Euroseas (ESEA) 6-K 11 Oct 22 2022 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2022
Document Information [Line Items]
Entity Central Index Key	0001341170
Entity Registrant Name	EUROSEAS LTD.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	6-K
Document Period End Date	Jun. 30, 2022
Entity File Number	001-33283
Entity Address, Address Line One	4 Messogiou & Evropis Street
Entity Address, Postal Zip Code	151 24
Entity Address, City or Town	Maroussi
Entity Address, Country	GR

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 4,952,773	$ 26,530,944
Trade accounts receivable, net	436,297	1,274,729
Other receivables	1,056,763	1,722,885
Inventories	2,425,346	2,274,454
Restricted cash	175,234	167,285
Prepaid expenses	685,848	382,729
Derivatives	984,547	540,753
Total current assets	10,716,808	32,893,779
Long-term assets:
Vessels, net	233,602,546	176,111,486
Advances for vessels under construction	37,796,368	7,615,958
Restricted cash	5,400,000	4,800,000
Derivatives	1,014,196	0
Total assets	288,529,918	221,421,223
Current liabilities
Long-term bank loans, current portion	39,637,129	29,034,049
Trade accounts payable	3,228,537	2,804,194
Accrued expenses	1,720,132	1,702,925
Accrued dividends	31,675	0
Deferred revenues	2,336,057	3,293,986
Due to related company	100,564	309,970
Total current liabilities	47,054,094	37,145,124
Long-term liabilities
Long-term bank loans, net of current portion	64,797,943	89,004,951
Derivatives	0	952,666
Fair value of below market time charters acquired	42,697,246	17,461,586
Total long-term liabilities	107,495,189	107,419,203
Total liabilities	154,549,283	144,564,327
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 7,294,541 and 7,279,939, issued and outstanding)	218,398	218,836
Additional paid-in capital	264,694,337	264,609,233
Accumulated deficit	(130,932,100)	(187,971,173)
Total shareholders’ equity	133,980,635	76,856,896
Total liabilities and shareholders’ equity	$ 288,529,918	$ 221,421,223

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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)	7,279,939	7,294,541
Common stock, shares outstanding (in shares)	7,279,939	7,294,541

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Time charter revenue	$ 97,448,528	$ 33,973,743
Commissions (including $338,985 and $1,218,107, respectively, to related party)	(3,595,381)	(1,373,981)
Net revenue	93,853,147	32,599,762
Operating expenses / (income)
Voyage expenses	551,286	277,982
Vessel operating expenses (including $108,995 and $181,434, respectively, to related party)	17,830,465	13,802,119
Dry-docking expenses	2,502,744	229,384
Vessel depreciation	7,827,654	3,193,086
Related party management fees	2,345,944	2,148,221
Other operating (income) /expenses	350,000	(1,296,496)
General and administrative expenses (including $1,000,000 to related party)	1,960,481	1,500,651
Loss on sale of vessel	0	9,417
Total operating expenses, net	33,368,574	19,864,364
Operating income	60,484,573	12,735,398
Other income/(expenses)
Interest and other financing costs (including $50,000 and nil, respectively, to related party)	(2,146,602)	(1,381,667)
Gain on derivatives, net	2,309,904	388,145
Foreign exchange (loss) / gain	37,314	(7,504)
Interest income	947	1,954
Other (expenses) / income, net	201,563	(999,072)
Net income	60,686,136	11,736,326
Dividends to Series B Preferred shares	0	(255,324)
Preferred deemed dividend	0	(345,423)
Net income attributable to common shareholders	$ 60,686,136	$ 11,135,579
Earnings per share attributable to common shareholders, basic (in dollars per share)	$ 8.40	$ 1.65
Weighted average number of shares outstanding during the period, basic (in shares)	7,223,189	6,745,305
Earnings per share attributable to common shareholders, diluted (in dollars per share)	$ 8.36	$ 1.64
Weighted average number of shares outstanding during the period, diluted (in shares)	7,256,434	6,789,718

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Commissions, related party	$ 1,218,107	$ 338,985
Vessel operating expenses, related party	181,434	108,995
General and administrative expenses, related party	1,000,000	1,000,000
Interest and other financing costs, related party	$ 0	$ 50,000

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, 2020	6,708,946
Balance at Dec. 31, 2020	$ 201,268	$ 257,467,980	[1]	$ (230,333,881)	$ 27,335,367
Net income	0	0	[1]	11,736,326	11,736,326
Dividends to Series B preferred shares	0	0	[1]	(255,324)	(255,324)
Preferred deemed dividend	$ 0	0	[1]	(345,423)	(345,423)
Issuance of shares (in shares)	82,901
Issuance of shares	$ 2,488	741,065	[1]	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
Offering expenses	0	(87,229)		0	(87,229)
Share-based compensation	$ 0	57,850		0	57,850
Balance (in shares) at Jun. 30, 2021	7,244,891
Balance at Jun. 30, 2021	$ 217,347	264,531,339	[1]	(219,198,302)	45,550,384
Balance (in shares) at Dec. 31, 2021	7,294,541
Balance at Dec. 31, 2021	$ 218,836	264,609,233	[1]	(187,971,173)	76,856,896
Net income	0	0		60,686,136	60,686,136
Share-based compensation	$ 0	431,502			431,502
Repurchase of common shares (Note 12) (in shares)	(14,602)
Repurchase of common shares (Note 12)	$ (438)	(346,398)		0	(346,836)
Dividends declared and paid ($0.50 per share) (Note 12)	$ 0	0		(3,647,063)	(3,647,063)
Balance (in shares) at Jun. 30, 2022	7,279,939
Balance at Jun. 30, 2022	$ 218,398	$ 264,694,337		$ (130,932,100)	$ 133,980,635
[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 Shareholders' Equity (Parentheticals)	6 Months Ended
	Jun. 30, 2022 $ / shares
Dividends, per share (in dollars per share)	$ 0.50

Unaudited Condensed Consolida_7

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 60,686,136	$ 11,736,326
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation	(7,827,654)	(3,193,086)
Amortization of deferred charges	166,993	98,560
Share-based compensation	431,502	57,850
Unrealized gain on derivatives	(2,410,656)	(473,647)
Amortization of fair value of below market time charters acquired	(3,063,787)	0
Loss on sale of vessel	0	9,417
Changes in operating assets and liabilities	399,823	(511,343)
Net cash provided by operating activities	64,037,665	14,110,249
Cash flows from investing activities:
Cash paid for vessels under construction	(30,161,477)	0
Cash paid for vessel acquisitions and capitalized expenses	(36,504,636)	0
Cash paid for vessel improvements	(580,791)	(225,136)
Net cash used in investing activities	(67,246,904)	(225,136)
Cash flows from financing activities:
Redemption of Series B preferred shares	0	(2,000,000)
Proceeds from issuance of common stock, net of commissions paid	0	743,553
Cash paid for share repurchase	(346,836)	0
Preferred dividends paid	0	(91,608)
Dividends paid	(3,615,388)	0
Repayment of long-term bank loans	(13,770,921)	(5,270,920)
Repayment of related party loan	0	(2,500,000)
Offering expenses paid	(27,838)	(60,357)
Net cash used in financing activities	(17,760,983)	(9,179,332)
Net increase / (decrease) in cash, cash equivalents and restricted cash	(20,970,222)	4,705,781
Cash, cash equivalents and restricted cash at beginning of period	31,498,229	6,338,177
Cash, cash equivalents and restricted cash at end of period	10,528,007	11,043,958
Cash breakdown
Cash and cash equivalents	4,952,773	8,267,771
Restricted cash, current	175,234	876,187
Restricted cash, long term	5,400,000	1,900,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 10,528,007	$ 11,043,958

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation and General Information 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 6 The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Family United Navigation Co., which, in turn, collectively own 54.0% of the Company’s shares as of June 30, 2022. 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, 2021 20 April 22, 2022. 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, 2022 not December 31, 2022. As of June 30, 2022, February 2023 May 2023, six June 30, 2022, June 30, 2022. 3 nine twelve June 30, 2023. June 30, 2024, 2024. September 16, 2022, two 2022 14 In the event that these sources are not may two two September 2022), twelve

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies A summary of the Company's significant accounting policies is discussed in Note 2 20 December 31, 2021 ( “2021 no

Note 3 - Advances for Vessels U

Note 3 - Advances for Vessels Under Construction	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Advances for Vessel Under Construction [Text Block]	3. Advances for Vessels under Construction On June 29, 2021, two 2,800 first second 2023, two On January 28, 2022, two 2,800 two fourth 2023 first 2024, two On March 18, 2022, three 1,800 1,800 three first 2024, one first two second 2024. three On May 20, 2022, two 2,800 two fourth 2024. two As of June 30, 2022

Note 4 - Vessels, Net

Note 4 - Vessels, Net	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. Vessels, net The amounts in the accompanying unaudited condensed consolidated balance sheets are as follows: Costs Accumulated Depreciation Net Book Value Balance, January 1, 2022 201,187,677 (25,076,191 ) 176,111,486 Depreciation for the period - (7,827,654 ) (7,827,654 ) Delivery of M/V “Emmanuel P” 33,270,105 - 33,270,105 Delivery of M/V “Rena P” 31,036,029 - 31,036,029 Capitalized expenses 1,012,580 - 1,012,580 Balance, June 30, 2022 266,506,391 (32,903,845 ) 233,602,546 Capitalized expenses for the six June 30, 2022 four On May 3, 2022, 50,796 4,250 200 5 5 May 24, 2022 On April 26, 2022, June 14, 2022, 50,796 4,250 2007 5 June 27, 2022 As of June 30, 2022 fourteen 8 four

Note 5 - Fair Value of Below Ma

Note 5 - Fair Value of Below Market Time Charters Acquired	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Below Market Time Charters Acquired [Text Block]	5. Fair Value of Below Market Time Charters Acquired As part of the acquisition of M/V “Marcos V”, in December 2021, 2022, March 3, 2025 February 6, 2025 2 For the six June 30, 2021 June 30, 2022, $nil The unamortized balance of this intangible liability as of June 30, 2022 July 2025 For the period ending June 30, Below market acquired charters 2023 $ 15,411,223 2024 $ 15,440,301 2025 $ 11,452,328 2026 $ 393,394 Total $ 42,697,246

Note 6 - Related Party Transact

Note 6 - Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	6. Related Party Transactions Details of the Company’s transactions with related parties did not six June 30, 2022 8 December 31, 2021, 2021 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 and Euro 720 for the six June 30, 2021 2022, six June 30, 2021 2022, January 1, 2018 five January 1, 2023 720 2022 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, 2021 2022, 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, 2021 June 30, 2022, 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. A commission of 1% six June 30, 2021 2022, May June 2022, 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 2021, first six 2022, On November 1, 2019, March 31, 2021. first 2021

Note 7 - Other Operating (Incom

Note 7 - Other Operating (Income) / Expenses	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Other Operating Income and Expense [Text Block]	7. Other operating (income) / expenses 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 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 For the six June 30, 2022 These amounts are recorded under “Other operating (income) / expenses” in the unaudited condensed consolidated statements of comprehensive income.

Note 8 - Long-term Bank Loans

Note 8 - Long-term Bank Loans	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	8. Long-Term Bank Loans These consist of bank loans of the ship-owning companies. Outstanding long-term bank loans as of December 31, 2021 June 30, 2022 Borrower December 31, 2021 June 30, 2022 Noumea Shipping Ltd. / Gregos Shipping Ltd. 9,375,000 8,625,000 Diamantis Shipowners Ltd. 2,384,460 2,063,540 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 8,450,000 7,550,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 40,300,000 35,700,000 Jonathan John Shipping Ltd. / Corfu Navigation Ltd. 9,500,000 8,500,000 Jonathan Shipowners Ltd. 15,000,000 12,800,000 Marcos Shipping Ltd. 34,000,000 30,000,000 119,009,460 105,238,540 Less: Current portion (29,284,460 ) (39,958,540 ) Long-term portion 89,725,000 65,280,000 Deferred charges, current portion 250,411 321,411 Deferred charges, long-term portion 720,049 482,057 Long-term bank loans, current portion net of deferred charges 29,034,049 39,637,129 Long-term bank loans, long-term portion net of deferred charges 89,004,951 64,797,943 The future annual loan repayments are as follows: To June 30: 2023 39,958,540 2024 35,640,000 2025 13,740,000 2026 15,900,000 Total 105,238,540 Details of the loans are discussed in Note 9 December 31, 2021 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, 2021 June 30, 2022, June 30, 2022, Interest expense, including loan fee amortization for the six June 30, 2021 2022

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies There are no not As of June 30, 2022, June 30, 2023, June 30, 2024, June 30, 2025 June 30, 2026. one may not not As of June 30, 2022, nine June 30, 2023 June 30, 2024 December 31, 2024.

Note 10 - Stock Incentive Plan

Note 10 - Stock Incentive Plan	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	10. Stock Incentive Plan A summary of the status of the Company’s unvested shares as of January 1, 2022, six June 30, 2022, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2022 72,593 19.05 Granted - - Vested - - Forfeited - - Unvested on June 30, 2022 72,593 19.05 As of June 30, 2022, six June 30, 2021 2022, The unvested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As of June 30, 2022

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	11. Earnings Per Share Basic and diluted earnings per common share is computed as follows: For the six months ended June 30, 2021 2022 Net income 11,736,326 60,686,136 Dividends to Series B Preferred shares (255,324 ) - Preferred deemed dividend (345,423 ) - Net income attributable to common shareholders 11,135,579 60,686,136 Weighted average common shares – outstanding, basic 6,745,305 7,223,189 Basic earnings per share 1.65 8.40 Effect of dilutive securities: Dilutive effect of unvested shares 44,413 33,245 Weighted average common shares – outstanding, diluted 6,789,718 7,256,434 Diluted earnings per share 1.64 8.36 The Company excluded the effect of its Series B preferred shares on June 30, 2021,

Note 12 - Preferred Shares, Com

Note 12 - Preferred Shares, Common Shares and Additional Paid-in Capital	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	12. Preferred shares, Common shares and Additional paid-in capital A summary of the Company's “Preferred shares” is discussed in Note 16 December 31, 2021 2021 In January 2021, January 29, 2023, In June 2021, 1 2 For the six June 30, 2021 two July 2021. On May 23, 2022, 12 not may During the six June 30, 2022, Pursuant to the reinstitution of the Company’s common stock dividend plan, during the six June 30, 2022, first 2022

Note 13 - Financial Instruments

Note 13 - Financial Instruments	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]	13. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables and derivatives. 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 Eurobank 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 bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, they do not not June 30, 2022, three Concentration of credit risk Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash, trade accounts receivable and derivatives. 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 may Fair value of financial instruments The estimated fair values of the Company's financial instruments such as cash and cash equivalents, restricted cash, trade accounts payables, accrued expenses and amount due to related company approximate their individual carrying amounts as of December 31, 2021 June 30, 2022, 1 June 30, 2022, 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 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 is Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion Derivatives, asset current portion $ 540,753 - $ 540,753 - Liabilities Interest rate swap contracts, long-term portion Derivatives, asset long-term portion $ 952,666 - $ 952,666 - Fair Value Measurement as of June 30, 2022 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion Derivatives, asset current portion $ 984,547 $ 984,547 - Interest rate swap contracts, long-term portion Derivatives, asset long-term portion $ 1,014,196 - $ 1,014,196 - The amount of Gain on derivatives, net recognized in the unaudited condensed consolidated statements of comprehensive income, is analyzed as follows: Derivative not designated as hedging instrument Location of gain / (loss) recognized Six Months Ended June 30, 2021 Six Months Ended June 30, 2022 Interest rate swap contract– Unrealized gain Gain on derivatives, net 473,647 2,410,656 Interest rate swap contract - Realized loss Gain on derivatives, net (85,502 ) (100,752 ) Total gain on derivative 388,145 2,309,904

Note 14 - Subsequent Events

Note 14 - Subsequent Events	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Events The following event occurred after June 30, 2022: a. In July, August, September October 2022, b. On August 10, 2022, September 15, 2022 September 9, 2022. c. On September 13, 2022, September 16, 2022, ten first first

Note 4 - Vessels, Net (Tables)

Note 4 - Vessels, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	Costs Accumulated Depreciation Net Book Value Balance, January 1, 2022 201,187,677 (25,076,191 ) 176,111,486 Depreciation for the period - (7,827,654 ) (7,827,654 ) Delivery of M/V “Emmanuel P” 33,270,105 - 33,270,105 Delivery of M/V “Rena P” 31,036,029 - 31,036,029 Capitalized expenses 1,012,580 - 1,012,580 Balance, June 30, 2022 266,506,391 (32,903,845 ) 233,602,546

Note 5 - Fair Value of Below _2

Note 5 - Fair Value of Below Market Time Charters Acquired (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Below Market Time Charters, Future Amortization Expense [Table Text Block]	For the period ending June 30, Below market acquired charters 2023 $ 15,411,223 2024 $ 15,440,301 2025 $ 11,452,328 2026 $ 393,394 Total $ 42,697,246

Note 8 - Long-term Bank Loans (

Note 8 - Long-term Bank Loans (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Borrower December 31, 2021 June 30, 2022 Noumea Shipping Ltd. / Gregos Shipping Ltd. 9,375,000 8,625,000 Diamantis Shipowners Ltd. 2,384,460 2,063,540 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 8,450,000 7,550,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 40,300,000 35,700,000 Jonathan John Shipping Ltd. / Corfu Navigation Ltd. 9,500,000 8,500,000 Jonathan Shipowners Ltd. 15,000,000 12,800,000 Marcos Shipping Ltd. 34,000,000 30,000,000 119,009,460 105,238,540 Less: Current portion (29,284,460 ) (39,958,540 ) Long-term portion 89,725,000 65,280,000 Deferred charges, current portion 250,411 321,411 Deferred charges, long-term portion 720,049 482,057 Long-term bank loans, current portion net of deferred charges 29,034,049 39,637,129 Long-term bank loans, long-term portion net of deferred charges 89,004,951 64,797,943
Schedule of Future Annual Loan Repayments [Table Text Block]	To June 30: 2023 39,958,540 2024 35,640,000 2025 13,740,000 2026 15,900,000 Total 105,238,540

Note 10 - Stock Incentive Plan

Note 10 - Stock Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block]	Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2022 72,593 19.05 Granted - - Vested - - Forfeited - - Unvested on June 30, 2022 72,593 19.05

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the six months ended June 30, 2021 2022 Net income 11,736,326 60,686,136 Dividends to Series B Preferred shares (255,324 ) - Preferred deemed dividend (345,423 ) - Net income attributable to common shareholders 11,135,579 60,686,136 Weighted average common shares – outstanding, basic 6,745,305 7,223,189 Basic earnings per share 1.65 8.40 Effect of dilutive securities: Dilutive effect of unvested shares 44,413 33,245 Weighted average common shares – outstanding, diluted 6,789,718 7,256,434 Diluted earnings per share 1.64 8.36

Note 13 - Financial Instrumen_2

Note 13 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Fair Value Measurement as of December 31, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion Derivatives, asset current portion $ 540,753 - $ 540,753 - Liabilities Interest rate swap contracts, long-term portion Derivatives, asset long-term portion $ 952,666 - $ 952,666 - Fair Value Measurement as of June 30, 2022 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion Derivatives, asset current portion $ 984,547 $ 984,547 - Interest rate swap contracts, long-term portion Derivatives, asset long-term portion $ 1,014,196 - $ 1,014,196 -
Derivative Instruments, Gain (Loss) [Table Text Block]	Derivative not designated as hedging instrument Location of gain / (loss) recognized Six Months Ended June 30, 2021 Six Months Ended June 30, 2022 Interest rate swap contract– Unrealized gain Gain on derivatives, net 473,647 2,410,656 Interest rate swap contract - Realized loss Gain on derivatives, net (85,502 ) (100,752 ) Total gain on derivative 388,145 2,309,904

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Details Textual)		6 Months Ended
	Sep. 16, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Shareholders Ownership, Percentage		54%
Working Capital Deficit		$ 36,300,000
Net Income (Loss) Attributable to Parent, Total		60,686,136	$ 11,736,326
Net Cash Provided by (Used in) Operating Activities, Total		64,037,665	14,110,249
Cash and Cash Equivalents, at Carrying Value, Total		4,952,773	$ 8,267,771	$ 26,530,944
Restricted Cash and Cash Equivalents, Total		$ 5,600,000
Container Carriers Vessels [Member]
Number of Vessels Under Construction		9
Contractual Obligation, to be Paid, Year One		$ 100,600,000
Contractual Obligation, to be Paid, Year Two		157,900,000
Contractual Obligation, to be Paid, Year Three		56,700,000
Debt Due February 2023 [Member]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		6,200,000
Debt due May 2023 [Member]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 6,000,000
Loan Seccured By M/V Rena P and M/V Emmanuel P [Member] | Subsequent Event [Member]
Proceeds from Issuance of Debt	$ 19,250,000

Note 3 - Advances for Vessels_2

Note 3 - Advances for Vessels Under Construction (Details Textual)	Jun. 30, 2022 USD ($)	May 20, 2022 USD ($)	Mar. 18, 2022 USD ($)	Jan. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 29, 2021 USD ($)
Advances for Vessel Under Construction	$ 37,796,368				$ 7,615,958
Eco Design Fuel Efficient Containerships [Member]
Number of Vessels Under Construction	9	2	3	2		2
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity	$ 352,900,000	$ 86,700,000	$ 103,800,000	$ 86,300,000		$ 76,100,000

Note 4 - Vessels, Net (Details

Note 4 - Vessels, Net (Details Textual)	May 03, 2022 USD ($)	Apr. 26, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of Vessels Used As Collateral			14
Property, Plant and Equipment, Net, Total			$ 233,602,546	$ 176,111,486
Number of Vessels Unencumbered			4
Vessels [Member]
Property, Plant and Equipment, Net, Total			$ 158,369,761
M/V Seaspan Melbourne [Member]
Payments to Acquire Property, Plant, and Equipment, Total	$ 17,500,000
Payments to Make Property, Plant and Equipment Available for Use	108,594
Payments to Acquire Property, Plant, and Equipment, Including Preparation Costs	33,367,835
Seaspan Melbourne, Vessels [Member]
Payments to Acquire Property, Plant, and Equipment, Total	33,259,241
Seaspan Melbourne, In-place Attached Time Charter [Member]
Payments to Acquire Property, Plant, and Equipment, Total	$ 15,759,241
M/V Seaspan Manila [Member]
Payments to Acquire Property, Plant, and Equipment, Total		$ 17,500,000
Payments to Make Property, Plant and Equipment Available for Use		995,823
Payments to Acquire Property, Plant, and Equipment, Including Preparation Costs		31,036,029
Seaspan Manila, Vessels [Member]
Payments to Acquire Property, Plant, and Equipment, Total		30,040,206
Seaspan Manila, In-place Attached Time Charter [Member]
Payments to Acquire Property, Plant, and Equipment, Total		$ 12,540,206

Note 4 - Vessels, Net - Summary

Note 4 - Vessels, Net - Summary of Vessels (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net book value	$ 176,111,486
Vessel depreciation	(7,827,654)	$ (3,193,086)
Net book value	233,602,546
Vessels [Member]
Costs	201,187,677
Accumulated depreciation	(25,076,191)
Net book value	176,111,486
Vessel depreciation	(7,827,654)
Capitalized expenses	1,012,580
Costs	266,506,391
Accumulated depreciation	(32,903,845)
Net book value	233,602,546
M/V Emmanuel P [Member]
- Delivery of Vessels	33,270,105
M/V Rena P [Member]
- Delivery of Vessels	$ 31,036,029

Note 5 - Fair Value of Below _3

Note 5 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Amortization of Fair Value of Below-market Time Charters Acquired	$ 3,063,787	$ 0
Below Market Time Charters Acquired, Noncurrent	42,697,246		$ 17,461,586
Fair Value, Inputs, Level 2 [Member] | M/V Marcos V [Member]
Below Market Time Charters, Fair Value			$ 17,691,698
Fair Value, Inputs, Level 2 [Member] | M/V Emmanuel P [Member]
Below Market Time Charters, Fair Value	15,759,241
Fair Value, Inputs, Level 2 [Member] | M/V Rena P [Member]
Below Market Time Charters, Fair Value	$ 12,540,206

Note 5 - Fair Value of Below _4

Note 5 - Fair Value of Below Market Time Charters Acquired - Amortization of Intangible Liability (Details)	Jun. 30, 2022 USD ($)
2023	$ 15,411,223
2024	15,440,301
2025	11,452,328
2026	393,394
Total	$ 42,697,246

Note 6 - Related Party Transa_2

Note 6 - Related Party Transactions (Details Textual)		3 Months Ended	6 Months Ended				12 Months Ended
	Jan. 01, 2018	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Dec. 31, 2021 EUR (€)	Dec. 31, 2021 USD ($)	Nov. 01, 2019 USD ($)
Service Management Costs Daily Fee Related Party | €				€ 720		€ 685	€ 685
Related Party Agreement Term (Year)	5 years
Related Party Transaction Discount Percentage	5%
Due to Related Parties, Total			$ 100,564					$ 309,970
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Related Party Transaction, Amounts of Transaction			1,000,000		$ 1,000,000
Eurobulk Ltd. [Member] | Vessel Management Fees [Member]
Related Party Transaction, Amounts of Transaction			2,345,944		2,148,221
Eurochart [Member] | Vessel Sales [Member]
Due to Related Parties, Total			$ 350,000
Related Party Transaction Commission, Percentage			1%	1%
Eurochart [Member] | Charter Revenues [Member]
Related Party Transaction Commission, Percentage			1.25%	1.25%
Related Party Transaction, Expenses from Transactions with Related Party			$ 1,218,107		338,985
Sentinel [Member]
Related Party Transaction, Expenses from Transactions with Related Party			$ 59,834		42,998
Related Party Transaction Commission on Premium, Maximum, Percentage			5%	5%
Technomar [Member]
Related Party Transaction, Expenses from Transactions with Related Party			$ 121,600		$ 65,997
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%
Repayments of Long-Term Debt, Total		$ 50,000

Note 7 - Other Operating (Inc_2

Note 7 - Other Operating (Income) / Expenses (Details Textual) - USD ($)		1 Months Ended	6 Months Ended
	Feb. 29, 2020	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2017
Other Operating Expenses, Income			$ (350,000)	$ 1,296,496
Other Operating Expenses, Income from Collection of Previously Written off Accounts				200,000
Other Operating Expense (Income) From Settlement of Acccounts With Charterers			$ 350,000
M/V Manolis P [Member]
Advance Received for Vessel Held for Sale	$ 1,133,817
Other Operating Expenses, Income				1,000,000
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Settled Litigation [Member] | Alterwall Business Inc. [Member]
Restricted Cash and Investments, Total		$ 530,000		530,000
Increase (Decrease) in Restricted Investments for Operating Activities, Total				(530,000)
Estimated Litigation Liability		150,000		150,000
Payments for Legal Settlements		60,000
Litigation Settlement, Expense		$ 10,000
Gain (Loss) Related to Litigation Settlement				$ 80,000
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member]
Estimated Litigation Liability					$ 150,000

Note 8 - Long-term Bank Loans_2

Note 8 - Long-term Bank Loans (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2019
Restricted Cash, Total	$ 5,575,234		$ 4,967,285
Interest Expense, Total	$ 2,146,602	$ 1,381,667
Piraeus Bank S.A. [Member] | Minimum [Member]
Debt Instrument, Security Cover Ratio Covenant, After First Anniversary				120%
Piraeus Bank S.A. [Member] | Maximum [Member]
Debt Instrument, Security Cover Ratio Covenant, After First Anniversary				140%

Note 8 - Long-term Bank Loans -

Note 8 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Long-term debt, gross	$ 105,238,540	$ 119,009,460
Less: Current portion	(39,958,540)	(29,284,460)
Long-term portion	(65,280,000)	(89,725,000)
Deferred charges, current portion	321,411	250,411
Deferred charges, long-term portion	482,057	720,049
Long-term bank loans, current portion net of deferred charges	39,637,129	29,034,049
Long-term bank loans, long-term portion net of deferred charges	64,797,943	89,004,951
Noumea Shipping Ltd., Gregos Shipping Ltd. [Member]
Long-term debt, gross	8,625,000	9,375,000
Diamantis Shipowners Ltd. [Member]
Long-term debt, gross	2,063,540	2,384,460
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]
Long-term debt, gross	7,550,000	8,450,000
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]
Long-term debt, gross	35,700,000	40,300,000
Jonathan John Shipping Ltd., and Corfu Navigation Ltd. [Member]
Long-term debt, gross	8,500,000	9,500,000
Jonathan Shipowners Ltd. [Member]
Long-term debt, gross	12,800,000	15,000,000
Marcos Shippting Ltd. [Member]
Long-term debt, gross	$ 30,000,000	$ 34,000,000

Note 8 - Long-term Bank Loans_3

Note 8 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details)	Jun. 30, 2022 USD ($)
2023	$ 39,958,540
2024	35,640,000
2025	13,740,000
2026	15,900,000
Total	$ 105,238,540

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) $ in Millions	Jun. 30, 2022 USD ($)	May 20, 2022 USD ($)	Mar. 18, 2022 USD ($)	Jan. 28, 2022 USD ($)	Jun. 29, 2021 USD ($)
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements	$ 385.2
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One	176.4
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two	131.2
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three	64.4
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Four	$ 13.2
Eco Design Fuel Efficient Containerships [Member]
Number of Vessels Under Construction	9	2	3	2	2
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity	$ 352.9	$ 86.7	$ 103.8	$ 86.3	$ 76.1
Construction of Vessel, Future Minimum Payments Due, Next Twelve Months	100.6
Construction of Vessel, Future Minimum Payments Due in Two Years	157.9
Construction of Vessel, Future Minimum Payments Due in Three Years	$ 56.7

Note 10 - Stock Incentive Pla_2

Note 10 - Stock Incentive Plan (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 833,863
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	7 months 13 days
Share-Based Payment Arrangement, Expense	$ 431,502	$ 57,850
Restricted Stock [Member]
Dividends Payable	$ 31,675

Note 10 - Stock Incentive Pla_3

Note 10 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Unvested (in shares) | shares	72,593
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 19.05
Granted (in shares) | shares	0
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Vested (in shares) | shares	0
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Forfeited (in shares) | shares	0
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Unvested (in shares) | shares	72,593
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 19.05

Note 11 - Earnings Per Share -

Note 11 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net income	$ 60,686,136	$ 11,736,326
Dividends to Series B Preferred shares	0	(255,324)
Preferred deemed dividend	0	(345,423)
Net income attributable to common shareholders	$ 60,686,136	$ 11,135,579
Weighted average common shares – outstanding, basic (in shares)	7,223,189	6,745,305
Basic earnings per share (in dollars per share)	$ 8.40	$ 1.65
Dilutive effect of unvested shares (in shares)	33,245	44,413
Weighted average common shares – outstanding, diluted (in shares)	7,256,434	6,789,718
Diluted earnings per share (in dollars per share)	$ 8.36	$ 1.64
Series B Preferred Stock [Member]
Dividends to Series B Preferred shares	$ 0	$ (255,324)

Note 12 - Preferred Shares, C_2

Note 12 - Preferred Shares, Common Shares and Additional Paid-in Capital (Details Textual) - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 29, 2023	Jan. 29, 2021	Jun. 30, 2021	Oct. 12, 2022	Jun. 30, 2022	Jun. 30, 2021	May 23, 2022
Payments for Repurchase of Redeemable Preferred Stock					$ 0	$ 2,000,000
Dividends, Preferred Stock, Total						$ 255,324
Stock Repurchased and Retired During Period, Value					346,836
Dividends, Common Stock, Total					$ 3,647,063
Common Stock, Dividends, Per Share, Declared (in dollars per share)					$ 0.50
Share Repurchase Program [Member]
Stock Repurchase Program, Authorized Amount							$ 20,000,000
Stock Repurchased and Retired During Period, Shares (in shares)					14,602
Stock Repurchased and Retired During Period, Value					$ 350,000
Conversion of Series B Preferred Shares into Common Stocks [Member]
Conversion of Stock, Shares Converted (in shares)			6,365
Forecast [Member] | Share Repurchase Program [Member]
Stock Repurchased and Retired During Period, Shares (in shares)				124,339
Stock Repurchased and Retired During Period, Value				$ 2,700,000
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%
Preferred Stock, Dividend Rate Per Annum, Paid-in-kind		9%
Dividends, Preferred Stock, Total			$ 345,423
Series B Preferred Stock [Member] | Forecast [Member]
Preferred Stock, Dividend Rate, Percentage	14%

Note 13 - Financial Instrumen_3

Note 13 - Financial Instruments (Details Textual) - Interest Rate Swap [Member] - Eurobank [Member] $ in Millions	Jun. 30, 2022 USD ($)
Derivative, Number of Instruments Held, Total	3
Derivative, Notional Amount	$ 60

Note 13 - Financial Instrumen_4

Note 13 - Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Interest rate swap contracts, current portion	$ 984,547	$ 540,753
Interest rate swap contracts, long-term portion	0	952,666
Interest rate swap contracts, noncurrent portion	1,014,196	0
Fair Value, Recurring [Member]
Interest rate swap contracts, current portion	984,547	540,753
Interest rate swap contracts, long-term portion		952,666
Interest rate swap contracts, noncurrent portion	1,014,196
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Interest rate swap contracts, current portion		0
Interest rate swap contracts, long-term portion		0
Interest rate swap contracts, noncurrent portion	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Interest rate swap contracts, current portion	984,547	540,753
Interest rate swap contracts, long-term portion		952,666
Interest rate swap contracts, noncurrent portion	1,014,196
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Interest rate swap contracts, current portion	0	0
Interest rate swap contracts, long-term portion		$ 0
Interest rate swap contracts, noncurrent portion	$ 0

Note 13 - Financial Instrumen_5

Note 13 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Gain (loss) on derivatives	$ 2,309,904	$ 388,145
Not Designated as Hedging Instrument [Member]
Gain (loss) on derivatives	2,309,904	388,145
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member]
Gain (loss) on derivatives	2,410,656	473,647
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member]
Gain (loss) on derivatives	$ (100,752)	$ (85,502)

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - USD ($)				3 Months Ended	6 Months Ended
	Sep. 16, 2022	Sep. 13, 2022	Aug. 10, 2022	Oct. 12, 2022	Jun. 30, 2022
Stock Repurchased and Retired During Period, Value					$ 346,836
Common Stock, Dividends, Per Share, Declared (in dollars per share)					$ 0.50
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)			$ 0.50
Subsequent Event [Member] | Loan Seccured By M/V Rena P and M/V Emmanuel P [Member]
Proceeds from Issuance of Debt	$ 19,250,000
Subsequent Event [Member] | Loan Seccured By M/V Rena P and M/V Emmanuel P [Member] | HSBC Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 19,250,000
Debt Instrument, Maximum Loan Amount, Percent of Vessel Value		55%
Proceeds from Issuance of Debt		$ 19,250,000
Debt Instrument, Periodic Payment, Total		1,000,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 9,250,000
Subsequent Event [Member] | Loan Seccured By M/V Rena P and M/V Emmanuel P [Member] | HSBC Bank [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.95%
Share Repurchase Program [Member]
Stock Repurchased and Retired During Period, Shares (in shares)					14,602
Stock Repurchased and Retired During Period, Value					$ 350,000
Forecast [Member] | Share Repurchase Program [Member]
Stock Repurchased and Retired During Period, Shares (in shares)				124,339
Stock Repurchased and Retired During Period, Value				$ 2,700,000