Euroseas (ESEA) 6-K 12 Aug 20 2020 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2020
Document Information [Line Items]
Entity Registrant Name	EUROSEAS LTD.
Entity Central Index Key	0001341170
Current Fiscal Year End Date	--12-31
Document Type	6-K
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 1,338,375	$ 985,418
Trade accounts receivable, net	1,024,974	715,097
Other receivables	2,836,563	1,570,506
Inventories	1,805,700	1,889,164
Restricted cash	432,468	610,376
Vessel held for sale	7,050,208
Prepaid expenses	432,555	526,531
Total current assets	14,920,843	6,297,092
Long-term assets:
Vessels, net	105,873,785	116,230,333
Restricted cash	2,134,267	4,334,267
Total assets	122,928,895	126,861,692
Current liabilities
Long-term bank loans, current portion	13,204,586	12,295,320
Related party loan, current	4,375,000	5,000,000
Trade accounts payable	2,707,519	3,899,967
Accrued expenses	1,584,461	1,725,321
Accrued preferred dividends		161,315
Deferred revenues	652,445	973,774
Liability associated with vessel held for sale	540,783
Derivatives	104,033
Due to related company	1,531,239	795,562
Total current liabilities	24,700,066	24,851,259
Long-term liabilities
Long-term bank loans, net of current portion	66,105,386	72,187,785
Derivatives	364,113
Fair value of below market time charters acquired	553,531	1,714,370
Total long-term liabilities	67,023,030	73,902,155
Total liabilities	91,723,096	98,753,414
Commitments and Contingencies
Mezzanine Equity
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,000 and 8,180, respectively, issued and outstanding)	7,834,084	7,654,577
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 5,600,259 issued and outstanding)	168,008	168,008
Additional paid-in capital	253,977,376	253,967,708
Accumulated deficit	(230,773,669)	(233,682,015)
Total shareholders’ equity	23,371,715	20,453,701
Total liabilities, mezzanine equity and shareholders’ equity	$ 122,928,895	$ 126,861,692

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	8,180	8,000
Preferred stock, shares outstanding (in shares)	8,180	8,000
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)	5,600,259	5,600,259
Common stock, shares outstanding (in shares)	5,600,259	5,600,259

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Time charter revenue	$ 30,266,431	$ 17,169,670
Commissions (including $214,621 and $378,330, respectively, to related party)	(1,324,913)	(750,020)
Net revenue	28,941,518	16,419,650
Operating expenses
Voyage expenses	895,049	515,563
Vessel operating expenses (including $86,253 and $171,460, respectively, to related party)	16,530,150	9,788,134
Dry-docking expenses	376,369	773,326
Vessel depreciation	3,386,726	1,597,424
Related party management fees	2,642,368	1,547,139
Other operating income	(2,688,194)
General and administrative expenses (including $625,000 and $1,000,000, respectively, to related party)	1,588,266	1,255,751
Loss on write-down of vessel held for sale	121,165
Total operating expenses	22,851,899	15,477,337
Operating income	6,089,619	942,313
Other income/(expenses)
Interest and other financing costs (including $0 and $199,452, respectively, to related party)	(2,389,021)	(1,461,978)
Loss on debt extinguishment		(328,291)
Loss on derivatives, net	(468,146)	(2,885)
Foreign exchange (loss)/gain	2,183	(850)
Interest income	12,780	86,076
Other expenses, net	(2,842,204)	(1,707,928)
Net (loss) / income	3,247,415	(765,615)
Dividend Series B Preferred shares	(339,069)	(949,152)
Preferred deemed dividend		(504,577)
Net (loss) / income attributable to common shareholders	$ 2,908,346	$ (2,219,344)
(Loss) / earnings per share attributable to common shareholders, basic and diluted (in dollars per share)	$ 0.52	$ (1.44)
Weighted average number of shares outstanding during the period, basic and diluted (in shares)	5,576,960	1,542,508

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Commissions, related party	$ 378,330	$ 214,621
Vessel operating expenses, related party	171,460	86,253
Other general and administrative expenses, related party	1,000,000	625,000
Interest and other financing costs, related party	$ 199,452	$ 0

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($)		Common Stock [Member]		Additional Paid-in Capital [Member]	[1]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018	[1]	1,564,456
Balance at Dec. 31, 2018		$ 46,934	[1]	$ 233,996,669		$ (230,222,985)	$ 3,820,618
Net income (loss)			[1]			(765,615)	(765,615)
Dividends to Series B preferred shares			[1]			(949,152)	(949,152)
Share-based compensation			[1]	49,565			49,565
Preferred deemed dividend			[1]			(504,577)	(504,577)
Balance (in shares) at Jun. 30, 2019	[1]	1,564,456
Balance at Jun. 30, 2019		$ 46,934	[1]	234,046,234		(232,442,329)	1,650,839
Balance (in shares) at Dec. 31, 2019	[1]	5,600,259
Balance at Dec. 31, 2019		$ 168,008	[1]	253,967,708		(233,682,015)	20,453,701
Net income (loss)			[1]			3,247,415	3,247,415
Dividends to Series B preferred shares			[1]			(339,069)	(339,069)
Share-based compensation			[1]	60,808			60,808
Offering expenses			[1]	(51,140)			(51,140)
Balance (in shares) at Jun. 30, 2020	[1]	5,600,259
Balance at Jun. 30, 2020		$ 168,008	[1]	$ 253,977,376		$ (230,773,669)	$ 23,371,715
[1]	Adjusted to reflect the 1-for-8 reverse stock split effected at the close of trading on December 18, 2019.

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss) / income	$ 3,247,415	$ (765,615)
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Vessel depreciation	(3,386,726)	(1,597,424)
Loss on write-down of vessel held for sale	121,165
Amortization of deferred charges	122,787	118,032
Share-based compensation	60,808	49,565
Unrealized gain on derivatives	468,146	(41,435)
Amortization of debt discount		95,214
Loss on debt extinguishment		328,291
Amortization of fair value of below market time charters acquired	(1,160,839)
Changes in operating assets and liabilities	(2,273,177)	(557,092)
Net cash provided by operating activities	3,973,031	824,384
Cash flows from investing activities:
Cash paid for vessels capitalized expenses and vessel held for sale	(256,482)
Advance received for vessel held for sale	540,783
Net cash provided by investing activities	284,301
Cash flows from financing activities:
Redemption of Series B preferred shares		(11,686,000)
Preferred dividends paid	(320,877)
Loan arrangement fees paid		(120,000)
Proceeds from long-term bank loans		12,000,000
Repayment of long-term bank loans and vessel profit participation liability	(5,295,920)	(10,241,000)
Repayment of related party loan	(625,000)
Offering expenses paid	(40,486)
Net cash used in financing activities	(6,282,283)	(10,047,000)
Net decrease in cash and cash equivalents and restricted cash	(2,024,951)	(9,222,616)
Cash, cash equivalents and restricted cash at beginning of period	5,930,061	13,211,588
Cash, cash equivalents and restricted cash at end of period	3,905,110	3,988,972
Cash breakdown
Cash and cash equivalents	1,338,375	2,000,437
Restricted cash	432,468	454,268
Restricted cash, long term	2,134,267	1,534,267
Cash, cash equivalents and restricted cash at end of period	$ 3,905,110	$ 3,988,972

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Euroseas Ltd. was formed on May 5, 2005 The operations of the vessels are managed by Eurobulk Ltd. (“Eurobulk” or “Management Company” or “Manager”), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at 4 5 The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis Shareholders Ltd. which, in turn, collectively own 62% June 30, 2020. The accompanying unaudited condensed consolidated financial statements include the accounts of Euroseas Ltd., and its wholly owned vessel owning subsidiaries and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 20 April 30, 2020. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information. Accordingly, they do not six June 30, 2020 not December 31, 2020. As of June 30, 2020, $9.8 six June 30, 2020, $3.2 $2.9 $4.0 $1.3 $2.6 June 30, 2020. 11 not may twelve

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. A summary of the Company's significant accounting policies is identified in Note 2 20 December 31, 2019 ( “2019 no

Note 3 - Vessels, Net

Note 3 - Vessels, Net	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. Vessels, net The amounts in the accompanying unaudited condensed consolidated balance sheets are as follows: Costs Accumulated Depreciation Net Book Value Balance, January 1, 2020 132,863,067 (16,632,734 ) 116,230,333 Depreciation for the period - (3,386,726 ) (3,386,726 ) Capitalized expenses 92,477 - 92,477 Vessel held for sale (10,752,242 ) 3,689,943 (7,062,299 ) Balance, June 30, 2020 122,203,302 (16,329,517 ) 105,873,785 In January 2020, 2,506 2000 July 6, 2020, $3.7 6 $3.7 $0.1 $3.8 In February 2020, 1,452 1995 April 7, 2020, not 19 $1,133,817 June 19, 2020, $2.0 June 30, 2020, $1.9 $1.7 $0.1 $0.5 On June 30, 2020 1,169 1993 June 30, 2020, $1.6 July 13, 2020, $1.9 As of June 30, 2020 7

Note 4 - Fair Value of Below Ma

Note 4 - Fair Value of Below Market Time Charters Acquired	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Below Market Time Charters Acquired [Text Block]	4. Fair Value of Below Market Time Charters Acquired Details of the Company's fair value of below market acquired time charters are discussed in Note 6 December 31, 2019, 2019 For the six June 30, 2020, $1,160,839 The unamortized balance of this intangible liability as of June 30, 2020 $553,531 2020.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	5. Related Party Transactions Details of the Company's transactions with related parties did not six June 30, 2020 7 December 31, 2019, 2019 The Company's vessel owning companies are parties to management agreements with the Management Company which is controlled by members of the Pittas family, whereby the Management Company provides technical and commercial vessel management for a fixed daily fee of Euro 685 six June 30, 2019 2020 $1,547,139 $2,642,368 six June 30, 2019 2020, The MMA was further renewed on January 1, 2018 five January 1, 2023 5% 685 2020 may In addition to the vessel management services, the Management Company provides the Company with the services of its executives, services associated with the Company being a public company and other services to the Company's subsidiaries. For the six June 30, 2019 2020, $625,000 $1,000,000, 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 offset exists. As of December 31, 2019 June 30, 2020, $795,562 $1,531,239, 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% $214,621 $378,330 six June 30, 2019 2020, 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”). Technomar Crew Management Services Corp (“Technomar”), is a company owned by certain members of the Pittas family, together with two not 5%; $50 $21,258 $64,995 first six 2019, first six 2020, $57,820 $113,640, On September 30, 2019, $2.5 first May 15, 2020 three November 2020. November 1, 2019, second $2.5 no December 31, 2020, 8% $199,452 six June 30, 2020.

Note 6 - Other Operating Income

Note 6 - Other Operating Income	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Other Operating Income and Expense [Text Block]	6. Other operating income In January 2020, $2.7 June 30, 2020, $1.0 June 30, 2020, $2.0 $0.3 $2.7

Note 7 - Long-term Bank Loans

Note 7 - Long-term Bank Loans	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	7. Long-Term Bank Loans Long-term debt represents bank loans of the Company. Outstanding long-term debt as of December 31, 2019 June 30, 2020 Borrower December 31, June 30, Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 37,650,000 36,375,000 Diamantis Shipowners Ltd. 3,507,220 3,186,300 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 12,050,000 11,150,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 32,000,000 29,200,000 85,207,220 79,911,300 Less: Current portion (12,541,840 ) (13,451,153 ) Long-term portion 72,665,380 66,460,147 Deferred charges, current portion 246,520 246,567 Deferred charges, long-term portion 477,595 354,761 Long-term bank loans, current portion net of deferred charges 12,295,320 13,204,586 Long-term bank loans, long-term portion net of deferred charges 72,187,785 66,105,386 Loan from related party, current Euroseas Ltd. 5,000,000 4,375,000 The future annual loan repayments are as follows: To June 30: 2021 13,451,153 2022 24,441,844 2023 21,518,303 2024 20,500,000 Total 79,911,300 Details of the loans are discussed in Note 8 December 31, 2019 2019 The Company's bank loans are secured with one · first · first · a corporate guarantee of Euroseas Ltd. · a pledge of all the issued shares of each borrower. The loan agreements contain covenants such as minimum requirements regarding the security cover ratio (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from 110% 140% not $4,410,376 $2,032,468 December 31, 2019 June 30, 2020, June 30, 2020, Interest expense, including loan fee amortization for the six June 30, 2019 2020 $1,461,978 $2,389,021, six June 30, 2020, 1.5% 3.6% 5.1% six June 30, 2019, 2.6% 4.2% 6.8%

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. Commitments and Contingencies (a) As of June 30, 2020 October 2009 November 2009 $0.53 $0.15 may (b) On November 7, 2019, 1 4 2019 If the 12 4,250 November 16, 2020 4:00 November 15, 2019 4:00 November 16, 2020, $500,000 20 November 16, 2020 4:00 The Company based on its assessment of future rates as of June 30, 2020, not There are no not As of June 30, 2020, $20.9 $20.2 twelve June 30, 2021 $0.7 twelve June 30, 2021. one may not not

Note 9 - Stock Incentive Plan

Note 9 - Stock Incentive Plan	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	9. Stock Incentive Plan A summary of the status of the Company's unvested shares as of January 1, 2020, six June 30, 2020, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2020 23,284 6.77 Granted - - Vested - - Forfeited - - Unvested on June 30, 2020 23,284 6.77 As of June 30, 2020, $80,215 0.53 $49,565 $60,808 six June 30, 2019 2020,

Note 10 - (Loss) Earnings Per S

Note 10 - (Loss) Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	10. (Loss) / Earnings Per Share Basic and diluted (loss)/earnings per common share is computed as follows: For the six months 2019 2020 Net (loss) / income (765,615 ) 3,247,415 Dividend Series B Preferred shares (949,152 ) (339,069 ) Preferred deemed dividend (504,577 ) - Net (loss) / income attributable to common shareholders (2,219,344 ) 2,908,346 Weighted average common shares – outstanding 1,542,508 5,576,960 Basic and diluted (loss) / earnings per share (1.44 ) 0.52 The Company excluded the effect of 23,284 June 30, 2020 21,948 June 30, 2019, nil six June 30, 2019 2020.

Note 11 - Financial Instruments

Note 11 - Financial Instruments	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	11. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, related party loan, derivatives, trade accounts payable, accrued expenses and amount due to related company. 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 bank loans. 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, historically, the interest rate swaps were entered into for economic hedging purposes, they did not Derivatives and Hedging not June 30, 2020, one $30.0 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 trade accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not Fair value of financial instruments The estimated fair values of the Company's financial instruments such as cash and cash equivalents, restricted cash and amount due to related company approximate their individual carrying amounts as of December 31, 2019 June 30, 2020, 1 $80.3 June 30, 2020 $0.4 $79.9 2 The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value under 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 six Level 1: Level 2: Level 3: not 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 Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2019 Six Months Ended June 30, 2020 Interest rate swap contract– Unrealized gain / (loss) Loss on derivatives, net 41,435 (468,146) Interest rate swap contract– Realized loss Loss on derivatives, net (44,320) - Total loss on derivative (2,885) (468,146) Asset Measured at Fair Value on a Non-recurring Basis As of June 30, 2020 $3.77 $3.87 $0.22 $0.12 2. Nonrecurring Fair Value Measurements at Reporting Date June 30, 2020 Fair Value Level 1 Level 2 Level 3 Loss 2020 Vessel held for sale $ 3,873,406 - $ 3,873,406 - $ 121,165

Note 12 - Subsequent Events

Note 12 - Subsequent Events	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent Events The following events occurred after June 30, 2020: (a) During the second 2020 July 2020, 2020 4.7 December 2021 2022. April 1, 2020 January 29, 2021, 9% 8% (b) In July 2020, three July 2, 2020, July 17, 2020 July 30, 2020, three $7.6 three first November 21, 2018 ( 20 December 31, 2019, 8 $7.0 (c) The Company is still assessing the impact of the outbreak of the Coronavirus pandemic on its financial condition and operations and on the container industry in general. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which COVID- 19 may (d) On August 3, 2020, 200,000 $0.7

Note 3 - Vessels, Net (Tables)

Note 3 - Vessels, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	Costs Accumulated Depreciation Net Book Value Balance, January 1, 2020 132,863,067 (16,632,734 ) 116,230,333 Depreciation for the period - (3,386,726 ) (3,386,726 ) Capitalized expenses 92,477 - 92,477 Vessel held for sale (10,752,242 ) 3,689,943 (7,062,299 ) Balance, June 30, 2020 122,203,302 (16,329,517 ) 105,873,785

Note 7 - Long-term Bank Loans (

Note 7 - Long-term Bank Loans (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Borrower December 31, June 30, Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 37,650,000 36,375,000 Diamantis Shipowners Ltd. 3,507,220 3,186,300 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 12,050,000 11,150,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 32,000,000 29,200,000 85,207,220 79,911,300 Less: Current portion (12,541,840 ) (13,451,153 ) Long-term portion 72,665,380 66,460,147 Deferred charges, current portion 246,520 246,567 Deferred charges, long-term portion 477,595 354,761 Long-term bank loans, current portion net of deferred charges 12,295,320 13,204,586 Long-term bank loans, long-term portion net of deferred charges 72,187,785 66,105,386 Loan from related party, current Euroseas Ltd. 5,000,000 4,375,000
Schedule of Future Annual Loan Repayments [Table Text Block]	To June 30: 2021 13,451,153 2022 24,441,844 2023 21,518,303 2024 20,500,000 Total 79,911,300

Note 9 - Stock Incentive Plan (

Note 9 - Stock Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block]	Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2020 23,284 6.77 Granted - - Vested - - Forfeited - - Unvested on June 30, 2020 23,284 6.77

Note 10 - (Loss) Earnings Per_2

Note 10 - (Loss) Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the six months 2019 2020 Net (loss) / income (765,615 ) 3,247,415 Dividend Series B Preferred shares (949,152 ) (339,069 ) Preferred deemed dividend (504,577 ) - Net (loss) / income attributable to common shareholders (2,219,344 ) 2,908,346 Weighted average common shares – outstanding 1,542,508 5,576,960 Basic and diluted (loss) / earnings per share (1.44 ) 0.52

Note 11 - Financial Instrumen_2

Note 11 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2019 Six Months Ended June 30, 2020 Interest rate swap contract– Unrealized gain / (loss) Loss on derivatives, net 41,435 (468,146) Interest rate swap contract– Realized loss Loss on derivatives, net (44,320) - Total loss on derivative (2,885) (468,146)
Fair Value Measurements, Nonrecurring [Table Text Block]	June 30, 2020 Fair Value Level 1 Level 2 Level 3 Loss 2020 Vessel held for sale $ 3,873,406 - $ 3,873,406 - $ 121,165

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Shareholders Ownership, Percentage	62.00%
Working Capital Deficit	$ 9,800,000
Net Income (Loss) Attributable to Parent, Total	3,247,415	$ (765,615)
Net Income (Loss) Available to Common Stockholders, Basic, Total	2,908,346	(2,219,344)
Net Cash Provided by (Used in) Operating Activities, Total	3,973,031	$ 824,384
Cash, Ending Balance	1,300,000
Restricted Cash and Cash Equivalents, Total	$ 2,600,000

Note 3 - Vessels, Net (Details

Note 3 - Vessels, Net (Details Textual) - USD ($)	Jul. 13, 2020	Jul. 06, 2020	Jun. 19, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Impairment of Long-Lived Assets to be Disposed of				$ 120,000
Assets Held-for-sale, Not Part of Disposal Group, Current, Total				7,050,208
Advance Received for Vessel Held for Sale				540,783
Property, Plant and Equipment, Net, Ending Balance				105,873,785		$ 116,230,333
M/V EM Oinousses [Member]
Property, Plant, and Equipment, Fair Value Disclosure				3,870,000
Impairment of Long-Lived Assets to be Disposed of				100,000
Assets Held-for-sale, Not Part of Disposal Group, Current, Total				3,770,000
M/V EM Oinousses [Member] | Subsequent Event [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 3,700,000
M/V Manolis P [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 2,000,000
Assets Held-for-sale, Not Part of Disposal Group, Current, Total				1,900,000
Advance Received for Vessel Held for Sale				1,133,817
Property, Plant and Equipment, Net, Ending Balance			1,700,000
Sale of Property, Plant and Equipment, Sale Expenses Incurred			100,000
Deposit Liability, Current			$ 500,000
M/V Kuo Hsiung [Member]
Assets Held-for-sale, Not Part of Disposal Group, Current, Total				$ 1,600,000
M/V Kuo Hsiung [Member] | Subsequent Event [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 1,900,000

Note 3 - Vessels, Net - Summary

Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net book value	$ 116,230,333
Depreciation for the period	(3,386,726)	$ (1,597,424)
Net book value	105,873,785
Vessels [Member]
Costs	132,863,067
Accumulated depreciation	(16,632,734)
Net book value	116,230,333
Depreciation for the period	(3,386,726)
Capitalized expenses	92,477
Vessel held for sale, cost	(10,752,242)
Vessel held for sale	3,689,943
Vessel held for sale, net	(7,062,299)
Costs	122,203,302
Accumulated depreciation	(16,329,517)
Net book value	$ 105,873,785

Note 4 - Fair Value of Below _2

Note 4 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Amortization of fair value of below market time charters acquired	$ 1,160,839
Below Market Time Charters Acquired, Noncurrent	$ 553,531		$ 1,714,370

Note 5 - Related Party Transa_2

Note 5 - Related Party Transactions (Details Textual)	Jan. 01, 2018	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019EUR (€)	Dec. 31, 2019USD ($)	Nov. 01, 2019USD ($)	Sep. 30, 2019USD ($)
Service Management Costs Daily Fee Related Party | €				€ 685
Related Party Agreement Term (Year)	5 years
Related Party Transaction Discount Percentage	5.00%
Due to Related Parties, Total		$ 1,531,239			$ 795,562
Interest and Other Financing Costs, Related Party		199,452	$ 0
Eurobulk Ltd. [Member] | Vessel Management Fees [Member]
Related Party Transaction, Amounts of Transaction		2,642,368	1,547,139
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Related Party Transaction, Amounts of Transaction		$ 1,000,000	625,000
Eurochart [Member] | Vessel Sales [Member]
Related Party Transaction Commission, Percentage		1.00%
Eurochart [Member] | Charter Revenues [Member]
Related Party Transaction Commission, Percentage		1.25%
Related Party Transaction, Expenses from Transactions with Related Party		$ 378,330	214,621
Sentinel [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 57,820	21,258
Related Party Transaction Commission on Premium, Maximum, Percentage		5.00%
Technomar [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 113,640	$ 64,995
Related Party Transaction Amounts of Transaction Per Crew Member Per Month		50
Colby Trading Ltd [Member] | First Debt Agreement [Member]
Due to Related Parties, Total							$ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage							8.00%
Colby Trading Ltd [Member] | Second Debt Agreement [Member]
Due to Related Parties, Total						$ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage						8.00%
Colby Trading Ltd [Member] | First and Second Debt Agreement [Member]
Interest and Other Financing Costs, Related Party		$ 199,452

Note 6 - Other Operating Inco_2

Note 6 - Other Operating Income (Details Textual) - M/V EM Oinousses [Member] - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2020	Jun. 30, 2020
Vessel Evaluation, Unrepaired Damage Claim	$ 2.7
Vessel Evaluation, Damage Repair Paid		$ 1
Vessel Evaluation, General Average Claim		0.3
Other Operating Income [Member]
Vessel Evaluation, Other Operating Income		2.7
Other Receivables [Member]
Vessel Evaluation, Receivable		$ 2

Note 7 - Long-term Bank Loans_2

Note 7 - Long-term Bank Loans (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Restricted Cash, Total	$ 2,032,468		$ 4,410,376
Interest Expense, Total	$ 2,389,021	$ 1,461,978
London Interbank Offered Rate (LIBOR) [Member] | Long-term Debt 1 [Member]
Debt Instrument Variable Interest Rate	1.50%	2.60%
Debt Instrument, Basis Spread on Variable Rate	3.60%	4.20%
Debt Instrument, Interest Rate During Period	5.10%	6.80%
Minimum [Member]
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts	110.00%
Maximum [Member]
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts	140.00%

Note 7 - Long-term Bank Loans -

Note 7 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Long-term debt, gross	$ 79,911,300	$ 85,207,220
Less: Current portion	(13,451,153)	(12,541,840)
Long-term portion	66,460,147	72,665,380
Deferred charges, current portion	246,567	246,520
Deferred charges, long-term portion	354,761	477,595
Long-term bank loans, current portion net of deferred charges	13,204,586	12,295,320
Long-term bank loans, long-term portion net of deferred charges	66,105,386	72,187,785
Loan from related party, current	1,531,239	795,562
Euroseas Ltd [Member]
Loan from related party, current	4,375,000	5,000,000
Debt Agreement With 11 Borrowers [Member]
Long-term debt, gross	36,375,000	37,650,000
Diamantis Shipowners Ltd. [Member]
Long-term debt, gross	3,186,300	3,507,220
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]
Long-term debt, gross	11,150,000	12,050,000
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]
Long-term debt, gross	$ 29,200,000	$ 32,000,000

Note 7 - Long-term Bank Loans_3

Note 7 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details)	Jun. 30, 2020USD ($)
2021	$ 13,451,153
2022	24,441,844
2023	21,518,303
2024	20,500,000
Total	$ 79,911,300

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)	Jun. 30, 2020	Nov. 07, 2019
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements	$ 20,900,000
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Next Twelve Months	20,200,000
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Next Two Years	700,000
Purchase of Vessels [Member]
Cash Issued Per Vessel Purchased		$ 500,000
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member]
Restricted Cash and Investments, Total	530,000
Estimated Litigation Liability	$ 150,000

Note 9 - Stock Incentive Plan_2

Note 9 - Stock Incentive Plan (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 80,215
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	193 days
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	$ 60,808	$ 49,565

Note 9 - Stock Incentive Plan -

Note 9 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Unvested (in shares) | shares	23,284
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 6.77
Granted (in shares) | shares
Granted, weighted average grant date fair value (in dollars per share) | $ / shares
Vested (in shares) | shares
Vested, weighted average grant date fair value (in dollars per share) | $ / shares
Forfeited (in shares) | shares
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares
Unvested (in shares) | shares	23,284
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 6.77

Note 10 - (Loss) Earnings Per_3

Note 10 - (Loss) Earnings Per Share (Details Textual) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares)	0	0
Unvested Incentive Award Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	23,284	21,948

Note 10 - (Loss) Earnings Per_4

Note 10 - (Loss) Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net (loss) / income	$ 3,247,415	$ (765,615)
Dividend Series B Preferred shares	(339,069)	(949,152)
Preferred deemed dividend		(504,577)
Net (loss) / income attributable to common shareholders	$ 2,908,346	$ (2,219,344)
Weighted average common shares – outstanding (in shares)	5,576,960	1,542,508
Basic and diluted (loss) / earnings per share (in dollars per share)	$ 0.52	$ (1.44)

Note 11 - Financial Instrumen_3

Note 11 - Financial Instruments (Details Textual)	6 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Long-term Debt, Fair Value	$ 80,300,000
Long-term Debt, Difference Between Carrying and Fair Value	400,000
Long-term Debt, Gross	79,911,300	$ 85,207,220
Assets Held-for-sale, Not Part of Disposal Group, Current, Total	7,050,208
Impairment of Long-Lived Assets to be Disposed of	120,000
M/V EM Oinousses [Member]
Assets Held-for-sale, Not Part of Disposal Group, Current, Total	3,770,000
Property, Plant, and Equipment, Fair Value Disclosure	3,870,000
Vessel Held for Sale, Estimated Sale Costs	220,000
Impairment of Long-Lived Assets to be Disposed of	$ 100,000
Interest Rate Swap [Member]
Derivative, Number of Instruments Held, Total	1
Derivative, Notional Amount	$ 30,000,000

Note 11 - Financial Instrumen_4

Note 11 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Gain (loss) on derivatives	$ (468,146)	$ (2,885)
Not Designated as Hedging Instrument [Member]
Gain (loss) on derivatives	(468,146)	(2,885)
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts, Fair Value [Member]
Gain (loss) on derivatives	(468,146)	41,435
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member]
Gain (loss) on derivatives		$ (44,320)

Note 11 - Financial Instrumen_5

Note 11 - Financial Instruments - Fair Value of Company's Investments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Vessels held for sale, impairment loss	$ 121,165
Fair Value, Nonrecurring [Member] | Vessels [Member]
Vessel held for sale	3,873,406
Vessels held for sale, impairment loss	121,165
Fair Value, Nonrecurring [Member] | Vessels [Member] | Fair Value, Inputs, Level 1 [Member]
Vessel held for sale
Fair Value, Nonrecurring [Member] | Vessels [Member] | Fair Value, Inputs, Level 2 [Member]
Vessel held for sale	3,873,406
Fair Value, Nonrecurring [Member] | Vessels [Member] | Fair Value, Inputs, Level 3 [Member]
Vessel held for sale

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) $ in Millions	Aug. 03, 2020USD ($)shares	Jul. 31, 2020USD ($)	Mar. 31, 2020	Jul. 31, 2020USD ($)
Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage			8.00%
Subsequent Event [Member]
Debt Instrument, Deferred Debt Amount		$ 4.7		$ 4.7
Stock Issued During Period, Shares, New Issues (in shares) | shares	200,000
Proceeds from Issuance of Common Stock	$ 0.7
Subsequent Event [Member] | M/V Manolis P, M/V EM Oinousses, M/V Kuo Hsiung [Member]
Number of Vessels Sold		3
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 7.6
Repayments of Debt		$ 7
Subsequent Event [Member] | Series B Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage				9.00%