Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001731388 |
Entity Registrant Name | EuroDry Ltd. |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Entity File Number | 001-38502 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 4 Messogiou & Evropis Street |
Entity Address, Postal Zip Code | 151 24 |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Title of 12(b) Security | Common shares, $0.01 par value |
Trading Symbol | EDRY |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 2,902,620 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Shell Company | false |
Auditor Firm ID | 1163 |
Auditor Name | Deloitte Certified Public Accountants S.A. |
Auditor Location | Athens, Greece |
Document Accounting Standard | U.S. GAAP |
Document Shell Company Report | false |
Document Registration Statement | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 11 Canterbury Lane |
Entity Address, Postal Zip Code | 07069 |
Entity Address, City or Town | Watchung |
City Area Code | 908 |
Local Phone Number | 301-9091 |
Entity Address, State or Province | NJ |
Contact Personnel Name | Tasos Aslidis |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 34,042,150 | $ 26,847,426 |
Restricted cash | 1,195,863 | 459,940 |
Trade accounts receivable, net | 7,147,833 | 775,035 |
Other receivables | 346,066 | 1,242,803 |
Prepaid expenses | 249,024 | 314,397 |
Inventories | 1,057,652 | 770,342 |
Derivative Asset, Current | 1,437,398 | 0 |
Due from related companies | 2,416,180 | 0 |
Total current assets | 47,892,166 | 30,409,943 |
Long-term assets | ||
Vessels, net | 149,022,023 | 128,492,819 |
Interest rate swap contracts | 705,970 | 210,113 |
Restricted cash | 1,885,000 | 2,220,000 |
Total assets | 199,505,159 | 161,332,875 |
Current liabilities | ||
Long-term bank loans, current portion | 22,858,087 | 13,949,720 |
Trade accounts payable | 2,989,431 | 855,825 |
Accrued expenses | 1,004,719 | 852,442 |
Derivatives | 0 | 289,430 |
Deferred revenues | 351,636 | 1,514,543 |
Due to related companies | 0 | 244,587 |
Total current liabilities | 27,203,873 | 17,706,547 |
Long-term bank loans, net of current portion | 58,360,169 | 64,702,947 |
Total long-term liabilities | 58,360,169 | 64,702,947 |
Total liabilities | 85,564,042 | 82,409,494 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock (par value $0.01, 200,000,000 shares authorized, 2,919,191 and 2,902,620 issued and outstanding, respectively) | 29,026 | 29,192 |
Additional paid-in capital | 69,438,938 | 67,963,707 |
Retained earnings | 44,473,153 | 10,930,482 |
Total shareholders’ equity | 113,941,117 | 78,923,381 |
Total liabilities and shareholders’ equity | $ 199,505,159 | $ 161,332,875 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 2,902,620 | 2,919,191 |
Common stock, shares outstanding (in shares) | 2,902,620 | 2,919,191 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Time charter revenue | $ 74,569,867 | $ 68,506,729 | $ 23,594,678 |
Commissions (including $294,933, $856,334 and $932,123, respectively, to related party) | (4,386,498) | (4,064,903) | (1,305,717) |
Net revenue | 70,183,369 | 64,441,826 | 22,288,961 |
Operating expenses | |||
Voyage expenses, net | (2,025,120) | (755,998) | 285,132 |
Vessel operating expenses (including $122,909, $130,384 and $207,602, respectively, to related party) | 19,333,898 | 13,565,092 | 11,603,414 |
Dry-docking expenses | 4,816,558 | 97,094 | 2,275,258 |
Vessel depreciation | 10,757,177 | 7,656,638 | 6,556,256 |
Related party management fees | 2,968,073 | 2,350,747 | 2,018,800 |
General and administrative expenses (including $1,250,000, $1,710,000 and $1,460,000, respectively, to related party) | 3,072,583 | 2,638,427 | 2,291,244 |
Net gain on sale of vessel | (2,856,525) | 0 | 0 |
Total operating expenses | 36,066,644 | 25,552,000 | 25,030,104 |
Operating (loss) / income | 34,116,725 | 38,889,826 | (2,741,143) |
Other income / (expenses) | |||
Interest and other financing costs (including $0, $79,533 and $0, respectively, to related party) | (3,853,047) | (2,339,023) | (2,331,998) |
Loss on debt extinguishment | 0 | (1,647,654) | 0 |
(Loss) / gain on derivatives, net | 3,189,610 | (3,765,619) | (790,359) |
Interest income | 46,298 | 10,484 | 4,094 |
Foreign exchange (loss) / gain | 43,085 | 5,807 | (18,455) |
Other expenses, net | (574,054) | (7,736,005) | (3,136,718) |
Net (loss) / income | 33,542,671 | 31,153,821 | (5,877,861) |
Dividends to Series B preferred shares | 0 | (1,085,902) | (1,573,874) |
Preferred deemed dividend | 0 | (665,287) | 0 |
Net (loss) / income attributable to common shareholders | $ 33,542,671 | $ 29,402,632 | $ (7,451,735) |
(Loss) / earnings per share attributable to common shareholders – basic (in dollars per share) | $ 11.66 | $ 11.63 | $ (3.28) |
Weighted average number of shares outstanding during the year, basic (in shares) | 2,876,320 | 2,528,507 | 2,275,062 |
(Loss) / earnings per share attributable to common shareholders – diluted (in dollars per share) | $ 11.61 | $ 11.54 | $ (3.28) |
Weighted average number of shares outstanding during the year, diluted (in shares) | 2,889,991 | 2,548,950 | 2,275,062 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commissions, related party | $ 932,123 | $ 856,334 | $ 294,933 |
Vessel operating expenses, related party | 207,602 | 130,384 | 122,909 |
General and administrative expenses, related party | 1,460,000 | 1,710,000 | 1,250,000 |
Interest and other financing costs, related party | $ 0 | $ 79,533 | $ 0 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 2,304,630 | |||
Balance at Dec. 31, 2019 | $ 23,046 | $ 52,802,574 | $ (11,020,415) | $ 41,805,205 |
Net loss | 0 | 0 | (5,877,861) | (5,877,861) |
Dividends to Series B preferred shares | $ 0 | 0 | (1,573,874) | (1,573,874) |
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 44,900 | |||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 449 | 245,473 | 0 | 245,922 |
Shares forfeited (in shares) | (1,314) | |||
Shares forfeited | $ (13) | 13 | 0 | 0 |
Balance (in shares) at Dec. 31, 2020 | 2,348,216 | |||
Balance at Dec. 31, 2020 | $ 23,482 | 53,048,060 | (18,472,150) | 34,599,392 |
Net loss | 0 | 0 | 31,153,821 | 31,153,821 |
Dividends to Series B preferred shares | $ 0 | 0 | (1,085,902) | (1,085,902) |
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 49,650 | |||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 497 | 230,147 | 0 | 230,644 |
Preferred deemed dividend | $ 0 | 0 | (665,287) | (665,287) |
Issuance of shares sold at the market (ATM), net of issuance costs (in shares) | 341,017 | |||
Issuance of shares sold at the market (ATM), net of issuance costs | $ 3,410 | 9,739,649 | 0 | 9,743,059 |
Issuance of shares in connection with related party loan converted to equity (in shares) | 180,308 | |||
Issuance of shares in connection with related party loan converted to equity | $ 1,803 | 4,945,851 | 0 | 4,947,654 |
Balance (in shares) at Dec. 31, 2021 | 2,919,191 | |||
Balance at Dec. 31, 2021 | $ 29,192 | 67,963,707 | 10,930,482 | 78,923,381 |
Net loss | $ 0 | 0 | 33,542,671 | 33,542,671 |
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 58,600 | |||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 586 | 788,139 | 0 | 788,725 |
Issuance of shares sold at the market (ATM), net of issuance costs (in shares) | 65,130 | |||
Issuance of shares sold at the market (ATM), net of issuance costs | $ 651 | 2,684,951 | 0 | $ 2,685,602 |
Repurchase and cancelation of common shares (in shares) | (140,301) | (140,301) | ||
Repurchase and cancelation of common shares | $ (1,403) | (1,997,859) | 0 | $ (1,999,262) |
Balance (in shares) at Dec. 31, 2022 | 2,902,620 | |||
Balance at Dec. 31, 2022 | $ 29,026 | $ 69,438,938 | $ 44,473,153 | $ 113,941,117 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net (loss) / income | $ 33,542,671 | $ 31,153,821 | $ (5,877,861) |
Adjustments to reconcile net (loss) / income to net cash provided by operating activities: | |||
Vessel depreciation | 10,757,177 | 7,656,638 | 6,556,256 |
Amortization and write off of deferred charges | 230,589 | 298,329 | 140,704 |
Loss on debt extinguishment | 0 | 1,647,654 | 0 |
Share-based compensation | 788,725 | 230,644 | 245,922 |
Unrealized loss / (gain) on derivatives | (2,222,685) | (770,715) | 545,859 |
Gain on sale of vessel | (2,856,525) | 0 | 0 |
(Increase) / decrease in: | |||
Trade accounts receivable | (6,372,798) | 753,020 | 314,953 |
Prepaid expenses | 65,373 | (88,364) | 60,678 |
Other receivables | 896,737 | (782,594) | (424) |
Inventories | (287,310) | 614,938 | (876,569) |
Due from related companies | (2,416,180) | 0 | 0 |
Increase / (decrease) in: | |||
Trade accounts payable | 2,114,784 | (251,260) | 238,081 |
Accrued expenses | 152,277 | 147,934 | (259,915) |
Deferred revenues | (1,162,907) | 1,268,418 | (199,699) |
Due to related companies | (244,587) | (2,740,172) | 1,437,549 |
Net cash provided by operating activities | 32,985,341 | 39,138,291 | 2,325,534 |
Cash flows from investing activities: | |||
Cash paid for vessel acquisitions and capitalized expenses | (37,786,324) | (36,823,327) | (611,106) |
Net proceeds from sale of vessel | 9,387,717 | 0 | 0 |
Net cash used in investing activities | (28,398,607) | (36,823,327) | (611,106) |
Cash flows from financing activities: | |||
Redemption of preferred shares | 0 | (16,606,000) | 0 |
Proceeds from issuance of common stock, net of commissions paid | 2,685,602 | 9,975,312 | 0 |
Cash paid for share repurchase | (1,999,262) | 0 | 0 |
Offering expenses paid | (12,427) | (219,826) | 0 |
Preferred dividends paid | 0 | (1,085,902) | (713,552) |
Loan arrangement fees paid | (150,000) | (760,500) | 0 |
Proceeds from related party loan | 0 | 6,000,000 | 0 |
Proceeds from long-term bank loans | 20,000,000 | 70,700,000 | 0 |
Repayment of related party loan | 0 | (2,700,000) | 0 |
Repayment of long-term bank loans | (17,515,000) | (42,697,000) | (5,524,000) |
Net cash (used in) / provided by financing activities | 3,008,913 | 22,606,084 | (6,237,552) |
Net (decrease) / increase in cash, cash equivalents and restricted cash | 7,595,647 | 24,921,048 | (4,523,124) |
Cash, cash equivalents and restricted cash at beginning of year | 29,527,366 | 4,606,318 | 9,129,442 |
Cash, cash equivalents and restricted cash at end of year | 37,123,013 | 29,527,366 | 4,606,318 |
Cash Breakdown | |||
Cash and cash equivalents | 34,042,150 | 26,847,426 | 938,282 |
Restricted cash, current | 1,195,863 | 459,940 | 1,518,036 |
Restricted cash, long term | 1,885,000 | 2,220,000 | 2,150,000 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 37,123,013 | 29,527,366 | 4,606,318 |
Supplemental cash flow information Cash paid for interest | 3,366,221 | 2,147,352 | 2,426,395 |
Financing and investing activities fees: | |||
Offering expenses accrued | 0 | 12,427 | 0 |
Paid in-kind dividends | 0 | 0 | 1,219,048 |
Capital expenditures included in liabilities | 44,309 | 28,334 | 8,194 |
Vessel sale expenses included in liabilities | 15,274 | 0 | 0 |
Shares issued in connection with related party loan converted to equity | $ 0 | $ 4,947,654 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2022 | |
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, May 30, 2018 The operations of the vessels are managed by Eurobulk Ltd. (“Eurobulk” or “Manager”) and Eurobulk (Far East) Ltd. Inc. (“Eurobulk FE”), collectively the “Managers”, corporations controlled by members of the Pittas family. Eurobulk has an office in Greece located at 4 1003, 10th 470 6 The Pittas family is the controlling shareholder of Friends Dry Investment Company Inc., Family United Navigation Co. and Ergina Shipping Ltd. which, in turn, own 45.9% of the Company’s shares as of December 31, 2022. 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. October 17, 2022. ● 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 January 16, 2017. ● 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. ● Blessed Luck Shipowners Ltd., incorporated in the Republic of Liberia on May 6, 2021, 76,704 2004, May 28, 2021. ● Good Heart Shipping Ltd., incorporated in the Republic of Liberia on August 13, 2021, 62,996 2014 September 22, 2021. ● Molyvos Shipping Ltd., incorporated in the Republic of the Marshall Islands on January 11, 2022, 57,924 2014 February 11, 2022. ● Santa Cruz Shipowners Ltd., incorporated in the Republic of Liberia on April 6, 2022, 76,440 2005 April 20, 2022. The following charterers individually accounted for more than 10% Year ended December 31, Charterer 2020 2021 2022 OLAM Group - - 13 % Quadra Commodities S.A. 19 % 27 % 13 % Tongli Shipping PTE Ltd. - 11 % 12 % Ultrabulk A/S 13 % 19 % 11 % Amaggi Europe B.V. - 15 % 11 % A/S Klaveness Chartering 23 % - - Guardian Navigation Gmax LLC pool 14 % - - |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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, net 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. No 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 years from the completion of their construction. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $250 per light weight ton as of December 31, 2021 2022. 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 mainly from time 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 fixed or index-linked charter hire rate. A minor part of the Company’s revenues is also generated from pool arrangements. For the vessel that operated under pool arrangement during the years ended December 31, 2020 2021 not In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on an agreed upon formula, which is determined by pool points awarded to each vessel in the pool (vessel attributes such as age, design, cargo carrying capacity, fuel consumption and speed are taken into consideration) as well as the number of days the vessel participated in the pool in the period. The Company recognizes net pool revenues on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the period can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases, pursuant to the accounting standard on leases (ASC 842 A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable 15 30 2020, 2021 2022 27 2 December 31, 2022, 14 not 842, not The Company, making use of the practical expedient for lessors, elected not 842. Both the lease component and non-lease component are earned by the passage of time. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and are recorded in “Time charter revenue” in the consolidated statements of operations. Time charter agreements may 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 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 Fees paid to lenders or required to be paid to third 470 50, not Offering costs Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when the offering is completed or are written-off and charged to “General and administrative expenses” in the consolidated statements of operations when it is probable that the offering will be aborted. Share repurchases The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. 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. The shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company’s common stock on the grant date. The shares that do not Impairment of vessels The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels may not In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels’ residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. The Company determines the rates to be used in its impairment analysis based on the prevailing market charter rates for the first two third December 31, 2022, four December 31, 2022, 14 2022 not 3.0% five $250 Derivative financial instruments Derivative financial 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, 2021 2022, 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 total charter revenues and not one Recent accounting pronouncements In March 2020, No. 2020 04, 848 2020 04” 2020 04 January 2021, 2021 01, 848 2021 01” 848, 848 2020 04 no December 31, 2021. December 31, 2022—12 March 2021, 1 3 6 12 June 30, 2023, 848. 848 may not may 848 December 31, 2022, December 31, 2024, no 848. not 2020 04 2021 01. 2020 04 not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consisted of the following: December 31, 2021 December 31, 2022 Lubricants 724,044 1,057,652 Victualing 46,298 - Bunkers - - Total 770,342 1,057,652 |
Note 4 - Vessels, Net
Note 4 - Vessels, Net | 12 Months Ended |
Dec. 31, 2022 | |
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: Cost Accumulated Depreciation Net Book Value Balance, January 1, 2021 138,802,385 (39,496,395 ) 99,305,990 - Depreciation for the year - (7,656,638 ) (7,656,638 ) - Vessel acquisitions and improvements 36,843,467 - 36,843,467 Balance, December 31, 2021 175,645,852 (47,153,033 ) 128,492,819 - Depreciation for the year - (10,757,177 ) (10,757,177 ) - Vessel acquisitions and improvements 37,802,299 - 37,802,299 - Sale of vessel (28,079,236 ) 21,563,318 (6,515,918 ) Balance, December 31, 2022 185,368,915 (36,346,892 ) 149,022,023 For the year ended December 31, 2021, December 31, 2022, December 31, 2022, On May 6, 2021, 76,704 2004 May 28, 2021. On August 16, 2021, 62,996 2014 September 22, 2021. On January 12, 2022, 57,924 2014 February 11, 2022. EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 4. Vessels, net - Continued On April 18, 2022, 76,440 2005 April 20, 2022. On September 8, 2022 74,020 2000 October 17, 2022. December 31, 2022. In light of the economic downturn and the prevailing conditions in the shipping industry, as of December 31, 2022, December 31, 2021, no As of December 31, 2022, 7 |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Accrued Expenses The accrued expenses consist of: December 31, 2021 December 31, 2022 Accrued payroll expenses 146,155 61,714 Accrued interest expense 244,427 500,664 Accrued general and administrative expenses 89,397 107,755 Accrued commissions 118,706 71,139 Other accrued expenses 253,757 263,447 Total 852,442 1,004,719 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. Related Party Transactions The Managers (see Note 1 2020 2021. 2022 $770, December 31, 2022, $1.07 2020, 2021 2022, December 31, 2020. December 31, 2021, December 31, 2022, January 1. 2023 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 20 EuroDry signed new MMAs with the Managers which took effect after the completion of the Spin-off for an additional five May 30, 2023 December 31, 2020 2021. January 1, 2022, December 31, 2022, December 31, 2022, January 1, 2023, December 31, 2022, December 31, 2022, five January 1, 2028. EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 6. Related Party Transactions - Continued 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 for the same daily vessel management fee as noted above. The remaining fleet of the Company (M/V “Eirini P.”, M/V “Good Heart”, M/V “Blessed Luck”, M/V “Starlight”, M/V “Molyvos Luck” and M/V “Santa Cruz”) 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, 2021, December 31, 2022 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% of the vessel sales price and 1.25% of charter revenues. A commission of 1% of the purchase price is also paid to Eurochart by the seller of the vessel for acquisitions the Company makes using Eurochart’s services. The Company withheld, on behalf of Eurochart, nil 2020, no 2021, 2022, April 2022, 2022, 2020, 2021 2022, Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”). Technomar Crew Management Services Corp (“Technomar”) is a company owned by certain members of the Pittas family, together with two not 5%; 2020, 2021, 2022, On May 10, 2021, May 31, 2022. 2021 June 4, 2021, June 4, 2021, fifteen December 31, 2021. September 29, 2021. |
Note 7 - Long-term Bank Loans
Note 7 - Long-term Bank Loans | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 December 31, 2022 Kamsarmax Two Shipping Ltd. (a) 13,250,000 11,950,000 Kamsarmax One Shipping Ltd. / Ultra One Shipping Ltd. (b) 25,200,000 23,200,000 Eirini Shipping Ltd. (c) 4,370,000 3,530,000 Light Shipping Ltd. / Good Heart Shipping Ltd. (d) 20,900,000 17,000,000 Blessed Luck Shipowners Ltd. (e) 7,250,000 4,750,000 Areti Shipping Ltd. / Pantelis Shipping Corp. (f) 8,400,000 2,400,000 Molyvos Shipping Ltd. / Santa Cruz Shipowners Ltd. (g) - 19,025,000 79,370,000 81,855,000 Less: Current portion (14,140,000 ) (23,040,000 ) Long-term portion 65,230,000 58,815,000 Deferred charges, current portion 190,280 181,913 Deferred charges, long-term portion 527,053 454,831 Long-term bank loans, current portion net of deferred charges 13,949,720 22,858,087 Long-term bank loans, long-term portion net of deferred charges 64,702,947 58,360,169 The future annual loan repayments are as follows: To December 31: 2023 23,040,000 2024 14,090,000 2025 5,690,000 2026 5,710,000 Thereafter 33,325,000 Total 81,855,000 EuroDry Ltd. and Subsidiaries Notes to consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 7. Long-Term Bank Loans - Continued (a) On April 27, 2018, April 30, 2018 no 24 twenty July 2018, eight twelve April 2023. first first (b) On January 27, 2021, two first January 27, 2021 second January 29, 2021 twenty-four January 2027. first first (c) On February 22, 2021, February 24, 2021 twenty February 2026. first first EuroDry Ltd. and Subsidiaries Notes to consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 7. Long-Term Bank Loans - Continued (d) On September 30, 2021, twenty four four eight 12th four six two September 2027. first first (e) On August 12, 2021, twelve first four eight August 2024. first first (f) On October 6, 2021, October 14, 2021 thirty-six first eighteen eighteen October 2022, April 2023, eighteen first first EuroDry Ltd. and Subsidiaries Notes to consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 7. Long-Term Bank Loans - Continued (g) On September 30, 2022, twenty first four sixteen first first 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 covenant (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. not December 31, 2021 2022, December 31, 2022, Interest expense for the years ended December 31, 2020, 2021 2022 December 31, 2020, 2021 2022. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. Income Taxes The Company is in the business of international shipping and is not Under the laws of the countries of the shipowning companies’ incorporation and/or vessels’ registration, the shipowning companies are not 89/67, Under the United States Internal Revenue Code of 1986, 883 not 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 years 2020 2021 2022, 2022 not 50% |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Commitments and Contingencies There are no not As of December 31, 2022, December 31, 2023 December 31, 2024. 842. one may not not |
Note 10 - Stock Incentive Plan
Note 10 - Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. Stock Incentive Plan In May 2018, “May 2018 May 2018 five May 2018 may May 2018 May 2018 On November 21, 2018 November 16, 2019 November 16, 2020; On November 4, 2019 July 1, 2020 July 1, 2021; On November 5, 2020 November 16, 2021 November 16, 2022; On November 19, 2021 July 1, 2022 July 1, 2023; On November 3, 2022 November 16, 2023 November 15, 2024; 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 EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 10. Stock Incentive Plan Continued The compensation cost that has been charged against income for awards was $245,922, $230,644 and $788,725, for the years ended December 31, 2020, 2021 2022, A summary of the status of the Company’s non-vested shares as of December 31, 2020, 2021 2022, December 31, 2020, 2021 2022, Non-vested Shares Shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2020 37,255 8.81 Granted 44,900 4.3 Vested (24,096) 9.11 Forfeited (1,314) 9.36 Non-vested on December 31, 2020 56,745 5.1 Non-vested on January 1, 2021 56,745 5.1 Granted 49,650 20.81 Vested (34,295) 5.62 Non-vested on December 31, 2021 72,100 15.67 Non-vested on January 1, 2022 72,100 15.67 Granted 58,600 13.95 Vested (47,750) 14.48 Non-vested on December 31, 2022 82,950 15.14 As of December 31, 2022, May 2018 December 31, 2020, 2021 2022 |
Note 11 - (Loss) Earnings Per S
Note 11 - (Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. (Loss) / Earnings per Share Basic and diluted (loss) / earnings per common share are computed as follows: 2020 2021 2022 Income: Net (loss) / income (5,877,861 ) 31,153,821 33,542,671 Dividends to Series B preferred shares (1,573,874 ) (1,085,902 ) - Preferred deemed dividend - (665,287 ) - Net (loss) / income attributable to common shareholders (7,451,735 ) 29,402,632 33,542,671 Weighted average common shares – outstanding, basic 2,275,062 2,528,507 2,876,320 Basic (loss) / earnings per share (3.28 ) 11.63 11.66 Effect of dilutive securities: Dilutive effect of non-vested shares - 20,443 13,671 Weighted average common shares – outstanding, diluted 2,275,062 2,548,950 2,889,991 Diluted (loss) / earnings per share (3.28 ) 11.54 11.61 For the year ended December 31, 2020, nil 2020. December 31, 2020, December 31, 2021 2022 |
Note 12 - Voyage Expenses, Net
Note 12 - Voyage Expenses, Net and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Vessel Voyage and Operating Expenses [Text Block] | 12. Voyage Expenses, net and Vessel Operating Expenses These consist of: Year ended December 31, 2020 2021 2022 Voyage expenses, net Port charges and canal dues 205,880 209,405 478,205 Bunkers consumption (including gain on bunkers) 79,252 (965,403 ) (2,503,325 ) Total 285,132 (755,998 ) (2,025,120 ) Vessel operating expenses Crew wages and related costs 6,744,095 8,046,730 10,906,231 Insurance 1,085,663 1,300,050 1,895,004 Repairs and maintenance 352,890 397,551 640,672 Lubricants 696,297 866,772 1,195,526 Spares and consumable stores 2,040,039 2,055,920 3,367,528 Professional and legal fees 273,958 369,758 498,687 Other 410,472 528,311 830,250 Total 11,603,414 13,565,092 19,333,898 |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 13. Derivative Financial Instruments Interest rate swaps Effective August 8, 2017, five 3 August 8, 2018, August 8, 2019, August 8, 2020 August 8, 2022) May 30, 2018. On July 24, 2018, July 24, 2018 July 24, 2023. 3 On April 9, 2020, April 15, 2020 April 15, 2025. 3 On October 12, 2021, October 14, 2021 October 14, 2025. 3 On June 17, 2022, January 3, 2023 January 3, 2028. 3 The interest rate swaps did not December 31, 2021 2022. EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 13. Derivative Financial Instruments Continued Freight Forward Agreements ( FFA ) In 2020 five three third 2020, 90 three third 2020, 90 three fourth 2020, 90 three fourth 2020, 90 10 first 2021, 30 In the first 2021 four first three 2021, 30 first three 2021, 30 first three 2021, 30 three 2021, 270 fourth 2021 first three 2022, 90 December 2021. In the second 2022 July, August September 2022, 90 fourth 2022 first three 2023, 90 The contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published. The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month multiplied by the number of contract days sold; if the average BPI for the month is greater than the contract rate the Company makes a payment equal to the difference of the average BPI for the month less the contract rate multiplied by the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the two The FFA contracts did not 15 EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 13. Derivative Financial Instruments Continued Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2021 December 31, 2022 Interest rate swap contracts Current assets - Derivatives - 1,396,568 FFA contract Current assets - Derivatives - 40,830 Interest rate swap contracts Long-term assets – Derivatives 210,113 705,970 Total derivative assets 210,113 2,143,368 Interest rate swap contracts Current liabilities – Derivatives 289,430 - Total derivative liabilities 289,430 - Derivatives not designated as hedging instruments Location of gain (loss) recognized Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Interest rate swap contracts– Unrealized (loss) / gain (Loss) / gain on derivatives, net (411,849 ) 636,705 2,181,855 Interest rate swap contracts - Realized loss (Loss) / gain on derivatives, net (128,556 ) (301,905 ) (137,915 ) FFA contracts – Unrealized (loss) / gain (Loss) / gain on derivatives, net (134,010 ) 134,010 40,830 FFA contracts– Realized (loss)/gain (Loss) / gain on derivatives, net (115,944 ) (4,234,429 ) 1,104,840 Total (loss) / gain on derivatives, net (790,359 ) (3,765,619 ) 3,189,610 |
Note 14 - Preferred Shares
Note 14 - Preferred Shares | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 14. Preferred shares Number of Shares Preferred Shares Amount Dividends paid-in-kind Total Balance, January 1, 2020 15,387 14,602,098 119,567 14,721,665 Dividends declared 1,219 - 1,219,048 1,219,048 Balance, December 31, 2020 16,606 14,602,098 1,338,615 15,940,713 Redemption of Preferred shares (16,606 ) (15,267,385 ) (1,338,615 ) (16,606,000 ) Preferred deemed dividend - 665,287 - 665,287 Balance, December 31, 2021 and 2022 - - - - On January 27, 2014, 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 shares of preferred stock, par value $0.01 per share. The preferred stock may one May 30, 2018, 50% EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 14. Preferred shares - Continued The EuroDry Series B Preferred Shares paid dividends in-kind until January 29, 2019 two January 29, 2019 January 29, 2019 January 29, 2019. may On June 19, 2019, January 2021. On January 29, 2021, two January 29, 2021. 1 2 On December 16, 2021, 1 2 For the year ended December 31, 2020, 2020 December 31, 2021, 2021. Subject to certain ownership thresholds, holders of EuroDry Series B Preferred Shares had the right to appoint one one 50% |
Note 15 - Financial Instruments
Note 15 - Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 15. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables, derivatives and amount due from related companies. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable and accrued expenses. Interest rate risk The Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long-term bank loans. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals, the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term 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 Derivatives and Hedging not December 31, 2022, 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 may 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 in FFA contracts is determined based on quoted prices from the applicable exchanges 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 EuroDry Ltd. and Subsidiaries Notes to the consolidated financial statements as of December 31, 2021 2022 years ended December 31, 2020, 2021 2022 (All amounts expressed in U.S. Dollars) 15. Financial Instruments - Continued Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion $ 1,396,568 - $ 1,396,568 - Interest rate swap contracts, long term portion $ 705,970 - $ 705,970 - FFA contract, current portion $ 40,830 $ 40,830 Fair Value Measurement as of December 31, 2021 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, long term portion $ 210,113 - $ 210,113 - Liabilities Interest rate swap contracts, current portion $ 289,430 - $ 289,430 - The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash, trade accounts payable, accrued expenses and amount due from related companies approximate their individual carrying amounts as of December 31, 2021 2022, 1 December 31, 2022, 2 |
Note 16 - Common Stock
Note 16 - Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Common Stock [Text Block] | 16. Common stock During the year ended December 31, 2020, 10 During the year ended December 31, 2021, June 10, 2021, October 12, 2021, On June 4, 2021, May 2021, fifteen 6 During the year ended December 31, 2021, 10 During the year ended December 31, 2022, June 10, 2021, October 12, 2021, On August 8, 2022, 12 not may December 31, 2022, During the year ended December 31, 2022, 10 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent events (a) Share repurchase program: January, February March 2023, (b) Loan repayment: March 3, 2023, (c) Loan facility: March 30, 2023, April 2023 sixteen first first (d) SWAP contracts liquidation: March 30, 2023, three |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, net 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. No |
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 years from the completion of their construction. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $250 per light weight ton as of December 31, 2021 2022. |
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 mainly from time 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 fixed or index-linked charter hire rate. A minor part of the Company’s revenues is also generated from pool arrangements. For the vessel that operated under pool arrangement during the years ended December 31, 2020 2021 not In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on an agreed upon formula, which is determined by pool points awarded to each vessel in the pool (vessel attributes such as age, design, cargo carrying capacity, fuel consumption and speed are taken into consideration) as well as the number of days the vessel participated in the pool in the period. The Company recognizes net pool revenues on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the period can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases, pursuant to the accounting standard on leases (ASC 842 A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable 15 30 2020, 2021 2022 27 2 December 31, 2022, 14 not 842, not The Company, making use of the practical expedient for lessors, elected not 842. Both the lease component and non-lease component are earned by the passage of time. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and are recorded in “Time charter revenue” in the consolidated statements of operations. Time charter agreements may 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 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 Fees paid to lenders or required to be paid to third 470 50, not |
Offering Costs, Policy [Policy Text Block] | Offering costs Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when the offering is completed or are written-off and charged to “General and administrative expenses” in the consolidated statements of operations when it is probable that the offering will be aborted. |
Share Repurchase Policy [Policy Text Block] | Share repurchases The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. |
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. The shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company’s common stock on the grant date. The shares that do not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of vessels The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels may not In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels’ residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. The Company determines the rates to be used in its impairment analysis based on the prevailing market charter rates for the first two third December 31, 2022, four December 31, 2022, 14 2022 not 3.0% five $250 |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments Derivative financial 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, 2021 2022, 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 total charter revenues and not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In March 2020, No. 2020 04, 848 2020 04” 2020 04 January 2021, 2021 01, 848 2021 01” 848, 848 2020 04 no December 31, 2021. December 31, 2022—12 March 2021, 1 3 6 12 June 30, 2023, 848. 848 may not may 848 December 31, 2022, December 31, 2024, no 848. not 2020 04 2021 01. 2020 04 not |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year ended December 31, Charterer 2020 2021 2022 OLAM Group - - 13 % Quadra Commodities S.A. 19 % 27 % 13 % Tongli Shipping PTE Ltd. - 11 % 12 % Ultrabulk A/S 13 % 19 % 11 % Amaggi Europe B.V. - 15 % 11 % A/S Klaveness Chartering 23 % - - Guardian Navigation Gmax LLC pool 14 % - - |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 December 31, 2022 Lubricants 724,044 1,057,652 Victualing 46,298 - Bunkers - - Total 770,342 1,057,652 |
Note 4 - Vessels, Net (Tables)
Note 4 - Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation Net Book Value Balance, January 1, 2021 138,802,385 (39,496,395 ) 99,305,990 - Depreciation for the year - (7,656,638 ) (7,656,638 ) - Vessel acquisitions and improvements 36,843,467 - 36,843,467 Balance, December 31, 2021 175,645,852 (47,153,033 ) 128,492,819 - Depreciation for the year - (10,757,177 ) (10,757,177 ) - Vessel acquisitions and improvements 37,802,299 - 37,802,299 - Sale of vessel (28,079,236 ) 21,563,318 (6,515,918 ) Balance, December 31, 2022 185,368,915 (36,346,892 ) 149,022,023 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 December 31, 2022 Accrued payroll expenses 146,155 61,714 Accrued interest expense 244,427 500,664 Accrued general and administrative expenses 89,397 107,755 Accrued commissions 118,706 71,139 Other accrued expenses 253,757 263,447 Total 852,442 1,004,719 |
Note 7 - Long-term Bank Loans (
Note 7 - Long-term Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Borrower December 31, 2021 December 31, 2022 Kamsarmax Two Shipping Ltd. (a) 13,250,000 11,950,000 Kamsarmax One Shipping Ltd. / Ultra One Shipping Ltd. (b) 25,200,000 23,200,000 Eirini Shipping Ltd. (c) 4,370,000 3,530,000 Light Shipping Ltd. / Good Heart Shipping Ltd. (d) 20,900,000 17,000,000 Blessed Luck Shipowners Ltd. (e) 7,250,000 4,750,000 Areti Shipping Ltd. / Pantelis Shipping Corp. (f) 8,400,000 2,400,000 Molyvos Shipping Ltd. / Santa Cruz Shipowners Ltd. (g) - 19,025,000 79,370,000 81,855,000 Less: Current portion (14,140,000 ) (23,040,000 ) Long-term portion 65,230,000 58,815,000 Deferred charges, current portion 190,280 181,913 Deferred charges, long-term portion 527,053 454,831 Long-term bank loans, current portion net of deferred charges 13,949,720 22,858,087 Long-term bank loans, long-term portion net of deferred charges 64,702,947 58,360,169 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | To December 31: 2023 23,040,000 2024 14,090,000 2025 5,690,000 2026 5,710,000 Thereafter 33,325,000 Total 81,855,000 |
Note 10 - Stock Incentive Plan
Note 10 - Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 37,255 8.81 Granted 44,900 4.3 Vested (24,096) 9.11 Forfeited (1,314) 9.36 Non-vested on December 31, 2020 56,745 5.1 Non-vested on January 1, 2021 56,745 5.1 Granted 49,650 20.81 Vested (34,295) 5.62 Non-vested on December 31, 2021 72,100 15.67 Non-vested on January 1, 2022 72,100 15.67 Granted 58,600 13.95 Vested (47,750) 14.48 Non-vested on December 31, 2022 82,950 15.14 |
Note 11 - (Loss) Earnings Per_2
Note 11 - (Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2021 2022 Income: Net (loss) / income (5,877,861 ) 31,153,821 33,542,671 Dividends to Series B preferred shares (1,573,874 ) (1,085,902 ) - Preferred deemed dividend - (665,287 ) - Net (loss) / income attributable to common shareholders (7,451,735 ) 29,402,632 33,542,671 Weighted average common shares – outstanding, basic 2,275,062 2,528,507 2,876,320 Basic (loss) / earnings per share (3.28 ) 11.63 11.66 Effect of dilutive securities: Dilutive effect of non-vested shares - 20,443 13,671 Weighted average common shares – outstanding, diluted 2,275,062 2,548,950 2,889,991 Diluted (loss) / earnings per share (3.28 ) 11.54 11.61 |
Note 12 - Voyage Expenses, Ne_2
Note 12 - Voyage Expenses, Net and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block] | Year ended December 31, 2020 2021 2022 Voyage expenses, net Port charges and canal dues 205,880 209,405 478,205 Bunkers consumption (including gain on bunkers) 79,252 (965,403 ) (2,503,325 ) Total 285,132 (755,998 ) (2,025,120 ) Vessel operating expenses Crew wages and related costs 6,744,095 8,046,730 10,906,231 Insurance 1,085,663 1,300,050 1,895,004 Repairs and maintenance 352,890 397,551 640,672 Lubricants 696,297 866,772 1,195,526 Spares and consumable stores 2,040,039 2,055,920 3,367,528 Professional and legal fees 273,958 369,758 498,687 Other 410,472 528,311 830,250 Total 11,603,414 13,565,092 19,333,898 |
Note 13 - Derivative Financia_2
Note 13 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 December 31, 2022 Interest rate swap contracts Current assets - Derivatives - 1,396,568 FFA contract Current assets - Derivatives - 40,830 Interest rate swap contracts Long-term assets – Derivatives 210,113 705,970 Total derivative assets 210,113 2,143,368 Interest rate swap contracts Current liabilities – Derivatives 289,430 - Total derivative liabilities 289,430 - |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as hedging instruments Location of gain (loss) recognized Year Ended December 31, 2020 Year Ended December 31, 2021 Year Ended December 31, 2022 Interest rate swap contracts– Unrealized (loss) / gain (Loss) / gain on derivatives, net (411,849 ) 636,705 2,181,855 Interest rate swap contracts - Realized loss (Loss) / gain on derivatives, net (128,556 ) (301,905 ) (137,915 ) FFA contracts – Unrealized (loss) / gain (Loss) / gain on derivatives, net (134,010 ) 134,010 40,830 FFA contracts– Realized (loss)/gain (Loss) / gain on derivatives, net (115,944 ) (4,234,429 ) 1,104,840 Total (loss) / gain on derivatives, net (790,359 ) (3,765,619 ) 3,189,610 |
Note 14 - Preferred Shares (Tab
Note 14 - Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Number of Shares Preferred Shares Amount Dividends paid-in-kind Total Balance, January 1, 2020 15,387 14,602,098 119,567 14,721,665 Dividends declared 1,219 - 1,219,048 1,219,048 Balance, December 31, 2020 16,606 14,602,098 1,338,615 15,940,713 Redemption of Preferred shares (16,606 ) (15,267,385 ) (1,338,615 ) (16,606,000 ) Preferred deemed dividend - 665,287 - 665,287 Balance, December 31, 2021 and 2022 - - - - |
Note 15 - Financial Instrumen_2
Note 15 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurement as of December 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion $ 1,396,568 - $ 1,396,568 - Interest rate swap contracts, long term portion $ 705,970 - $ 705,970 - FFA contract, current portion $ 40,830 $ 40,830 Fair Value Measurement as of December 31, 2021 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, long term portion $ 210,113 - $ 210,113 - Liabilities Interest rate swap contracts, current portion $ 289,430 - $ 289,430 - |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and General Information (Details Textual) | 12 Months Ended | |||
May 30, 2018 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Jan. 08, 2018 | |
Number of Subsidiaries Contributed by Euroseas | 7 | |||
The Pittas Family [Member] | Preferred Friends Investment Company, Inc [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.90% | |||
Preferred Class B [Member] | ||||
Stock Issued During Period, Shares, Percentage | 50% | |||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,254,830 | 65,130 | 341,017 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OLAM Group [Member] | |||
Percent of revenue | 13% | 0% | 0% |
Quadra Commodities S.A. [Member] | |||
Percent of revenue | 13% | 27% | 19% |
Tongli Shipping PTE Ltd. [Member] | |||
Percent of revenue | 12% | 11% | 0% |
Ultrabulk A/S [Member] | |||
Percent of revenue | 11% | 19% | 13% |
Amaggi [Member] | |||
Percent of revenue | 11% | 15% | 0% |
A/S Klaveness Chartering [Member] | |||
Percent of revenue | 0% | 0% | 23% |
Guardian Navigation GMax LLC pool [Member] | |||
Percent of revenue | 0% | 0% | 14% |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Estimated Salvage Value of Each Vessel, Per Light Weight Ton | 250 | 250 |
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, 2022 | Dec. 31, 2021 |
Inventory | $ 1,057,652 | $ 770,342 |
Lubricant [Member] | ||
Inventory | 1,057,652 | 724,044 |
Victualing [Member] | ||
Inventory | 0 | 46,298 |
Bunkers [Member] | ||
Inventory | $ 0 | $ 0 |
Note 4 - Vessels, Net (Details
Note 4 - Vessels, Net (Details Textual) - USD ($) | 12 Months Ended | |||||||
Sep. 08, 2022 | Apr. 18, 2022 | Jan. 12, 2022 | Aug. 16, 2021 | May 06, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Payments to Acquire Vessel | $ 37,786,324 | $ 36,823,327 | $ 611,106 | |||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 2,856,525 | 0 | $ 0 | |||||
Smart Bunkers Monitoring Systems [Member] | ||||||||
Vessel Improvements | 220,000 | $ 40,000 | ||||||
Water Ballast Treatment Systems [Member] | ||||||||
Vessel Improvements | 610,000 | |||||||
M/V Blessed Luck [Member] | ||||||||
Payments to Acquire Vessel | $ 12,127,945 | |||||||
M/V Good Heart [Member] | ||||||||
Payments to Acquire Vessel | $ 24,673,602 | |||||||
M/V Molyvos Luck [Member] | ||||||||
Payments to Acquire Vessel | $ 21,214,125 | |||||||
M/V Santa Cruz [Member] | ||||||||
Payments to Acquire Vessel | $ 15,754,264 | |||||||
M/V Pantelis [Member] | ||||||||
Proceeds From Sale of Vessel | $ 9,372,443 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 2,856,525 |
Note 4 - Vessels, Net - Summary
Note 4 - Vessels, Net - Summary of Vessels (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Book Value | $ 128,492,819 | ||
- Depreciation for the year | (10,757,177) | $ (7,656,638) | $ (6,556,256) |
Net Book Value | 149,022,023 | 128,492,819 | |
Vessels [Member] | |||
Costs | 175,645,852 | 138,802,385 | |
Accumulated Depreciation | (47,153,033) | (39,496,395) | |
Net Book Value | 128,492,819 | 99,305,990 | |
- Depreciation for the year | (10,757,177) | (7,656,638) | |
- Vessel acquisitions and improvements | 37,802,299 | 36,843,467 | |
- Sale of vessel, Cost | (28,079,236) | ||
- Sale of vessel, accumulated depreciation | 21,563,318 | ||
- Sale of vessel | (6,515,918) | ||
Costs | 185,368,915 | 175,645,852 | 138,802,385 |
Accumulated Depreciation | (36,346,892) | (47,153,033) | (39,496,395) |
Net Book Value | $ 149,022,023 | $ 128,492,819 | $ 99,305,990 |
Note 5 - Accrued Expenses - Sum
Note 5 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued payroll expenses | $ 61,714 | $ 146,155 |
Accrued interest expense | 500,664 | 244,427 |
Accrued general and administrative expenses | 107,755 | 89,397 |
Accrued commissions | 71,139 | 118,706 |
Other accrued expenses | 263,447 | 253,757 |
Total | $ 1,004,719 | $ 852,442 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jan. 01, 2023 USD ($) | Apr. 18, 2022 USD ($) | Jan. 12, 2022 USD ($) | Jan. 01, 2022 USD ($) | Jan. 01, 2022 EUR (€) | Sep. 29, 2021 USD ($) | Jun. 04, 2021 USD ($) $ / shares shares | May 10, 2021 USD ($) | Jan. 07, 2018 USD ($) | Jan. 01, 2012 EUR (€) | Jan. 01, 2011 | Jan. 31, 2023 USD ($) | Jan. 31, 2023 EUR (€) | Apr. 30, 2022 | Feb. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Related Party Transaction, Daily Vessel Management Fee per Vessel in Operation | $ 770 | € 720 | € 685 | ||||||||||||||||||||
Related Party Transaction, Agreement Term (Year) | 5 years | 5 years | 5 years | ||||||||||||||||||||
Related Party Transaction, Discount Percentage on Daily Vessel Management Fee | 5% | ||||||||||||||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel in Lay-up | $ 385 | € 360 | € 342.5 | ||||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 1.07 | ||||||||||||||||||||||
Due to Related Parties, Current, Total | $ 0 | $ 244,587 | |||||||||||||||||||||
Due from Related Parties, Total | 2,416,180 | ||||||||||||||||||||||
Payments to Acquire Vessel | 37,786,324 | 36,823,327 | $ 611,106 | ||||||||||||||||||||
Proceeds from Related Party Debt | 0 | 6,000,000 | 0 | ||||||||||||||||||||
Interest Expense, Related Party | 0 | 79,533 | 0 | ||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | (1,647,654) | 0 | ||||||||||||||||||||
Share Price (in dollars per share) | $ / shares | $ 27.44 | ||||||||||||||||||||||
Repayments of Related Party Debt | 0 | 2,700,000 | 0 | ||||||||||||||||||||
M/V Molyvos Luck [Member] | |||||||||||||||||||||||
Payments to Acquire Vessel | $ 21,214,125 | ||||||||||||||||||||||
M/V Santa Cruz [Member] | |||||||||||||||||||||||
Payments to Acquire Vessel | $ 15,754,264 | ||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel in Operation | $ 415 | € 387.5 | $ 829 | € 775 | |||||||||||||||||||
Eurobulk Ltd. [Member] | |||||||||||||||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel | € | € 685 | ||||||||||||||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel in Operation | 770 | € 720 | |||||||||||||||||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 2,968,073 | 2,350,747 | 2,018,800 | ||||||||||||||||||||
Eurobulk Ltd. [Member] | Annual Compensation [Member] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 1,250,000 | ||||||||||||||||||||||
Eurobulk Ltd. [Member] | Additional Special Bonus [Member] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 210,000 | 460,000 | |||||||||||||||||||||
Eurobulk Ltd. [Member] | Executive Management Services [Member] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 1,460,000 | $ 1,710,000 | |||||||||||||||||||||
Eurobulk Ltd. [Member] | Executive Management Services [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 1,350,000 | ||||||||||||||||||||||
Eurochart [Member] | M/V Molyvos Luck [Member] | |||||||||||||||||||||||
Payments to Acquire Vessel | $ 210,000 | ||||||||||||||||||||||
Eurochart [Member] | M/V Santa Cruz [Member] | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 157,500 | ||||||||||||||||||||||
Eurochart [Member] | Vessel Sales [Member] | |||||||||||||||||||||||
Related Party Transaction, Commission, Percentage | 1% | 1% | |||||||||||||||||||||
Eurochart [Member] | Charter Revenues [Member] | |||||||||||||||||||||||
Related Party Transaction, Commission, Percentage | 1.25% | 1.25% | |||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 932,123 | $ 856,334 | 294,933 | ||||||||||||||||||||
Eurochart [Member] | Commission of Purchase Price Paid by Seller of Vessel [Member] | |||||||||||||||||||||||
Related Party Transaction, Commission, Percentage | 1% | 1% | |||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 365,000 | $ 0 | |||||||||||||||||||||
Eurochart [Member] | Commission In Connection With Sale of Vessel [Member] | |||||||||||||||||||||||
Related Party Transaction, Commission, Percentage | 1% | ||||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 96,750 | ||||||||||||||||||||||
Sentinel [Member] | |||||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 69,205 | $ 43,478 | 40,962 | ||||||||||||||||||||
Related Party Transaction, Commission on Premium, Maximum, Percentage | 5% | 5% | |||||||||||||||||||||
Technomar [Member] | |||||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 138,397 | $ 86,906 | $ 81,947 | ||||||||||||||||||||
Related Party Transaction, Amounts of Transaction per Crew Member per Month | 50 | ||||||||||||||||||||||
Ergina Shipping Ltd. [Member] | |||||||||||||||||||||||
Proceeds from Related Party Debt | $ 6,000,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | ||||||||||||||||||||||
Interest Expense, Related Party | $ 79,533 | ||||||||||||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 15 | ||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 18.30 | ||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (1,647,654) | ||||||||||||||||||||||
Repayments of Related Party Debt | $ 2,700,000 | ||||||||||||||||||||||
Ergina Shipping Ltd. [Member] | Loan Converted into Common Stock [Member] | |||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,300,000 | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 180,308 |
Note 7 - Long-term Bank Loans_2
Note 7 - Long-term Bank Loans (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||||||||
May 01, 2023 USD ($) | Sep. 30, 2022 USD ($) | Oct. 06, 2021 USD ($) | Sep. 30, 2021 USD ($) | Aug. 12, 2021 USD ($) | Feb. 24, 2021 USD ($) | Feb. 22, 2021 USD ($) | Jan. 29, 2021 USD ($) | Jan. 27, 2021 USD ($) | Apr. 27, 2018 USD ($) | Oct. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Long-term Debt, Total | $ 81,855,000 | |||||||||||||
Interest Expense, Total | 3,622,458 | $ 2,040,694 | $ 2,191,294 | |||||||||||
Imputed Interest | 0 | 0 | $ 0 | |||||||||||
Restricted Cash [Member] | ||||||||||||||
Cash Deposits | $ 3,080,863 | $ 2,679,940 | ||||||||||||
Piraeus Bank S.A. [Member] | ||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 125% | |||||||||||||
Payments of Debt Issuance Costs | $ 72,000 | |||||||||||||
Proceeds from Issuance of Debt | $ 8,000,000 | |||||||||||||
Chailease International Financial Services [Member] | ||||||||||||||
Proceeds from Issuance of Debt | $ 9,000,000 | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] (Deprecated 2023) | Piraeus Bank S.A. [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] (Deprecated 2023) | Chailease International Financial Services [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||
Debt Instrument, Redemption, Period One [Member] | Piraeus Bank S.A. [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 750,000 | |||||||||||||
Debt Instrument, Redemption, Period One [Member] | Chailease International Financial Services [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 300,000 | |||||||||||||
Debt Instrument, Redemption, Period Two [Member] | Piraeus Bank S.A. [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 250,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,000,000 | |||||||||||||
Debt Instrument, Redemption, Period Two [Member] | Chailease International Financial Services [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 200,000 | |||||||||||||
Kamsarmax One Shipping Ltd. and Ultra One Shipping Ltd. [Member] | ||||||||||||||
Long-term Debt, Total | $ 22,482,000 | |||||||||||||
Eirini Shipping Ltd [Member] | ||||||||||||||
Long-term Debt, Total | $ 3,300,000 | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 22,000,000 | |||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 125% | |||||||||||||
Payments of Debt Issuance Costs | $ 176,000 | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | London Interbank Offered Rate (LIBOR) [Member] (Deprecated 2023) | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 1,100,000 | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 600,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,400,000 | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 200,000 | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 150,000 | |||||||||||||
Refinance M/V Starlight and Acquire M/V Good Heart [Member] | Debt Instrument, Redemption, Period Five [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 100,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 8,500,000 | |||||||||||||
HSBC Bank PLC [Member] | Finance Construction of M/V Ekaterini [Member] | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 18,400,000 | |||||||||||||
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Construction Cost | 70% | |||||||||||||
Term Loan Facility Maximum Borrowing Capacity as a Percentage of Vessel Market Value Upon Delivery | 70% | |||||||||||||
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% | |||||||||||||
HSBC Bank PLC [Member] | Finance Construction of M/V Ekaterini [Member] | London Interbank Offered Rate (LIBOR) [Member] (Deprecated 2023) | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | |||||||||||||
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 | |||||||||||||
Eurobank S.A. [Member] | Refinance Indebtedness of M/V "Xenia" and M/V "Alexandros P." and for Working Capital [Member] | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 12,885,000 | 13,815,000 | ||||||||||||
Debt Instrument, Periodic Payment, Total | 500,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 14,700,000 | |||||||||||||
Debt Instrument, Face Amount | $ 26,700,000 | |||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 120% | |||||||||||||
Payments of Debt Issuance Costs | $ 300,000 | |||||||||||||
Eurobank S.A. [Member] | Refinance Indebtedness of M/V "Xenia" and M/V "Alexandros P." and for Working Capital [Member] | London Interbank Offered Rate (LIBOR) [Member] (Deprecated 2023) | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||
Sinopac Capital International (HK) Limited [Member] | Refinance Indebtedness of M/V "Eirini" and for Working Capital [Member] | ||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 5,000,000 | |||||||||||||
Debt Instrument, Periodic Payment, Total | 210,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 800,000 | |||||||||||||
Debt Instrument, Face Amount | 5,000,000 | |||||||||||||
Payments of Debt Issuance Costs | $ 100,000 | |||||||||||||
Sinopac Capital International (HK) Limited [Member] | Refinance Indebtedness of M/V "Eirini" and for Working Capital [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Asset Coverage Ratio | 120% | |||||||||||||
Sinopac Capital International (HK) Limited [Member] | Refinance Indebtedness of M/V "Eirini" and for Working Capital [Member] | London Interbank Offered Rate (LIBOR) [Member] (Deprecated 2023) | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.60% | |||||||||||||
NBG [Member] | ||||||||||||||
Repayments of Debt | $ 8,700,000 | |||||||||||||
Chailease International Financial Services [Member] | ||||||||||||||
Payments of Debt Issuance Costs | $ 112,500 | |||||||||||||
Repayments of Debt | $ 2,850,000 | |||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 150,000 | |||||||||||||
Debt Instrument, Number of Consecutive Monthly Installments | 18 | |||||||||||||
Chailease International Financial Services [Member] | Forecast [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 100,000 | |||||||||||||
Piraeus Bank S.A. [Member] | ||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 125% | |||||||||||||
Payments of Debt Issuance Costs | $ 150,000 | |||||||||||||
Proceeds from Issuance of Debt | $ 20,000,000 | |||||||||||||
Debt Instrument, Number of Consecutive Quarterly Installments | 20 | |||||||||||||
Piraeus Bank S.A. [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||
Piraeus Bank S.A. [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 975,000 | |||||||||||||
Piraeus Bank S.A. [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||||||||||
Debt Instrument, Periodic Payment, Total | 525,000 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 7,700,000 |
Note 7 - Long-term Bank Loans -
Note 7 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-term debt, gross | $ 81,855,000 | $ 79,370,000 | |
Long-term debt, gross | 81,855,000 | 79,370,000 | |
Less: Current portion | (23,040,000) | (14,140,000) | |
Long-term portion | 58,815,000 | 65,230,000 | |
Deferred charges, current portion | 181,913 | 190,280 | |
Deferred charges, long-term portion | 454,831 | 527,053 | |
Long-term bank loans, current portion net of deferred charges | 22,858,087 | 13,949,720 | |
Long-term bank loans, long-term portion net of deferred charges | 58,360,169 | 64,702,947 | |
Kamsarmax Two Shipping Ltd [Member] | |||
Long-term debt, gross | [1] | 11,950,000 | 13,250,000 |
Long-term debt, gross | [1] | 11,950,000 | 13,250,000 |
Kamsarmax One Shipping Ltd. / Ultra One Shipping Ltd. [Member] | |||
Long-term debt, gross | [2] | 23,200,000 | 25,200,000 |
Long-term debt, gross | [2] | 23,200,000 | 25,200,000 |
Eirini Shipping Ltd [Member] | |||
Long-term debt, gross | [3] | 3,530,000 | 4,370,000 |
Long-term debt, gross | [3] | 3,530,000 | 4,370,000 |
Light Shipping Ltd. and Good Heart Shipping Ltd. [Member] | |||
Long-term debt, gross | [4] | 17,000,000 | 20,900,000 |
Long-term debt, gross | [4] | 17,000,000 | 20,900,000 |
Short Term Sellers Credit [Member] | |||
Long-term debt, gross | [5] | 4,750,000 | 7,250,000 |
Long-term debt, gross | [5] | 4,750,000 | 7,250,000 |
Areti Shipping Ltd. / Pantelis Shipping Corp. [Member] | |||
Long-term debt, gross | 2,400,000 | 8,400,000 | |
Long-term debt, gross | 2,400,000 | 8,400,000 | |
Molyvos Shipping Ltd/Santa Cruz Shipowners Ltd [Member] | |||
Long-term debt, gross | 19,025,000 | 0 | |
Long-term debt, gross | $ 19,025,000 | $ 0 | |
[1]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 loan bears interest at LIBOR plus a margin of 2.80%. 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 covenant for this facility stands at 130%.[2]On January 27, 2021, the Company signed a term loan facility with Eurobank S.A. for an amount of up to $26,700,000, in order to refinance the existing indebtedness of M/V "Xenia" and M/V "Alexandros P.", amounting to $22,482,000 as of the date of refinancing, and for working capital purposes, including the partial redemption of the Company’s Series B Preferred Shares. The facility was available in two tranches. The first tranche of $13,815,000 was drawn on January 27, 2021 and the second tranche of $12,885,000 was drawn on January 29, 2021 by Kamsarmax One Shipping Ltd. and Ultra One Shipping Ltd. as the borrowers. The loan is payable in twenty-four consecutive quarterly instalments of $500,000 each, followed by a balloon payment of $14,700,000 to be paid together with the last installment in January 2027. The loan bears interest at LIBOR plus a margin of 2.75%. The loan is secured with the following: (i) first priority mortgages over M/V "Xenia" and M/V "Alexandros P.", (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $300,000 for this loan.[3]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 then existing indebtedness of Eirini Shipping Ltd. On May 24, 2019, a loan of $4.5 million was drawn by Eirini Shipping Ltd. The loan was 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 loan bore interest at LIBOR plus a margin of 2.70%. The Company paid loan arrangement fees of $22,500 for this loan. The Company completed the refinancing of the specific loan using a loan facility with Sinopac Capital International (HK) Limited as explained in note (g) below.[4]On September 30, 2021, the Company signed a term loan facility with NBG and a loan of $22,000,000 was drawn by Light Shipping Ltd. and Good Heart Shipping Ltd. in order to refinance the existing indebtedness of M/V "Starlight", amounting to $8,700,000 as of the date of the refinancing, and to post-delivery finance part of the acquisition cost of M/V "Good Heart". The loan is payable in twenty four consecutive quarterly instalments, comprising four installments of $1,100,000 and eight installments of $600,000, followed by an interim balloon payment of $2,400,000 payable together with the 12th installment, then four installments of $200,000, six installments of $150,000 and two last installments of $100,000, followed by a balloon payment of $8,500,000 to be paid together with the last installment in September 2027. The loan bears interest at LIBOR plus a margin of 2.75%. The loan is secured with the following: (i) first priority mortgages over M/V "Starlight" and M/V "Good Heart", (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 125%. The Company paid loan arrangement fees of $176,000 for this loan.[5]On August 12, 2021, the Company signed a term loan facility with Piraeus Bank S.A. and drew a loan of $8,000,000 for Blessed Luck Shipowners Ltd., in order to post-delivery finance part of the acquisition cost of M/V "Blessed Luck". The loan is payable in twelve consecutive quarterly instalments, the first four in the amount of $750,000 each and the next eight in the amount of $250,000 each, followed by a balloon payment of $3,000,000 to be paid together with the last installment in August 2024. The loan bears interest at LIBOR plus a margin of 2.70%. The loan is secured with the following: (i) first priority mortgage over M/V "Blessed Luck", (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 125%. The Company paid loan arrangement fees of $72,000 for this loan. |
Note 7 - Long-term Bank Loans_3
Note 7 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Dec. 31, 2022 USD ($) |
2023 | $ 23,040,000 |
2024 | 14,090,000 |
2025 | 5,690,000 |
2026 | 5,710,000 |
Thereafter | 33,325,000 |
Total | $ 81,855,000 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
US Federal Gross Transportation Income Tax Rate | 4% | ||
US Source Gross Transportation Income as Percentage of Gross Transportation Shipping Income | 50% | ||
Effective United States Tax on U.S. Source Shipping | 4% | 4% | |
Override Rule to Which the Entity is Subject, Percentage | 5% |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Amount | $ 10.3 | ||
Forecast [Member] | |||
Revenue, Remaining Performance Obligation, Amount | $ 0.7 | $ 9.6 |
Note 10 - Stock Incentive Pla_2
Note 10 - Stock Incentive Plan (Details Textual) | 12 Months Ended | |||||||||
Nov. 03, 2022 shares | Nov. 19, 2021 shares | Nov. 16, 2020 shares | Nov. 05, 2020 shares | Nov. 04, 2019 shares | Nov. 21, 2018 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | May 31, 2018 shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 58,600 | 49,650 | 44,900 | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 788,725 | $ 230,644 | $ 245,922 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1,072,919 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 10 days | |||||||||
May 2018 Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 150,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted in Period, Fair Value | $ | $ 817,470 | $ 1,033,217 | $ 193,070 | |||||||
May 2018 Plan [Member] | Restricted Stock [Member] | ||||||||||
Number of Key People Issued Awards | 15 | 17 | 18 | |||||||
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 | |||||||||
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% | 50% | ||||||||
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% | 50% | ||||||||
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) | 29,600 | 27,700 | 14,434 | 27,100 | 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) | 29,000 | 21,950 | 10,656 | 17,800 | 10,770 | |||||
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 | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 15 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 44,900 | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 15 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 15 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 21 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,650 | |||||||||
Number of Key People Issued Awards | 21 | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 21 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 21 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 30 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 58,600 | |||||||||
Number of Key People Issued Awards | 30 | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 30 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
May 2018 Plan [Member] | Restricted Stock [Member] | The 30 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% |
Note 10 - Stock Incentive Pla_3
Note 10 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-vested, shares (in shares) | 72,100 | 56,745 | 37,255 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 15.67 | $ 5.1 | $ 8.81 |
Granted, shares (in shares) | 58,600 | 49,650 | 44,900 |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.95 | $ 20.81 | $ 4.3 |
Vested, shares (in shares) | (47,750) | (34,295) | (24,096) |
Vested, weighted average grant date fair value (in dollars per share) | $ 14.48 | $ 5.62 | $ 9.11 |
Forfeited, shares (in shares) | (1,314) | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 9.36 | ||
Non-vested, shares (in shares) | 82,950 | 72,100 | 56,745 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 15.14 | $ 15.67 | $ 5.1 |
Note 11 - (Loss) Earnings Per_3
Note 11 - (Loss) Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 13,671 | 20,443 | 0 |
Nonvested Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 56,745 | ||
Series B Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 16,606 |
Note 11- (Loss) Earnings Per Sh
Note 11- (Loss) Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net (loss) / income | $ 33,542,671 | $ 31,153,821 | $ (5,877,861) |
Dividends to Series B preferred shares | 0 | (1,085,902) | (1,573,874) |
Preferred deemed dividend | 0 | (665,287) | 0 |
Net (loss) / income attributable to common shareholders | $ 33,542,671 | $ 29,402,632 | $ (7,451,735) |
Weighted average number of shares outstanding during the year, basic (in shares) | 2,876,320 | 2,528,507 | 2,275,062 |
(Loss) / earnings per share attributable to common shareholders – basic (in dollars per share) | $ 11.66 | $ 11.63 | $ (3.28) |
Dilutive effect of non-vested shares (in shares) | 13,671 | 20,443 | 0 |
Weighted average common shares – outstanding, diluted (in shares) | 2,889,991 | 2,548,950 | 2,275,062 |
(Loss) / earnings per share attributable to common shareholders – diluted (in dollars per share) | $ 11.61 | $ 11.54 | $ (3.28) |
Note 12 - Voyage Expenses, Ne_3
Note 12 - Voyage Expenses, Net and Vessel Operating Expenses - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Voyage expenses | $ (2,025,120) | $ (755,998) | $ 285,132 |
Vessel operating expenses | 19,333,898 | 13,565,092 | 11,603,414 |
Port Charges and Canal Dues [Member] | |||
Voyage expenses | 478,205 | 209,405 | 205,880 |
Bunkers [Member] | |||
Voyage expenses | (2,503,325) | (965,403) | 79,252 |
Crew Wages and Related Costs [Member] | |||
Vessel operating expenses | 10,906,231 | 8,046,730 | 6,744,095 |
Insurance [Member] | |||
Vessel operating expenses | 1,895,004 | 1,300,050 | 1,085,663 |
Repairs and Maintenance [Member] | |||
Vessel operating expenses | 640,672 | 397,551 | 352,890 |
Lubricants [Member] | |||
Vessel operating expenses | 1,195,526 | 866,772 | 696,297 |
Spares and Consumable Stores [Member] | |||
Vessel operating expenses | 3,367,528 | 2,055,920 | 2,040,039 |
Professional and Legal Fees [Member] | |||
Vessel operating expenses | 498,687 | 369,758 | 273,958 |
Other Vessel Operating Expenses [Member] | |||
Vessel operating expenses | $ 830,250 | $ 528,311 | $ 410,472 |
Note 13 - Derivative Financia_3
Note 13 - Derivative Financial Instruments (Details Textual) | 12 Months Ended | ||||||||||
Aug. 08, 2017 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 08, 2022 | Jun. 17, 2022 USD ($) | Oct. 12, 2021 USD ($) | Aug. 08, 2020 | Apr. 09, 2020 USD ($) | Aug. 09, 2019 | Jul. 24, 2018 USD ($) | |
Derivative, Notional Amount | $ 35,000,000 | ||||||||||
Derivative, Number of Instruments Held, Total | 4 | ||||||||||
Interest Rate Swap [Member] | HSBC Bank PLC [Member] | |||||||||||
Derivative, Term of Contract (Year) | 5 years | ||||||||||
Derivative, Notional Amount | $ 5,000,000 | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | |||||||
Derivative, Variable Interest Rate | 1.93% | ||||||||||
Derivative, Average Fixed Interest Rate | 1.40% | ||||||||||
Derivative, Fixed Interest Rate | 2.32% | 1.85% | 1.75% | ||||||||
Interest Rate Swap [Member] | National Bank of Greece S.A. (NBG) [Member] | |||||||||||
Derivative, Notional Amount | $ 10,000,000 | ||||||||||
Derivative, Fixed Interest Rate | 3.189% | ||||||||||
Freight Forward Agreements [Member] | |||||||||||
Derivative, Number of Instruments Held, Total | 4 | 5 | |||||||||
Freight Forward Agreements [Member] | HSBC Bank PLC [Member] | |||||||||||
Derivative, Fixed Interest Rate | 1.032% | 0.737% | 2.93% | ||||||||
Freight Forward Agreements 1 [Member] | |||||||||||
Charter Equivalent Rate Per Day | 28,175 | $ 10,650 | $ 9,800 | ||||||||
Freight Forward Agreements 2 [Member] | |||||||||||
Charter Equivalent Rate Per Day | $ 12,000 | 11,050 | 12,000 | ||||||||
Freight Forward Agreements 3 [Member] | |||||||||||
Charter Equivalent Rate Per Day | 12,500 | 10,200 | |||||||||
Freight Forward Agreements 4 [Member] | |||||||||||
Charter Equivalent Rate Per Day | 12,550 | 12,000 | |||||||||
Freight Forward Agreements 5 [Member] | |||||||||||
Charter Equivalent Rate Per Day | $ 31,350 | $ 9,500 |
Note 13 - Derivative Financia_4
Note 13 - Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments by Account Type (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Asset, Current | $ 1,437,398 | $ 0 |
Interest rate swap contracts | 705,970 | 210,113 |
Total derivative assets | 2,143,368 | 210,113 |
Total derivative liabilities | 0 | 289,430 |
Interest Rate Swap [Member] | ||
Derivative Asset, Current | 1,396,568 | 0 |
Interest rate swap contracts | 705,970 | 210,113 |
Noncurrent liabilities- Derivatives | 0 | 289,430 |
Freight Forward Agreements [Member] | ||
Derivative Asset, Current | $ 40,830 | $ 0 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
(Loss) / gain on derivatives, net | $ 3,189,610 | $ (3,765,619) | $ (790,359) |
Not Designated as Hedging Instrument [Member] | |||
(Loss) / gain on derivatives, net | 3,189,610 | (3,765,619) | (790,359) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts, Unrealized Loss [Member] | |||
(Loss) / gain on derivatives, net | 2,181,855 | 636,705 | (411,849) |
Not Designated as Hedging Instrument [Member] | Freight Forward Agreements, Change in Fair Value [Member] | |||
(Loss) / gain on derivatives, net | (137,915) | (301,905) | (128,556) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member] | |||
(Loss) / gain on derivatives, net | 40,830 | 134,010 | (134,010) |
Not Designated as Hedging Instrument [Member] | Freight Forward Agreements and Bunker Swap contracts [Member] | |||
(Loss) / gain on derivatives, net | $ 1,104,840 | $ (4,234,429) | $ (115,944) |
Note 14 - Preferred Shares (Det
Note 14 - Preferred Shares (Details Textual) - USD ($) | 12 Months Ended | 24 Months Ended | ||||||||||
Dec. 16, 2021 | Jan. 30, 2021 | Jan. 29, 2021 | Jun. 19, 2019 | Jan. 29, 2019 | Jan. 27, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | 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 | $ 0 | $ 16,606,000 | $ 0 | |||||||||
Preferred Deemed Dividend | 0 | 665,287 | 0 | |||||||||
Dividends, Preferred Stock, Total | 1,085,902 | 1,573,874 | ||||||||||
Dividends, Paid-in-kind, Total | $ 0 | 0 | 1,219,048 | |||||||||
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 | 14% | 14% | 8% | 40% | 9.25% | 12% | ||||||
Preferred Stock Convertible Initial Conversion Price (in dollars per share) | $ 31.64 | |||||||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 13,606,000 | $ 3,000,000 | $ 4,300,000 | |||||||||
Preferred Deemed Dividend | $ 545,287 | $ 120,000 | ||||||||||
Dividends, Preferred Stock, Total | 1,573,874 | |||||||||||
Dividends, Preferred Stock, Cash | $ 1,085,902 | 354,826 | ||||||||||
Dividends, Paid-in-kind, Total | $ 1,219,048 | |||||||||||
Series B Preferred Stock [Member] | Maximum [Member] | ||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5% | |||||||||||
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 ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance (in shares) | 0 | 16,606 | 15,387 |
Balance | $ 0 | $ 15,940,713 | $ 14,721,665 |
Dividends declared (in shares) | 1,219 | ||
Dividends declared | 0 | $ 0 | $ 1,219,048 |
Redemption of Preferred shares (in shares) | (16,606) | ||
Redemption of Preferred shares | $ (16,606,000) | ||
Preferred Deemed Dividend | 0 | $ 665,287 | $ 0 |
Balance (in shares) | 0 | 16,606 | |
Balance | $ 0 | $ 15,940,713 | |
Ordinary Preferred Stock [Member] | |||
Balance | 0 | 14,602,098 | 14,602,098 |
Redemption of Preferred shares | (15,267,385) | ||
Preferred Deemed Dividend | 665,287 | ||
Balance | 0 | 14,602,098 | |
Preferred Stock Issued as Dividends [Member] | |||
Balance | $ 0 | 1,338,615 | 119,567 |
Dividends declared | 1,219,048 | ||
Redemption of Preferred shares | (1,338,615) | ||
Balance | $ 0 | $ 1,338,615 |
Note 15 - Financial Instrumen_3
Note 15 - Financial Instruments (Details Textual) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 |
Derivative, Number of Instruments Held, Total | 4 | |
Derivative, Notional Amount | $ 35 |
Note 15 - Financial Instrumen_4
Note 15 - Financial Instruments - Fair Value of Company's Investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Liabilities | $ 0 | $ 289,430 |
Derivative Liabilities | 705,970 | 210,113 |
Interest Rate Swap [Member] | ||
Derivative Liabilities | 1,396,568 | 289,430 |
Derivative Liabilities | 705,970 | 210,113 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative Liabilities | 40,830 | 0 |
Derivative Liabilities | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Liabilities | 1,396,568 | 289,430 |
Derivative Liabilities | 705,970 | 210,113 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative Liabilities | 0 | |
Derivative Liabilities | $ 0 | |
Freight Forward Agreements [Member] | ||
Derivative Liabilities | $ 40,830 |
Note 16 - Common Stock (Details
Note 16 - Common Stock (Details Textual) - USD ($) | 12 Months Ended | ||||||
Jun. 04, 2021 | May 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 22, 2022 | May 31, 2021 | |
Proceeds from Issuance of Common Stock | $ 2,685,602 | $ 9,975,312 | $ 0 | ||||
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | ||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 140,301 | ||||||
Stock Repurchased and Retired During Period, Value | $ 1,999,262 | ||||||
Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,254,830 | 65,130 | 341,017 | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 140,301 | ||||||
Stock Repurchased and Retired During Period, Value | $ 1,403 | ||||||
Conversion From Ergina Shipping Loan to Common Stock [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 3,300,000 | ||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 180,308 | ||||||
Ergina Shipping Ltd. [Member] | |||||||
Debt Instrument, Face Amount | $ 6,000,000 | ||||||
At-the-market (ATM) [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 341,017 | ||||||
Proceeds from Issuance of Common Stock | $ 9,980,000 | ||||||
At-the-market (ATM) [Member] | Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 65,130 | ||||||
Proceeds from Issuance of Common Stock | $ 2,690,000 | ||||||
May 2018 Plan [Member] | |||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture, Total (in shares) | 58,600 | 49,650 | 44,900 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 30, 2023 USD ($) | Mar. 03, 2023 USD ($) | Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Oct. 12, 2021 USD ($) | Apr. 09, 2020 USD ($) | Jul. 24, 2018 USD ($) | Aug. 08, 2017 USD ($) | |
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 140,301 | |||||||
Stock Repurchased and Retired During Period, Value | $ 1,999,262 | |||||||
Derivative, Notional Amount | $ 35,000,000 | |||||||
Interest Rate Swap [Member] | HSBC Bank PLC [Member] | ||||||||
Derivative, Notional Amount | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | $ 5,000,000 | ||||
Subsequent Event [Member] | ||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | shares | 58,430 | |||||||
Stock Repurchased and Retired During Period, Value | $ 1,000,000 | |||||||
Subsequent Event [Member] | Interest Rate Swap [Member] | HSBC Bank PLC [Member] | ||||||||
Derivative Asset, Number of Instruments Held | 3 | |||||||
Derivative, Notional Amount | $ 25,000,000 | |||||||
Derivative, Gain on Derivative | 1,600,000 | |||||||
Subsequent Event [Member] | Term Sheet Loan [Member] | ||||||||
Debt Instrument, Face Amount | $ 14,000,000 | |||||||
Debt Instrument, Face Amount As a Percentage of Vessel Market Value | 52.50% | |||||||
Debt Instrument, Number of Periodic Payments | 16 | |||||||
Debt Instrument, Periodic Payment, Total | $ 240,000 | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,160,000 | |||||||
Subsequent Event [Member] | Term Sheet Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||
Subsequent Event [Member] | HSBC Bank PLC [Member] | ||||||||
Repayments of Debt | $ 11,630,000 |