Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | EuroDry Ltd. |
Entity Central Index Key | 0001731388 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 2,304,630 |
Entity Shell Company | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 5,396,406 | $ 4,375,972 |
Restricted cash | 1,083,036 | 828,955 |
Trade accounts receivable, net | 1,843,008 | 2,236,210 |
Other receivables | 459,785 | 341,952 |
Prepaid expenses | 286,711 | 147,789 |
Due from related companies | 5,967,444 | |
Inventories | 508,711 | 566,947 |
Total current assets | 9,577,657 | 14,465,269 |
Long-term assets | ||
Vessels, net | 105,461,265 | 110,637,462 |
Restricted cash | 2,650,000 | 2,550,000 |
Derivatives | 55,030 | |
Total assets | 117,688,922 | 127,707,761 |
Current liabilities | ||
Long-term bank loans, current portion | 6,806,294 | 6,930,655 |
Trade accounts payable | 1,046,561 | 690,653 |
Accrued expenses | 964,423 | 1,166,209 |
Accrued preferred dividends | 358,726 | |
Deferred revenues | 445,824 | 196,231 |
Due to related companies | 1,547,210 | |
Total current liabilities | 11,169,038 | 8,983,748 |
Long-term liabilities | ||
Long-term bank loans, net of current portion | 49,688,840 | 56,428,100 |
Derivatives | 304,174 | |
Total long-term liabilities | 49,993,014 | 56,428,100 |
Total liabilities | 61,162,052 | 65,411,848 |
Commitments and contingencies | ||
Mezzanine Equity | ||
Preferred shares (par value $0.01, 20,000,000 shares authorized, 19,608 and 15,387 issued and outstanding, respectively) | 14,721,665 | 18,757,358 |
Shareholders’ equity | ||
Common stock (par value $0.01, 200,000,000 shares authorized, 2,279,920 and 2,304,630 issued and outstanding, respectively) | 23,046 | 22,799 |
Additional paid-in capital | 52,802,574 | 52,618,022 |
Accumulated deficit | (11,020,415) | (9,102,266) |
Total shareholders’ equity | 41,805,205 | 43,538,555 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 117,688,922 | $ 127,707,761 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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) | 15,387 | 19,608 |
Preferred stock, shares outstanding (in shares) | 15,387 | 19,608 |
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) | 2,304,630 | 2,279,920 |
Common stock, shares outstanding (in shares) | 2,304,630 | 2,279,920 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Commissions (including $253,503, $324,178 and $359,868, respectively, to related party) | $ (1,547,996) | $ (1,411,333) | $ (1,122,196) |
Net revenue | 27,241,462 | 24,522,871 | 19,158,019 |
Operating expenses | |||
Voyage expenses | 1,117,022 | 410,676 | 2,396,318 |
Vessel operating expenses (including $102,131, $115,026 and $148,329, respectively, to related party) | 10,776,338 | 9,183,152 | 6,892,388 |
Dry-docking expenses | 1,664,915 | 1,465,079 | 127,509 |
Vessel depreciation | 6,458,251 | 5,422,155 | 4,786,272 |
Related party management fees | 1,964,536 | 1,701,340 | 1,409,716 |
General and administrative expenses (including $693,524, $731,456 and $1,250,000, respectively, to related party) | 2,252,666 | 2,346,502 | 917,160 |
Total operating expenses | 24,233,728 | 20,528,904 | 16,529,363 |
Operating income | 3,007,734 | 3,993,967 | 2,628,656 |
Other income / (expenses) | |||
Interest and other financing costs | (3,513,105) | (2,913,141) | (1,817,574) |
Gain on derivatives, net | 496,820 | 13,786 | 49,167 |
Interest income | 22,216 | 14,083 | |
Foreign exchange (loss) / gain | 2,832 | 11,040 | (10,548) |
Other expenses, net | (2,991,237) | (2,874,232) | (1,778,955) |
Net income | 16,497 | 1,119,735 | 849,701 |
Dividends to Series B preferred shares | (1,748,981) | (565,229) | |
Preferred deemed dividend | (185,665) | ||
Net income / (loss) attributable to common shareholders | $ (1,918,149) | $ 554,506 | $ 849,701 |
Earnings / (loss) per share attributable to common shareholders - basic and diluted (in dollars per share) | $ (0.85) | $ 0.25 | $ 0.38 |
Weighted average number of shares outstanding during the year, basic and diluted (in shares) | 2,251,439 | 2,232,821 | 2,213,505 |
Time Charters [Member] | |||
Revenues | |||
Revenue | $ 28,789,458 | $ 25,934,204 | $ 16,985,607 |
Voyage Charters [Member] | |||
Revenues | |||
Revenue | $ 3,294,608 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commissions, related party | $ 359,868 | $ 324,178 | $ 253,503 |
Vessel operating expenses, related party | 148,329 | 115,026 | 102,131 |
General and administrative expenses, related party | $ 1,250,000 | $ 731,456 | $ 693,524 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Former Parent Company Investment [Member] | Total |
Balance (in shares) | |||||
Balance (in shares) at Dec. 31, 2016 | |||||
Balance at Dec. 31, 2016 | $ (10,506,473) | $ 41,603,370 | $ 31,096,897 | ||
Net increase in former Parent Company investment | 915,525 | 915,525 | |||
Net income | 849,701 | 849,701 | |||
Balance (in shares) | |||||
Balance at Dec. 31, 2017 | (9,656,772) | 42,518,895 | 32,862,123 | ||
Net increase in former Parent Company investment | 9,984,409 | 9,984,409 | |||
Net income | 1,119,735 | 1,119,735 | |||
Capitalization at spin-off, including issuance of common stock | 22,548 | 52,480,756 | (52,503,304) | ||
Dividends to Series B preferred shares | (565,229) | (565,229) | |||
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 25,090 | ||||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 251 | 137,266 | 137,517 | ||
Balance (in shares) | 2,279,920 | ||||
Balance (in shares) at Dec. 31, 2018 | 2,279,920 | ||||
Balance at Dec. 31, 2018 | $ 22,799 | 52,618,022 | (9,102,266) | 43,538,555 | |
Balance (in shares) | 2,279,920 | ||||
Net income | 16,497 | 16,497 | |||
Dividends to Series B preferred shares | (1,748,981) | (1,748,981) | |||
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 24,710 | ||||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 247 | 184,552 | 184,799 | ||
Balance (in shares) | 2,304,630 | ||||
Preferred deemed dividend | (185,665) | (185,665) | |||
Balance (in shares) at Dec. 31, 2019 | 2,304,630 | ||||
Balance at Dec. 31, 2019 | $ 23,046 | $ 52,802,574 | $ (11,020,415) | $ 41,805,205 | |
Balance (in shares) | 2,304,630 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 16,497 | $ 1,119,735 | $ 849,701 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of vessels | 6,458,251 | 5,422,155 | 4,786,272 |
Amortization and write off of deferred charges | 152,879 | 396,925 | 209,231 |
Share-based compensation | 184,799 | 137,517 | |
Provision for doubtful debts | 0 | 167,019 | 0 |
Change in the fair value of derivatives | 359,204 | (3,577) | (51,453) |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 393,202 | (1,809,442) | 44,436 |
Prepaid expenses | (138,922) | (75,269) | (29,368) |
Other receivables | (117,833) | 302,110 | (527,943) |
Inventories | 58,236 | (114,756) | (184,071) |
Due from related companies | (1,968,521) | (3,045,377) | |
Trade accounts payable | 185,151 | 360,599 | 37,630 |
Accrued expenses | (201,787) | 129,182 | 612,037 |
Deferred revenues | 249,593 | (93,507) | 209,192 |
Due to related companies | 7,514,654 | ||
Net cash provided by operating activities | 15,113,924 | 3,970,170 | 2,910,287 |
Cash flows from investing activities: | |||
Cash paid for vessels under construction, capitalized expenses and vessel acquisition | (1,111,297) | (29,045,685) | (9,635,504) |
Net cash used in investing activities | (1,111,297) | (29,045,685) | (9,635,504) |
Cash flows from financing activities: | |||
Net increase in former Parent Company investment | 3,298,356 | 915,525 | |
Redemption of preferred shares | (4,300,000) | ||
Preferred dividends paid | (1,311,612) | ||
Loan arrangement fees paid | (22,500) | (432,200) | (42,125) |
Proceeds from long-term bank loans | 4,500,000 | 48,400,000 | 10,862,500 |
Repayment of long-term bank loans | (11,494,000) | (23,337,271) | (1,813,229) |
Due to former Parent Company | (639,312) | ||
Net cash provided by / (used in) financing activities | (12,628,112) | 27,928,885 | 9,283,359 |
Net increase in cash, cash equivalents and restricted cash | 1,374,515 | 2,853,370 | 2,558,142 |
Cash, cash equivalents and restricted cash at beginning of year | 7,754,927 | 4,901,557 | 2,343,415 |
Cash, cash equivalents and restricted cash at end of year | 9,129,442 | 7,754,927 | 4,901,557 |
Cash Breakdown | |||
Cash and cash equivalents | 5,396,406 | 4,375,972 | 1,257,058 |
Restricted cash, current | 1,083,036 | 828,955 | 894,499 |
Restricted cash, long term | 2,650,000 | 2,550,000 | 2,750,000 |
Cash, cash equivalents and restricted cash at end of year | 9,129,442 | 7,754,927 | 4,901,557 |
Supplemental cash flow information | |||
Cash paid for interest, net of capitalized expenses | 3,468,478 | 2,220,713 | 1,462,852 |
Financing and investing activities fees: | |||
Payment-in-kind dividends | 78,642 | 565,229 | |
Capital expenditures included in liabilities | 218,319 | 47,562 | 64,476 |
Accrued preferred dividends | 358,726 | ||
Preferred shares distributed to EuroDry | 18,192,129 | ||
Prior year contributions from the former Parent Company recognized in paid-in capital | 5,490,106 | ||
Due from former Parent Company amount allocated to Due from related companies balance | $ 903,283 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation and General Information EuroDry Ltd. (the “Company” or “EuroDry”) was formed by Euroseas Ltd. (“Euroseas” or “former Parent Company”) on January 8, 2018 seven December 31, 2017 ( May 30, 2018, 2,254,830 May 30, 2018 50% May 30, 2018, The operations of the vessels are managed by Eurobulk Ltd. ("Eurobulk" or “Manager”) and Eurobulk (Far East) Ltd. Inc. (“Eurobulk FE”) , 4 1003, 10th 470 6 The Pittas family is the controlling shareholder of Friends Dry Investment Company Inc. which, in turn, owns 39.3% December 31, 2019. The Company is engaged in the ocean transportation of dry bulk through ownership and operation of dry bulk ship-owning companies. Details of the Company’s wholly owned subsidiaries are set out below: · Pantelis Shipping Corp., incorporated in the Republic of Liberia on December 4, 2009, 74,020 2000 July 23, 2009. · Eirini Shipping Ltd., incorporated in the Republic of Liberia on February 2, 2014, 76,466 2004 May 26, 2014. · Ultra One Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, 63,500 160 January 16, 2017. · Ultra Two Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, November 29, 2013, 63,500 No. DY161 September 2, 2016 no December 31, 2017, 2018 2019 February 1, 2020. · Kamsarmax One Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, 82,000 February 25, 2016. · Kamsarmax Two Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, 82,000 May 7, 2018. · Areti Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 15, 2016, 75,100 2000 January 9, 2017. · Light Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 6, 2018, 75,845 2004 November 30, 2018. As of December 31, 2019, $1.6 December 31, 2019 $1.9 $15.1 $5.40 $3.73 December 31, 2019. 9.25% January 2021, 14% 14 not may twelve The following charterers individually accounted for more than 10% Year ended December 31, Charterer 2017 2018 2019 A/S Klaveness Chartering 26 % 32 % 35 % Quadra Commodities S.A. - - 16 % Guardian Navigation GMax LLC pool - - 15 % Amaggi Europe B.V. 17 % 11 % - Dampskibsselskabet Norden A/S 18 % - - China National Chartering (Hong Kong) Co., Limited 13 % - - |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company: Principles of consolidation The accompanying consolidated financial statements include the accounts of EuroDry Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation. Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other comprehensive income / (loss) The Company has no no Foreign currency translation The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. Cash equivalents Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three Restricted cash Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral. Trade accounts receivable The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. The Company recorded a provision for doubtful accounts of $167,019 December 31, 2018. not December 31, 2017 2019. Inventories Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method. Vessels Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period. Expenditures for vessel repair and maintenance are charged against income in the period incurred. Depreciation Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 Insurance claims and insurance proceeds Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not Revenue and expense recognition Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight. A minor part of the Company’s revenues is also generated from pool arrangements, according to which t he amount allocated to each pool participant vessel is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel’s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For the vessel that operated under pool arrangement during the years ended December 31, 2018 2019 not In February 2016, No. 2016 02, 842 842 842, not 842 842 not 842 December 15, 2018, 842 January 1, 2019 not 842. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. As of December 31, 2019, one 11 not 842, not As discussed above, the transition guidance associated with ASC 842 not 842. Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC 842, not December 31, 2017, 2018 2019. Voyage charter agreements are considered service contracts that fall under the provisions of ASC 606, 842 not not one Demurrage income, which is included in “Voyage charter revenue” in the consolidated statements of operations, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended December 31, 2017, 2018 2019 not Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning may Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations. Dry-docking and special survey expenses Dry-docking and special survey expenses are expensed as incurred. Pension and retirement benefit obligations – crew The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 not Financing costs Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. Offering costs Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “General and administrative expenses” in the consolidated statements of operations when the offering is aborted. Stock incentive plan awards Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. In June 2018, 2018 07, 718 2018 07 not Impairment of long-lived assets The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not Derivative financial instruments Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not Preferred shares Preferred shares are recorded at the initial amount of preferred stock assumed based on the initial consideration received by the former Parent Company less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect. Earnings / (loss) per common share Basic earnings / (loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not December 31, 2018 2019, not Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. Segment reporting The Company reports financial information and evaluates its operations by charter revenue and not not not one Recent accounting pronouncements In June 2016, 2016 13, November 2018, 2018 19 326, not 326 20 842. December 15, 2019, not In August 2018, 2018 13, 820 820, December 15, 2019. 3 not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consisted of the following: December 31, 2018 December 31, 2019 Lubricants 533,300 487,268 Victualing 33,647 21,443 Total 566,947 508,711 |
Note 4 - Vessels, Net
Note 4 - Vessels, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Vessels, net The amounts in the accompanying consolidated balance sheets are as follows: Costs Accumulated Depreciation Net Book Value Balance, January 1, 2018 103,039,369 (21,059,733 ) 81,979,636 - Delivery of M/V “Ekaterini” 23,869,382 - 23,869,382 - Delivery of M/V “Starlight” 10,210,599 - 10,210,599 - Depreciation for the year - (5,422,155 ) (5,422,155 ) Balance, December 31, 2018 137,119,350 (26,481,888 ) 110,637,462 - Depreciation for the year - (6,458,251 ) (6,458,251 ) - Vessel improvements 1,282,054 - 1,282,054 Balance, December 31, 2019 138,401,404 (32,940,139 ) 105,461,265 In December 2016, No. YZJ2013 1153 $3.8 March 2017, not $23.9 May 7, 2018. On November 5, 2018, 75,845 2004 $10.2 November 30, 2018. During the year 2019, $1.3 The Company performed the undiscounted cash flow test as of December 31, 2018 2019 All the Company’s vessels have been mortgaged as security for the Company’s loans (refer Note 7 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued Expenses The accrued expenses consist of: December 31, 2018 December 31, 2019 Accrued payroll expenses 74,169 112,381 Accrued interest expense 694,437 586,186 Accrued general and administrative expenses 114,432 68,336 Accrued commissions 15,039 52,175 Other accrued expenses 268,132 145,345 Total 1,166,209 964,423 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions The Managers (see Note 1 685 2017, 2018 2019. $1,409,716, $1,701,340 $1,964,536 2017, 2018 2019, $1,250,000. $693,524, $731,456 $1,250,000 2017, 2018 2019, The Euroseas' Master Management Agreement ("MMA") with the Managers provides for an annual adjustment of the daily vessel management fee due to inflation to take effect on January 1 five five 90th The MMA was amended and restated on January 1, 2012 5% 20 January 1, 2014 five January 1, 2019. Starting January 1, 2013, 720 360 5% January 1, 2014, 2015, 2016, 2017. The MMA was further renewed on January 1, 2018 five January 1, 2023 5% 685 2019 2020. The vessels M/V “Xenia”, M/V “Alexandros P.”, M/V “Tasos” and M/V “Ekaterini” are managed by Eurobulk FE, which provides technical, commercial and accounting services. The remaining fleet of the Company (M/V “Pantelis, M/V “Eirini P.” and M/V “Starlight”) is managed by Eurobulk. Amounts due to or from related companies represent net disbursements and collections made on behalf of the ship-owning companies by the Managers during the normal course of operations for which a right of off-set exists. As of December 31, 2018, $5,967,444. December 31, 2019 $1,547,210. The Company uses brokers for various services, as is industry practice. Eurochart S.A. (“Eurochart”), a 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% 1% November 2018, $101,100 $253,503, $324,178 $359,868 2017, 2018 2019, 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"); and with a crewing agent Technomar Crew Management Services Corp ("Technomar"). Technomar is a company owned by certain members of the Pittas family, together with two not 5%; $50 $42,421 $59,710 2017, $48,734 $66,292 2018, $65,924 $82,405 2019, |
Note 7 - Long-term Bank Loans
Note 7 - Long-term Bank Loans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. Long-Term Bank Loans These consist of bank loans of the ship-owning companies and are as follows: Borrower December 31, December 31, Eirini Shipping Ltd. / Areti Shipping Ltd. (a) 4,820,000 - Kamsarmax One Shipping Ltd. (b) 11,465,000 10,531,000 Ultra One Shipping Ltd. (c) 15,000,000 14,060,000 Kamsarmax Two Shipping Ltd. (d) 17,600,000 16,000,000 Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp. (e) 15,000,000 12,200,000 Eirini Shipping Ltd. (f) - 4,100,000 63,885,000 56,891,000 Less: Current portion (7,071,444 ) (6,924,000 ) Long-term portion 56,813,556 49,967,000 Deferred charges, current portion 140,789 117,706 Deferred charges, long-term portion 385,456 278,160 Long-term bank loans, current portion net of deferred charges 6,930,655 6,806,294 Long-term bank loans, long-term portion net of deferred charges 56,428,100 49,688,840 The future annual loan repayments are as follows: To December 31: 2020 6,924,000 2021 13,374,000 2022 5,674,000 2023 20,619,000 2024 940,000 Thereafter 9,360,000 Total 56,891,000 (a) This loan is a $15,300,000 June 25, 2014. September 30, 2016 one December 2016, 20 $350,000 $8.3 June 2019. 3.75%. first first On September 30, 2016, $12,850,000 $11,600,000 $1,250,000 seven $350,000 June 2016 December 2017 March 2018 $11,600,000 two $350,000 four $725,000 $8,000,000 May 2019. $600,000 $0.45 2018, The loan was partly repaid in December 2018 two $405,000 2019, $4,010,000 May 26, 2019 May 2019, as explained in note (f) below. (b) On February 17, 2016, February 25, 2016, $13,800,000 fourteen $467,000 $7,262,000 February 2023. 2.95%. first first and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. (c) On October 1, 2018, $15 60% M/V "Alexandros P." $9.9 HSH Nordbank AG (drawn on January 25, 2017 October 5, 2018. twenty eight $235,000 $8,420,000 October 2025. 3.25%. first first 120%. $135,000 (d) On April 27, 2018, $18.4 April 30, 2018 70% no 70% 24 twenty July 2018, eight $400,000 twelve $325,000, $11,300,000 April 2023. 2.80% first first 130%. $147,200 (e) On November 27, 2018, $15,000,000 twelve $700,000, February 2019, $6,600,000 November 2021. 3.25% first first The Security Cover ratio for this facility stands at 125%. $150,000 (f) On May 22, 2019, 49.9% $4.5 May 24, 2019, $4.5 twelve $200,000 August 2019, $2,100,000 May 2022. 2.70% first first The Security Cover ratio for this facility stands at 130%. $22,500 In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower. The loan agreements also 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% 130% December 31, 2019), not $3,378,955 $3,733,036 December 31, 2018 2019, December 31, 2019, Interest expense for the years ended December 31, 2017, 2018 2019 $1,608,348, $2,516,216 $3,360,226, December 31, 2017 2018 $123,697 $173,841, No December 31, 2019. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes Under the United States Internal Revenue Code of 1986, 4% 883 50% not Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which is referred to as the “Publicly Traded Test”. Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) one 50% 60 one sixth 10% not 50% 5% “5% For the taxable year 2017 not 4% not not 50% $23,477 September 17, 2018 For the taxable years 2018 2019 4% 5% 5% not 50% |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies As of December 31, 2017, $52,019 January 20, 2017. $115,000 $179,281, $215,000. February 2018, may May 2018, $167,019, December 31, 2018. There are no not As of December 31, 2019, $5.53 December 31, 2020. not one may not not |
Note 10 - Stock Incentive Plan
Note 10 - Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Stock Incentive Plan On July 31, 2014, 2014 “2014 2,500,000 10 may one five one five Details of awards granted under the 2014 a) On November 3, 2016 82,080 19 50% November 1, 2017 50% November 1, 2018; 48,048 34,032 8,208 4,805 3,403 November 1, 2018. b) On November 2, 2017 100,270 18 50% July 1, 2018 50% July 1, 2019; 57,700 42,570 20,054 11,540 8,514 50% July 1, 2018 50% July 1, 2019. In May 2018, “May 2018 May 2018 150,000 five May 2018 may May 2018 May 2018 On November 21, 2018 25,090 18 50% November 16, 2019 50% November 16 , 2020; 14,434 10,656 On November 4, 2019 24,710 17 50% July 1, 2020 50% July 1 , 2021; 13,940 10,770 All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company or Eurobulk or as a director of the Company until the applicable vesting date. The grantee does not The Company accounts for restricted share award forfeitures as they occur. No December 31, 2018 2019. The compensation cost that has been charged against income for awards was nil, $137,517 $184,799, December 31, 2017, 2018 2019, A summary of the status of the Company’s non-vested shares as of December 31, 2019 December 31, 2019, Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2019 35,117 9.61 Granted 24,710 8.13 Vested (22,572 ) (9.62 ) Non-vested on December 31, 2019 37,255 8.81 As of December 31, 2019, $294,453 May 2018 0.761 December 31, 2019 $200,892. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Earnings / (Loss) per Share Basic and diluted earnings / (loss) per common share are computed as follows: 2017 2018 2019 Income: Net income 849,701 1,119,735 16,497 Dividends to Series B preferred shares - (565,229 ) (1,748,981 ) Preferred deemed dividend - - (185,665 ) Net income / (loss) attributable to common shareholders 849,701 554,506 (1,918,149 ) Weighted average common shares – outstanding, basic and diluted 2,213,505 2,232,821 2,251,439 Basic and diluted earnings / (loss) per share 0.38 0.25 (0.85 ) During 2017, 2018 2019, nil 2017, 2018 2019. |
Note 12 - Voyage and Vessel Ope
Note 12 - Voyage and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Vessel Voyage and Operating Expenses [Text Block] | 12. Voyage and Vessel Operating Expenses These consist of: Year ended December 31, 2017 2018 2019 Voyage expenses Port charges and canal dues 578,468 260,139 262,806 Bunkers 1,817,850 150,537 854,216 Total 2,396,318 410,676 1,117,022 Vessel operating expenses Crew wages and related costs 4,616,900 5,532,463 6,778,958 Insurance 609,354 682,991 872,131 Repairs and maintenance 181,174 407,324 375,338 Lubricants 379,853 520,452 724,837 Spares and consumable stores 706,855 1,404,080 1,368,325 Professional and legal fees 186,306 257,250 264,704 Other 211,946 378,592 392,045 Total 6,892,388 9,183,152 10,776,338 |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. Derivative Financial Instruments Interest rate swaps Effective on August 8, 2017, five $5.0 3 1.93% 1.40% August 8, 2018, 1.75% August 8, 2019, 1.85% August 8, 2020 2.32% August 8, 2022) May 30, 2018. On July 24, 2018, $5.0 3 2.93% July 24, 2018 July 24, 2023. The interest rate swaps did not December 31, 2018 2019. Freight Forward Agreements (“FFA”) In October 2018, one first three 2019, 90 $12,200 January 2019, four one first three 2019, 120 $11,950 three second 2019, 270 $11,250, three third 2019, 270 $11,100 three fourth 2019, 270 $11,350. two In April 2019, 1,200mt 380cst $375.25 November 2019 1,200mt 380cst $278.5 380 380 380 380 The FFA and the bunker swap contracts did not 15 Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2018 December 31, 2019 FFA contract Long-term assets– Derivatives 49,350 - Interest rate swap contracts Long-term assets – Derivatives 5,680 - Total derivative assets 55,030 - Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2018 December 31, 2019 Interest rate swap contracts Long-term liabilities – Derivatives - 304,174 Total derivative liabilities - 304,174 Derivatives not designated as hedging instruments Location of gain (loss) recognized Year Ended December 31, 2018 Year Ended December 31, 2019 Interest rate swap contracts– Unrealized loss Gain on derivatives, net (45,773 ) (309,854 ) Interest rate swap contracts - Realized gain Gain on derivatives, net 10,209 17,646 FFA contracts – Unrealized gain / (loss) Gain on derivatives, net 49,350 - FFA contracts and Bunker Swap contracts– Realized gain Gain on derivatives, net - 789,028 Total net gain on derivatives 13,786 496,820 |
Note 14 - Preferred Shares
Note 14 - Preferred Shares | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 14. Preferred shares Number of Shares Preferred Shares Amount Dividends paid-in-kind Total Issued, May 30, 2018 19,042 18,192,129 - 18,192,129 Dividends declared 566 - 565,229 565,229 Balance, December 31, 2018 19,608 18,192,129 565,229 18,757,358 Dividends declared 79 - 78,642 78,642 Redemption of Preferred shares (4,300 ) (3,775,696 ) (524,304 ) (4,300,000 ) Preferred deemed dividend - 185,665 - 185,665 Balance, December 31, 2019 15,387 14,602,098 119,567 14,721,665 On January 27, 2014, 25,000 5,700 $29 $1,000 Under the Company’s amended and restated articles of incorporation, effective after the Spin-off, the Company is authorized to issue up to 20,000,000 $0.01 may one May 30, 2018, 19,042 50% The EuroDry Series B Preferred Shares paid dividends in-kind until January 29, 2019 5% 12% two January 29, 2019 14% January 29, 2019 40% $31.64 January 29, 2019. may On June 19, 2019, $4.3 9.25% January 2021. 1 2 $185,665, For the year ended December 31, 2018, three $565,229, December 31, 2019, $1,748,981, $78,642 $1,311,612 2019 $358,726 December 31, 2019 first 2020. December 31, 2019 $15,386,000. Subject to certain ownership thresholds, holders of EuroDry Series B Preferred Shares have the right to appoint one one 50% |
Note 15 - Financial Instruments
Note 15 - Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 15. 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, trade accounts payable, accrued expenses, derivatives and due to related companies. 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 HSBC agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note 13 not not December 31, 2019, two $10.0 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 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 investment in FFA contracts is determined based on quoted prices in active markets and therefore are considered Level 1 The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 2 Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2019 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, long term portion $ 304,174 - $ 304,174 - Fair Value Measurement as of December 31, 2018 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, long term portion $ 5,680 - $ 5,680 - FFA contract, long term portion $ 49,350 $ 49,350 - - The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of December 31, 2018 2019, 1 $55.4 December 31, 2019 $1.5 $56.9 2 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent events Coronavirus Outbreak: March 11, 2020, 2019 19” 19 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying consolidated financial statements include the accounts of EuroDry Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income / (loss) The Company has no no |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral. |
Accounts Receivable [Policy Text Block] | Trade accounts receivable The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. The Company recorded a provision for doubtful accounts of $167,019 December 31, 2018. not December 31, 2017 2019. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method. |
Property, Plant and Equipment, Policy [Policy Text Block] | Vessels Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period. Expenditures for vessel repair and maintenance are charged against income in the period incurred. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 |
Insurance Claims and Insurance Proceeds, Policy [Policy Text Block] | Insurance claims and insurance proceeds Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not |
Revenue from Contract with Customer [Policy Text Block] | Revenue and expense recognition Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight. A minor part of the Company’s revenues is also generated from pool arrangements, according to which t he amount allocated to each pool participant vessel is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel’s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For the vessel that operated under pool arrangement during the years ended December 31, 2018 2019 not In February 2016, No. 2016 02, 842 842 842, not 842 842 not 842 December 15, 2018, 842 January 1, 2019 not 842. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. As of December 31, 2019, one 11 not 842, not As discussed above, the transition guidance associated with ASC 842 not 842. Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC 842, not December 31, 2017, 2018 2019. Voyage charter agreements are considered service contracts that fall under the provisions of ASC 606, 842 not not one Demurrage income, which is included in “Voyage charter revenue” in the consolidated statements of operations, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended December 31, 2017, 2018 2019 not Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning may Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations. |
Dry-docking and Special Survey Expenses [Policy Text Block] | Dry-docking and special survey expenses Dry-docking and special survey expenses are expensed as incurred. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and retirement benefit obligations – crew The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 not |
Debt, Policy [Policy Text Block] | Financing costs Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. |
Offering Costs, Policy [Policy Text Block] | Offering costs Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “General and administrative expenses” in the consolidated statements of operations when the offering is aborted. |
Share-based Payment Arrangement [Policy Text Block] | Stock incentive plan awards Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. In June 2018, 2018 07, 718 2018 07 not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Preferred shares Preferred shares are recorded at the initial amount of preferred stock assumed based on the initial consideration received by the former Parent Company less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect. |
Earnings Per Share, Policy [Policy Text Block] | Earnings / (loss) per common share Basic earnings / (loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not December 31, 2018 2019, not Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company reports financial information and evaluates its operations by charter revenue and not not not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In June 2016, 2016 13, November 2018, 2018 19 326, not 326 20 842. December 15, 2019, not In August 2018, 2018 13, 820 820, December 15, 2019. 3 not |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year ended December 31, Charterer 2017 2018 2019 A/S Klaveness Chartering 26 % 32 % 35 % Quadra Commodities S.A. - - 16 % Guardian Navigation GMax LLC pool - - 15 % Amaggi Europe B.V. 17 % 11 % - Dampskibsselskabet Norden A/S 18 % - - China National Chartering (Hong Kong) Co., Limited 13 % - - |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 December 31, 2019 Lubricants 533,300 487,268 Victualing 33,647 21,443 Total 566,947 508,711 |
Note 4 - Vessels, Net (Tables)
Note 4 - Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Costs Accumulated Depreciation Net Book Value Balance, January 1, 2018 103,039,369 (21,059,733 ) 81,979,636 - Delivery of M/V “Ekaterini” 23,869,382 - 23,869,382 - Delivery of M/V “Starlight” 10,210,599 - 10,210,599 - Depreciation for the year - (5,422,155 ) (5,422,155 ) Balance, December 31, 2018 137,119,350 (26,481,888 ) 110,637,462 - Depreciation for the year - (6,458,251 ) (6,458,251 ) - Vessel improvements 1,282,054 - 1,282,054 Balance, December 31, 2019 138,401,404 (32,940,139 ) 105,461,265 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2018 December 31, 2019 Accrued payroll expenses 74,169 112,381 Accrued interest expense 694,437 586,186 Accrued general and administrative expenses 114,432 68,336 Accrued commissions 15,039 52,175 Other accrued expenses 268,132 145,345 Total 1,166,209 964,423 |
Note 7 - Long-term Bank Loans (
Note 7 - Long-term Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Borrower December 31, December 31, Eirini Shipping Ltd. / Areti Shipping Ltd. (a) 4,820,000 - Kamsarmax One Shipping Ltd. (b) 11,465,000 10,531,000 Ultra One Shipping Ltd. (c) 15,000,000 14,060,000 Kamsarmax Two Shipping Ltd. (d) 17,600,000 16,000,000 Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp. (e) 15,000,000 12,200,000 Eirini Shipping Ltd. (f) - 4,100,000 63,885,000 56,891,000 Less: Current portion (7,071,444 ) (6,924,000 ) Long-term portion 56,813,556 49,967,000 Deferred charges, current portion 140,789 117,706 Deferred charges, long-term portion 385,456 278,160 Long-term bank loans, current portion net of deferred charges 6,930,655 6,806,294 Long-term bank loans, long-term portion net of deferred charges 56,428,100 49,688,840 |
Schedule of Maturities of Long-term Debt [Table Text Block] | To December 31: 2020 6,924,000 2021 13,374,000 2022 5,674,000 2023 20,619,000 2024 940,000 Thereafter 9,360,000 Total 56,891,000 |
Note 10 - Stock Incentive Plan
Note 10 - Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2019 35,117 9.61 Granted 24,710 8.13 Vested (22,572 ) (9.62 ) Non-vested on December 31, 2019 37,255 8.81 |
Note 11 - Earnings (Loss) Per_2
Note 11 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2018 2019 Income: Net income 849,701 1,119,735 16,497 Dividends to Series B preferred shares - (565,229 ) (1,748,981 ) Preferred deemed dividend - - (185,665 ) Net income / (loss) attributable to common shareholders 849,701 554,506 (1,918,149 ) Weighted average common shares – outstanding, basic and diluted 2,213,505 2,232,821 2,251,439 Basic and diluted earnings / (loss) per share 0.38 0.25 (0.85 ) |
Note 12 - Voyage and Vessel O_2
Note 12 - Voyage and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block] | Year ended December 31, 2017 2018 2019 Voyage expenses Port charges and canal dues 578,468 260,139 262,806 Bunkers 1,817,850 150,537 854,216 Total 2,396,318 410,676 1,117,022 Vessel operating expenses Crew wages and related costs 4,616,900 5,532,463 6,778,958 Insurance 609,354 682,991 872,131 Repairs and maintenance 181,174 407,324 375,338 Lubricants 379,853 520,452 724,837 Spares and consumable stores 706,855 1,404,080 1,368,325 Professional and legal fees 186,306 257,250 264,704 Other 211,946 378,592 392,045 Total 6,892,388 9,183,152 10,776,338 |
Note 13 - Derivative Financia_2
Note 13 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2018 December 31, 2019 FFA contract Long-term assets– Derivatives 49,350 - Interest rate swap contracts Long-term assets – Derivatives 5,680 - Total derivative assets 55,030 - Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2018 December 31, 2019 Interest rate swap contracts Long-term liabilities – Derivatives - 304,174 Total derivative liabilities - 304,174 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as hedging instruments Location of gain (loss) recognized Year Ended December 31, 2018 Year Ended December 31, 2019 Interest rate swap contracts– Unrealized loss Gain on derivatives, net (45,773 ) (309,854 ) Interest rate swap contracts - Realized gain Gain on derivatives, net 10,209 17,646 FFA contracts – Unrealized gain / (loss) Gain on derivatives, net 49,350 - FFA contracts and Bunker Swap contracts– Realized gain Gain on derivatives, net - 789,028 Total net gain on derivatives 13,786 496,820 |
Note 14 - Preferred Shares (Tab
Note 14 - Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Number of Shares Preferred Shares Amount Dividends paid-in-kind Total Issued, May 30, 2018 19,042 18,192,129 - 18,192,129 Dividends declared 566 - 565,229 565,229 Balance, December 31, 2018 19,608 18,192,129 565,229 18,757,358 Dividends declared 79 - 78,642 78,642 Redemption of Preferred shares (4,300 ) (3,775,696 ) (524,304 ) (4,300,000 ) Preferred deemed dividend - 185,665 - 185,665 Balance, December 31, 2019 15,387 14,602,098 119,567 14,721,665 |
Note 15 - Financial Instrumen_2
Note 15 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurement as of December 31, 2019 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, long term portion $ 304,174 - $ 304,174 - Fair Value Measurement as of December 31, 2018 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, long term portion $ 5,680 - $ 5,680 - FFA contract, long term portion $ 49,350 $ 49,350 - - |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and General Information (Details Textual) | Jan. 30, 2021 | Jan. 01, 2021 | Jun. 19, 2019 | Jan. 29, 2019 | May 30, 2018shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Jan. 29, 2021 |
Number of Subsidiaries Contributed by Euroseas | 7 | ||||||||
Assets, Total | $ 117,688,922 | $ 127,707,761 | |||||||
Working Capital Deficit | 1,600,000 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic, Total | (1,918,149) | 554,506 | $ 849,701 | ||||||
Net Cash Provided by (Used in) Operating Activities, Total | 15,113,924 | 3,970,170 | 2,910,287 | ||||||
Cash, Ending Balance | 5,400,000 | ||||||||
Restricted Cash and Cash Equivalents, Total | 3,730,000 | ||||||||
Ultra Two Shipping Ltd [Member] | |||||||||
Assets, Total | 0 | 0 | 0 | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 | $ 0 | ||||||
Preferred Friends Investment Company, Inc [Member] | The Pittas Family [Member] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 39.30% | ||||||||
Preferred Class B [Member] | |||||||||
Stock Issued During Period, Shares, Percentage | 50.00% | ||||||||
Series B Preferred Stock [Member] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 9.25% | 40.00% | 9.25% | ||||||
Series B Preferred Stock [Member] | Forecast [Member] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 14.00% | 14.00% | 12.00% | ||||||
Common Stock [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,254,830 | 2,254,830 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and General Information - Charterers Accounting For More Than 10% of Revenue (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
A/S Klaveness Chartering [Member] | |||
Percent of revenue | 35.00% | 32.00% | 26.00% |
Quadra Commodities S.A. [Member] | |||
Percent of revenue | 16.00% | ||
Guardian Navigation GMax LLC pool [Member] | |||
Percent of revenue | 15.00% | ||
Amaggi [Member] | |||
Percent of revenue | 11.00% | 17.00% | |
Dampskibsselskabet Norden A/S [Member] | |||
Percent of revenue | 18.00% | ||
China National Chartering (Hong Kong) Co., Limited [Member] | |||
Percent of revenue | 13.00% |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 0 | $ 167,019 | $ 0 |
Number of Operating Segments | 1 | ||
Vessels [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 25 years |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory | $ 508,711 | $ 566,947 |
Lubricant [Member] | ||
Inventory | 487,268 | 533,300 |
Victualing [Member] | ||
Inventory | $ 21,443 | $ 33,647 |
Note 4 - Vessels, Net (Details
Note 4 - Vessels, Net (Details Textual) - USD ($) | Nov. 05, 2018 | May 07, 2018 | Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Payments to Acquire Property, Plant, and Equipment, Total | $ 1,111,297 | $ 29,045,685 | $ 9,635,504 | |||
M/V “Ekaterini” Vessels [Member] | ||||||
Vessels Delivered During the Period | $ 23,900,000 | $ 23,869,382 | ||||
Acquisition of M/V Starlight [Member] | ||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 10,200,000 | |||||
Water Ballast Treatment Systems [Member] | ||||||
Vessel Improvements | $ 1,300,000 | |||||
Advance Deposit and Capitalized Expenses [Member] | ||||||
Asset Impairment Charges, Total | $ 3,800,000 |
Note 4 - Vessels, Net - Summary
Note 4 - Vessels, Net - Summary of Vessels (Details) - USD ($) | May 07, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Net Book Value | $ 110,637,462 | |||
- Depreciation for the year | (6,458,251) | $ (5,422,155) | $ (4,786,272) | |
Net Book Value | 105,461,265 | 110,637,462 | ||
Vessels [Member] | ||||
Costs | 137,119,350 | 103,039,369 | ||
Accumulated Depreciation | (26,481,888) | (21,059,733) | ||
Net Book Value | 110,637,462 | 81,979,636 | ||
- Depreciation for the year | (6,458,251) | (5,422,155) | ||
- Vessel improvements | 1,282,054 | |||
Costs | 138,401,404 | 137,119,350 | 103,039,369 | |
Accumulated Depreciation | (32,940,139) | (26,481,888) | (21,059,733) | |
Net Book Value | $ 105,461,265 | 110,637,462 | $ 81,979,636 | |
M/V “Ekaterini” Vessels [Member] | ||||
- Delivery of Vessels | $ 23,900,000 | 23,869,382 | ||
M/V “Starlight” Vessels [Member] | ||||
- Delivery of Vessels | $ 10,210,599 |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued payroll expenses | $ 112,381 | $ 74,169 |
Accrued interest expense | 586,186 | 694,437 |
Accrued general and administrative expenses | 68,336 | 114,432 |
Accrued commissions | 52,175 | 15,039 |
Other accrued expenses | 145,345 | 268,132 |
Total | $ 964,423 | $ 1,166,209 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) | Jan. 07, 2018USD ($) | Jan. 01, 2018 | Jan. 01, 2014 | Jan. 01, 2013EUR (€) | Jan. 01, 2011 | Nov. 30, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Jan. 01, 2012 |
Related Party Transaction, Daily Vessel Management Fee per Vessel | € | € 685 | ||||||||||||
Related Party Transaction, Agreement Term (Year) | 5 years | 5 years | 5 years | ||||||||||
Related Party Transaction, Discount Percentage on Daily Vessel Management Fee | 5.00% | 5.00% | |||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel in Operation | € | € 720 | ||||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel in Lay-up | € | € 360 | ||||||||||||
Due from Related Parties, Current, Total | $ 5,967,444 | ||||||||||||
Due to Related Parties, Current, Total | 1,547,210 | ||||||||||||
Eurobulk Ltd. [Member] | |||||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel | € | € 685 | € 685 | € 685 | ||||||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | |||||||||||||
Related Party Transaction, Amounts of Transaction | 1,964,536 | 1,701,340 | $ 1,409,716 | ||||||||||
Eurobulk Ltd. [Member] | Annual Compensation [Member] | |||||||||||||
Related Party Transaction, Amounts of Transaction | $ 1,250,000 | $ 1,250,000 | 731,456 | 693,524 | |||||||||
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 | $ 359,868 | 324,178 | 253,503 | ||||||||||
Eurochart [Member] | Commission of Purchase Price Paid by Seller of Vessel [Member] | |||||||||||||
Related Party Transaction, Commission, Percentage | 1.00% | 1.00% | |||||||||||
Eurochart [Member] | Acquisition of M/V Starlight [Member] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 101,100 | ||||||||||||
Sentinel [Member] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 65,924 | 48,734 | 42,421 | ||||||||||
Related Party Transaction, Commission on Premium, Maximum, Percentage | 5.00% | 5.00% | |||||||||||
Technomar [Member] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 82,405 | $ 66,292 | $ 59,710 | ||||||||||
Related Party Transaction, Amounts of Transaction per Crew Member per Month | $ 50 |
Note 7 - Long-term Bank Loans_2
Note 7 - Long-term Bank Loans (Details Textual) | May 22, 2019USD ($) | Nov. 27, 2018USD ($) | Oct. 01, 2018USD ($) | Apr. 27, 2018USD ($) | Sep. 30, 2016USD ($) | Feb. 25, 2016USD ($) | Jun. 25, 2014USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 29, 2016USD ($) |
Proceeds from Issuance of Long-term Debt, Total | $ 4,500,000 | $ 48,400,000 | $ 10,862,500 | ||||||||
Long-term Debt, Total | 56,891,000 | ||||||||||
Repayments of Long-term Debt, Total | 11,494,000 | 23,337,271 | 1,813,229 | ||||||||
Interest Expense, Total | 3,360,226 | 2,516,216 | 1,608,348 | ||||||||
Imputed Interest | 0 | 173,841 | $ 123,697 | ||||||||
Restricted Cash [Member] | |||||||||||
Cash Deposits | $ 3,733,036 | 3,378,955 | |||||||||
Minimum [Member] | |||||||||||
Property, Plant and Equipment Value to Outstanding Facility Amount | 120.00% | ||||||||||
Maximum [Member] | |||||||||||
Property, Plant and Equipment Value to Outstanding Facility Amount | 130.00% | ||||||||||
Refinancing of National Bank of Greece [Member] | |||||||||||
Debt Instrument, Periodic Payment, Total | $ 405,000,000,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,010,000,000,000 | ||||||||||
Repayments of Long-term Debt, Total | $ 450,000 | ||||||||||
HSBC Bank PLC [Member] | Term Sheet [Member] | |||||||||||
Debt Instrument, Periodic Payment, Total | $ 200,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 2,100,000 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | ||||||||||
Debt Instrument, Asset Coverage Ratio | 130.00% | ||||||||||
Payments of Debt Issuance Costs | $ 22,500 | ||||||||||
Debt Instrument, Maximum Borrowing Capacity | $ 4,500,000 | ||||||||||
Debt Instrument, Number of Consecutive Quarterly Equal Instalments | 12 | ||||||||||
HSBC Bank PLC [Member] | Term Sheet [Member] | M/V Eirini P [Member] | |||||||||||
Debt Instrument, Borrowing Capacity, Percentage of the Market Value of Vessel | 49.90% | ||||||||||
HSBC Bank PLC [Member] | Supplemental Agreement with HSBC Bank Regarding Eirini Loan [Member] | |||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 8,000,000 | ||||||||||
Long-term Debt, Total | 11,600,000 | $ 12,850,000 | |||||||||
Repayments of Long-term Debt, Total | $ 1,250,000 | ||||||||||
Debt Instrument, Number of Installments Payments Deferred | 7 | ||||||||||
Debt Instrument, Periodic Payment, Deferred | $ 350,000 | ||||||||||
Debt Instrument, Cash Collateral to Be Pledged in Cash Collateral Account | $ 600,000 | ||||||||||
HSBC Bank PLC [Member] | Supplemental Agreement with HSBC Bank Regarding Eirini Loan [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||
Debt Instrument, Number of Periodic Payments | 2 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 350,000 | ||||||||||
HSBC Bank PLC [Member] | Supplemental Agreement with HSBC Bank Regarding Eirini Loan [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||
Debt Instrument, Number of Periodic Payments | 4 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 725,000 | ||||||||||
HSBC Bank PLC [Member] | Finance Construction of M/V Ekaterini [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 18,400,000 | ||||||||||
Debt Instrument, Number of Periodic Payments | 20 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,300,000 | ||||||||||
Debt Instrument, Asset Coverage Ratio | 130.00% | ||||||||||
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Vessel Market Value Upon Delivery | 70.00% | ||||||||||
Payments of Debt Issuance Costs | $ 147,200 | ||||||||||
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Construction Cost | 70.00% | ||||||||||
HSBC Bank PLC [Member] | Finance Construction of M/V Ekaterini [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||||||
Debt Instrument, Number of Periodic Payments | 8 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 400,000 | ||||||||||
HSBC Bank PLC [Member] | Finance Construction of M/V Ekaterini [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||||||
Debt Instrument, Number of Periodic Payments | 12 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 325,000 | ||||||||||
Nord LB [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 13,800,000 | ||||||||||
Nord LB [Member] | Finance the Pre-delivery Installment of M/V "Xenia" [Member] | |||||||||||
Debt Instrument, Periodic Payment, Total | 467,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 7,262,000 | ||||||||||
Debt Instrument, Number of Semi Annual Payments | 14 | ||||||||||
Debt Instrument, Asset Coverage Ratio | 130.00% | ||||||||||
Eurobank Ergasias [Member] | Finance Construction of Loan Facility of HSH Nordbank AG [Member] | |||||||||||
Debt Instrument, Number of Periodic Payments | 28 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 235,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 8,420,000 | ||||||||||
Long-term Debt, Total | $ 9,900,000 | ||||||||||
Debt Instrument, Asset Coverage Ratio | 120.00% | ||||||||||
Term Loan Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||||||||
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Vessel Market Value Upon Delivery | 60.00% | ||||||||||
Payments of Debt Issuance Costs | $ 135,000 | ||||||||||
National Bank of Greece S.A. [Member] | Finance Construction of M/V “Pantelis” and M/V “Tasos” and Financing Part of the Acquisition Cost of M/V “Starlight” [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 15,000,000 | ||||||||||
Debt Instrument, Number of Periodic Payments | 12 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 700,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,600,000 | ||||||||||
Debt Instrument, Asset Coverage Ratio | 125.00% | ||||||||||
Payments of Debt Issuance Costs | $ 150,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | HSBC Bank PLC [Member] | Finance Construction of M/V Ekaterini [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Nord LB [Member] | Finance the Pre-delivery Installment of M/V "Xenia" [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Eurobank Ergasias [Member] | Finance Construction of Loan Facility of HSH Nordbank AG [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | National Bank of Greece S.A. [Member] | Finance Construction of M/V “Pantelis” and M/V “Tasos” and Financing Part of the Acquisition Cost of M/V “Starlight” [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||
Eirini Shipping Ltd. and Eleni Shipping Ltd [Member] | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 15,300,000 | ||||||||||
Debt Instrument, Number of Periodic Payments | 20 | ||||||||||
Debt Instrument, Periodic Payment, Total | $ 350,000 | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 8,300,000 | ||||||||||
Eirini Shipping Ltd. and Eleni Shipping Ltd [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% |
Note 7 - Long-term Bank Loans -
Note 7 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term debt, gross | $ 56,891,000 | $ 63,885,000 | |
Less: Current portion | (6,924,000) | (7,071,444) | |
Long-term portion | 49,967,000 | 56,813,556 | |
Deferred charges, current portion | 117,706 | 140,789 | |
Deferred charges, long-term portion | 278,160 | 385,456 | |
Long-term bank loans, current portion net of deferred charges | 6,806,294 | 6,930,655 | |
Long-term bank loans, long-term portion net of deferred charges | 49,688,840 | 56,428,100 | |
Eirini Shipping Ltd. / Areti Shipping Ltd. [Member] | |||
Long-term debt, gross | [1] | 4,820,000 | |
Kamsarmax One Shipping Ltd. [Member] | |||
Long-term debt, gross | [2] | 10,531,000 | 11,465,000 |
Ultra One Shipping Ltd. [Member] | |||
Long-term debt, gross | [3] | 14,060,000 | 15,000,000 |
Kamsarmax Two Shipping Ltd [Member] | |||
Long-term debt, gross | [4] | 16,000,000 | 17,600,000 |
Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp. [Member] | |||
Long-term debt, gross | [5] | 12,200,000 | 15,000,000 |
Eirini Shipping Ltd [Member] | |||
Long-term debt, gross | [6] | $ 4,100,000 | |
[1] | This loan is a $15,300,000 loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, ("Eirini Loan"), on June 25, 2014. The parties agreed in principle on September 30, 2016 to replace one of the underlying collaterals of the Eirini Loan (M/V “Eleni P”) with a similar vessel, which in December 2016, was approved to be M/V ‘Tasos” (owned by Areti Shipping Ltd.). The loan was payable in 20 equal consecutive quarterly installments of $350,000 each, with an $8.3 million balloon payment to be paid together with the final installment in June 2019. The loan bears interest at LIBOR plus a margin of 3.75%. The loan was secured with the following: (i) first priority mortgage over M/V “Eirini P.” and M/V “Tasos.”, (ii) first assignment of earnings and insurance of M/V “Eirini P.” and M/V “Tasos” (iii) a corporate guarantee of EuroDry Ltd. On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank Plc. The outstanding balance of the “Eirini Loan” of $12,850,000 prior to the closing of the Supplemental Agreement was reduced to $11,600,000 via prepayment using the cash collateral of $1,250,000 (which was effected after the signing of the Supplemental Agreement). In addition, seven principal installments of $350,000 each, from June 2016 to December 2017 were deferred. Repayment of the loan resumed in March 2018 and the outstanding balance of $11,600,000 was payable in two quarterly installments of $350,000 each, four of $725,000 each plus a balloon payment of $8,000,000 due in May 2019. A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of $600,000 (corresponding to the minimum cash balance requirement) was pledged in the cash collateral account of M/V “Eirini P” / M/V “Tasos”. HSBC Bank Plc. agreed to the sale of M/V “Eleni P” and the substitution of such vessel with M/V “Tasos” as collateral for the loan. A prepayment of $0.45 million was also made within 2018, which was deducted from the balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. The loan was partly repaid in December 2018 through the refinancing by the National Bank of Greece as explained in note (e) below. The only vessel remaining in the facility was Eirini P whilst there were two quarterly principal payments of $405,000 each, due in 2019, and a balloon amount of $4,010,000 million due on May 26, 2019 to be paid together with the last installment. In May 2019, the Company entered into a loan agreement with HSBC Bank Plc. to refinance the specific loan, as explained in note (f) below. | ||
[2] | On February 17, 2016, the Company signed a term loan facility with Nord LB and, on February 25, 2016, a loan of $13,800,000 was drawn by Kamsarmax One Shipping Ltd. to partly finance the pre-delivery installment of M/V “Xenia”. The loan is to be repaid in fourteen consecutive equal semi-annual installments of $467,000 plus a balloon amount of $7,262,000 to be paid together with the last installment in February 2023. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgage over M/V “Xenia”, (ii) first assignment of earnings and insurance of M/V “Xenia”, (iii) a corporate guarantee of EuroDry Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. | ||
[3] | On October 1, 2018, the Company signed a term loan facility with Eurobank Ergasias S.A. (EFG) of up to $15 million or 60% of the market value of M/V “Alexandros P.”, for the purpose of refinancing the outstanding amount of $9.9 million of the loan facility of HSH Nordbank AG (drawn on January 25, 2017 to partly finance the pre-delivery installment of M/V “Alexandros P.”) and providing working capital. The facility was drawn on October 5, 2018. The loan is payable in twenty eight consecutive equal quarterly installments of $235,000 each, followed by a balloon payment of $8,420,000 to be paid together with the last installment in October 2025. The loan bears interest at LIBOR plus a margin of 3.25%. The loan is secured with (i) first priority mortgage over M/V “Alexandros P.”, (ii) first assignment of earnings and insurance of M/V “Alexandros P.”, (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 120%. The Company paid loan arrangement fees of $135,000 for this loan. | ||
[4] | On April 27, 2018, the Company signed a term loan facility with HSBC Bank Plc. and a loan of $18.4 million was drawn by Kamsarmax Two Shipping Ltd. on April 30, 2018 to finance 70% of the construction cost but no more than 70% of the market value of M/V “Ekaterini”, subject to the existence of a time charter at the time of drawdown for a minimum period of 24 months approved by the lender. The loan is payable in twenty consecutive quarterly installments commencing from July 2018, eight in the amount of $400,000 and twelve in the amount of $325,000, with a $11,300,000 balloon payment to be paid together with the last installment in April 2023. The interest rate margin is 2.80% over LIBOR. The loan is secured with (i) first priority mortgage over M/V “Ekaterini”, (ii) first assignment of earnings and insurance of M/V “Ekaterini” and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. The Company paid loan arrangement fees of $147,200 for this loan. | ||
[5] | On November 27, 2018, the Company signed a term loan facility with the National Bank of Greece S.A. (NBG) and a loan of $15,000,000 was drawn by Light Shipping Ltd., Areti Shipping Ltd. and Pantelis Shipping Corp. for the purpose of refinancing the existing loans with HSBC Bank Plc. regarding M/V “Pantelis” and M/V “Tasos” and financing part of the acquisition cost of M/V “Starlight”. The loan is payable in twelve consecutive equal quarterly installments of $700,000, commencing from February 2019, plus a balloon amount of $6,600,000 to be paid together with the last installment in November 2021. The margin of the loan is 3.25% above LIBOR. The loan is secured with (i) first priority mortgages over M/V “Starlight’, M/V “Pantelis” and M/V “Tasos’ (ii) first assignment of earnings and insurance of M/V “Starlight’, M/V “Pantelis”and M/V “Tasos”, (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 125%. The Company paid loan arrangement fees of $150,000 for this loan. | ||
[6] | On May 22, 2019, the Company signed a term loan facility with HSBC Bank PLC for a loan up to the lesser of 49.9% of the market value of M/V “Eirini P” and $4.5 million to refinance the existing indebtedness of Eirini Shipping Ltd., as explained in note (a) above. On May 24, 2019, a loan of $4.5 million was drawn by Eirini Shipping Ltd. The loan is payable in twelve consecutive quarterly equal installments of $200,000 each, commencing from August 2019, with a $2,100,000 balloon payment to be paid together with the last installment in May 2022. The interest rate margin is 2.70% over LIBOR. The loan is secured with (i) first priority mortgage over M/V “Eirini P’, (ii) first assignment of earnings and insurance of M/V “Eirini P” and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. The Company paid loan arrangement fees of $22,500 for this loan. |
Note 7 - Long-term Bank Loans_3
Note 7 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Dec. 31, 2019USD ($) |
2020 | $ 6,924,000 |
2021 | 13,374,000 |
2022 | 5,674,000 |
2023 | 20,619,000 |
2024 | 940,000 |
Thereafter | 9,360,000 |
Total | $ 56,891,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | Sep. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
US Federal Gross Transportation Income Tax Rate | 4.00% | |||
US Source Gross Transportation Income as Percentage of Gross Transportation Shipping Income | 50.00% | |||
Effective United States Tax on U.S. Source Shipping | 4.00% | 4.00% | 4.00% | |
Effective Tax on U.S. Source Shipping, Amount | $ 23,477 | |||
Override Rule to Which the Entity is Subject, Percentage | 5.00% | 5.00% |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 1,111,297 | $ 29,045,685 | $ 9,635,504 |
One Kamsarmax Drybulk Carrier [Member] | |||
Payments to Acquire Property, Plant, and Equipment, Total | $ 5,530,000 | ||
Areti Shipping Ltd. vs Windrose [Member] | |||
Litigation Case, Balance Hire Failed to Be Paid by a Charterer | 52,019 | ||
Litigation Case, Amounts Due to a Supplier, Failed to Be Paid by a Charterer | 115,000 | ||
Litigation Case, Amounts Due to a Supplier, Failed to Be Paid by a Charterer, Amount Originally Demanded By Supplier | 179,281 | ||
Loss Contingency, Damages Sought, Value | $ 215,000 | ||
Loss Contingency, May be Fully Recoverable, Amount | $ 167,019 |
Note 10 - Stock Incentive Pla_2
Note 10 - Stock Incentive Plan (Details Textual) | Nov. 16, 2020shares | Nov. 04, 2019shares | Jul. 01, 2019shares | Nov. 21, 2018shares | Nov. 01, 2018shares | Nov. 02, 2017shares | Nov. 03, 2016shares | Jul. 31, 2014shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | May 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 24,710 | |||||||||||
Share-based Payment Arrangement, Expense | $ | $ 184,799 | $ 137,517 | $ 0 | |||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 | ||||||||||
The 2014 Plan and May 2018 Plan [Member] | ||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 294,453 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 277 days | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted in Period, Fair Value | $ | $ 200,892 | |||||||||||
The 2014 Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,500,000 | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Awarded Term (Year) | 10 years | |||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | ||||||||||||
Number of Shares of Subsidiary Convert to Each Parent Share | 5 | |||||||||||
Number of Key People Issued Awards | 19 | |||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | The 19 Key Persons [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,208 | 82,080 | ||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | The 19 Key Persons [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | The 19 Key Persons [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | Officers and Directors [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 11,540 | 4,805 | 57,700 | 48,048 | ||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | Eurobulk Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,514 | 3,403 | 42,570 | 34,032 | ||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | The 18 Key Persons [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,054 | 100,270 | ||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | The 18 Key Persons [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Euroseas [Member] | The 18 Key Persons [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||
May 2018 Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 150,000 | |||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | ||||||||||||
Number of Key People Issued Awards | 17 | 18 | ||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | Officers and Directors [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 14,434 | 13,940 | ||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | Eurobulk Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,656 | 10,770 | ||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,090 | |||||||||||
Number of Key People Issued Awards | 18 | |||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | ||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 18 Key Persons [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | ||||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 24,710 |
Note 10 - Stock Incentive Pla_3
Note 10 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Non-vested, beginning balance (in shares) | shares | 35,117 |
Non-vested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 9.61 |
Granted (in shares) | shares | 24,710 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.13 |
Vested (in shares) | shares | (22,572) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ (9.62) |
Non-vested, ending balance (in shares) | shares | 37,255 |
Non-vested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 8.81 |
Note 11 - Earnings (Loss) Per_3
Note 11 - Earnings (Loss) Per Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 |
Note 11 - Earnings (Loss) Per_4
Note 11 - Earnings (Loss) Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 16,497 | $ 1,119,735 | $ 849,701 |
Dividends to Series B preferred shares | (1,748,981) | (565,229) | |
Preferred deemed dividend | (185,665) | ||
Net income / (loss) attributable to common shareholders | $ (1,918,149) | $ 554,506 | $ 849,701 |
Weighted average common shares – outstanding, basic and diluted (in shares) | 2,251,439 | 2,232,821 | 2,213,505 |
Basic and diluted earnings / (loss) per share (in dollars per share) | $ (0.85) | $ 0.25 | $ 0.38 |
Note 12 - Voyage and Vessel O_3
Note 12 - Voyage and Vessel Operating Expenses - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Voyage expenses | $ 1,117,022 | $ 410,676 | $ 2,396,318 |
Vessel operating expenses | 10,776,338 | 9,183,152 | 6,892,388 |
Port Charges and Canal Dues [Member] | |||
Voyage expenses | 262,806 | 260,139 | 578,468 |
Bunkers [Member] | |||
Voyage expenses | 854,216 | 150,537 | 1,817,850 |
Crew Wages and Related Costs [Member] | |||
Vessel operating expenses | 6,778,958 | 5,532,463 | 4,616,900 |
Insurance [Member] | |||
Vessel operating expenses | 872,131 | 682,991 | 609,354 |
Repairs and Maintenance [Member] | |||
Vessel operating expenses | 375,338 | 407,324 | 181,174 |
Lubricants [Member] | |||
Vessel operating expenses | 724,837 | 520,452 | 379,853 |
Spares and Consumable Stores [Member] | |||
Vessel operating expenses | 1,368,325 | 1,404,080 | 706,855 |
Professional and Legal Fees [Member] | |||
Vessel operating expenses | 264,704 | 257,250 | 186,306 |
Other Vessel Operating Expenses [Member] | |||
Vessel operating expenses | $ 392,045 | $ 378,592 | $ 211,946 |
Note 13 - Derivative Financia_3
Note 13 - Derivative Financial Instruments (Details Textual) | Oct. 31, 2018USD ($) | Aug. 08, 2017USD ($) | Nov. 30, 2019T$ / T | Apr. 30, 2019T$ / T | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Aug. 08, 2022 | Aug. 08, 2020 | Aug. 09, 2019 | Jan. 31, 2019 | Jul. 24, 2018USD ($) |
Charter Equivalent Rate Per Day | $ 11,350 | $ 11,100 | $ 11,250 | ||||||||||
Interest Rate Swap [Member] | |||||||||||||
Derivative, Notional Amount | $ 10,000,000 | ||||||||||||
Derivative, Number of Instruments Held, Total | 2 | ||||||||||||
Interest Rate Swap [Member] | HSBC Bank PLC [Member] | |||||||||||||
Derivative, Term of Contract (Year) | 5 years | ||||||||||||
Derivative, Notional Amount | $ 5,000,000 | $ 5,000,000 | |||||||||||
Derivative, Variable Interest Rate | 1.93% | ||||||||||||
Derivative, Average Fixed Interest Rate | 1.40% | ||||||||||||
Derivative, Fixed Interest Rate | 1.85% | 1.75% | |||||||||||
Interest Rate Swap [Member] | HSBC Bank PLC [Member] | Forecast [Member] | |||||||||||||
Derivative, Fixed Interest Rate | 2.32% | ||||||||||||
Freight Forward Agreements [Member] | |||||||||||||
Derivative, Number of Instruments Held, Total | 1 | 4 | |||||||||||
Charter Equivalent Rate Per Day | $ 12,200 | $ 11,950 | |||||||||||
Derivative, Nonmonetary Notional Amount, Mass (US Ton) | T | 1,200 | 1,200 | |||||||||||
Underlying, Derivative Mass (in USD per US Ton) | $ / T | 278.5 | 375.25 | |||||||||||
Freight Forward Agreements [Member] | HSBC Bank PLC [Member] | |||||||||||||
Derivative, Fixed Interest Rate | 2.93% |
Note 13 - Derivative Financia_4
Note 13 - Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments by Account Type (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative assets | $ 55,030 | |
Derivative liabilities | 304,174 | |
Freight Forward Agreements [Member] | ||
Derivative assets | 49,350 | |
Interest Rate Swap [Member] | ||
Derivative assets | 5,680 | |
Derivative liabilities | $ 304,174 |
Note 13 - Derivative Financia_5
Note 13 - Derivative Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain on derivatives, net | $ 496,820 | $ 13,786 | $ 49,167 |
Not Designated as Hedging Instrument [Member] | |||
Gain on derivatives, net | 496,820 | 13,786 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Derivatives not designated as hedging instruments, loss | (309,854) | (45,773) | |
Derivatives not designated as hedging instruments, gain | 17,646 | 10,209 | |
Not Designated as Hedging Instrument [Member] | Freight Forward Agreements [Member] | |||
Gain on derivatives, net | 49,350 | ||
Not Designated as Hedging Instrument [Member] | Freight Forward Agreements and Bunker Swap contracts [Member] | |||
Gain on derivatives, net | $ 789,028 |
Note 14 - Preferred Shares (Det
Note 14 - Preferred Shares (Details Textual) - USD ($) | Jan. 30, 2021 | Jan. 01, 2021 | Jun. 19, 2019 | Jan. 29, 2019 | Jan. 27, 2014 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 29, 2021 | May 30, 2018 |
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | ||||||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 4,300,000 | ||||||||||
Preferred Deemed Dividend | 185,665 | ||||||||||
Dividends, Paid-in-kind, Total | $ 565,229 | 78,642 | 565,229 | ||||||||
Dividends, Preferred Stock, Total | 1,748,981 | 565,229 | |||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $ 1,311,612 | ||||||||||
Series B Preferred Stock [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 29,000,000 | ||||||||||
Preferred Stock, Redemption Price Per Share (in dollars per share) | $ 1,000 | ||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 19,042 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.25% | 40.00% | 9.25% | ||||||||
Preferred Stock Convertible Initial Conversion Price (in dollars per share) | $ 31.64 | ||||||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 4,300,000 | ||||||||||
Preferred Deemed Dividend | $ 185,665 | ||||||||||
Dividends, Paid-in-kind, Total | 78,642 | $ 565,229 | |||||||||
Dividends, Preferred Stock, Total | 1,748,981 | ||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 1,311,612 | ||||||||||
Dividends Payable | 358,726 | ||||||||||
Preferred Stock, Redemption Amount | $ 15,386,000 | ||||||||||
Series B Preferred Stock [Member] | Forecast [Member] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 14.00% | 14.00% | 12.00% | ||||||||
Series B Preferred Stock [Member] | Maximum [Member] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||||||||
TCP [Member] | Series B Preferred Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 25,000 | ||||||||||
Preferred Friends Investment Company, Inc [Member] | Series B Preferred Stock [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 5,700 |
Note 14 - Preferred Shares - Di
Note 14 - Preferred Shares - Dividends Series B Preferred Shares (Details) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance (in shares) | 19,042 | 19,608 | ||
Balance | $ 18,192,129 | $ 18,757,358 | ||
Dividends declared (in shares) | 566 | 79 | ||
Dividends declared | $ 565,229 | $ 78,642 | $ 565,229 | |
Dividends declared (in shares) | 566 | 79 | ||
Redemption of Preferred shares (in shares) | (4,300) | |||
Redemption of Preferred shares | $ (4,300,000) | |||
Preferred deemed dividend | $ 185,665 | |||
Balance (in shares) | 19,608 | 15,387 | 19,608 | |
Balance | $ 18,757,358 | $ 14,721,665 | $ 18,757,358 | |
Ordinary Preferred Stock [Member] | ||||
Balance | 18,192,129 | 18,192,129 | ||
Dividends declared | ||||
Redemption of Preferred shares | (3,775,696) | |||
Preferred deemed dividend | 185,665 | |||
Balance | 18,192,129 | 14,602,098 | 18,192,129 | |
Preferred Stock Issued as Dividends [Member] | ||||
Balance | 565,229 | |||
Dividends declared | 565,229 | 78,642 | ||
Redemption of Preferred shares | (524,304) | |||
Preferred deemed dividend | ||||
Balance | $ 565,229 | $ 119,567 | $ 565,229 |
Note 15 - Financial Instrumen_3
Note 15 - Financial Instruments (Details Textual) | Dec. 31, 2019USD ($) |
Long-term Debt, Fair Value | $ 55,400,000 |
Difference Between Fair Value and Carrying Value | 1,500,000 |
Long-term Debt, Total | $ 56,891,000 |
Interest Rate Swap [Member] | |
Derivative, Number of Instruments Held, Total | 2 |
Derivative, Notional Amount | $ 10,000,000 |
Note 15 - Financial Instrumen_4
Note 15 - Financial Instruments - Fair Value of Company's Investments (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swap [Member] | ||
Derivative Asset | $ 304,174 | $ 5,680 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset | 304,174 | 5,680 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset | ||
Current FFA Contract [Member] | ||
Derivative Asset | 49,350 | |
Current FFA Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Asset | 49,350 | |
Current FFA Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset | ||
Current FFA Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Asset |