Euroseas (ESEA) 6-K 4 Jun 21 2021 Q1 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2021
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	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 3,629,150	$ 3,559,399
Trade accounts receivable, net	1,399,710	2,013,023
Other receivables	2,093,941	1,866,624
Inventories	1,638,868	1,662,422
Restricted cash	341,432	345,010
Prepaid expenses	420,454	244,315
Total current assets	9,523,555	9,690,793
Long-term assets:
Vessels, net	97,107,065	98,458,447
Restricted cash	2,434,267	2,433,768
Derivative	191,825
Total assets	109,256,712	110,583,008
Current liabilities
Long-term bank loans, current portion	21,145,320	20,645,320
Related party loan, current		2,500,000
Trade accounts payable	2,376,280	2,854,377
Accrued expenses	1,536,931	1,300,420
Accrued preferred dividends	215,338	168,676
Deferred revenues	629,969	949,364
Derivative	229,798	203,553
Due to related company	1,769,238	24,072
Total current liabilities	27,902,874	28,645,782
Long-term liabilities
Long-term bank loans, net of current portion	43,583,848	46,220,028
Derivative		362,195
Total long-term liabilities	43,583,848	46,582,223
Total liabilities	71,486,722	75,228,005
Commitments and Contingencies
Mezzanine Equity
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,365 and 6,365 issued and outstanding)	6,105,992	8,019,636
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 6,708,946 and 6,791,847 issued and outstanding)	203,755	201,268
Additional paid-in capital	258,228,672	257,467,980
Accumulated deficit	(226,768,429)	(230,333,881)
Total shareholders’ equity	31,663,998	27,335,367
Total liabilities, mezzanine equity and shareholders’ equity	$ 109,256,712	$ 110,583,008

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	6,365	8,365
Preferred stock, shares outstanding (in shares)	6,365	8,365
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)	6,791,847	6,708,946
Common stock, shares outstanding (in shares)	6,791,847	6,708,946

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Time charter revenue	$ 14,916,567	$ 16,131,322
Commissions (including $201,642 and $151,526, respectively, to related party)	(607,249)	(698,515)
Net revenue	14,309,318	15,432,807
Operating expenses/ (income)
Voyage expenses	127,409	314,554
Vessel operating expenses (including $70,037 and $59,220, respectively, to related party)	6,864,353	8,037,863
Dry-docking expenses	82,209	23,823
Vessel depreciation	1,596,543	1,727,085
Related party management fees	1,086,405	1,328,822
Loss on sale of vessel	9,417
General and administrative expenses (including $500,000 to related party)	760,977	802,376
Other operating income	(216,496)
Total operating expenses, net	10,310,817	12,234,523
Operating income	3,998,501	3,198,284
Other income/(expenses)
Interest and other financing costs (including $99,726 and $50,000 to related party)	(694,307)	(1,251,412)
Gain on derivative, net	484,910
Foreign exchange gain / (loss)	(241)	1,628
Interest income	1,214	8,595
Other expenses, net	(208,424)	(1,241,189)
Net income	3,790,077	1,957,095
Dividend Series B Preferred shares	(138,269)	(159,562)
Preferred deemed dividend	(86,356)
Net income attributable to common shareholders	$ 3,565,452	$ 1,797,533
Earnings per share attributable to common shareholders, basic and diluted (in dollars per share)	$ 0.53	$ 0.32
Weighted average number of shares outstanding during the period, basic (in shares)	6,711,408	5,576,960
Weighted average number of shares outstanding during the period, diluted (in shares)	6,749,393	5,576,960

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commissions, related party	$ 151,526	$ 201,642
Vessel operating expenses, related party	59,220	70,037
General and administrative expenses, related party	500,000	500,000
Interest and other financing costs, related party	$ 50,000	$ 99,726

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2019	5,600,259
Balance at Dec. 31, 2019	$ 168,008	$ 253,967,708	$ (233,682,015)	$ 20,453,701
Net income (loss)			1,957,095	1,957,095
Dividends to Series B preferred shares			(159,562)	(159,562)
Share-based compensation		30,404		30,404
Balance (in shares) at Mar. 31, 2020	5,600,259
Balance at Mar. 31, 2020	$ 168,008	253,998,112	(231,884,482)	22,281,638
Balance (in shares) at Dec. 31, 2020	6,708,946
Balance at Dec. 31, 2020	$ 201,268	257,467,980	(230,333,881)	27,335,367
Net income (loss)			3,790,077	3,790,077
Dividends to Series B preferred shares			(138,269)	(138,269)
Share-based compensation		28,765		28,765
Preferred deemed dividend			(86,356)	(86,356)
Issuance of shares sold at the market (ATM), net of issuance costs (in shares)	82,901
Issuance of shares sold at the market (ATM), net of issuance costs	$ 2,487	731,927		734,414
Balance (in shares) at Mar. 31, 2021	6,791,847
Balance at Mar. 31, 2021	$ 203,755	$ 258,228,672	$ (226,768,429)	$ 31,663,998

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 3,790,077	$ 1,957,095
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation	(1,596,543)	(1,727,085)
Amortization of deferred charges	49,280	61,156
Share-based compensation	28,765	30,404
Loss on sale of vessel	9,417
Unrealized gain on derivative	(527,775)
Amortization of fair value of below market time charters acquired		(846,405)
Changes in operating assets and liabilities	1,422,694	(903,784)
Net cash provided by operating activities	6,369,001	2,025,551
Cash flows from investing activities:
Cash paid for vessels capitalized expenses	(208,457)	(149,420)
Advance received for vessel held for sale		1,133,817
Net cash provided by / (used in) investing activities	(208,457)	984,397
Cash flows from financing activities:
Redemption of Series B preferred shares	(2,000,000)
Proceeds from issuance of common stock, net of commissions paid	743,552
Preferred dividends paid	(91,607)	(161,315)
Offering expenses paid	(60,357)	(40,486)
Repayment of long-term bank loans	(2,185,460)	(3,285,460)
Repayment of related party loan	(2,500,000)
Net cash used in financing activities	(6,093,872)	(3,487,261)
Net (decrease) / increase in cash and cash equivalents and restricted cash	66,672	(477,313)
Cash, cash equivalents and restricted cash at beginning of period	6,338,177	5,930,061
Cash, cash equivalents and restricted cash at end of period	6,404,849	5,452,748
Cash breakdown
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 6,404,849	$ 5,452,748

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	3 Months Ended
	Mar. 31, 2021
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 4 The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc., Colby Trading Ltd. and Diamantis Shareholders Ltd., which, in turn, collectively own 60.2% March 31, 2021. 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, 2020 20 April 28, 2021. 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 three March 31, 2021 not December 31, 2021. As of March 31, 2021, $18.4 March 31, 2021, $3.8 $3.6 $6.4 $3.6 $2.8 March 31, 2021. not may twelve

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020 ( “2020 no

Note 3 - Vessels, Net

Note 3 - Vessels, Net	3 Months Ended
	Mar. 31, 2021
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, 2021 116,331,440 (17,872,993 ) 98,458,447 Depreciation for the period - (1,596,543 ) (1,596,543 ) Capitalized expenses 245,161 - 245,161 Balance, March 31, 2021 116,576,601 (19,469,536 ) 97,107,065 Capitalized expenses for the three March 31, 2021 one As of March 31, 2021 5 Euroseas Ltd. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements (All amounts expressed in U.S. Dollars)

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	4. Related Party Transactions Details of the Company's transactions with related parties did not three March 31, 2021 7 December 31, 2020, 2020 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 three March 31, 2020 2021 $1,328,822 $1,086,405 three March 31, 2020 2021, The MMA was further renewed on January 1, 2018 five January 1, 2023 5% 685 2021 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 each of the three March 31, 2020 2021, $500,000 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, 2020 March 31, 2021, $24,072 $1,769,238, 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% $201,642 $151,526 three March 31, 2020 2021, 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 $11,687 $58,350 first three 2020, first three 2021, $19,654 $39,566, On September 30, 2019, $2.5 second 2020 $625,000 November 2020, On November 1, 2019, second $2.5 March 31, 2021. The interest rate applied on each of the loan agreements was 8% $99,726 $50,000 three March 31, 2020 2021,

Note 5 - Long-term Bank Loans

Note 5 - Long-term Bank Loans	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Long-term Debt [Text Block]	5. Long-Term Bank Loans Long-term debt represents bank loans of the Company. Outstanding long-term debt as of December 31, 2020 March 31, 2021 Borrower December 31, March 31, Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd. 24,625,000 23,850,000 Diamantis Shipowners Ltd. 3,026,300 2,865,840 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 10,700,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 27,700,000 67,301,300 65,115,840 Less: Current portion (20,891,840 ) (21,391,840 ) Long-term portion 46,409,460 43,724,000 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 189,432 140,152 Long-term bank loans, current portion net of deferred charges 20,645,320 21,145,320 Long-term bank loans, long-term portion net of deferred charges 46,220,028 43,583,848 Loan from related party, current Euroseas Ltd. 2,500,000 - The future annual loan repayments are as follows: To March 31: 2022 21,391,840 2023 14,924,000 2024 28,800,000 Total 65,115,840 Details of the loans are discussed in Note 8 December 31, 2020 2020 In March 2021, one $0.9 third fourth 2020, May 7, 2021. 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 $2,245,010 $2,241,432 December 31, 2020 March 31, 2021, March 31, 2021, Interest expense, including loan fee amortization for the three March 31, 2020 2021 $1,251,412 $694,307,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. Commitments and Contingencies As of March 31, 2020 October 2009 November 2009 $0.53 $0.15 may . There are no not As of March 31, 2021, $108.7 $59.4 twelve March 31, 2022, $34.2 twelve March 31, 2023, $13.4 twelve March 31, 2024 $1.7 June 2024. one 8 22 may not not

Note 7 - Stock Incentive Plan

Note 7 - Stock Incentive Plan	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	7. Stock Incentive Plan A summary of the status of the Company's unvested shares as of January 1, 2021, three March 31, 2021, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 53,303 3.46 Granted - - Vested - - Forfeited - - Unvested on March 31, 2021 53,303 3.46 As of March 31, 2021, $115,113 0.86 $30,404 $28,765 three March 31, 2020 2021,

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	8. Earnings per Share Basic and diluted earnings per common share is computed as follows: For the three months ended March 31, 2020 2021 Net income 1,957,095 3,790,077 Dividend Series B Preferred shares (159,562 ) (138,269 ) Preferred deemed dividend - (86,356 ) Net income attributable to common shareholders 1,797,533 3,565,452 Weighted average common shares – outstanding, basic 5,576,960 6,711,408 Basic earnings per share 0.32 0.53 Effect of dilutive securities: Dilutive effect of non-vested shares - 37,985 Weighted average common shares – Outstanding, diluted 5,576,960 6,749,393 Diluted earnings per share 0.32 0.53 The Company excluded the effect of 23,284 March 31, 2020, March 31, 2020 2021, nil three March 31, 2020.

Note 9 - Financial Instruments

Note 9 - Financial Instruments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	9. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, derivatives, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, 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 agree 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, they do not Derivatives and Hedging not April 16, 2020, one $30.0 April 24, 2020 April 24, 2025. 3 0.78% 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, 2020 March 31, 2021, 1 March 31, 2021, 2 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: not The fair value of the Company's interest rate swap agreement 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 swap and therefore are considered Level 2 2 Derivative not designated as hedging instrument Location of gain / (loss) recognized Three Months Ended March 31, 2020 Three Months Ended March 31, 2021 Interest rate swap contract – Unrealized gain Gain on derivative, net - 527,775 Interest rate swap contract – Realized loss Gain on derivative, net - (42,865 ) Total gain on derivative - 484,910

Note 3 - Vessels, Net (Tables)

Note 3 - Vessels, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Property, Plant and Equipment [Table Text Block]	Costs Accumulated Depreciation Net Book Value Balance, January 1, 2021 116,331,440 (17,872,993 ) 98,458,447 Depreciation for the period - (1,596,543 ) (1,596,543 ) Capitalized expenses 245,161 - 245,161 Balance, March 31, 2021 116,576,601 (19,469,536 ) 97,107,065

Note 5 - Long-term Bank Loans (

Note 5 - Long-term Bank Loans (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Borrower December 31, March 31, Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd. 24,625,000 23,850,000 Diamantis Shipowners Ltd. 3,026,300 2,865,840 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 10,700,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 27,700,000 67,301,300 65,115,840 Less: Current portion (20,891,840 ) (21,391,840 ) Long-term portion 46,409,460 43,724,000 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 189,432 140,152 Long-term bank loans, current portion net of deferred charges 20,645,320 21,145,320 Long-term bank loans, long-term portion net of deferred charges 46,220,028 43,583,848 Loan from related party, current Euroseas Ltd. 2,500,000 -
Schedule of Future Annual Loan Repayments [Table Text Block]	To March 31: 2022 21,391,840 2023 14,924,000 2024 28,800,000 Total 65,115,840

Note 7 - Stock Incentive Plan (

Note 7 - Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block]	Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 53,303 3.46 Granted - - Vested - - Forfeited - - Unvested on March 31, 2021 53,303 3.46

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three months ended March 31, 2020 2021 Net income 1,957,095 3,790,077 Dividend Series B Preferred shares (159,562 ) (138,269 ) Preferred deemed dividend - (86,356 ) Net income attributable to common shareholders 1,797,533 3,565,452 Weighted average common shares – outstanding, basic 5,576,960 6,711,408 Basic earnings per share 0.32 0.53 Effect of dilutive securities: Dilutive effect of non-vested shares - 37,985 Weighted average common shares – Outstanding, diluted 5,576,960 6,749,393 Diluted earnings per share 0.32 0.53

Note 9 - Financial Instruments

Note 9 - Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivative not designated as hedging instrument Location of gain / (loss) recognized Three Months Ended March 31, 2020 Three Months Ended March 31, 2021 Interest rate swap contract – Unrealized gain Gain on derivative, net - 527,775 Interest rate swap contract – Realized loss Gain on derivative, net - (42,865 ) Total gain on derivative - 484,910

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Shareholders Ownership, Percentage	60.20%
Working Capital Deficit	$ 18,400,000
Net Income (Loss) Attributable to Parent, Total	3,790,077	$ 1,957,095
Net Income (Loss) Available to Common Stockholders, Basic, Total	3,565,452	1,797,533
Net Cash Provided by (Used in) Operating Activities, Total	6,369,001	$ 2,025,551
Cash, Ending Balance	3,600,000
Restricted Cash and Cash Equivalents, Total	$ 2,800,000

Note 3 - Vessels, Net - Summary

Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Vessel depreciation	$ (1,596,543)	$ (1,727,085)
Net book value	98,458,447
Net book value	97,107,065
Vessels [Member]
Costs	116,331,440
Capitalized expenses	245,161
Costs	116,576,601
Accumulated depreciation	(17,872,993)
Vessel depreciation	(1,596,543)
Accumulated depreciation	(19,469,536)
Net book value	98,458,447
Net book value	$ 97,107,065

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual)	Jan. 01, 2018	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Dec. 31, 2020USD ($)	Nov. 01, 2019USD ($)	Sep. 30, 2019USD ($)
Service Management Costs Daily Fee Related Party | €			€ 685			€ 685
Related Party Agreement Term (Year)	5 years
Related Party Transaction Discount Percentage	5.00%
Due to Related Parties, Total		$ 1,769,238					$ 24,072
Interest and Other Financing Costs, Related Party		50,000			$ 99,726
Eurobulk Ltd. [Member] | Vessel Management Fees [Member]
Related Party Transaction, Amounts of Transaction		1,086,405			1,328,822
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Related Party Transaction, Amounts of Transaction		$ 500,000			500,000
Eurochart [Member] | Vessel Sales [Member]
Related Party Transaction Commission, Percentage		1.00%	1.00%
Eurochart [Member] | Charter Revenues [Member]
Related Party Transaction Commission, Percentage		1.25%	1.25%
Related Party Transaction, Expenses from Transactions with Related Party		$ 151,526			201,642
Sentinel [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 19,654			11,687
Related Party Transaction Commission on Premium, Maximum, Percentage		5.00%	5.00%
Technomar [Member]
Related Party Transaction, Expenses from Transactions with Related Party		$ 39,566			58,350
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
Repayments of Long-term Debt, Total				$ 625,000
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		$ 50,000			$ 99,726

Note 5 - Long-term Bank Loans_2

Note 5 - Long-term Bank Loans (Details Textual) - USD ($)	May 07, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Restricted Cash, Total		$ 2,241,432		$ 2,245,010
Interest Expense, Total		$ 694,307	$ 1,251,412
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%
Subsequent Event [Member]
Repayments of Debt	$ 900,000

Note 5 - Long-term Bank Loans -

Note 5 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Long-term debt, gross	$ 65,115,840	$ 67,301,300
Less: Current portion	(21,391,840)	(20,891,840)
Long-term portion	43,724,000	46,409,460
Deferred charges, current portion	246,520	246,520
Deferred charges, long-term portion	140,152	189,432
Long-term bank loans, current portion net of deferred charges	21,145,320	20,645,320
Long-term bank loans, long-term portion net of deferred charges	43,583,848	46,220,028
Euroseas Ltd.		2,500,000
Joanna Maritime Ltd., Jonathan John Shipping Ltd., Corfu Navigation Ltd., Bridge Shipping Ltd, Noumea Shipping Ltd., Gregos Shiping Ltd. [Member]
Long-term debt, gross	23,850,000	24,625,000
Diamantis Shipowners Ltd. [Member]
Long-term debt, gross	2,865,840	3,026,300
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]
Long-term debt, gross	10,700,000	11,150,000
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]
Long-term debt, gross	$ 27,700,000	$ 28,500,000

Note 5 - Long-term Bank Loans_3

Note 5 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details)	Mar. 31, 2021USD ($)
2022	$ 21,391,840
2023	14,924,000
2024	28,800,000
Total	$ 65,115,840

Note 6 - Commitments and Cont_2

Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands	Mar. 31, 2021USD ($)
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements	$ 108,700
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One	59,400
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two	34,200
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three	13,400
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Four	1,700
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member]
Restricted Cash and Investments, Total	530
Estimated Litigation Liability	$ 150

Note 7 - Stock Incentive Plan_2

Note 7 - Stock Incentive Plan (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 115,113
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	313 days
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	$ 28,765	$ 30,404

Note 7 - Stock Incentive Plan -

Note 7 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Unvested (in shares) | shares	53,303
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.46
Unvested (in shares) | shares	53,303
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.46
Restricted Stock [Member]
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

Note 8 - Earnings Per Share (De

Note 8 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares)	37,985	0
Unvested Incentive Award Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		23,284

Note 8 - Earnings Per Share - S

Note 8 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 3,790,077	$ 1,957,095
Dividend Series B Preferred shares	(138,269)	(159,562)
Preferred deemed dividend	(86,356)
Net income attributable to common shareholders	$ 3,565,452	$ 1,797,533
Weighted average common shares – outstanding, basic (in shares)	6,711,408	5,576,960
Basic earnings per share (in dollars per share)	$ 0.53	$ 0.32
Effect of dilutive securities:
Dilutive effect of non-vested shares (in shares)	37,985	0
Weighted average common shares – Outstanding, diluted (in shares)	6,749,393	5,576,960
Diluted earnings per share (in dollars per share)	$ 0.53	$ 0.32

Note 9 - Financial Instrument_2

Note 9 - Financial Instruments (Details Textual) - Interest Rate Swap [Member] - Eurobank [Member] $ in Millions	Apr. 16, 2020USD ($)
Derivative, Number of Instruments Held, Total	1
Derivative, Notional Amount	$ 30
Derivative, Fixed Interest Rate	0.78%

Note 9 - Financial Instrument_3

Note 9 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Gain (loss) on derivatives	$ 484,910
Not Designated as Hedging Instrument [Member]
Gain (loss) on derivatives	484,910
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member]
Gain (loss) on derivatives	527,775
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member]
Gain (loss) on derivatives	$ (42,865)