Euroseas (ESEA) 6-K 13 Aug 21 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	Jun. 30, 2021
Document Information [Line Items]
Entity, Registrant Name	EUROSEAS LTD.
Document, Type	6-K
Document, Period End Date	Jun. 30, 2021
Current Fiscal Year End Date	--12-31
Entity, File Number	001-33283
Entity, Address, Address Line One	4 Messogiou & Evropis Street
Entity, Address, City or Town	Maroussi
Entity, Address, Country	GR
Amendment Flag	false
Entity, Central Index Key	0001341170

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 8,267,771	$ 3,559,399
Trade accounts receivable, net	1,536,746	2,013,023
Other receivables	2,525,962	1,866,624
Inventories	1,530,069	1,662,422
Restricted cash	876,187	345,010
Prepaid expenses	442,307	244,315
Total current assets	15,179,042	9,690,793
Long-term assets:
Vessels, net	95,598,016	98,458,447
Restricted cash	1,900,000	2,433,768
Derivative	230,640	0
Total assets	112,907,698	110,583,008
Current liabilities
Long-term bank loans, current portion	14,993,800	20,645,320
Related party loan, current	0	2,500,000
Trade accounts payable	2,219,766	2,854,377
Accrued expenses	1,158,617	1,300,420
Accrued preferred dividends	332,393	168,676
Deferred revenues	883,129	949,364
Derivative	322,741	203,553
Due to related company	747,680	24,072
Total current liabilities	20,658,126	28,645,782
Long-term liabilities
Long-term bank loans, net of current portion	46,699,188	46,220,028
Derivative	0	362,195
Total long-term liabilities	46,699,188	46,582,223
Total liabilities	67,357,314	75,228,005
Commitments and Contingencies
Mezzanine Equity
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,365 and nil shares, respectively, issued and outstanding)	0	8,019,636
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 6,708,946 and 7,244,891, issued and outstanding)	217,347	201,268
Additional paid-in capital	264,531,339	257,467,980
Accumulated deficit	(219,198,302)	(230,333,881)
Total shareholders’ equity	45,550,384	27,335,367
Total liabilities, mezzanine equity and shareholders’ equity	$ 112,907,698	$ 110,583,008

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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)	0	8,365
Preferred stock, shares outstanding (in shares)	0	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)	7,244,891	6,708,946
Common stock, shares outstanding (in shares)	7,244,891	6,708,946

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Time charter revenue	$ 33,973,743	$ 30,266,431
Commissions (including $378,330 and $338,985, respectively, to related party)	(1,373,981)	(1,324,913)
Net revenue	32,599,762	28,941,518
Operating expenses / (income)
Voyage expenses	277,982	895,049
Vessel operating expenses (including $171,460 and $108,995, respectively, to related party)	13,802,119	16,530,150
Dry-docking expenses	229,384	376,369
Vessel depreciation	3,193,086	3,386,726
Related party management fees	2,148,221	2,642,368
Other operating income	(1,296,496)	(2,688,194)
General and administrative expenses (including $1,000,000 to related party)	1,500,651	1,588,266
Loss on sale of vessel	9,417	0
Loss on write-down of vessel held for sale	0	121,165
Total operating expenses, net	19,864,364	22,851,899
Operating income	12,735,398	6,089,619
Other income/(expenses)
Interest and other financing costs (including $199,452 and $50,000, respectively, to related party)	(1,381,667)	(2,389,021)
(Loss) / gain on derivative, net	388,145	(468,146)
Foreign exchange gain / (loss)	(7,504)	2,183
Interest income	1,954	12,780
Other expenses, net	(999,072)	(2,842,204)
Net income	11,736,326	3,247,415
Dividend Series B Preferred shares	(255,324)	(339,069)
Preferred deemed dividend	(345,423)	0
Net income attributable to common shareholders	$ 11,135,579	$ 2,908,346
Earnings per share attributable to common shareholders, basic (in dollars per share)	$ 1.65	$ 0.52
Weighted average number of shares outstanding during the period, basic (in shares)	6,745,305	5,576,960
Earnings per share attributable to common shareholders, diluted (in dollars per share)	$ 1.64	$ 0.52
Weighted average number of shares outstanding during the period, diluted (in shares)	6,789,718	5,576,960

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Commissions, related party	$ 338,985	$ 378,330
Vessel operating expenses, related party	108,995	171,460
General and administrative expenses, related party	1,000,000	1,000,000
Interest and other financing costs, related party	$ 50,000	$ 199,452

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)	0	0	3,247,415	3,247,415
Dividends to Series B preferred shares	0	0	(339,069)	(339,069)
Offering expenses	0	(51,140)	0	(51,140)
Share-based compensation	$ 0	60,808	0	60,808
Balance (in shares) at Jun. 30, 2020	5,600,259
Balance at Jun. 30, 2020	$ 168,008	253,977,376	(230,773,669)	23,371,715
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)	0	0	11,736,326	11,736,326
Dividends to Series B preferred shares	0	0	(255,324)	(255,324)
Offering expenses	0	(87,229)	0	(87,229)
Share-based compensation	0	57,850	0	57,850
Preferred deemed dividend	$ 0	0	(345,423)	(345,423)
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	$ 2,488	741,065	0	743,553
Issuance of shares in connection with the redemption of Series B Preferred Shares (in shares)	453,044
Issuance of shares in connection with the redemption of Series B Preferred Shares	$ 13,591	6,351,673	0	6,365,264
Balance (in shares) at Jun. 30, 2021	7,244,891
Balance at Jun. 30, 2021	$ 217,347	$ 264,531,339	$ (219,198,302)	$ 45,550,384

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 11,736,326	$ 3,247,415
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation	(3,193,086)	(3,386,726)
Loss on write-down of vessel held for sale	0	121,165
Amortization of deferred charges	98,560	122,787
Share-based compensation	57,850	60,808
Unrealized loss / (gain) on derivative	(473,647)	468,146
Amortization of fair value of below market time charters acquired	0	(1,160,839)
Loss on sale of vessel	9,417	0
Changes in operating assets and liabilities	(511,343)	(2,273,177)
Net cash provided by operating activities	14,110,249	3,973,031
Cash flows from investing activities:
Cash paid for vessels capitalized expenses and vessel held for sale	(225,136)	(256,482)
Advance received for vessel held for sale	0	540,783
Net cash provided by / (used in) investing activities	(225,136)	284,301
Cash flows from financing activities:
Redemption of Series B preferred shares	(2,000,000)	0
Proceeds from issuance of common stock, net of commissions paid	743,553	0
Preferred dividends paid	(91,608)	(320,877)
Repayment of long-term bank loans	(5,270,920)	(5,295,920)
Repayment of related party loan	(2,500,000)	(625,000)
Offering expenses paid	(60,357)	(40,486)
Net cash used in financing activities	(9,179,332)	(6,282,283)
Net (decrease) / increase in cash and cash equivalents and restricted cash	4,705,781	(2,024,951)
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	11,043,958	3,905,110
Cash breakdown
Cash and cash equivalents	8,267,771	1,338,375
Restricted cash, current	876,187	432,468
Restricted cash, long term	1,900,000	2,134,267
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 11,043,958	$ 3,905,110

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 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., Preferred Friends Investment Company Inc. and Diamantis Shareholders Ltd., which, in turn, collectively own 54.6% June 30, 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 six - June 30, 2021 not December 31, 2021. As of June 30, 2021, six June 30, 2021, June 30, 2021. June 2021, 5 three twelve not may 5 twelve

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 - (3,193,086 ) (3,193,086 ) Capitalized expenses 332,655 - 332,655 Balance, June 30, 2021 116,664,095 (21,066,079 ) 95,598,016 Capitalized expenses for the six June 30, 2021 one The Company has signed a contract for the construction of two 2,800 two first second 2023, two As of June 30, 2021 6

Note 4 - Related Party Transact

Note 4 - Related Party Transactions	6 Months Ended
	Jun. 30, 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 six June 30, 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 for both the six June 30, 2020 2021 six June 30, 2020 2021, January 1, 2018 five January 1, 2023 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 six June 30, 2020 2021, 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 June 30, 2021, The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues. Commissions to Eurochart S.A. for chartering services were $378,330 and $338,985 for the six June 30, 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%; first six 2020, first six 2021, On September 30, 2019, second 2020 November 2020, On November 1, 2019, second March 31, 2021. six June 30, 2020 2021,

Note 5 - Other Operating Income

Note 5 - Other Operating Income	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Other Operating Income and Expense [Text Block]	5. Other operating income In January 2020, A subsidiary of the Company, Alterwall Business Inc., owner at that time of M/V “Ninos”, was involved in a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the company which had time-chartered the vessel from the Company went bankrupt in October 2009 November 2009 December 31, 2020 June 30, 2021 may June 2021 six June 30, 2021, In February 2020, April 7, 2020, not 19 June 2021. six June 30, 2021, The Company also recorded other operating income amounting to $0.2 million in the six June 30, 2021 These amounts are recorded under “Other operating income” in the unaudited condensed consolidated statements of comprehensive income.

Note 6 - Long-term Bank Loans

Note 6 - Long-term Bank Loans	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Long-term Debt [Text Block]	6. Long-Term Bank Loans Long-term bank loans of the Company as of December 31, 2020 June 30, 2021 Borrower December 31, 2020 June 30, 2021 Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 24,625,000 23,075,000 Diamantis Shipowners Ltd. 3,026,300 2,705,380 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 9,350,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 26,900,000 67,301,300 62,030,380 Less: Current portion (20,891,840 ) (15,160,310 ) Long-term portion 46,409,460 46,870,070 Deferred charges, current portion 246,520 166,510 Deferred charges, long-term portion 189,432 170,882 Long-term bank loans, current portion net of deferred charges 20,645,320 14,993,800 Long-term bank loans, long-term portion net of deferred charges 46,220,028 46,699,188 Loan from related party, current Euroseas Ltd. 2,500,000 - The future annual loan repayments are as follows: To June 30: 2022 15,160,310 2023 22,534,070 2024 21,596,000 2025 1,096,000 2026 1,644,000 Total 62,030,380 Details of the loans are discussed in Note 8 December 31, 2020 2020 In March 2021, one 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 120% to 140%), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. not December 31, 2020 June 30, 2021, June 30, 2021, Interest expense, including loan fee amortization for the six June 30, 2020 2021

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	7. Commitments and Contingencies There are no not As of June 30, 2021, June 30, 2022, June 30, 2023, June 30, 2024 December 31, 2024. one may not not As of June 30, 2021, June 30, 2022 June 30, 2023.

Note 8 - Stock Incentive Plan

Note 8 - Stock Incentive Plan	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	8. Stock Incentive Plan A summary of the status of the Company’s unvested shares as of January 1, 2021, six June 30, 2021, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 53,303 3.46 Granted - - Vested - - Forfeited - - Unvested on June 30, 2021 53,303 3.46 As of June 30, 2021, six June 30, 2020 2021,

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Earnings Per Share Basic and diluted earnings per common share is computed as follows: For the six months ended June 30, 2020 2021 Net income 3,247,415 11,736,326 Dividend Series B Preferred shares (339,069 ) (255,324 ) Preferred deemed dividend - (345,423 ) Net income attributable to common shareholders 2,908,346 11,135,579 Weighted average common shares – outstanding, basic 5,576,960 6,745,305 Basic earnings 0.52 1.65 Effect of dilutive securities: Dilutive effect of non-vested shares - 44,413 Weighted average common shares – outstanding, diluted 5,576,960 6,789,718 Diluted earnings 0.52 1.64 The Company excluded the effect of 23,284 unvested incentive award shares as of June 30, 2020, June 30, 2020 2021, nil six June 30, 2020.

Note 10 - Preferred Shares

Note 10 - Preferred Shares	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Preferred Stock [Text Block]	10. Preferred shares A summary of the Company's “Preferred shares” is identified in Note 15 December 31, 2020 2020 On January 29, 2021, January 29, 2023, In June 2021, In addition, $345,423 of preferred deemed dividends were recorded as a result of the redemption of the outstanding amount of the Series B Preferred Shares as described above. For the six June 30, 2020, two six June 30, 2021 two July 2021.

Note 11 - Financial Instruments

Note 11 - Financial Instruments	6 Months Ended
	Jun. 30, 2021
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, 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 did not Derivatives and Hedging not April 16, 2020, one April 24, 2020 April 24, 2025. 3 June 30, 2021, 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, 2020 June 30, 2021, 1 June 30, 2021, 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 three Level 1: Level 2: Level 3: not The fair value of the Company’s interest rate swap agreement 2 value 2 is Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2020 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 203,553 - $ 203,553 - Interest rate swap contract, long-term portion Derivative, long-term liability portion $ 362,195 - $ 362,195 - Fair Value Measurement as of June 30, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contract, long-term portion Derivative, non-current asset portion $ 230,640 $ 230,640 Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 322,741 - $ 322,741 - The amount of Gain / (Loss) on derivative, net recognized in the unaudited condensed consolidated statements of comprehensive income, is analyzed as follows: Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2020 Six Months Ended June 30, 2021 Interest rate swap contract– Unrealized (loss) / gain (Loss) / gain on derivative, net (468,146 ) 473,647 Interest rate swap contract - Realized loss (Loss) / gain on derivative, net - (85,502 ) Total (loss) / gain on derivative (468,146 ) 388,145 Asset Measured at Fair Value on a Non-recurring Basis As of June 30, 2020 2.

Note 12 - Subsequent Events

Note 12 - Subsequent Events	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent Events The following event occurred after June 30, 2021: In July 2021, first first

Note 3 - Vessels, Net (Tables)

Note 3 - Vessels, Net (Tables)	6 Months Ended
	Jun. 30, 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 - (3,193,086 ) (3,193,086 ) Capitalized expenses 332,655 - 332,655 Balance, June 30, 2021 116,664,095 (21,066,079 ) 95,598,016

Note 6 - Long-term Bank Loans (

Note 6 - Long-term Bank Loans (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Borrower December 31, 2020 June 30, 2021 Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 24,625,000 23,075,000 Diamantis Shipowners Ltd. 3,026,300 2,705,380 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 9,350,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 26,900,000 67,301,300 62,030,380 Less: Current portion (20,891,840 ) (15,160,310 ) Long-term portion 46,409,460 46,870,070 Deferred charges, current portion 246,520 166,510 Deferred charges, long-term portion 189,432 170,882 Long-term bank loans, current portion net of deferred charges 20,645,320 14,993,800 Long-term bank loans, long-term portion net of deferred charges 46,220,028 46,699,188 Loan from related party, current Euroseas Ltd. 2,500,000 -
Schedule of Future Annual Loan Repayments [Table Text Block]	To June 30: 2022 15,160,310 2023 22,534,070 2024 21,596,000 2025 1,096,000 2026 1,644,000 Total 62,030,380

Note 8 - Stock Incentive Plan (

Note 8 - Stock Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 53,303 3.46

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the six months ended June 30, 2020 2021 Net income 3,247,415 11,736,326 Dividend Series B Preferred shares (339,069 ) (255,324 ) Preferred deemed dividend - (345,423 ) Net income attributable to common shareholders 2,908,346 11,135,579 Weighted average common shares – outstanding, basic 5,576,960 6,745,305 Basic earnings 0.52 1.65 Effect of dilutive securities: Dilutive effect of non-vested shares - 44,413 Weighted average common shares – outstanding, diluted 5,576,960 6,789,718 Diluted earnings 0.52 1.64

Note 11 - Financial Instrumen_2

Note 11 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurement as of December 31, 2020 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 203,553 - $ 203,553 - Interest rate swap contract, long-term portion Derivative, long-term liability portion $ 362,195 - $ 362,195 - Fair Value Measurement as of June 30, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contract, long-term portion Derivative, non-current asset portion $ 230,640 $ 230,640 Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 322,741 - $ 322,741 -
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2020 Six Months Ended June 30, 2021 Interest rate swap contract– Unrealized (loss) / gain (Loss) / gain on derivative, net (468,146 ) 473,647 Interest rate swap contract - Realized loss (Loss) / gain on derivative, net - (85,502 ) Total (loss) / gain on derivative (468,146 ) 388,145

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Shareholders Ownership, Percentage	54.60%
Working Capital Deficit	$ 5,500,000
Net Income (Loss) Attributable to Parent, Total	11,736,326	$ 3,247,415
Net Income (Loss) Available to Common Stockholders, Basic, Total	11,135,579	2,908,346
Net Cash Provided by (Used in) Operating Activities, Total	14,110,249	$ 3,973,031
Cash, Ending Balance	8,300,000
Restricted Cash and Cash Equivalents, Total	$ 2,800,000
Eco Design Fuel Efficient Containerships [Member]
Number of Vessels Under Construction	2
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity	$ 76,000,000
Construction of Vessels, Installment Amount	$ 7,600,000

Note 3 - Vessels, Net (Details

Note 3 - Vessels, Net (Details Textual) - Eco Design Fuel Efficient Containerships [Member] $ in Millions	Jun. 30, 2021USD ($)
Number of Vessels Under Construction	2
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity	$ 76

Note 3 - Vessels, Net - Summary

Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net book value	$ 98,458,447
Vessel depreciation	(3,193,086)	$ (3,386,726)
Net book value	95,598,016
Vessels [Member]
Costs	116,331,440
Accumulated depreciation	(17,872,993)
Net book value	98,458,447
Vessel depreciation	(3,193,086)
Capitalized expenses	332,655
Costs	116,664,095
Accumulated depreciation	(21,066,079)
Net book value	$ 95,598,016

Note 4 - Related Party Transa_2

Note 4 - Related Party Transactions (Details Textual)	Jan. 01, 2018	Mar. 31, 2021	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2021EUR (€)	Jun. 30, 2020USD ($)	Jun. 30, 2020EUR (€)	Dec. 31, 2020USD ($)	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				$ 747,680				$ 24,072
Interest and Other Financing Costs, Related Party				50,000		$ 199,452
Eurobulk Ltd. [Member] | Vessel Management Fees [Member]
Related Party Transaction, Amounts of Transaction				2,642,368		2,148,221
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Related Party Transaction, Amounts of Transaction						1,000,000
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				338,985		378,330
Sentinel [Member]
Related Party Transaction, Expenses from Transactions with Related Party				$ 42,998		57,820
Related Party Transaction Commission on Premium, Maximum, Percentage				5.00%	5.00%
Technomar [Member]
Related Party Transaction, Expenses from Transactions with Related Party				$ 65,997		113,640
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		$ 199,452

Note 5 - Other Operating Inco_2

Note 5 - Other Operating Income (Details Textual) - USD ($)	1 Months Ended			6 Months Ended
	Jun. 30, 2021	Feb. 29, 2020	Jan. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2017	Mar. 31, 2017
Advance Received for Vessel Held for Sale				$ 0	$ 540,783
Other Operating Expenses, Income				1,296,496	$ 2,688,194
Other Operating Expenses, Income from Collection of Previously Written off Accounts	$ 200,000
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member]
Restricted Cash and Investments, Total	530,000			$ 530,000
Estimated Litigation Liability						$ 150,000	$ 150,000
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Settled Litigation [Member] | Alterwall Business Inc. [Member]
Payments for Legal Settlements	60,000
Litigation Settlement, Expense	10,000
Gain (Loss) Related to Litigation Settlement, Total	80,000
M/V EM Oinousses [Member]
Vessel Evaluation, Unrepaired Damage Claim			$ 2,700,000
Vessel Evaluation, Other Operating Income			$ 2,700,000
M/V Manolis P [Member]
Advance Received for Vessel Held for Sale		$ 1,133,817
Other Operating Expenses, Income	$ 1,000,000

Note 6 - Long-term Bank Loans_2

Note 6 - Long-term Bank Loans (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Repayments of Debt	$ 900,000
Restricted Cash, Total		$ 2,776,187		$ 2,245,010
Interest Expense, Total		$ 1,381,667	$ 2,389,021
Minimum [Member]
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts		120.00%
Maximum [Member]
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts		140.00%

Note 6 - Long-term Bank Loans -

Note 6 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Long-term debt, gross	$ 62,030,380	$ 67,301,300
Less: Current portion	(15,160,310)	(20,891,840)
Long-term portion	46,870,070	46,409,460
Deferred charges, current portion	166,510	246,520
Deferred charges, long-term portion	170,882	189,432
Long-term bank loans, current portion net of deferred charges	14,993,800	20,645,320
Long-term bank loans, long-term portion net of deferred charges	46,699,188	46,220,028
Euroseas Ltd.	0	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	23,075,000	24,625,000
Diamantis Shipowners Ltd. [Member]
Long-term debt, gross	2,705,380	3,026,300
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]
Long-term debt, gross	9,350,000	11,150,000
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]
Long-term debt, gross	$ 26,900,000	$ 28,500,000

Note 6 - Long-term Bank Loans_3

Note 6 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details)	Jun. 30, 2021USD ($)
2022	$ 15,160,310
2023	22,534,070
2024	21,596,000
2025	1,096,000
2026	1,644,000
Total	$ 62,030,380

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingencies (Details Textual) $ in Millions	Jun. 30, 2021USD ($)
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements	$ 100.9
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One	60.4
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two	29.4
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three	10.1
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Four	$ 1
Eco Design Fuel Efficient Containerships [Member]
Number of Vessels Under Construction	2
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity	$ 76
Construction of Vessel, Future Minimum Payments Due, Next Twelve Months	19
Construction of Vessel, Future Minimum Payments Due in Two Years	$ 57

Note 8 - Stock Incentive Plan_2

Note 8 - Stock Incentive Plan (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 86,029
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	9 months 25 days
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	$ 57,850	$ 60,808

Note 8 - Stock Incentive Plan -

Note 8 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details)	6 Months Ended
	Jun. 30, 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 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details Textual) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares)	44,413	0
Unvested Incentive Award Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	23,284	23,284

Note 9 - Earnings Per Share - S

Note 9 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net income	$ 11,736,326	$ 3,247,415
Dividend Series B Preferred shares	(255,324)	(339,069)
Preferred deemed dividend	(345,423)	0
Net income attributable to common shareholders	$ 11,135,579	$ 2,908,346
Weighted average common shares – outstanding, basic (in shares)	6,745,305	5,576,960
Basic earnings per share (in dollars per share)	$ 1.65	$ 0.52
Dilutive effect of non-vested shares (in shares)	44,413	0
Weighted average common shares – outstanding, diluted (in shares)	6,789,718	5,576,960
Diluted earnings per share (in dollars per share)	$ 1.64	$ 0.52

Note 10 - Preferred Shares (Det

Note 10 - Preferred Shares (Details Textual) - USD ($)	Jan. 29, 2023	Jan. 29, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Payments for Repurchase of Redeemable Preferred Stock				$ 2,000,000	$ 0
Dividends, Preferred Stock, Total				$ 255,324	339,069
Dividends, Preferred Stock, Cash					160,000
Dividends, Preferred Stock, Paid-in-kind					$ 180,000
Conversion of Series B Preferred Stock to Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)			453,044
Conversion of Stock, Amount Issued			$ 6,365,000
Series B Preferred Stock [Member]
Stock Redeemed or Called During Period, Shares (in shares)		2,000
Payments for Repurchase of Redeemable Preferred Stock		$ 2,000,000
Preferred Stock, Dividend Rate Per Annum, Cash		8.00%
Preferred Stock, Dividend Rate Per Annum, Paid-in-kind		9.00%
Dividends, Preferred Stock, Total			$ 345,423
Series B Preferred Stock [Member] | Forecast [Member]
Preferred Stock, Dividend Rate, Percentage	14.00%

Note 11 - Financial Instrumen_3

Note 11 - Financial Instruments (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)	Apr. 16, 2020USD ($)
M/V EM Oinousses [Member]
Assets Held-for-sale, Not Part of Disposal Group, Current, Total	$ 3,770
Property, Plant, and Equipment, Fair Value Disclosure	3,870
Vessel Held for Sale, Estimated Sale Costs	220
Impairment of Long-Lived Assets to be Disposed of	$ 120
Interest Rate Swap [Member] | Eurobank [Member]
Derivative, Number of Instruments Held, Total		1
Derivative, Notional Amount		$ 30,000
Derivative, Fixed Interest Rate		0.78%

Note 11 - Financial Instrumen_4

Note 11 - Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Interest rate swap contract, current portion	$ 322,741	$ 203,553
Interest rate swap contract, long-term portion	0	362,195
Interest rate swap contract, long-term portion	230,640	0
Fair Value, Recurring [Member] | Interest Rate Swap [Member]
Interest rate swap contract, current portion	322,741	203,553
Interest rate swap contract, long-term portion		362,195
Interest rate swap contract, long-term portion	230,640
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Interest rate swap contract, current portion	322,741	203,553
Interest rate swap contract, long-term portion		$ 362,195
Interest rate swap contract, long-term portion	$ 230,640

Note 11 - Financial Instrumen_5

Note 11 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Gain (loss) on derivatives	$ 388,145	$ (468,146)
Not Designated as Hedging Instrument [Member]
Gain (loss) on derivatives	388,145	(468,146)
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member]
Gain (loss) on derivatives	473,647	(468,146)
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member]
Gain (loss) on derivatives	$ (85,502)	$ 0

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Term Sheet from a Commercial Banking Institution [Member]	1 Months Ended
	Jul. 31, 2021USD ($)
Debt Instrument, Face Amount	$ 10,000,000
Debt Instrument Number of Quarterly Payments	16
Debt Instrument, Periodic Payment, Total	$ 500,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$ 2,000,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
M/V "Aegean Express" and M/V "Corfu" [Member]
Debt Instrument, Amount Available for Borrowing if Less than Face Amount, Percent of Vessels' Market Value	50.00%