Euroseas (ESEA) 20-F 7 Apr 17 2016 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2016shares
Document Information [Line Items]
Entity Registrant Name	EUROSEAS LTD.
Entity Central Index Key	1,341,170
Trading Symbol	esea
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)	10,876,112
Document Type	20-F
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 3,208,092	$ 8,715,636
Trade accounts receivable, net	1,432,114	1,408,272
Other receivables	870,415	1,231,391
Inventory	1,291,279	1,464,940
Restricted cash	655,739	5,916,743
Prepaid expenses	172,398	175,506
Vessel held for sale	2,814,046	2,671,811
Total current assets	10,444,083	21,584,299
Fixed assets
Vessels, net	105,584,633	88,957,752
Advances for vessels under construction and vessel acquisition deposits	17,753,737	32,701,867
Long-term assets
Restricted cash	5,484,268	4,550,000
Deferred charges, net	426,783	418,034
Other investment	4,000,000	7,396,738
Equity Method Investments		16,515,701
Total long-term assets	133,249,421	150,540,092
Total assets	143,693,504	172,124,391
Current liabilities
Long-term debt, current portion	5,549,218	14,685,766
Loan from related party	11,539	322,703
Trade accounts payable	1,864,263	1,394,874
Accrued expenses	1,312,293	1,203,070
Liabilities from assets held for sale		1,122,208
Deferred revenues	437,322	462,124
Due to related company	11,539	322,703
Derivatives		50,402
Total current liabilities	11,174,635	19,241,147
Long-term liabilities
Long-term debt, net of current portion	44,366,976	25,552,702
Derivatives	240,181	202,700
Total long-term liabilities	44,607,157	25,755,402
Total liabilities	55,781,792	44,996,549
Commitments and contingencies
Preferred shares (par value $0.01, 20,000,000 shares authorized, 33,779 and 35,505 issued and outstanding, respectively)	33,804,948	32,079,249
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 8,195,760 and 10,876,112 issued and outstanding)	326,283	245,873
Additional paid-in capital	283,757,739	278,833,156
Accumulated deficit	(229,977,258)	(184,030,436)
Total shareholders’ equity	54,106,764	95,048,593
Total liabilities, mezzanine equity and shareholders’ equity	143,693,504	172,124,391
Euroseas Ltd (Member)
Current liabilities
Loan from related party	2,000,000
Due to related company	$ 2,000,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	20,000,000	20,000,000
Preferred shares, shares issued (in shares)	35,505	33,779
Preferred shares, shares outstanding (in shares)	35,505	33,779
Common stock, par value (in dollars per share)	$ 0.03	$ 0.03
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	10,876,112	8,195,760
Common stock, shares outstanding (in shares)	10,876,112	8,195,760

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Voyage revenue	$ 29,789,036	$ 39,656,670	$ 42,586,963
Related party revenue	240,000	240,000	240,000
Commissions (including, $517,828 $475,792 and $372,806, respectively, to related party)	(1,604,747)	(2,216,836)	(2,192,626)
Net revenue	28,424,289	37,679,834	40,634,337
Operating expenses
Voyage expenses	1,291,712	2,312,513	3,963,181
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	18,161,862	25,204,593	25,279,087
Dry-docking expenses	2,204,784	1,912,407	1,975,590
Vessel depreciation	8,788,121	10,995,023	12,137,445
Related party management fees	3,179,596	4,151,335	4,894,559
Other general and administrative expenses (including $2,000,000, $2,000,000 and $2,000,000, respectively, to related party)	3,472,422	3,327,061	3,514,636
Net gain on sale of vessels (including $0, $77,022 and $27,741 to related party)	(10,597)	(461,586)
Loss on termination and impairment of newbuilding contracts	7,050,179
Impairment loss and loss on write-down of vessel held for sale (including $0, $28,055 and $29,469, respectively, to related party)	5,924,668	1,641,885	3,500,000
Total operating expenses	50,062,747	49,083,231	55,264,498
Operating loss	(21,638,458)	(11,403,397)	(14,630,161)
Other income/(expenses)
Interest and other financing costs	(2,531,999)	(1,486,534)	(2,152,187)
Loss on derivatives, net	(119,154)	(261,674)	(44,648)
Other investment income	1,024,714	1,212,938	987,604
Impairment of other investment	(4,421,452)
Foreign exchange gain / (loss)	(41,402)	22,421	40,022
Interest income	22,330	26,656	422,240
Other expenses, net	(6,066,963)	(486,193)	(746,969)
Equity loss in joint venture	(2,444,627)	(2,158,393)	(2,541,775)
Impairment in joint venture	(14,071,075)
Net loss	(44,221,123)	(14,047,983)	(17,918,905)
Dividends to Series B preferred shares	(1,725,699)	(1,639,149)	(1,440,100)
Net loss attributable to common shareholders	$ (45,946,822)	$ (15,687,132)	$ (19,359,005)
Loss per share attributable to common shareholders - basic and diluted (in dollars per share)	$ (5.63)	$ (2.45)	$ (3.53)
Weighted average number of shares outstanding during the year, basic and diluted (in shares)	8,165,703	6,410,794	5,479,418

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commissions paid to related party	$ 372,806	$ 475,792	$ 517,828
Vessel operating expenses, related party	233,077	305,150	347,363
Other general and administrative expenses, related party	2,000,000	2,000,000	2,000,000
Net gain on sale of vessels, related party	27,741	77,022	0
Impairment loss and loss on write-down of vessel held for sale	$ 29,469	$ 28,055	$ 0

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]Retained Earnings [Member]	Private Placement [Member]	Sale at the Market [Member]Common Stock [Member]	Sale at the Market [Member]Additional Paid-in Capital [Member]	Sale at the Market [Member]Retained Earnings [Member]	Sale at the Market [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2013									4,572,326
Balance at Dec. 31, 2013									$ 137,170	$ 253,549,211	$ (148,984,299)	$ 104,702,082
Net loss attributable to common shareholders											(19,359,005)	(19,359,005)
Issuance of shares from private placement, net of issuance costs (in shares)	1,116,487
Issuance of shares, net of issuance costs	$ 33,495	$ 14,466,505		$ 14,500,000
Issuance of restricted shares for stock incentive award and share-based compensation (in shares)									43,724
Issuance of restricted shares for stock incentive award and share-based compensation									$ 1,312	508,802		510,114
Canceled shares due to repurchase program (in shares)									(16,806)
Canceled shares due to repurchase program									$ (505)	(150,182)		(150,687)
Balance (in shares) at Dec. 31, 2014									5,715,731
Balance at Dec. 31, 2014									$ 171,472	268,374,336	(168,343,304)	100,202,504
Net loss attributable to common shareholders											(15,687,132)	(15,687,132)
Issuance of shares from private placement, net of issuance costs (in shares)									2,343,335
Issuance of shares, net of issuance costs									$ 70,300	10,156,810		10,227,110
Issuance of restricted shares for stock incentive award and share-based compensation (in shares)									135,900
Issuance of restricted shares for stock incentive award and share-based compensation									$ 4,077	302,034		306,111
Balance (in shares) at Dec. 31, 2015									8,195,760
Balance at Dec. 31, 2015									$ 245,873	278,833,156	(184,030,436)	95,048,593
Rounding of stock split (in shares)									794
Rounding of stock split									$ 24	(24)
Net loss attributable to common shareholders											(45,946,822)	(45,946,822)
Issuance of shares from private placement, net of issuance costs (in shares)	719,425				978,847
Issuance of shares, net of issuance costs	$ 21,583	$ 978,417		$ 1,000,000	$ 29,365	$ 1,881,287		$ 1,910,652
Issuance of restricted shares for stock incentive award and share-based compensation (in shares)									82,080
Issuance of restricted shares for stock incentive award and share-based compensation									$ 2,462	291,879		294,341
Balance (in shares) at Dec. 31, 2016									10,876,112
Balance at Dec. 31, 2016									$ 326,283	283,757,739	(229,977,258)	54,106,764
Issuance of shares for vessel acquisition, net of issuance costs (in shares)									900,000
Issuance of shares for vessel acquisition, net of issuance costs									$ 27,000	$ 1,773,000		$ 1,800,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (44,221,123)	$ (14,047,983)	$ (17,918,905)
Adjustments to reconcile net loss to net cash used in operating activities:
Vessel depreciation	8,788,121	10,995,023	12,137,445
Impairment loss and loss on write-down of vessel held for sale	5,924,668	1,641,885	3,500,000
Amortization and write off of deferred charges	613,326	150,189	137,032
Net gain on sale of vessels	(10,597)	(461,586)
Share-based compensation	294,341	306,111	510,114
Loss on termination and impairment of newbuilding contracts	7,050,179
Unrealized gain on derivatives	(12,921)	(45,669)	(718,977)
Other income accrued	(1,024,714)	(1,212,938)	(987,604)
Other Investment, Other than Temporary Impairment	4,421,452
Equity loss and impairment of investment in joint venture	16,515,702	2,158,393	2,541,775
(Increase) / decrease in:
Trade accounts receivable	(23,842)	781,714	(316,841)
Prepaid expenses	3,108	172,725	(52,983)
Other receivables	360,976	(386,671)	596,113
Inventories	245,079	293,990	(284,816)
Due to related company	(311,164)	(823,105)	242,330
Trade accounts payable	588,420	(1,262,798)	466,139
Accrued expenses	(8,447)	54,673	(394,155)
Deferred revenue	(24,802)	(341,525)	(186,944)
Net cash used in operating activities	(832,238)	(2,027,572)	(730,277)
Cash flows from investing activities:
Cash paid for vessels under construction and vessel acquisition	(27,329,825)	(16,628,889)	(15,637,368)
Advance received for vessel held for sale		1,122,208
Purchase of a vessel			(21,323,935)
Release of restricted cash	5,675,034	4,102,364	168,322
Increase in restricted cash	(1,348,297)	(6,575,014)	(300,000)
Proceeds from sale of vessels	4,196,268	7,345,342
Net cash used in investing activities	(18,806,820)	(10,633,989)	(37,092,981)
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	3,168,058	10,545,007	14,550,000
Funds used for common stock buyback			(150,687)
Offering expenses paid	(82,377)	(400,696)	(564,922)
Dividends paid			(13,050)
Loan arrangement fees paid	(790,042)	(442,574)	(299,900)
Proceeds from Issuance of Long-term Debt	28,300,000	8,400,000	23,300,000
Proceeds from related party loan	2,000,000
Repayment of long-term debt	(18,464,125)	(22,135,960)	(14,687,000)
Net cash provided by / (used in) financing activities	14,131,514	(4,034,223)	51,834,441
Net increase / (decrease) in cash and cash equivalents	(5,507,544)	(16,695,784)	14,011,183
Cash and cash equivalents at beginning of year	8,715,636	25,411,420	11,400,237
Cash and cash equivalents at end of year	3,208,092	8,715,636	25,411,420
Supplemental cash flow information
Cash paid for interest, net of capitalized expenses	1,727,186	1,352,737	2,000,850
Financing, and investing activities fees:
Loan arrangement fees accrued	38,400	72,600
Offering expenses accrued	178,308	3,279	86,078
Payment-in-kind dividends	1,725,699	1,639,149	1,440,100
Capital expenditures included in liabilities	218,909	385,488
Shares issued as consideration for vessel acquisition including inventory on-board	$ 1,800,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Euroseas Ltd. (the “Company”) was formed on May 5, 2005 June 28, 2005, June 29, 2005, The operations of the vessels are managed by Eurobulk Ltd. ("Eurobulk" or “Management Company”) and Eurobulk (Far East) Ltd. Inc. (“Eurobulk FE”) , 4 1003, 10th 470 8). The Pittas family is the controlling shareholder of Friends Investment Company Inc. which, in turn, owns 29.1% March 31, 2017. 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, 18,154 1,169 twenty 1993 May 13, 2002. • Alterwall Business Inc. incorporated in Panama on January 15, 2001, 18,253 1,169 1990 February 16, 2001. • Diana Trading Ltd. incorporated in the Marshall Islands on September 25, 2002, 69,734 1988 October 15, 2002. July 10, 2013. • Xenia International Corp., incorporated in the Marshall Islands on April 6, 2006, 22,568 950 1990 April 27, 2006. March 7, 2012, June 4, 2013 • Prospero Maritime Inc., incorporated in the Marshall Islands on July 21, 2006, 69,268 1993 September 21, 2006. January 15, 2016. • Xingang Shipping Ltd., incorporated in Liberia on October 16, 2006, 23,596 1,599 February 1993 November 15, 2006. July 11, 2009, November 5, 2009, October 25, 2011 November 26, 2015. • Manolis Shipping Ltd., incorporated in the Marshall Islands on March 16, 2007, 20,346 1,452 1995 April 12, 2007. • Eternity Shipping Company, incorporated in the Marshall Islands on May 17, 2007, 30,007 1,742 1992 June 13, 2007. May 9, 2008, August 31, 2009 May 10, 2016. • Pilory Associates Corp., incorporated in Panama on July 4, 2007, 33,667 1,932 1990 August 13, 2007. December 28, 2015. • Tiger Navigation Corp., incorporated in Marshall Islands on August 29, 2007, 31,627 2,228 1990 October 4, 2007. November 9, 2015. • Noumea Shipping Ltd, incorporated in Marshall Islands on May 14, 2008, 34,677 2,556 2001 May 22, 2008. • Saf-Concord Shipping Ltd., incorporated in Liberia on June 8, 2008, 46,667 1998 January 19, 2009. • Eleni Shipping Ltd., incorporated in Liberia on February 11, 2009, 72,119 1997, March 6, 2009 January 26, 2017. • Pantelis Shipping Ltd., incorporated in the Republic of Malta on July 2, 2009, 74,020 2000 July 23, 2009. December 15, 2009, • Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on May 21, 2010, 30,306 2008 1998 June 21, 2010. • Joanna Maritime Ltd., incorporated in Liberia on June 10, 2013, 22,301 1,732 1999 July 4, 2013. • Eirini Shipping Ltd., incorporated in the Republic of Liberia on February 2, 2014, 76,466 2004 May 26, 2014. • Ultra One Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, November 29, 2013, 63,500 DY160, June 29, 2016 December 21, 2016, January 16, 2017. • Ultra Two Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, November 29, 2013, 63,500 DY161). September 2, 2016 • Kamsarmax One Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, 82,000 YZJ2013 1116 February 25, 2016. • Kamsarmax Two Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, April 4, 2014, 82,000 YZJ2013 1153). July 2016, December 31, 2016 March 31, 2017) March 2017, June 2018 20). • Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on August 19, 2016, 18,581 1,439 1997 September 29, 2016. • Areti Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 15, 2016, 75,100 2000 January 9, 2017. • Hull 2 December 30, 2013, 20,976 1,645 1998 December 23, 2016. January 31, 2017. As of December 31, 2016, $0.73 $3.21 $6.14 December 31, 2016. January 2017, two two $0.83 $10.86 $9.46 $1.40 March 2017, three $2.25 two 2017 one March 2018 first two The Company intends to fund its working capital requirements and capital commitments via cash at hand, cash flow from operations, new mortgage debt financing for the vessel under construction, debt balloon payment refinancing, proceeds from its on-going at-the-market offering and other equity offerings. In the unlikely event that these are not sufficient the Company may $4.00 twelve During the years ended December 31, 2014, 2015 2016, 10% Year ended December 31, Charterer 2014 2015 2016 GSS 4 % 16 % 22 % MSC 11 % 13 % 16 % KLAVENESS - - 15 % CMA-CGM 13 % 17 % 14 %

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. 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 balances and 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 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 and amounts that are pledged, blocked or held as cash collateral. 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. Assets Held for Sale The Company may one 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. 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 5). 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. 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 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 officers 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/(loss). 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 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/(loss) (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 redemption 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, 2015 2016, 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 Recent accounting pronouncements In May 2014, 2014 09, 2014 09"), 2014 09 five may December 15, 2016. 2014 09, 2014 09. March 2016, 2016 08, April 2016, 2016 10, May 2016, 2016 12, December 15, 2017, December 15, 2016 In August 2014, 2014 15, December 15, 2016. 2014 15 December 31, 2016. twelve twelve In April, 2015, 2015 03, December 15, 2015 January 1, 2016 $282,572 December 31, 2015 $440,273 December 31, 2016 In July 2015, 2015 11, first first December 15, 2016. In February 2016, 2016 02, December 15, 2018. In March 2016, 2016 09, December 15, 2016 In June 2016, 2016 13, December 15, 2019, In August 2016, 2016 15, eight December 15, 2017, In November 2016 2016 18 December 15, 2017, In January 2017, 2017 01, 805): 2017 01"). 2017 01 2017 01 January 1, 2018,

Note 3 - Inventories

Note 3 - Inventories	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories consisted of the following: 2015 2016 Lubricants 990,440 788,426 Victualing 105,369 140,716 Bunkers 369,131 362,137 Total 1,464,940 1,291,279

Note 4 - Advances for Vessels U

Note 4 - Advances for Vessels Under Construction and Vessel Acquisition Deposits	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Advances for Vessels under Construction [Text Block]	4. As of December 31, 2016 $17.8 160) 17.1 $0.7 Within the first 2016, 160 DY161, second third 2016 $3.2 $17.0 December 21, 2016, DY160, 63,500 2017 $16.9 January 16, 2017 In December 2016, 1153 $3.8 On November 11, 2016 75,100 2000 $4.4 January 9, 2017 Costs Balance, January 1, 2015 15,687,490 Advances for vessels under construction 17,014,377 Balance, December 31, 2015 32,701,867 Advances for vessels under construction 23,135,658 Vessel acquisition deposits 797,830 Vessel delivered during the period (31,831,439 ) Loss on termination and impairment of newbuilding contracts (7,050,179 ) Balance, December 31, 2016 17,753,737

Note 5 - Vessel, Net

Note 5 - Vessel, Net	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. The amounts in the accompanying consolidated balance sheets are as follows: Costs Accumulated Net Book Balance, January 1, 2015 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 - Depreciation for the year - (8,788,121 ) (8,788,121 ) - Delivery of newbuilding vessel 31,831,439 - 31,831,439 - Vessel Acquisitions 4,958,345 - 4,958,345 - Sale of vessel (3,749,135 ) 1,113,067 (2,636,068 ) - Vessel held for sale (18,410,922 ) 9,672,208 (8,738,714 ) Balance, December 31, 2016 139,378,104 ( 33,793,471 ) 105,584,633 In November December 2015 three $2,728,440, 2,090,010 $2,526,892 4%, 1% $535,169, $280,373 $206,790, December 2015, $2,805,521. December 31, 2015 $2.67 $1.64 $0.26 $1,122,208 December 31, 2015. On May 10, 2016, one $2.65 4%, 1% $10,597 On September 29, 2016, 1,439 $3,151,940. December 23, 2016, 1,645 1998 $1.81 864,292 $77,821 35,708 On December 20, 2016, 72,119 1997 $5.92 $0.73 December 31, 2016, $2.81 January 26, 2017. The Company performed the undiscounted cash flow test as of December 31, 2015 December 31, 2016 Vessels with a carrying value of $103.78 (2015: $82.58

Note 6 - Deferred Charges, Net

Note 6 - Deferred Charges, Net	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Deferred Charges [Text Block]	6. Deferred charges, net consist of loan commitment fees which will be presented against the loan balance upon drawdown of the loan. In 2016, $420,391 160 161 161, December 31, 2016 160. January 2017. 2015 2016 Balance, beginning of year - 418,034 Write-off of loan commitment fees - (411,642 ) Loan commitment fees 418,034 420,391 Balance, end of year 418,034 426,783

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. The accrued expenses consisted of: As of December 31, As of December 31, Accrued payroll expenses 319,443 230,917 Accrued interest and commitment fees 153,102 310,389 Accrued general and administrative expenses 112,570 278,826 Accrued commissions 36,189 54,173 Other accrued expenses 581,766 437,988 Total 1,203,070 1,312,293

Note 8 - Related Party Transact

Note 8 - Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	8. 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 Euro 685 2014, 2015 2016, $4,894,559, $4,151,335 $3,179,596 2014, 2015 2016, The management agreement provides for an annual adjustment of the daily management fee due to inflation to take effect January 1 January 1, 2011 five January 1, 2016. five five 90th January 1, 2012 5% 20 January 1, 2014 five January 1, 2019. December 31, 2016, 13 10 January 1, 2013, 720 360 5% January 1, 2014, 2015, 2016 2017. 5% 685 342.5 20. In addition to the vessel management services, the Manager provides management services for the Company’s needs as a public company. In 2014, 2015 2016 $2,000,000 2017. 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, 2015 2016, $322,703 $11,539 The Company in November 2016 $2 10% January 2018 first $50,556 February 2017. 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% 1.25% $0, $77,022 $55,796 2014, 2015 2016 1% $602,200, $141,700 $243,500 2014, 2015 2016, $517,828, $475,792 $372,806 2014, 2015 2016, 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 5%; $50 $131,448 $215,915 2014 $129,564 $175,586 2015 $104,708 $128,369 2016, As of February 25, 2016, On December 23, 2016, 900,000 $1.8

Note 9 - Long-term Debt

Note 9 - Long-term Debt	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	9. This consists of bank loans of the ship-owning companies and is as follows: Borrower December 31, December 31, Xingang Shipping Ltd. / Joanna Maritime Ltd. (a) 1,276,040 1,103,915 Manolis Shipping Ltd. (b) 4,500,000 - Saf Concord Shipping Ltd. (c) 3,250,000 - Pantelis Shipping Corp. (d) 5,120,000 4,840,000 Noumea Shipping Ltd. (e) 7,800,000 6,360,000 Eirini Shipping Ltd. / Eleni Shipping Ltd. (f) 13,200,000 11,600,000 Allendale Investments S.A. / Alterwall Business Inc. / Manolis Shipping Ltd. / Saf Concord Shipping Ltd. / Aggeliki Shipping Ltd. /Eternity Shipping Company / Jonathan John Shipping Ltd. (g) - 13,120,000 Kamsarmax One Shipping Ltd (h) - 13,333,000 Euroseas Ltd. (i) 5,375,000 - 40,521,040 50,356,915 Less: Current portion (14,810,000 ) (5,697,915 ) Long-term portion 25,711,040 (44,659,000 ) Deferred Charges, current portion 124,234 148,697 Deferred charges, long-term portion 158,338 292,024 Long-term debt, current portion net of deferred charges 14,685,766 5,549,218 Long-term debt, long-term portion net of deferred charges 25,552,702 44,366,976 Loan from related party Euroseas Ltd. (j) - 2,000,000 None of the above loans is registered in the U.S. The future annual loan repayments are as follows: To December 31: 2017 7,697,915 2018 14,304,000 2019 19,824,000 2020 934,000 2021 934,000 Thereafter 8,663,000 Total 52,356,915 (a) On September 30, 2016, six $75,000 $450,000 $653,915 one $1,103,915 November, 2017. 130% 75% (b) This loan was fully repaid on of February 12, 2016 9 (c) This loan was fully repaid on February 12, 2016 9 (d) On September 30, 2016, six $280,000 $1,680,000 29 September 2017 $3,160,000 one $4,840,000) 29 December 2018 first 2018. $4,840,000 four first two $280,000 third $560,000 fourth $3,720,000 $560,000 first March 2018 one December 2018. 130% 75% December 31, 2017. $300,000 9 On December 22, 2016 first 2018 9 (e) On December 22, 2016, $720,000 $6,360,000 December 2016. $7,080,000 January 2018. three $720,000 December 2016, July 2017 January 2018 $4,920,000 January 2018. November 15, 2017, 110%. (f) On September 30, 2016, $12,850,000 $11,600,000 $1,250,000 seven $350,000 June 2016 December 2017 March 2018 $11,600,000 two $350,000 four $725,000 $8,000,000 May 2019. 130% 75% December 31, 2017. $600,000 January 26, 2017; (g) On February 12, 2016, $14,500,000 September 27, 2016 2016) twelve $460,000 $8,980,000 February 2019. 6.00%. first first $2,800,000 $247,500 (h) On February 17, 2016, February 25, 2016 $13,800,000 fourteen $467,000 $7,262,000. 2.95% first first $187,335 (i) This loan was fully repaid on of February 12, 2016 9 (j) On November 29, 2016, $2 January 2018 may February 28, 2017 $50,556 On March 20, 2015, $19.00 62.5% 160 0.9% April 28, 2016 October 27, 2016, March 20, 2015 October 31, 2016 January 31, 2017 160, 55% January 25, 2017 20 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 75% 130%), 60% $10,466,743 $5,605,740 December 31, 2015 2016, December 31, 2016, Interest expense for the years ended December 31, 2014, 2015 2016 $2,015,155, $1,336,345 $1,918,673, December 31, 2015 2016 $697,048 $497,813

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. 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.” Under the United States Internal Revenue Code of 1986, 4% 883 50% The Company qualified for this exemption in 2014 2015. 2016 2% December 31, 2016, $28,475

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. (a) As of December 31, 2016 $0.53 There are no other 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, 2016, one March 31, 2017 March 2017. $4.5 2017 $18.0 2018

Note 12 - Stock Incentive Plan

Note 12 - Stock Incentive Plan	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	12. On July 31, 2014, 2014 “2014 2,500,000 10 may 2014 three December 31, 2016 a) On November 3, 2014 45,000 19 50% November 16, 2015 50% November 16, 2016; 26,100 18,900 b) On November 6, 2015 68,400 19 50% July 1, 2016 50% July 1, 2017; 40,040 28,360 c) On November 3, 2016 82,080 19 50% November 1, 2017 50% November 1, 2018; 48,048 34,032 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 and hence accounts for forfeitures as they occur. The compensation cost that has been charged against income for awards was $510,114, $306,111 $294,341, December 31, 2014, 2015 2016, A summary of the status of the Company’s non-vested shares as of December 31, 2016 December 31, 2016, Non-vested Shares Shares Weighted-Average Non-vested on January 1, 2016 90,900 5.67 Granted 82,080 1.21 Vested (56,700 ) 6.57 Non-vested on December 31, 2016 116,280 2.08 As of December 31, 2016, $169,166 0.817 December 31, 2014, December 31, 2015, December 31, 2016 $459,000, $285,912 $99,317,

Note 13 - Earnings (Loss) Per S

Note 13 - Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	13. Basic and diluted earnings / (loss) per common share are computed as follows: 2014 2015 2016 Income: Net loss attributable to common shareholders (19,359,005 ) (15,687,132 ) (45,946,822 ) Basic and diluted earnings per share: Weighted average common shares – Outstanding 5,479,418 6,410,794 8,165,703 Basic and diluted loss per share (3.53 ) (2.45 ) (5.63 ) During 2014, 2015 2016, 18,395, 22,443 0 2014, 2015 2016,

Note 14 - Voyage, Vessel Operat

Note 14 - Voyage, Vessel Operating Expenses and Commissions	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Vessel Voyage and Operating Expenses [Text Block]	14. These consisted of: Year ended December 31, 2014 2015 2016 Voyage expenses Port charges and canal dues 1,214,856 832,917 421,140 Bunkers 2,748,325 1,479,596 870,572 Total 3,963,181 2,312,513 1,291,712 Vessel operating expenses Crew wages and related costs 13,985,377 14,164,355 10,670,721 Insurance 2,364,112 2,412,366 1,649,313 Repairs and maintenance 501,733 503,934 341,481 Lubricants 2,379,191 2,433,956 1,611,543 Spares and consumable stores 4,083,942 4,058,153 2,770,405 Professional and legal fees 498,240 492,852 214,317 Other 1,466,492 1,138,977 904,082 Total 25,279,087 25,204,593 18,161,862

Note 15 - Derivative Financial

Note 15 - Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	15. Interest rate swaps Effective September 20, 2013 October 17, 2014 two $10.0 3 1.29% first 1.97% second 3 0.50% November 28, 2016 0.95% November 28, 2017 3.55% May 28, 2019) July 1, 2014 September 30, 2016 November 28, 2015 November 28, 2019, The interest rate swaps did not qualify for hedge accounting as of December 31, 2015 2016. Derivatives not designated Balance Sheet Location December 31, December 31, Interest rate swap contracts Current liabilities – Derivatives 50,402 - Interest rate swap contracts Long-term liabilities – Derivatives 202,700 240,181 Total derivative liabilities 253,102 240,181 Derivatives not designated Location of gain (loss) Year Ended Year Ended Year Ended Interest rate – Fair value Loss on derivatives, net 718,977 45,669 12,921 Interest rate contracts - Realized loss Loss on derivatives, net (763,625 ) (307,343 ) (132,075 ) Total loss on derivatives (44,648 ) (261,674 ) (119,154 )

Note 16 - Investment in Joint V

Note 16 - Investment in Joint Venture and Other Investment	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	16. On March 25, 2010, $25.0 14.286% $75.0 42.857% $175 $240,000 2016, 2015 2014. 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 as it has 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 amounted to a loss of $2.5 $2.2 $2.4 2014, 2015 2016, 2013 2016 As a consequence of the restructured credit facilities and continued adverse market developments, during 2016, June 2016 $14.0 $0.1 December 2016 $14.1 December 31, 2016 December 31, 2016 zero Summarized financial information for the Joint Venture is as follows: 2014 2015 2016 Current assets 9,520,607 11,880,202 13,253,581 Non current assets 252,531,888 223,366,979 193,942,132 Current liabilities 16,194,148 116,207,106 103,687,334 Non current liabilities 115,181,837 3,495,007 5,010,852 Members’ contributions 175,000,000 175,000,000 175,000,000 Voyage revenue 31,663,989 34,419,758 24,910,758 Net revenue 30,269,066 33,114,016 23,949,441 Operating loss (11,058,601 ) (7,912,039 ) (9,165,809 ) Net loss (17,798,476 ) (15,108,751 ) (17,112,389 ) On October 15, 2013 $5,000,000 December 31, 2018. one $1,000 5,000 $5 March 2014, $1,000,000 19% second fifth $987,604, $1,212,938 $1,024,714 December 31, 2014, 2015 2016, fourth 2016, ($4,000,000) $4,421,452 October 1, 2016. In USD Other Investment Balance, January 1, 2015 6,183,800 Total gain for period included in Investment income 1,212,938 Balance, December 31, 2015 7,396,738 Total gain for the period included in Investment income 1,024,714 Impairment of other investment (4,421,452 ) Balance, December 31, 2016 4,000,000

Note 17 - Preferred Shares

Note 17 - Preferred Shares	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Preferred Stock [Text Block]	17. Number Preferred 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 1,440,100 30,440,100 Dividends declared 1,639 1,639,149 1,639,149 Balance, 33,779 29,000,000 3,079,249 32,079,249 Dividends declared 1,726 1,725,699 1,725,699 Balance, 35,505 29,000,000 4,804,948 33,804,948 On January 27, 2014, 25,000 5,700 $29 $1,000 first five 0% 5%, 5%, 40% 0%, 100% 5%. first five 40% The dividend rate will increase to 12% six seven 14% $12.25 September 2015 fifth may For the year ended December 31, 2016, four $1.73 December 31, 2016 $35,504,948. $1,808,472, $1,900,607 $152,473 2017, 2018 2019, $37,306,766, $39,207,373 $39,359,846 December 31, 2017, 2018 January 2019, January 2019, Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint one one 50%

Note 18 - Financial Instruments

Note 18 - Financial Instruments	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	18. The principal financial assets of the Company consist of cash 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 some of 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, as noted in Note 15 Derivatives and Hedging December 31, 2016, one $10.0 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. 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 three Level 1: Level 2: Level 3: 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 2 Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2016 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, long-term portion $ 240,181 - $ 240,181 - 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 - Asset Measured at Fair Value on a Non-recurring Basis Vessels Held for Sale (see Note 5) January 2015 2016, December 31, 2015 2016, During the second 2016 December 2016, 3 16 The key input that determines the fair value of the Company’s “Investment in joint venture” is the cost of capital for investments in containership vessels which is not observable and hence is considered a level 3 9 10% 9.5% Asset Measured at Fair Value on a Non-recurring Basis - continued Furthermore, as a result of the same analysis described above, the Company determined that the fair value of its “Other investment”, which consists of preferred units in Euromar was also impaired and recognized a $4,421,452 December 31, 2016, 19% 3 19% December 31, 2016, As of December 31, 2016, $4,000,000 Nonrecurring Fair Value Measurements at Reporting Date December 31, 2015 December 31, 2016 Fair Level 1 Level 2 Level 3 Loss Fair Value Level 1 Level 2 Level 3 Loss Vessels held for sale $ 2,805,521 - $ 2,805,521 - $ 1,641,885 $ 2,946,923 - $ 2.,946,923 - $ 5,924,668 Other investment - - - - $ 4,000,000 - - $ 4,000,000 $ 4,400,000 Investment in joint venture - - - - 0 - - 0 $ 14,071,075 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, 2015 2016, 1 $51.6 December 31, 2016 $0.8 $52.4 2 The fair value of the Company’s “Other investment” for the year ended December 31, 2015, 16 December 31, 2016, $4.4 $4.0 three December 31, 2016.

Note 19 - Common Stock

Note 19 - Common Stock	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	19. On July 23, 2015, 1 10 July 22, 2015. July 23, 2015. September 17, 2015, 2,343,335 $4.50 $10.55 Following the Company’s prospectus supplement filed with the SEC on December 20, 2016, 978,847 December 2016 $2.2 On December 14, 2016, 719,425 $1.39 December 14, 2016, $1,000,000. On December 23, 2016, 900,000 $2.00

Note 20 - Subsequent Events

Note 20 - Subsequent Events	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	20. The following events occurred after December 31, 2016: (a) On January 9, 2017, (b) On January 16, 2017, (c) On January 26, 2017, December 31, 2016. (d) On January 25, 2017, $10,862,500 160). thirteen $159,743 $8,785,841 April 2020. 3.00% (e) During January 2017, 301,780 $549,495. (f) On January 31, 2017, 2016, $2.3 $0.5 (g) On March 13, 2017, 82,000 YZJ2013 1153) June 2018 $22.50 three $2.25 two 2017 one 2018

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 balances and 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
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 and amounts that are pledged, blocked or held as cash collateral.
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.
Assets Held For Sale [Policy Text Block]	Assets Held for Sale The Company may one 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.
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 5).
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. 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
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 officers 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/(loss). 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
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/(loss) (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 redemption 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, 2015 2016, 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
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements In May 2014, 2014 09, 2014 09"), 2014 09 five may December 15, 2016. 2014 09, 2014 09. March 2016, 2016 08, April 2016, 2016 10, May 2016, 2016 12, December 15, 2017, December 15, 2016 In August 2014, 2014 15, December 15, 2016. 2014 15 December 31, 2016. twelve twelve In April, 2015, 2015 03, December 15, 2015 January 1, 2016 $282,572 December 31, 2015 $440,273 December 31, 2016 In July 2015, 2015 11, first first December 15, 2016. In February 2016, 2016 02, December 15, 2018. In March 2016, 2016 09, December 15, 2016 In June 2016, 2016 13, December 15, 2019, In August 2016, 2016 15, eight December 15, 2017, In November 2016 2016 18 December 15, 2017, In January 2017, 2017 01, 805): 2017 01"). 2017 01 2017 01 January 1, 2018,

Note 1 - Basis of Presentatio29

Note 1 - Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Year ended December 31, Charterer 2014 2015 2016 GSS 4 % 16 % 22 % MSC 11 % 13 % 16 % KLAVENESS - - 15 % CMA-CGM 13 % 17 % 14 %

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	2015 2016 Lubricants 990,440 788,426 Victualing 105,369 140,716 Bunkers 369,131 362,137 Total 1,464,940 1,291,279

Note 4 - Advances for Vessels31

Note 4 - Advances for Vessels Under Construction and Vessel Acquisition Deposits (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Advances for Property, Plant, and Equipment [Table Text Block]	Costs Balance, January 1, 2015 15,687,490 Advances for vessels under construction 17,014,377 Balance, December 31, 2015 32,701,867 Advances for vessels under construction 23,135,658 Vessel acquisition deposits 797,830 Vessel delivered during the period (31,831,439 ) Loss on termination and impairment of newbuilding contracts (7,050,179 ) Balance, December 31, 2016 17,753,737

Note 5 - Vessel, Net (Tables)

Note 5 - Vessel, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	Costs Accumulated Net Book Balance, January 1, 2015 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 - Depreciation for the year - (8,788,121 ) (8,788,121 ) - Delivery of newbuilding vessel 31,831,439 - 31,831,439 - Vessel Acquisitions 4,958,345 - 4,958,345 - Sale of vessel (3,749,135 ) 1,113,067 (2,636,068 ) - Vessel held for sale (18,410,922 ) 9,672,208 (8,738,714 ) Balance, December 31, 2016 139,378,104 ( 33,793,471 ) 105,584,633

Note 6 - Deferred Charges, Net

Note 6 - Deferred Charges, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	2015 2016 Balance, beginning of year - 418,034 Write-off of loan commitment fees - (411,642 ) Loan commitment fees 418,034 420,391 Balance, end of year 418,034 426,783

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	As of December 31, As of December 31, Accrued payroll expenses 319,443 230,917 Accrued interest and commitment fees 153,102 310,389 Accrued general and administrative expenses 112,570 278,826 Accrued commissions 36,189 54,173 Other accrued expenses 581,766 437,988 Total 1,203,070 1,312,293

Note 9 - Long-term Debt (Tables

Note 9 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Borrower December 31, December 31, Xingang Shipping Ltd. / Joanna Maritime Ltd. (a) 1,276,040 1,103,915 Manolis Shipping Ltd. (b) 4,500,000 - Saf Concord Shipping Ltd. (c) 3,250,000 - Pantelis Shipping Corp. (d) 5,120,000 4,840,000 Noumea Shipping Ltd. (e) 7,800,000 6,360,000 Eirini Shipping Ltd. / Eleni Shipping Ltd. (f) 13,200,000 11,600,000 Allendale Investments S.A. / Alterwall Business Inc. / Manolis Shipping Ltd. / Saf Concord Shipping Ltd. / Aggeliki Shipping Ltd. /Eternity Shipping Company / Jonathan John Shipping Ltd. (g) - 13,120,000 Kamsarmax One Shipping Ltd (h) - 13,333,000 Euroseas Ltd. (i) 5,375,000 - 40,521,040 50,356,915 Less: Current portion (14,810,000 ) (5,697,915 ) Long-term portion 25,711,040 (44,659,000 ) Deferred Charges, current portion 124,234 148,697 Deferred charges, long-term portion 158,338 292,024 Long-term debt, current portion net of deferred charges 14,685,766 5,549,218 Long-term debt, long-term portion net of deferred charges 25,552,702 44,366,976 Loan from related party Euroseas Ltd. (j) - 2,000,000
Schedule of Future Annual Loan Repayments [Table Text Block]	To December 31: 2017 7,697,915 2018 14,304,000 2019 19,824,000 2020 934,000 2021 934,000 Thereafter 8,663,000 Total 52,356,915

Note 12 - Stock Incentive Plan

Note 12 - Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block]	Non-vested Shares Shares Weighted-Average Non-vested on January 1, 2016 90,900 5.67 Granted 82,080 1.21 Vested (56,700 ) 6.57 Non-vested on December 31, 2016 116,280 2.08

Note 13 - Earnings (Loss) Per37

Note 13 - Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	2014 2015 2016 Income: Net loss attributable to common shareholders (19,359,005 ) (15,687,132 ) (45,946,822 ) Basic and diluted earnings per share: Weighted average common shares – Outstanding 5,479,418 6,410,794 8,165,703 Basic and diluted loss per share (3.53 ) (2.45 ) (5.63 )

Note 14 - Voyage, Vessel Oper38

Note 14 - Voyage, Vessel Operating Expenses and Commissions (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block]	Year ended December 31, 2014 2015 2016 Voyage expenses Port charges and canal dues 1,214,856 832,917 421,140 Bunkers 2,748,325 1,479,596 870,572 Total 3,963,181 2,312,513 1,291,712 Vessel operating expenses Crew wages and related costs 13,985,377 14,164,355 10,670,721 Insurance 2,364,112 2,412,366 1,649,313 Repairs and maintenance 501,733 503,934 341,481 Lubricants 2,379,191 2,433,956 1,611,543 Spares and consumable stores 4,083,942 4,058,153 2,770,405 Professional and legal fees 498,240 492,852 214,317 Other 1,466,492 1,138,977 904,082 Total 25,279,087 25,204,593 18,161,862

Note 15 - Derivative Financia39

Note 15 - Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Derivatives not designated Balance Sheet Location December 31, December 31, Interest rate swap contracts Current liabilities – Derivatives 50,402 - Interest rate swap contracts Long-term liabilities – Derivatives 202,700 240,181 Total derivative liabilities 253,102 240,181
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivatives not designated Location of gain (loss) Year Ended Year Ended Year Ended Interest rate – Fair value Loss on derivatives, net 718,977 45,669 12,921 Interest rate contracts - Realized loss Loss on derivatives, net (763,625 ) (307,343 ) (132,075 ) Total loss on derivatives (44,648 ) (261,674 ) (119,154 )

Note 16 - Investment in Joint40

Note 16 - Investment in Joint Venture and Other Investment (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Equity Method Investments [Table Text Block]	2014 2015 2016 Current assets 9,520,607 11,880,202 13,253,581 Non current assets 252,531,888 223,366,979 193,942,132 Current liabilities 16,194,148 116,207,106 103,687,334 Non current liabilities 115,181,837 3,495,007 5,010,852 Members’ contributions 175,000,000 175,000,000 175,000,000 Voyage revenue 31,663,989 34,419,758 24,910,758 Net revenue 30,269,066 33,114,016 23,949,441 Operating loss (11,058,601 ) (7,912,039 ) (9,165,809 ) Net loss (17,798,476 ) (15,108,751 ) (17,112,389 )
Investment Income [Table Text Block]	In USD Other Investment Balance, January 1, 2015 6,183,800 Total gain for period included in Investment income 1,212,938 Balance, December 31, 2015 7,396,738 Total gain for the period included in Investment income 1,024,714 Impairment of other investment (4,421,452 ) Balance, December 31, 2016 4,000,000

Note 17 - Preferred Shares (Tab

Note 17 - Preferred Shares (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Number Preferred 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 1,440,100 30,440,100 Dividends declared 1,639 1,639,149 1,639,149 Balance, 33,779 29,000,000 3,079,249 32,079,249 Dividends declared 1,726 1,725,699 1,725,699 Balance, 35,505 29,000,000 4,804,948 33,804,948

Note 18 - Financial Instrumen42

Note 18 - Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Fair Value Measurement as of December 31, 2016 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, long-term portion $ 240,181 - $ 240,181 - 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 Measurements, Nonrecurring [Table Text Block]	December 31, 2015 December 31, 2016 Fair Level 1 Level 2 Level 3 Loss Fair Value Level 1 Level 2 Level 3 Loss Vessels held for sale $ 2,805,521 - $ 2,805,521 - $ 1,641,885 $ 2,946,923 - $ 2.,946,923 - $ 5,924,668 Other investment - - - - $ 4,000,000 - - $ 4,000,000 $ 4,400,000 Investment in joint venture - - - - 0 - - 0 $ 14,071,075

Note 1 - Basis of Presentatio43

Note 1 - Basis of Presentation and General Information (Details Textual)	1 Months Ended	15 Months Ended
	Jan. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Working Capital Deficit			$ 730,000
Cash			3,210,000
Restricted Cash and Cash Equivalents			6,140,007	$ 10,466,743
Commitments and Vessel Sales, Draw-down Capacity			$ 4,000,000
Scenario, Forecast [Member]
Periodic Payment Required for Construction of Vessel		$ 2,250,000
Subsequent Event [Member]
Number of Vessels Sold	2
Number of Vessels Acquired	2
Proceeds on Sale of Vessels, Net of Payments for Vessel Acquisition	$ 830,000
Proceeds from Mortgage on Vessel	10,860,000
Subsequent Event [Member] | Restricted Cash [Member]
Proceeds from Mortgage on Vessel	1,400,000
Subsequent Event [Member] | Cash [Member]
Proceeds from Mortgage on Vessel	$ 9,460,000
Friends Investment Company Inc. [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			29.10%

Note 1 - Basis of Presentatio44

Note 1 - Basis of Presentation and General Information - Charterers Individually Accounted for More than 10% of the Company's Voyage and Time Charter Revenues (Details) - Sales Revenue, Net [Member] - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Charterer GSS [Member]
Percentage of revenue by charter	22.00%	16.00%	4.00%
Charterer MSC [Member]
Percentage of revenue by charter	16.00%	13.00%	11.00%
Charterer KLAVENESS [Member]
Percentage of revenue by charter	15.00%
Charterer CMA [Member]
Percentage of revenue by charter	14.00%	17.00%	13.00%

Note 2 - Significant Accounti45

Note 2 - Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)
Ship Owning Crew Contract Term	270 days
Number of Reportable Segments	1
Deferred Charges, Net, Presented as a Contra Account to Related Debt Liability [Member]
Current Period Reclassification Adjustment	$ 440,273
Deferred Charges, Net, Presented as a Contra Account to Related Debt Liability [Member] | December 31, 2015 [Member]
Prior Period Reclassification Adjustment	$ 282,572
Minimum [Member] | Vessels [Member]
Property, Plant and Equipment, Useful Life	25 years

Note 3 - Inventories - Summary

Note 3 - Inventories - Summary of Inventories (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Inventory	$ 1,291,279	$ 1,464,940
Lubricant [Member]
Inventory	788,426	990,440
Victualling [Member]
Inventory	140,716	105,369
Bunkers [Member]
Inventory	$ 362,137	$ 369,131

Note 4 - Advances for Vessels47

Note 4 - Advances for Vessels Under Construction and Vessel Acquisition Deposits (Details Textual)	Jan. 09, 2017USD ($)	Dec. 21, 2016USD ($)T	Nov. 11, 2016T	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Advances for Vessel Acquisition				$ 17,753,737	$ 32,701,867
Gain (Loss) on Contract Termination				(3,200,000)
Return of Payment and Expenses, Receivable				17,000,000
Asset Impairment Charges				5,924,668	1,641,885	$ 3,500,000
Payments to Acquire Property, Plant, and Equipment						$ 21,323,935
Advance Deposit and Capitalized Expenses [Member]
Asset Impairment Charges				3,800,000
Alexandros P [Member]
Advances for Vessel Acquisition				17,100,000
M/V Tasos [Member]
Advances for Vessel Acquisition				$ 700,000
Vessel Carrying Capacity | T			75,100
M/V Tasos [Member] | Subsequent Event [Member]
Payments to Acquire Property, Plant, and Equipment	$ 4,400,000
Ultramax Drybulk Carriers [Member]
Vessel Carrying Capacity | T		63,500
Long-term Purchase Commitment, Amount		$ 16,900,000

Note 4 - Advances for Vessels48

Note 4 - Advances for Vessels Under Construction and Vessel Acquisition Deposits - Advances for Vessels Under Construction (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance, Cost	$ 32,701,867	$ 15,687,490
Advances for vessels under construction	23,135,658	17,014,377
Balance, Cost	17,753,737	32,701,867
Advances for vessels under construction	23,135,658	$ 17,014,377
Vessel acquisition deposits	797,830
Vessel delivered during the period	(31,831,439)
Loss on termination and impairment of newbuilding contracts	$ (7,050,179)

Note 5 - Vessel, Net (Details T

Note 5 - Vessel, Net (Details Textual)	Dec. 23, 2016USD ($)shares	Dec. 20, 2016USD ($)$ / shares	Sep. 29, 2016USD ($)	May 10, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares
Number of Vessels Disposed or Sold					3
Proceeds from Sale of Property, Plant, and Equipment						$ 4,196,268	$ 7,345,342
Sales Commission Percentage					4.00%		4.00%
Gain (Loss) on Disposition of Property Plant Equipment						10,597	$ 461,586
Asset Impairment Charges						$ 5,924,668	$ 1,641,885	$ 3,500,000
Earnings Per Share, Basic and Diluted | $ / shares						$ (5.63)	$ (2.45)	$ (3.53)
Disposal Group, Including Discontinued Operation, Liabilities, Current					$ 1,122,208		$ 1,122,208
Payments to Acquire Property, Plant, and Equipment								$ 21,323,935
Payable to Manager [Member]
Sales Commission Percentage					1.00%		1.00%
Tiger Bridge [Member]
Proceeds from Sale of Property, Plant, and Equipment					$ 2,728,440
Gain (Loss) on Disposition of Property Plant Equipment					535,169
Marinos [Member]
Proceeds from Sale of Property, Plant, and Equipment					2,090,010
Gain (Loss) on Disposition of Property Plant Equipment					(280,373)
Despina P [Member]
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]
Assets Held-for-sale, Not Part of Disposal Group, Current					2,805,521		$ 2,805,521
Assets Held-for-sale, Long Lived, Fair Value Disclosure					2,670,000		2,670,000
Asset Impairment Charges							$ 1,640,000
Earnings Per Share, Basic and Diluted | $ / shares							$ 0.26
Disposal Group, Including Discontinued Operation, Liabilities, Current					1,122,208		$ 1,122,208
M/V Captain Costas [Member]
Proceeds from Sale of Property, Plant, and Equipment				$ 2,650,000
Sales Commission Percentage				4.00%
Gain (Loss) on Disposition of Property Plant Equipment				$ 10,597
Number of Vessels Sold				1
M/V Captain Costas [Member] | Eurochart [Member]
Sales Commission Percentage				1.00%
M/V Aegean Express [Member]
Payments to Acquire Property, Plant, and Equipment			$ 3,151,940
M/V RT Dagr [Member]
Payments to Acquire Property, Plant, and Equipment			$ 1.81
Stock Issued During Period, Shares, Purchase of Assets | shares	864,292
Payments for Acquisition Costs, Property Plant, and Equipment	$ 77,821
M/V RT Dagr, Fuel on Board [Member]
Stock Issued During Period, Shares, Purchase of Assets | shares	35,708
M/V Eleni P [Member]
Assets Held-for-sale, Not Part of Disposal Group, Current						2,810,000
Asset Impairment Charges		$ 5,920,000
Impairment Effect on Earnings Per Share, Pretax | $ / shares		$ 0.73
Vessels [Member]
Property Plant and Equipment Pledged As Collateral					$ 82,580,000	$ 103,780,000	$ 82,580,000

Note 5 - Vessels, Net - Summary

Note 5 - Vessels, Net - Summary of Vessels (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Book Value	$ 88,957,752
- Depreciation for the year	(8,788,121)	$ (10,995,023)	$ (12,137,445)
Net Book Value	105,584,633	88,957,752
Costs, Delivery of newbuilding vessel	31,831,439
Vessels [Member]
Costs	124,748,377	140,389,916
Accumulated Depreciation	(35,790,625)	(29,239,689)
Net Book Value	88,957,752	111,150,227
- Depreciation for the year	(8,788,121)	(10,995,023)
Costs, Sale of a vessel	(3,749,135)	(10,550,000)
- Sale of vessel	1,113,067	3,666,244
Net Book Value, Sale of a vessel	(2,636,068)	(6,883,756)
Costs, vessel held for sale	(18,410,922)	(5,091,539)
- Vessel held for sale	9,672,208	777,843
Net book value, vessel held for sale	(8,738,714)	(4,313,696)
Costs	139,378,104	124,748,377	140,389,916
Accumulated Depreciation	(33,793,471)	(35,790,625)	(29,239,689)
Net Book Value	105,584,633	88,957,752	$ 111,150,227
Costs, Delivery of newbuilding vessel	31,831,439
Costs, Vessel Acquisition	4,958,345
Costs, Sale of a vessel	(3,749,135)	(10,550,000)
- Sale of vessel	1,113,067	3,666,244
Net Book Value, Sale of a vessel	$ (2,636,068)	$ (6,883,756)

Note 6 - Deferred Charges, Ne51

Note 6 - Deferred Charges, Net (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Deferred Loan Commitment Fees Incurred During Period	$ 420,391	$ 418,034

Note 6 - Deferred Charges, Ne52

Note 6 - Deferred Charges, Net - Summary of Deferred Charges (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance, beginning of year	$ 418,034
Write-off of loan commitment fees	(411,642)
Loan commitment fees	420,391	418,034
Balance, end of year	$ 426,783	$ 418,034

Note 7 - Accrued Expenses - Sum

Note 7 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accrued payroll expenses	$ 230,917	$ 319,443
Accrued interest and commitment fees	310,389	153,102
Accrued general and administrative expenses	278,826	112,570
Accrued commissions	54,173	36,189
Other accrued expenses	437,988	581,766
Total	$ 1,312,293	$ 1,203,070

Note 8 - Related Party Transa54

Note 8 - Related Party Transactions (Details Textual)	Feb. 28, 2017USD ($)	Dec. 23, 2016USD ($)shares	Nov. 30, 2016USD ($)	Jan. 02, 2014	Jan. 01, 2012	Jan. 01, 2011	Dec. 31, 2016USD ($)	Dec. 31, 2016EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)	Nov. 29, 2016USD ($)
Related Party Agreement Term				5 years		5 years
Related Party Transaction Discount Percentage					5.00%
Related Party Transaction Daily Fee Per Vessel Per Day in Operation | €								€ 720
Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up | €								€ 360
Due to Related Parties							$ 11,539		$ 322,703
Related Party Transaction Amounts of Transaction Per Crew Member Per Month							$ 50
Euroseas Ltd (Member)
Number of Vessels							13
Euromar LLC, The Joint Venture [Member]
Number of Vessels							10
Eurobulk Ltd. [Member]
Related Party Transaction Discount Percentage							5.00%	5.00%
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Related Party Transaction, Amounts of Transaction							$ 2,000,000		2,000,000		$ 2,000,000
Eurobulk Ltd. [Member] | After Discount [Member]
Related Party Transaction Daily Fee Per Vessel Per Day in Operation | €								€ 685
Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up							342.50
Affiliated Entity [Member]
Debt Instrument, Face Amount			$ 2,000,000										$ 2,000,000
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Repayments of Debt			$ 2,000,000
Affiliated Entity [Member] | Subsequent Event [Member]
Interest Paid	$ 50,556
Sentinel [Member]
Related Party Transaction, Expenses from Transactions with Related Party							$ 104,708		129,564		131,448
Related Party Transaction Commission on Premium, Maximum, Percentage							5.00%	5.00%
Technomar [Member]
Related Party Transaction, Expenses from Transactions with Related Party							$ 128,369		175,586		215,915
Entities Managed by Tennenbaum Capital Partners [Member] | M/V Dagr Including Fuel on Board [Member]
Stock Issued During Period, Shares, Purchase of Assets | shares		900,000
Stock Issued During Period, Value, Purchase of Assets		$ 1,800,000
Vessel Management Fees (Member) | Eurobulk Ltd. [Member]
Service Management Costs Daily Fee Related Party | €								€ 685		€ 685		€ 685
Related Party Transaction, Amounts of Transaction							$ 4,894,559		4,151,335		3,179,596
Vessel Sales [Member] | Eurochart [Member]
Related Party Transaction Commission, Percentage							1.00%	1.00%
Related Party Transaction, Expenses from Transactions with Related Party							$ 55,796		77,022		0
Charter Revenues [Member] | Eurochart [Member]
Related Party Transaction Commission, Percentage							1.25%	1.25%
Related Party Transaction, Expenses from Transactions with Related Party							$ 372,806		475,792		517,828
Vessel Acquisition [Member] | Eurochart [Member]
Related Party Transaction, Expenses from Transactions with Related Party							$ 243,500		$ 141,700		$ 602,200

Note 9 - Long-term Debt (Detail

Note 9 - Long-term Debt (Details Textual)	Feb. 28, 2017USD ($)	Dec. 22, 2016USD ($)	Feb. 25, 2016USD ($)	Feb. 12, 2016USD ($)	Mar. 20, 2015USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2016USD ($)	Nov. 29, 2016USD ($)	Sep. 29, 2016USD ($)
Long-term Debt							$ 52,356,915
Property, Plant and Equipment Value to Outstanding Facility Amount						75.00%						130.00%
Repayments of Long-term Debt							18,464,125	$ 22,135,960	$ 14,687,000
Proceeds from Issuance of Long-term Debt							$ 28,300,000	8,400,000	23,300,000
Limited Dividends Percentage Loans to Profits							60.00%
Restricted Cash and Cash Equivalents							$ 6,140,007	10,466,743
Interest Expense							1,918,673	1,336,345	$ 2,015,155
Imputed Interest							497,813	$ 697,048
Affiliated Entity [Member]
Debt Instrument, Face Amount										$ 2,000,000	$ 2,000,000
Affiliated Entity [Member] | Subsequent Event [Member]
Interest Paid	$ 50,556
Eurobank [Member]
Debt Instrument, Periodic Payment				$ 460,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid				$ 8,980,000
Debt Instrument, Number of Periodic Payments				12
Proceeds from Issuance of Long-term Debt				$ 14,500,000
Debt Instrument, Collateral Amount				2,800,000
Payments of Debt Issuance Costs				$ 247,500
Eurobank [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				6.00%
Nord LB [Member]
Debt Instrument, Periodic Payment			$ 467,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid			7,262,000
Proceeds from Issuance of Long-term Debt			13,800,000
Payments of Debt Issuance Costs			$ 187,335
Debt Instrument Number of Semi Annual Payments			14
Nord LB [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			2.95%
Pantelis Shipping Corp [Member]
Long-term Debt						$ 4,840,000
Debt Instrument, Refinance Term, Number of Quarterly Payments						4
Debt Instrument, Refinance Term, First Periodic Payment						$ 280,000
Debt Instrument, Refinance Term, Third Periodic Payment						560,000
Debt Instrument,Refinance Term, Balloon Payment to be Paid						3,720,000
Debt Instrument, Refinance Term, Fourth Periodic Payment						560,000
Debt Instrument Minimum Cash Balance							300,000
Debt Instrument, Refinance Term, Second Periodic Payment						$ 280,000
Noumea Shipping Ltd [Member]
Debt Instrument, Periodic Payment		$ 720,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		6,360,000
Long-term Debt		7,080,000
Eirini Shipping Ltd and Eleni Shipping Ltd [Member]
Debt Instrument Number of Installments Payments Deferred						7
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid						$ 8,000,000
Long-term Debt						$ 11,600,000						$ 12,850,000
Property, Plant and Equipment Value to Outstanding Facility Amount						75.00%						130.00%
Debt Instrument Minimum Cash Balance							$ 600,000
Repayments of Long-term Debt						$ 1,250,000
Debt Instrument, Periodic Payment, Deferred						$ 350,000
Debt Instrument Number of Quarterly Payments						2
Debt Instrument, First Periodic Payment						$ 350,000
Debt Instrument, Third Periodic Payment						$ 725,000
Supplemental Agreement With HSBC Bank [Member] | Xingang Shipping Ltd. / Joanna Maritime Ltd. [Member]
Debt Instrument Number of Installments Payments Deferred						6
Debt Instrument, Periodic Payment						$ 75,000
Debt Instrument, Deferred Amount						450,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid						$ 653,915
Debt Instrument, Number of Periodic Payments						1
Debt Instrument Periodic Payment Terms Bullet Payment To Be Paid						$ 1,103,915
Asset Coverage Ratio Required by Debt Agreement						75.00%						130.00%
Supplemental Agreement With HSBC Bank [Member] | Pantelis Shipping Corp [Member]
Debt Instrument Number of Installments Payments Deferred						6
Debt Instrument, Periodic Payment						$ 280,000
Debt Instrument, Deferred Amount						1,680,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid						$ 3,160,000
Debt Instrument, Number of Periodic Payments						1
Debt Instrument Periodic Payment Terms Bullet Payment To Be Paid						$ 4,840,000
Supplemental Agreement with Noumea Shipping [Member] | Noumea Shipping Ltd [Member]
Debt Instrument, Periodic Payment		720,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 4,920,000
Debt Instrument, Number of Periodic Payments		3
Asset Coverage Ratio Required by Debt Agreement		110.00%
Finance Construction of Hull No DY 160 [Member]
Term Loan Facility Maximum Borrowing Capacity					$ 19,000,000
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Vessel Market Value Upon Delivery					62.50%
Line of Credit Facility, Commitment Fee Percentage					0.90%
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Vessel Market Value Upon Delivery Charter Free					55.00%

Note 9 - Long-term Debt - Summa

Note 9 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)		Dec. 31, 2016	Dec. 31, 2015
Bank Loans		$ 50,356,915	$ 40,521,040
Less: Current portion		(5,697,915)	(14,810,000)
Long-term portion		(44,659,000)	25,711,040
Deferred Charges, current portion		148,697	124,234
Deferred charges, long-term portion		292,024	158,338
Long-term debt, current portion net of deferred charges		5,549,218	14,685,766
Long-term debt, long-term portion net of deferred charges		44,366,976	25,552,702
Colby Trading Ltd [Member]
Loan from Related Party	[1]	2,000,000
Xingang Shipping Ltd. / Alcinoe Shipping Ltd Borrower [Member]
Bank Loans	[2]	1,103,915	1,276,040
Manolis Shipping Ltd. Borrower [Member]
Bank Loans	[3]		4,500,000
Saf-Concord Shipping Ltd. Borrower [Member]
Bank Loans	[4]		3,250,000
Pantelis Shipping Corp. Borrower [Member]
Bank Loans	[5]	4,840,000	5,120,000
Noumea Shipping Ltd. Borrower [Member]
Bank Loans	[6]	6,360,000	7,800,000
Eirini Shipping Ltd. [Member]
Bank Loans	[7]	11,600,000	13,200,000
Allendale Investments S.A. [Member]
Bank Loans	[8]	13,120,000
Kamsarmax One Shipping Ltd. [Member]
Bank Loans	[9]	13,333,000
Euroseas Ltd (Member)
Bank Loans	[3]		$ 5,375,000
[1]	On November 29, 2016, Euroseas signed an agreement with Colby Trading Ltd, a company affiliated with its CEO, to draw a $2 million loan to finance working capital needs. Interest on the loan is payable quarterly, and there are no principal repayments until January 2018 when the loan matures. The Company may elect to capitalize the interest to the outstanding principal amount. Under certain limited circumstances, the Company can pay principal and interest in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times.
[2]	On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank PLC to defer the six remaining consecutive quarterly instalments of $75,000 each (being $450,000 in aggregate) to be payable together with the balloon payment of $653,915 in one bullet payment of $1,103,915 in November, 2017. The asset coverage ratio was reduced from 130% to 75% until the maturity of this agreement. A cash sweep mechanism was put in place until the entire deferred amount is repaid.
[3]	This loan was fully repaid on of February 12, 2016 with part of the proceeds of a new loan (see Note 9-(g)).
[4]	This loan was fully repaid on February 12, 2016 with part of the proceeds of a new loan (see Note 9-(g)).
[5]	On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank PLC to defer the six remaining consecutive quarterly instalments of $280,000 each (being $1,680,000 in aggregate) until (a) 29 September 2017 (being the initial final repayment date together with the balloon payment of $3,160,000 in one bullet payment of $4,840,000) or (b) to extend the final repayment date of the deferred amount and the balloon payment until 29 December 2018 if Euroseas agrees with the current lender of container vessel Evridiki G (being Credit Agricole) or any other bank the extension of the repayment date of her balloon instalment at least until her current charter matures in the first quarter of 2018. In this case the outstanding amount of $4,840,000 will be paid in four quarterly instalments, the first two instalments of $280,000 each, the third instalment in the amount of $560,000 and the fourth instalment of $3,720,000 comprised by $560,000 and the balloon payment, The first instalment will be paid in March 2018 and the following instalments on quarterly intervals thereafter and the last one in December 2018. The asset coverage ratio was reduced from 130% to 75% until December 31, 2017. A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of $300,000 (corresponding to the minimum cash balance requirement) to be pledged in the cash collateral account of Eirini P/Eleni P. For the avoidance of doubt the aforementioned cash collateral is in addition to the cash collateral required to be maintained in the cash collateral account pursuant to the Eirini P/Eleni P loan agreement (see Note 9-(f)). On December 22, 2016 Euroseas signed an agreement with Credit Agricole to extend the loan of the container vessel Evridiki G to the first quarter of 2018 (see Note 9-(e)) and therefore schedule (b) as outlined above became effective.
[6]	On December 22, 2016, the supplemental agreement with Noumea Shipping Ltd., owner of M/V "Evridiki G" was signed in order to refinance the final quarterly instalment of $720,000 and the balloon payment of $6,360,000 originally due in December 2016. The borrower and the lender agreed to amend the repayment profile in respect of the loan of which $7,080,000 remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to January 2018. The loan will be repaid with three repayments of $720,000 each, due in December 2016, in July 2017 and in January 2018 together with the balloon payment of $4,920,000 due in January 2018. The security cover ratio covenant has been waived until November 15, 2017, when it will be restored to 110%.
[7]	On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank PLC. The outstanding balance of the loan of Eirini Shipping Ltd / Eleni Shipping Ltd. of $12,850,000 prior to the closing of the supplemental agreement was reduced to $11,600,000 via prepayment of the cash collateral of $1,250,000 (which was effected after the signing of the respective supplemental agreement). In addition, seven principal instalments of $350,000 each, from June 2016 to December 2017 were deferred. Repayment of the loan will be resumed in March 2018 and the outstanding balance of $11,600,000 will be repaid in two quarterly instalments of $350,000 each, four of $725,000 each plus a balloon payment of $8,000,000 due in May 2019. The asset coverage ratio was reduced from 130% to 75% until December 31, 2017. A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of $600,000 (corresponding to the minimum cash balance requirement) to be pledged in the cash collateral account of M/V "Eirini P" / M/V "Eleni P". For the avoidance of doubt the aforementioned cash collateral is in addition to the cash collateral required to be maintained in the cash collateral account pursuant to the Pantelis loan agreement. M/V "Eleni P" was sold on January 26, 2017; the proceeds from the sale were used to partly pay for the acquisition of M/V "Tasos" which replaced M/V "Eleni P" as collateral for the loan.
[8]	On February 12, 2016, the Company signed and drew a term loan facility with Eurobank Ergasias S.A in order to refinance all of its 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., Aggeliki Shipping Ltd and Jonathan John Shipping Ltd. (which was cross-collateralized as per supplemental agreement dated September 27, 2016 replacing Eternity Shipping Company, the owner of M/V "Captain Costas" that was sold in 2016) as Borrowers. The loan is payable in twelve equal consecutive quarterly instalments of $460,000 each, with a balloon payment of $8,980,000 to be paid together with the last instalment in February 2019. The interest was based on LIBOR plus a margin of 6.00%. The loan is secured with the following: (i) first priority mortgages over M/V "Monica P", M/V "Captain Costas" replaced by the M/V "Aegean Express" after her sale, M/V "Kuo Hsuing", M/V "Manolis P", M/V "Ninos", 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. The Company paid loan arrangement fee of $247,500 for this loan.
[9]	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 fourteen 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. The Company paid loan arrangement fee of $187,335 for this loan.

Note 9 - Long-term Debt - Sum57

Note 9 - Long-term Debt - Summary of Future Annual Loan Repayments for Long-term Debt (Details)	Dec. 31, 2016USD ($)
2,017	$ 7,697,915
2,018	14,304,000
2,019	19,824,000
2,020	934,000
2,021	934,000
Thereafter	8,663,000
Total	$ 52,356,915

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)
US Federal Gross Transportation Income Tax Rate	4.00%
US Source Gross Transportation Income as Percentage of Gross Transportation Shipping Income	50.00%
Tax Rate on US Source Shipping Income	2.00%
Unrecognized Tax Expense For US Source Shipping Income	$ 28,475

Note 11 - Commitments and Con59

Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands	Dec. 31, 2016USD ($)
Number of Vessels Under Construction	1
Purchase Obligation, Due in Next Twelve Months	$ 4,500
Purchase Obligation, Due in Second Year	18,000
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member]
Restricted Cash and Investments	$ 530

Note 12 - Stock Incentive Pla60

Note 12 - Stock Incentive Plan (Details Textual)	Nov. 03, 2016shares	Nov. 06, 2015shares	Nov. 03, 2014shares	Jul. 31, 2014shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Allocated Share-based Compensation Expense | $					$ 294,341	$ 306,111	$ 510,114
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					82,080
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $					$ 169,166
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					298 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted in Period, Fair Value | $					$ 99,317	$ 285,912	$ 459,000
The 2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				2,500,000
Share Based Compensation Arrangement By Share Based Payment Awarded Term				10 years
The 2014 Plan [Member] | Restricted Stock [Member]
Number of Key People Issued Awards	19	19	19
The 2014 Plan [Member] | Restricted Stock [Member] | Vesting November 16, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
The 2014 Plan [Member] | Restricted Stock [Member] | Vesting November 16, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
The 2014 Plan [Member] | Restricted Stock [Member] | Vesting on July 1, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
The 2014 Plan [Member] | Restricted Stock [Member] | Vesting on July 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
The 2014 Plan [Member] | Restricted Stock [Member] | Vesting on November 1, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
The 2014 Plan [Member] | Restricted Stock [Member] | Vesting on November 1, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
The 2014 Plan [Member] | Restricted Stock [Member] | The 19 Key Persons [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	82,080	68,400	45,000
The 2014 Plan [Member] | Restricted Stock [Member] | Officers and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	48,048	40,040	26,100
The 2014 Plan [Member] | Restricted Stock [Member] | Eurobulk Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	34,032	28,360	18,900

Note 12 - Stock Incentive Pla61

Note 12 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Non-vested on January 1, 2016 (in shares) | shares	90,900
Non-vested on January 1, 2016 (in dollars per share) | $ / shares	$ 5.67
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	82,080
Granted (in dollars per share) | $ / shares	$ 1.21
Vested (in shares) | shares	(56,700)
Vested (in dollars per share) | $ / shares	$ 6.57
Non-vested on December 31, 2016 (in shares) | shares	116,280
Non-vested on December 31, 2016 (in dollars per share) | $ / shares	$ 2.08

Note 13 - Earnings (Loss) Per62

Note 13 - Earnings (Loss) Per Share (Details Textual) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	22,443	18,395

Note 13 - Earnings (Loss) Per63

Note 13 - Earnings (Loss) Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net loss attributable to common shareholders	$ (45,946,822)	$ (15,687,132)	$ (19,359,005)
Weighted average common shares – Outstanding (in shares)	8,165,703	6,410,794	5,479,418
Earnings Per Share, Basic and Diluted	$ (5.63)	$ (2.45)	$ (3.53)

Note 14 - Voyage, Vessel Oper64

Note 14 - Voyage, Vessel Operating Expenses and Commissions - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Voyage expenses	$ 1,291,712	$ 2,312,513	$ 3,963,181
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	18,161,862	25,204,593	25,279,087
Port Charges and Canal Dues [Member]
Voyage expenses	421,140	832,917	1,214,856
Bunkers [Member]
Voyage expenses	870,572	1,479,596	2,748,325
Crew Wages and Related Costs [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	10,670,721	14,164,355	13,985,377
Insurance [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	1,649,313	2,412,366	2,364,112
Repairs and Maintenance [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	341,481	503,934	501,733
Lubricants [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	1,611,543	2,433,956	2,379,191
Spares and Consumable Stores [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	2,770,405	4,058,153	4,083,942
Professional and Legal Fees [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	214,317	492,852	498,240
Other Vessel Operating Expenses [Member]
Vessel operating expenses (including, $347,363, $305,150 and $233,077, respectively, to related party)	$ 904,082	$ 1,138,977	$ 1,466,492

Note 15 - Derivative Financia65

Note 15 - Derivative Financial Instruments (Details Textual)	Dec. 31, 2016USD ($)	Oct. 17, 2014USD ($)
Interest Rate Swap [Member]
Derivative, Number of Instruments Held	1
Derivative, Notional Amount	$ 10,000,000
Interest Rate Swap [Member] | Eurobank [Member]
Derivative, Number of Instruments Held		2
Interest Rate Swap [Member] | Eurobank [Member] | November 28, 2016 [Member]
Derivative, Average Fixed Interest Rate		0.50%
Interest Rate Swap [Member] | Eurobank [Member] | November 28, 2017 [Member]
Derivative, Average Fixed Interest Rate		0.95%
Interest Rate Swap [Member] | Eurobank [Member] | May 28, 2019 [Member]
Derivative, Average Fixed Interest Rate		3.55%
First Two Contracts [Member] | Eurobank [Member]
Derivative, Notional Amount		$ 10,000,000
Interest Rate Swap One [Member] | Eurobank [Member]
Derivative, Average Fixed Interest Rate		1.29%
Interest Rate Swap Two [Member] | Eurobank [Member]
Derivative, Average Fixed Interest Rate		1.97%

Note 15 - Derivative Financia66

Note 15 - Derivative Financial Instruments - Derivative Not Designated as Hedging Instruments by Account Type (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Interest rate swap contracts		$ 50,402
Derivatives	240,181	202,700
Total derivative liabilities	240,181	253,102
Interest Rate Swap [Member]
Interest rate swap contracts		50,402
Derivatives	$ 240,181	$ 202,700

Note 15 - Derivative Financia67

Note 15 - Derivative Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loss on derivatives, net	$ (119,154)	$ (261,674)	$ (44,648)
Not Designated as Hedging Instrument [Member]
Loss on derivatives, net	12,921	45,669	718,977
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Loss on derivatives, net	$ (132,075)	$ (307,343)	$ (763,625)

Note 16 - Investment in Joint68

Note 16 - Investment in Joint Venture and Other Investment (Details Textual) - USD ($)	Oct. 15, 2013	Dec. 31, 2016	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 25, 2010
Revenue from Related Parties					$ 240,000	$ 240,000	$ 240,000
Income (Loss) from Equity Method Investments					(2,444,627)	(2,158,393)	(2,541,775)
Equity Method Investment, Other than Temporary Impairment					14,071,075
Equity Method Investments						16,515,701
Investment Income, Dividend					1,024,714	1,212,938	987,604
Other Investment, Other than Temporary Impairment					4,421,452
Eton Park and Rhone [Member]
Investment in Joint Venture Total Maximum Investment by Members								$ 175,000,000
Euromar LLC, The Joint Venture [Member]
Equity Method Investment, Aggregate Cost								$ 25,000,000
Equity Method Investment, Ownership Percentage								14.286%
Revenue from Related Parties					240,000	240,000	240,000
Income (Loss) from Equity Method Investments					(2,400,000)	(2,200,000)	(2,500,000)
Equity Method Investment, Other than Temporary Impairment		100,000		$ 14,000,000	14,100,000
Equity Method Investments		0	0		0
Escrow Deposit	$ 5,000,000	$ 4,000,000	4,000,000		4,000,000
Limited Liability Company, LLC, Amount of Escrowed Cash Exchanged for Each Preferred Unit	$ 1,000
Limited Liability Company (LLC) Preferred Unit, Issued	5,000
Vessel Acquisition, Escrow Deposit Contributed to Joint Venture	$ 1,000,000
Preferred Stock, Dividend Rate, Percentage	19.00%
Investment Income, Dividend					1,024,714	$ 1,212,938	$ 987,604
Other Investment, Other than Temporary Impairment			$ 4,421,452		$ 4,421,452
Euromar LLC, The Joint Venture [Member] | Eton Park and Rhone [Member]
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Investment Per Counterparty								$ 75,000,000
Equity Method Investment, Ownership Percentage Per Counterparty, Percentage								42.857%

Note 16 - Investment in Joint69

Note 16 - Investment in Joint Venture and Other Investment - Summarized Financial Information for the Joint Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Voyage revenue	$ 29,789,036	$ 39,656,670	$ 42,586,963
Euromar LLC, The Joint Venture [Member]
Current assets	13,253,581	11,880,202	9,520,607
Non current assets	193,942,132	223,366,979	252,531,888
Current liabilities	103,687,334	116,207,106	16,194,148
Non current liabilities	5,010,852	3,495,007	115,181,837
Members’ contributions	175,000,000	175,000,000	175,000,000
Voyage revenue	24,910,758	34,419,758	31,663,989
Net revenue	23,949,441	33,114,016	30,269,066
Operating loss	(9,165,809)	(7,912,039)	(11,058,601)
Net loss	$ (17,112,389)	$ (15,108,751)	$ (17,798,476)

Note 16 - Investment in Joint70

Note 16 - Investment in Joint Venture and Other Investment - Investment in Joint Venture (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance	$ 7,396,738	$ 6,183,800
Total gain for period included in Investment income	1,024,714	1,212,938	$ 987,604
Balance	4,000,000	7,396,738	6,183,800
Other investment income	1,024,714	1,212,938	987,604
Impairment of other investment	$ (4,421,452)

Note 17 - Preferred Shares (Det

Note 17 - Preferred Shares (Details Textual) - USD ($)	Sep. 17, 2015	Jan. 27, 2014	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock Issued During Period, Shares, New Issues	2,343,335
Dividends, Paid-in-kind						$ 1,725,699	$ 1,639,149	$ 1,440,100
Series B Preferred Stock [Member]
Proceeds from Issuance of Convertible Preferred Stock		$ 29
Preferred Stock, Redemption Price Per Share		$ 1,000
Preferred Stock Convertible Initial Conversion Price		$ 12.25
Dividends, Paid-in-kind						1,730,000
Preferred Stock, Redemption Amount						$ 35,504,948
Series B Preferred Stock [Member] | First Five Years [Member]
Preferred Stock Additional Cash Dividend Under Specified Conditions Percentage		40.00%
Preferred Stock Additional 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]
Preferred Stock, Dividend Rate, Percentage		40.00%
Series B Preferred Stock [Member] | Years Six and Seven [Member]
Preferred Stock, Dividend Rate, Percentage		12.00%
Series B Preferred Stock [Member] | After Year Seven [Member]
Preferred Stock, Dividend Rate, Percentage		14.00%
Series B Preferred Stock [Member] | Scenario, Forecast [Member]
Preferred Stock, Redemption Amount			$ 39,359,846	$ 39,207,373	$ 37,306,766
Increase in Carrying Amount of Redeemable Preferred Stock			$ 152,473	$ 1,900,607	$ 1,808,472
Series B Preferred Stock [Member] | Minimum [Member] | First Five Years [Member]
Preferred Stock, Dividend Rate, Percentage		0.00%
Series B Preferred Stock [Member] | Maximum [Member] | First Five Years [Member]
Preferred Stock, Dividend Rate, Percentage		5.00%
TCP [Member] | Series B Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues		25,000
Friends Investment Company Inc. [Member] | Series B Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues		5,700

Note 17 - Preferred Shares - Di

Note 17 - Preferred Shares - Dividends Series B Preferred Shares (Details) - USD ($)	Sep. 17, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance, January 1, 2014 (in shares)		33,779	32,140
Balance, January 1, 2014		$ 32,079,249	$ 30,440,100
Issuance of preferred shares from private placement net of issuance costs (in shares)	2,343,335
Issuance of preferred shares from private placement net of issuance costs			$ 10,227,110
Dividends declared (in shares)		1,726	1,639	1,440
Dividends declared		$ 1,725,699	$ 1,639,149	$ 1,440,100
Balance, December 31, 2014 (in shares)		35,505	33,779	32,140
Balance, December 31, 2014		$ 33,804,948	$ 32,079,249	$ 30,440,100
Private Placement [Member]
Issuance of preferred shares from private placement net of issuance costs		1,000,000		$ 14,500,000
Preferred Stock [Member] | Private Placement [Member]
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]
Balance, January 1, 2014		29,000,000	29,000,000
Dividends declared
Balance, December 31, 2014		$ 29,000,000	$ 29,000,000	29,000,000
Ordinary Preferred Stock [Member] | Preferred Stock [Member] | Private Placement [Member]
Issuance of preferred shares from private placement net of issuance costs				$ 29,000,000
Preferred Stock Issued as Dividends [Member]
Balance, January 1, 2014 (in shares)		3,079,249	1,440,100
Dividends declared (in shares)		1,725,699	1,639,149	1,440,100
Balance, December 31, 2014 (in shares)		4,804,948	3,079,249	1,440,100
Preferred Stock Issued as Dividends [Member] | Preferred Stock [Member] | Private Placement [Member]
Issuance of preferred shares from private placement net of issuance costs (in shares)

Note 18 - Financial Instrumen73

Note 18 - Financial Instruments (Details Textual)	3 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Other Investment, Other than Temporary Impairment		$ 4,421,452
Fair Value Assumptions, Expected Dividend Rate		19.00%
Investments and Other Noncurrent Assets	$ 4,000,000	$ 4,000,000	$ 7,396,738	$ 6,183,800
Long-term Debt, Fair Value	51,600,000	51,600,000
Difference Between Fair Value and Carrying Value	800,000	800,000
Long-term Debt	52,356,915	$ 52,356,915
Euromar LLC, The Joint Venture [Member]
Fair Value Inputs, Cost of Capital		9.50%
Other Investment, Other than Temporary Impairment	$ 4,421,452	$ 4,421,452
Equity Method Investments [Member] | Minimum [Member]
Fair Value Inputs, Cost of Capital		9.00%
Equity Method Investments [Member] | Maximum [Member]
Fair Value Inputs, Cost of Capital		10.00%
Interest Rate Swap [Member]
Derivative, Number of Instruments Held	1	1
Derivative, Notional Amount	$ 10,000,000	$ 10,000,000

Note 18 - Financial Instrumen74

Note 18 - Financial Instruments - Fair Value of Company's Liabilities (Details) - Interest Rate Swap [Member] - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Interest rate swap contracts, current and long-term portion	$ 240,181	$ 253,102
Fair Value, Inputs, Level 1 [Member]
Interest rate swap contracts, current and long-term portion
Fair Value, Inputs, Level 2 [Member]
Interest rate swap contracts, current and long-term portion	240,181	253,102
Fair Value, Inputs, Level 3 [Member]
Interest rate swap contracts, current and long-term portion

Note 18 - Financial Instrumen75

Note 18 - Financial Instruments - Fair Value of Company's Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Impairment loss and loss on write-down of vessel held for sale	$ 5,924,668	$ 1,641,885	$ 3,500,000
Other investment, impairment loss	4,421,452
Investment in joint venture, impairment loss	14,071,075
Fair Value, Measurements, Nonrecurring [Member]
Vessels held for sale, fair value	2,946,923
Other investment, fair value	4,000,000
Other investment, impairment loss	4,400,000
Investment in joint venture, fair value	0
Investment in joint venture, impairment loss	14,071,075
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Other investment, fair value	4,000,000
Investment in joint venture, fair value	0
Vessels [Member] | Fair Value, Measurements, Nonrecurring [Member]
Vessels held for sale, fair value		2,805,521
Impairment loss and loss on write-down of vessel held for sale	5,924,668	1,641,885
Vessels [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Vessels held for sale, fair value	$ 2,946,923	$ 2,805,521

Note 19 - Common Stock (Details

Note 19 - Common Stock (Details Textual)	Dec. 23, 2016$ / sharesshares	Dec. 14, 2016USD ($)$ / sharesshares	Sep. 17, 2015USD ($)$ / sharesshares	Jul. 23, 2015	Dec. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Stock Issued During Period, Shares, New Issues			2,343,335
Shares Issued, Price Per Share | $ / shares			$ 4.50
Proceeds from Issuance of Common Stock | $			$ 10,550,000			$ 3,168,058	$ 10,545,007	$ 14,550,000
M/V RT Dagr [Member]
Shares Issued, Price Per Share | $ / shares	$ 2
Stock Issued During Period, Shares, Purchase of Assets	864,292
ATM Common Stock Offering [Member]
Stock Issued During Period, Shares, New Issues					978,847
Proceeds from Issuance of Common Stock | $					$ 2,200,000
Agreement with Friends Investment Co. [Member]
Stock Issued During Period, Shares, New Issues		719,425
Shares Issued, Price Per Share | $ / shares		$ 1.39
Proceeds from Issuance of Common Stock | $		$ 1,000,000
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio				10

Note 20 - Subsequent Events (De

Note 20 - Subsequent Events (Details Textual)	Mar. 17, 2017USD ($)	Jan. 31, 2017USD ($)	Jan. 25, 2017USD ($)	Sep. 17, 2015USD ($)shares	Jan. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Proceeds from Issuance of Long-term Debt									$ 28,300,000	$ 8,400,000	$ 23,300,000
Stock Issued During Period, Shares, New Issues | shares				2,343,335
Proceeds from Issuance of Common Stock				$ 10,550,000					3,168,058	10,545,007	14,550,000
Proceeds from Sale of Property, Plant, and Equipment									4,196,268	7,345,342
Gain (Loss) on Disposition of Property Plant Equipment									$ 10,597	$ 461,586
DWT Bulk Carrier [Member] | Scenario, Forecast [Member]
Vessel Construction, Number of Payments Made							1	2
ATM Common Stock Offering [Member]
Stock Issued During Period, Shares, New Issues | shares						978,847
Proceeds from Issuance of Common Stock						$ 2,200,000
Subsequent Event [Member] | M/V RT Dagr [Member]
Proceeds from Sale of Property, Plant, and Equipment		$ 2,300,000
Gain (Loss) on Disposition of Property Plant Equipment		$ 500,000
Subsequent Event [Member] | DWT Bulk Carrier [Member]
Vessel Construction, Contract Price	$ 22,500,000
Vessel Construction, Number of Payments	3
Vessel Construction, Periodic Payment	$ 2,250,000
Subsequent Event [Member] | ATM Common Stock Offering [Member]
Stock Issued During Period, Shares, New Issues | shares					301,780
Proceeds from Issuance of Common Stock					$ 549,495
HSH Nordbank [Member] | Subsequent Event [Member]
Proceeds from Issuance of Long-term Debt			$ 10,862,500
Debt Instrument Number of Quarterly Payments			13
Debt Instrument, Periodic Payment			$ 159,743
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid			$ 8,785,841
HSH Nordbank [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			3.00%