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% |