long-term Debt		$ 14,500,000
Debt Instrument Number of Quarterly Payments		12
Debt Instrument, Periodic Payment		$ 460,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 8,980,000
Eurobank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate		6.00%
Nord LB [Member] | Subsequent Event [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Proceeds from Issuance of Long-term Debt	$ 13,800,000
Debt Instrument, Periodic Payment	467,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 7,262,000
Debt Instrument Number Of Semi-Annual Payments	14
Nord LB [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.95%
Cash [Member] | Eurobank [Member] | Subsequent Event [Member]
Note 20 - Subsequent Events (Details) [Line Items]
Cash Pledged as Collateral for Loan Facility		$ 2,800,000