Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | StealthGas Inc. |
Entity Central Index Key | 1,328,919 |
Trading Symbol | gass |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 39,860,563 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 51,754,131 | $ 64,993,923 |
Receivable from related party | 115,599 | |
Trade and other receivables | 3,853,992 | 3,918,031 |
Claims receivable | 15,951 | |
Inventories | 2,762,299 | 2,809,123 |
Advances and prepayments | 1,221,029 | 1,278,357 |
Restricted cash | 3,231,323 | 3,363,012 |
Total current assets | 62,838,725 | 76,478,045 |
Non current assets | ||
Advances for vessels under construction and acquisitions | 61,577,818 | 55,785,801 |
Vessels, net | 862,061,906 | 863,699,739 |
Other receivables | 243,075 | |
Restricted cash | 7,917,738 | 5,174,710 |
Deferred finance charges | 1,453,677 | 540,414 |
Fair value of derivatives | 645,169 | 263,635 |
Total non current assets | 933,387,466 | 925,464,299 |
Total assets | 996,226,191 | 1,001,942,344 |
Current liabilities | ||
Payable to related party | 14,209,624 | 7,890,933 |
Trade accounts payable | 10,509,465 | 8,728,267 |
Accrued liabilities | 5,880,479 | 5,299,479 |
Customer deposits | 1,820,700 | |
Deferred income | 4,362,056 | 4,621,438 |
Deferred income – related party | 232,774 | |
Current portion of long-term debt | 41,966,607 | 54,593,715 |
Total current liabilities | 78,748,931 | 81,366,606 |
Non current liabilities | ||
Fair value of derivatives | 126,525 | 364,823 |
Customer deposits | 736,000 | 2,556,700 |
Deferred gain on sale and leaseback of vessels | 190,087 | 385,127 |
Deferred income | 4,035 | 1,910 |
Long-term debt | 342,941,841 | 343,291,874 |
Total noncurrent liabilities | 343,998,488 | 346,600,434 |
Total liabilities | 422,747,419 | 427,967,040 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 44,285,108 shares issued and 39,860,563 shares outstanding at December 31, 2016 and 2017 with a par value of $0.01 per share | 442,850 | 442,850 |
Treasury stock, 4,424,545 shares at December 31, 2016 and 4,424,545 shares at December 31, 2017 with a par value of $0.01 per share | (22,523,528) | (22,523,528) |
Additional paid-in capital | 501,471,768 | 501,342,523 |
Retained earnings | 93,469,787 | 94,688,024 |
Accumulated other comprehensive income | 617,895 | 25,435 |
Total stockholders’ equity | 573,478,772 | 573,975,304 |
Total liabilities and stockholders’ equity | $ 996,226,191 | $ 1,001,942,344 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock,par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 44,285,108 | 44,285,108 |
Common stock, shares outstanding (in shares) | 39,860,563 | 39,860,563 |
Treasury stock, shares (in shares) | 4,424,545 | 4,424,545 |
Treasury stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Revenues | $ 152,338,278 | $ 136,539,399 | $ 131,501,881 |
Revenues – related party | 1,973,643 | 7,592,784 | 9,814,000 |
Total revenues | 154,311,921 | 144,132,183 | 141,315,881 |
Expenses | |||
Voyage expenses | 13,804,032 | 13,618,025 | 15,849,855 |
Voyage expenses – related party | 1,912,505 | 1,772,240 | 1,725,683 |
Charter hire expenses | 3,524,770 | 4,054,387 | 4,124,960 |
Vessels’ operating expenses | 58,618,526 | 55,680,993 | 46,477,583 |
Vessels’ operating expenses – related party | 800,908 | 3,141,843 | 4,177,042 |
Dry-docking costs | 3,529,047 | 3,613,230 | 1,774,905 |
Management fees – related party | 7,205,490 | 7,346,180 | 6,452,145 |
General and administrative expenses (including $1,150,451, $1,187,037, and $1,209,499, to related party) | 2,898,958 | 3,110,409 | 3,655,316 |
Depreciation | 38,921,672 | 39,096,589 | 35,857,507 |
Impairment loss | 6,461,273 | 5,735,086 | 8,238,987 |
Net (gain)/loss on sale of vessels | 77,314 | (118,427) | (33,251) |
Other operating costs | 1,058,863 | ||
Total expenses | 138,813,358 | 137,050,555 | 128,300,732 |
Income from operations | 15,498,563 | 7,081,628 | 13,015,149 |
Other (expenses)/income | |||
Interest and finance costs | (16,661,464) | (14,268,148) | (10,385,261) |
Loss on derivatives | (403,943) | (767,196) | (370,584) |
Interest income and other income | 322,868 | 454,472 | 173,083 |
Foreign exchange gain/(loss) | 25,739 | (299,056) | 134,291 |
Other expenses, net | (16,716,800) | (14,879,928) | (10,448,471) |
Net income/(loss) | $ (1,218,237) | $ (7,798,300) | $ 2,566,678 |
Earnings/(Loss) per share | |||
– Basic and diluted (in dollars per share) | $ (0.03) | $ (0.20) | $ 0.06 |
Weighted average number of shares | |||
– Basic and diluted (in shares) | 39,809,364 | 39,824,038 | 41,315,127 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
General and administrative expenses, related party | $ 1,209,499 | $ 1,187,037 | $ 1,150,451 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income/(loss) | $ (1,218,237) | $ (7,798,300) | $ 2,566,678 |
Other comprehensive (loss)/income | |||
Effective portion of changes in fair value of interest swap contracts | 592,460 | 418,723 | (100,268) |
Total other comprehensive (loss)/income | 592,460 | 418,723 | (100,268) |
Total comprehensive income/(loss) | $ (625,777) | $ (7,379,577) | $ 2,466,410 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 44,285,108 | (1,395,335) | ||||
Balance at Dec. 31, 2014 | $ 442,850 | $ (7,541,264) | $ 499,862,062 | $ 99,919,646 | $ (293,020) | $ 592,390,274 |
Stock based compensation | 1,140,084 | 1,140,084 | ||||
Stock repurchase (in shares) | (2,372,097) | |||||
Stock repurchase | $ (12,945,608) | (12,945,608) | ||||
Comprehensive income (loss) for the year | 2,566,678 | (100,268) | 2,466,410 | |||
Balance (in shares) at Dec. 31, 2015 | 44,285,108 | (3,767,432) | ||||
Balance at Dec. 31, 2015 | $ 442,850 | $ (20,486,872) | 501,002,146 | 102,486,324 | (393,288) | 583,051,160 |
Stock based compensation | 340,377 | 340,377 | ||||
Stock repurchase (in shares) | (657,113) | |||||
Stock repurchase | $ (2,036,656) | (2,036,656) | ||||
Comprehensive income (loss) for the year | (7,798,300) | 418,723 | (7,379,577) | |||
Balance (in shares) at Dec. 31, 2016 | 44,285,108 | (4,424,545) | ||||
Balance at Dec. 31, 2016 | $ 442,850 | $ (22,523,528) | 501,342,523 | 94,688,024 | 25,435 | 573,975,304 |
Stock based compensation | 129,245 | 129,245 | ||||
Comprehensive income (loss) for the year | (1,218,237) | 592,460 | (625,777) | |||
Balance (in shares) at Dec. 31, 2017 | 44,285,108 | (4,424,545) | ||||
Balance at Dec. 31, 2017 | $ 442,850 | $ (22,523,528) | $ 501,471,768 | $ 93,469,787 | $ 617,895 | $ 573,478,772 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income/(loss) for the year | $ (1,218,237) | $ (7,798,300) | $ 2,566,678 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation, Total | 38,921,672 | 39,096,589 | 35,857,507 |
Amortization of deferred finance charges | 690,841 | 715,587 | 587,157 |
Amortization of deferred gain on sale and leaseback of vessels | (195,040) | (195,574) | (195,040) |
Share based compensation | 129,245 | 340,377 | 1,140,084 |
Change in fair value of derivatives | (27,372) | (331,387) | (1,705,633) |
Impairment loss | 6,461,273 | 5,735,086 | 8,238,987 |
(Gain)/loss on sale of vessels | 77,314 | (118,427) | (33,251) |
Changes in operating assets and liabilities: | |||
Trade and other receivables | (179,036) | 825,838 | (1,532,306) |
Claims receivable | (235,705) | (610,810) | (1,192,422) |
Inventories | 46,824 | 117,744 | (39,991) |
Advances and prepayments | 57,328 | (28,955) | 136,601 |
Balances with related parties | 6,434,290 | (1,185,024) | 4,351,432 |
Trade accounts payable | 1,299,686 | 462,215 | (183,896) |
Accrued liabilities | 581,000 | (303,460) | 1,699,912 |
Deferred income | (490,031) | (567,411) | (1,641,223) |
Net cash provided by operating activities | 52,354,053 | 36,154,088 | 48,054,596 |
Cash flows from investing activities | |||
Insurance proceeds | 219,754 | 610,810 | 1,262,695 |
Vessels’ acquisitions and advances for vessels under construction | (60,612,867) | (56,215,758) | (155,072,744) |
Proceeds from sale of vessels, net | 11,479,936 | 1,530,177 | 2,010,302 |
Net cash used in investing activities | (48,913,177) | (54,074,771) | (151,799,747) |
Cash flows from financing activities | |||
Stock repurchase | (2,070,306) | (13,429,891) | |
Deferred finance charges paid | (815,256) | (712,614) | (383,950) |
Customer deposits received | 2,556,700 | ||
Loan repayments | (56,254,073) | (55,630,352) | (55,943,588) |
Proceeds from long-term debt | 43,000,000 | 31,200,000 | 155,100,000 |
Net cash provided by/(used in) financing activities | (14,069,329) | (27,213,272) | 87,899,271 |
Net decrease in cash and cash equivalents | (10,628,453) | (45,133,955) | (15,845,880) |
Cash and cash equivalents at beginning of year | 73,531,645 | 118,665,600 | 134,511,480 |
Cash and cash equivalents at end of year | 62,903,192 | 73,531,645 | 118,665,600 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 73,531,645 | 118,665,600 | 134,511,480 |
Supplemental Cash Flow Information: | |||
Cash paid during the year for interest, net of amounts capitalized | 14,643,885 | 12,429,729 | 7,455,713 |
Non cash financing activity – Stock repurchase | 33,650 | ||
Non cash investing activity – Vessels under construction | $ 605,800 | $ 124,288 | $ 153,464 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of StealthGas Inc. and its wholly owned subsidiaries (collectively, the “Company”) which, as of December 31, 2017 forty six three one December 22, 2004. The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 89/1967, 378/1968 25 27/75 4 2234/94. 3 During 2015, 10% 2016 2017 no 10% Year ended December 31, Charterer 2015 2016 2017 A 13 % — — |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Principles of Consolidation: Use of Estimates: Other Comprehensive (Loss)/Income: Foreign Currency Translation: Cash and Cash Equivalents: three Restricted Cash: twelve Trade Receivables: No Claims Receivable: not Inventories: first first Advances for vessels under construction: Vessels Acquisitions: Impairment or Disposal of Long-lived Assets: 360 10, 360 10” no 1%. 1.50% December 31, 2015, 2016 2017 6 Vessels’ Depreciation: 30 25 Assets Held for Sale: one not 360 10, No December 31, 2016 2017. Segment Reporting: not one one Accounting for Special Survey and Dry-docking Costs: Deferred Finance Charges: Accounting for Revenue and Related Expenses: not Voyage expenses comprise commissions, bunkers and port expenses and are unique to a particular charter. Commissions in all cases are paid by the Company and are recognized on a pro-rata basis. All other voyage expenses are paid by the charterer under time charter arrangements or by the Company under voyage charter arrangements and are recognized as incurred. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous expenses. Vessel operating expenses under a time charter and voyage charter are paid by the Company and are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses, dry-docking expenses and risk of operation. Leasing: one 75% 90% none Equity Compensation Plan: not 14 Earnings/(Loss) per Share: two not 15 Derivatives 815, (i) Hedge Accounting Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no no (ii) Other Derivatives not Recent Accounting Pronouncements May 28, 2014, No 2014 09 2014 09, December 15, 2017, January 1, 2018 not 17.4% December 31, 2017, seven December 31, 2017, In July 2015, 2015 11, first first December 15, 2016. 2017, no In February 2016, 2016 02 , Leases (Topic 842 December 15, 2018. may In March 2016, 2016 09, December 15, 2016, 2017, no In August 2016, 2016 15 December 15, 2017, may no In November 2016 2016 18 2016 18 December 31, 2017 no In August 2017, 2017 12, Derivatives and Hedging (Topic 815 2017 12" . 2017 12 December 15, 2018, In January 2017, 2017 01 not not December 15, 2017, 1 not 2 not January 1, 2018 not |
Note 3 - Transactions With Rela
Note 3 - Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 3. Transactions with Related Parties The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 $125 1.25% December 31, 2015, 2016 2017, 1.25% $1,725,683, $1,772,240 $1,912,505, December 31, 2015, 2016 2017, $6,452,145, $7,346,180 $7,205,490, five twelve $500 December 31, 2015, 2016 2017, $245,000, $172,000 $125,500, The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% December 31, 2015, 2016 2017 $1,925,563, $421,639 $525,978, December 31, 2015, 2016 2017 $21,177, $13,711 $119,900 In addition to management services, the Company reimburses the Manager for compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor, its Chief Technical Officer, its Finance Manager and its Deputy Chairman and Executive Director, which reimbursements were in the amounts of $1,077,698, $1,114,130 $1,127,307, December 31, 2015, 2016 2017, The current account balance with the Manager at December 31, 2016 December 31, 2017 $7,890,933 $14,209,624, The Company rents office space that is owned by an affiliated company of the Manager. Rental expense for the years ended December 31, 2015, 2016 2017 $72,753, $72,907 $82,192, In April 2012, two August 2016 June 2017. $9,814,000, $7,592,784 $1,973,643 December 31, 2015, 2016 2017, $3,932,042, $2,969,843 $675,408 December 31, 2015, 2016 2017, December 31, 2016 2017, $115,599 nil, December 31, 2016 2017 $232,774 nil, On May 26, 2014, eight 390,000 January 25, 2016, four 490,000 December 31, 2015, 2016 2017, $1,726,265, $854,022, $535,864, |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventories The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2016 2017 Bunkers 1,231,188 1,312,116 Lubricants 1,577,935 1,450,183 Total 2,809,123 2,762,299 |
Note 5 - Advances for Vessels U
Note 5 - Advances for Vessels Under Construction and Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Advances for Vessels Under Construction and Acquisitions [Text Block] | 5. Advances for Vessels Under Construction and Acquisitions The amount shown in the accompanying consolidated balance sheet as of December 31, 2016 $55,785,801 four 2014. The amount shown in the accompanying consolidated balance sheet as of December 31, 2017 $61,577,818 three 2014. On November 18, 2016 July 18, 2017, four $1,058,863 December 31, 2017. For the years ended December 31, 2016 2017, Balance, December 31, 2015 44,031,882 Advances for vessels under construction and acquisitions 51,949,154 Capitalized interest 1,660,802 Capitalized expenses 2,576,626 Vessels delivered (44,432,663 ) Balance, December 31, 2016 55,785,801 Advances for vessels under construction and acquisitions 57,805,820 Capitalized interest 813,423 Capitalized expenses 2,475,138 Vessels delivered (55,302,364 ) Balance, December 31, 2017 61,577,818 |
Note 6 - Vessels, Net
Note 6 - Vessels, Net | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Vessels, net The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Net Book Balance, December 31, 2015 1,066,630,849 (201,940,961 ) 864,689,888 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 44,432,663 — 44,432,663 Disposals (591,137 ) — (591,137 ) Impairment loss (34,859,054 ) 29,123,968 (5,735,086 ) Depreciation for the year — (39,096,589 ) (39,096,589 ) Balance, December 31, 2016 1,075,613,321 (211,913,582 ) 863,699,739 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 55,302,364 — 55,302,364 Impairment loss (29,222,564 ) 22,761,291 (6,461,273 ) Disposal (11,557,252 ) — (11,557,252 ) Depreciation for the year — (38,921,672 ) (38,921,672 ) Balance, December 31, 2017 1,090,135,869 (228,073,963 ) 862,061,906 The additions in 2016 The Company realized an aggregate gain from the sale of vessels “Gas Arctic” and “Gas Ice” of $118,427 December 31, 2016. At December 31, 2016, six $5,735,086 The additions in 2017 In April 2017, third $2,900,000. The vessel, including her inventories on board, was classified as vessel held for sale in the second 2017. $1,747,923 December 31, 2017. July 20, 2017. In May 2017, third $2,900,000 The vessel, including her inventories on board, was classified as vessel held for sale in the second 2017. $580,004 December 31, 2017. September 2, 2017. In August 2017, third $2,575,000. The vessel, including her inventories on board, was classified as vessel held for sale in the third 2017. $570,626 December 31, 2017. November 7, 2017. In September 2017, third $3,675,000. The vessel, including her inventories on board, was classified as vessel held for sale in the third 2017. $1,406,718 December 31, 2017. November 17, 2017. The Company decided to dispose the vessels “Gas Icon”, “Gas Emperor” “Gas Moxie” and “Gas Nirvana” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of these vessels of $77,314 December 31, 2017. As a result of the impairment analysis performed for the year ended December 31, 2017, three $2,156,002 As of December 31, 2017, 40 $762,159,589 11. |
Note 7 - Deferred Finance Charg
Note 7 - Deferred Finance Charges | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deferred Finance Charges [Text Block] | 7. Deferred Finance Charges Deferred finance charges amounting to $540,414 $941,760 December 31, 2016 December 31, 2017, |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8. Accrued Liabilities The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2016 2017 Interest on long-term debt 2,660,766 2,839,121 Administrative expenses 206,840 204,472 Other operating costs — 563,333 Vessel operating and voyage expenses 2,431,873 2,273,553 Total 5,299,479 5,880,479 |
Note 9 - Deferred Income
Note 9 - Deferred Income | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | 9. Deferred Income The amounts shown in the accompanying consolidated balance sheets amounting to $4,856,122 $4,366,091 December 31, 2016 December 31, 2017, |
Note 10 - Customer Deposits
Note 10 - Customer Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Customer Deposits [Text Block] | 10. Customer Deposits These amounts represent deposits received from charterers as guarantees and are comprised as follows: (a) On February 24, 2015 $1,820,700 five April 2018. (b) On October 12, 2015 $736,000 “Navig8 three three February 2019. |
Note 11 - Long-term Debt
Note 11 - Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Long-term Debt Term Loans Drawn December 31, Movement in 2017 December 31, Issue Date Maturity Date Amount 2016 Additions Repayments 2017 June 21, 2007 December 21, 2017 49,875,000 14,414,250 - (14,414,250 ) - February 12, 2008 February 19, 2020 40,250,000 16,875,000 - (2,500,000 ) 14,375,000 July 30, 2008 November 4, 2020 33,240,000 17,728,000 - (1,939,000 ) 15,789,000 October 9, 2008 October 9, 2020 29,437,000 7,090,000 - (780,000 ) 6,310,000 September 15, 2016 September 15, 2021 24,600,000 21,141,273 - (4,026,908 ) 17,114,365 April 14, 2014 April 14, 2020 20,400,000 14,900,000 - (1,800,000 ) 13,100,000 February 1, 2011 September 1, 2018 49,400,000 31,250,000 - (3,300,000 ) 27,950,000 March 1, 2011 June 20, 2020 43,250,000 29,375,000 - (3,000,000 ) 26,375,000 September 23, 2013 September 30, 2020 45,212,500 28,791,594 - (5,052,587 ) 23,739,007 March 24, 2014 July 31, 2022 50,225,000 42,840,000 - (3,605,000 ) 39,235,000 April 16, 2014 April 16, 2020 30,000,000 22,335,000 - (3,330,000 ) 19,005,000 June 12, 2014 October 2, 2020 13,000,000 11,240,000 - (880,000 ) 10,360,000 June 20, 2014 January 8, 2023 20,925,000 18,440,000 - (1,420,000 ) 17,020,000 December 20, 2013 June 30, 2023 67,200,000 59,475,000 - (3,960,000 ) 55,515,000 December 24, 2015 December 14, 2022 22,400,000 20,906,672 - (1,493,328 ) 19,413,344 July 4, 2014 September 3, 2021 22,750,000 20,718,750 - (1,625,000 ) 19,093,750 July 29, 2014 July 7, 2023 25,350,000 22,709,375 - (2,112,500 ) 20,596,875 December 7, 2017 December 11, 2022 22,275,000 - 10,500,000 - 10,500,000 May 18, 2016 May 16, 2025 65,650,000 - 32,500,000 (1,015,500 ) 31,484,500 Total 400,229,914 43,000,000 (56,254,073 ) 386,975,841 Current portion of long-term debt 55,238,573 42,580,323 Long term debt 344,991,341 344,395,518 Total debt 400,229,914 386,975,841 Current portion of deferred finance charges 644,858 613,716 Deferred finance charges non-current 1,699,467 1,453,677 Total deferred finance charges 2,344,325 2,067,393 Total debt 400,229,914 386,975,841 Less: Total deferred finance charges 2,344,325 2,067,393 Total debt, net of deferred finance charges 397,885,589 384,908,448 Less: Current portion of long-term debt, net of current portion of deferred finance charges 54,593,715 41,966,607 Long term debt, net of deferred finance charges 343,291,874 342,941,841 On December 20, 2013 four $67,200,000 70% $62,400,000 65% not four first second $16,000,000 September 14, 2015 September 30, 2015, third fourth $15,600,000 February 16, 2016 June 30, 2016, On May 18, 2016 two two not $74,480,000 two first $32,500,000 May 16, 2017 second $33,150,000 January 10, 2018. On September 15, 2016, January 30, 2009. $24,600,000 one On March 1, 2017 May 13, 2016, two $76,020,000 two first $35,525,000 January 4, 2018 January 10, 2018 second $35,262,500 April 13, 2018 April 17, 2018. first three thirty two On December 7, 2017, one $22,500,000 two first $10,500,000 December 11, 2017 second $11,775,000 February 8, 2018. On March 27, 2018, February 1, 2011. $27,675,000 twenty-four $275,000 January 22, 2018 February 1, 2011. February 1, 2011, $27,675,000, March 27, 2018 The above loans are generally repayable in quarterly or semi-annual installments and a balloon payment at maturity and are secured by first • the aggregate market value of the mortgaged vessels at all times exceeds a certain percentage of the amounts outstanding as defined in the term loans, ranging from 125% 130%, • the leverage of the Company defined as Total Debt net of Cash should not 80% • the Interest Coverage Ratio of the Company defined as EBITDA to interest expense to be at all times greater than to 2.5:1, • at least a certain percentage of the Company is to always be owned by members of the Vafias family, • the Company should maintain on a monthly basis a cash balance of a proportionate amount of the next installment and relevant interest plus a minimum aggregate cash balance of $7,917,738 • dividends paid by the borrower will not 50% 12 Gross deferred finance charges amounting to $7,055,914 $7,871,170 December 31, 2016 December 31, 2017, December 31, 2015, 2016 2017, $587,157, $715,587 $690,841, The interest rates on the outstanding loans as of December 31, 2017 0.80% 3.00%. Year ended December 31, 2015: 2.67% Year ended December 31, 2016: 3.43% Year ended December 31, 2017: 3.97% Bank loan interest expense for the above loans for the years ended December 31, 2015, 2016 2017 $10,175,944, $14,149,326 $15,640,377, December 31, 2015, 2016 2017, $1,822,443, $1,660,802 $813,423, At December 31, 2017, The aggregate available unused amounts under these facilities at December 31, 2017 $125,260,000 0.70% 0.77% The annual principal payments to be made, for the abovementioned loans, after December 31, 2017 December 31, Amount 2018 42,580,323 2019 42,505,323 2020 118,038,569 2021 53,874,219 2022 58,478,532 Thereafter 71,498,875 Total 386,975,841 |
Note 12 - Derivatives and Fair
Note 12 - Derivatives and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. Derivatives and Fair Value Disclosures The Company uses interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. The Company is a party to six December 31, 2017 ( 2016: five $68,935,006 December 31, 2017 2016: $60,750,343 1.52% 2.60% 1.14% December 31, 2017 no September 2020 May 2025. On April 10, 2014, September 23, 2013, $17,553,663. September 30, 2015 September 30, 2020; three 2.60%. On July 6, 2015, September 23, 2013, $17,553,663. September 30, 2015 September 30, 2020; three 1.69%. On September 22, 2015, June 12, 2014, $12,120,000. October 2, 2015 October 2, 2020; three 1.54%. On October 13, 2015, July 4, 2014, two $11,171,875 first November 4, 2015 August 4, 2021 second December 3, 2015 September 3, 2021; three 1.52% 1.55%, On June 2, 2017, May 18, 2016, $15,996,125. August 16, 2017 May 16, 2025; three 2.12%. The Company enters into foreign currency forward contracts in order to manage risks associated with fluctuations in foreign currencies. During 2014, JPY400 2014 JPY500 2015. No December 31, 2016 2017. The following tables present information on the location and amounts of derivatives’ fair values reflected in the consolidated balance sheets and with respect to gains and losses on derivative positions reflected in the consolidated statements of operations or in the consolidated balance sheets, as a component of accumulated other comprehensive income. Tabular disclosure of financial instruments is as follows: December 31, 2016 2017 Derivatives designated as Balance Sheet Location Asset Liability Asset Liability Interest Rate Swap Agreements Non current assets — Fair value of derivatives 263,635 — 645,169 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 364,823 — 126,525 Total derivatives designated as hedging instruments 263,635 364,823 645,169 126,525 The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2015, 2016 2017 Year Ended December 31, Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized 2015 2016 2017 Interest Rate Swap — Change in Fair Value Loss on derivatives 1,191,050 297,656 — Interest Rate Swap — Realized loss Loss on derivatives (1,243,359 ) (297,954 ) — Foreign Currency Contract — Change in Fair Value Loss on derivatives 583,368 — — Foreign Currency Contract — Realized loss Loss on derivatives (669,712 ) — — Total loss on derivatives (138,653 ) (298 ) — Year Ended December 31, Derivatives designated as hedging instruments Location of Loss Recognized 2015 2016 2017 Interest Rate Swap — Loss reclassified from OCI (Effective portion) Loss on derivatives (231,931 ) (766,898 ) (403,943 ) Total loss on derivatives (231,931 ) (766,898 ) (403,943 ) The components of accumulated other comprehensive income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges and are analyzed as follows: Unrealized Gain / Balance, January 1, 2015 (293,020 ) Effective portion of changes in fair value of interest swap contracts (100,268 ) Balance, December 31, 2015 (393,288 ) Effective portion of changes in fair value of interest swap contracts 418,723 Balance, December 31, 2016 25,435 Effective portion of changes in fair value of interest swap contracts 592,460 Balance, December 31, 2017 617,895 Fair Value of Financial Instruments and Concentration of Credit Risk: not 1 2 2 Fair Value Disclosures: Level 1: Level 2: Level 3: not The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2016: Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 263,635 — 263,635 — Interest Rate Swap Agreements (364,823 ) — (364,823 ) — Total (101,188 ) — (101,188 ) — The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2017: Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 645,169 — 645,169 — Interest Rate Swap Agreements (126,525 ) — (126,525 ) — Total 518,644 — 518,644 — The following tables summarize the valuation of assets measured at fair value on a non-recurring basis as of the valuation date. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 26,500,000 — 26,500,000 — (5,735,086 ) Total 26,500,000 — 26,500,000 — (5,735,086 ) As a result of the impairment analysis performed for the year ended December 31, 2016, six $32,235,086 third December 31, 2016, $5,735,086. December 31, 2016. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 6,000,000 — 6,000,000 — (897,965 ) Long-lived assets held for sale 5,800,000 — 5,800,000 — (2,327,927 ) Total 11,800,000 — 11,800,000 — (3,225,892 ) The vessels Gas Icon and Gas Emperor were classified as held for sale as of June 30, 2017 $5,800,000 $220,000. $6,000,000 June 30, 2017, $255,015 July 1, 2017 December 31, 2017 $5,744,985 December 31, 2017. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 8,000,000 — 8,000,000 — (1,258,037 ) Long-lived assets held for sale 6,250,000 — 6,250,000 — (1,977,344 ) Total 14,250,000 — 14,250,000 — (3,235,381 ) The vessels Gas Moxie and Gas Nirvana were classified as held for sale as of September 30, 2017 $6,250,000 $272,750. $8,000,000 September 30, 2017, $200,130 October 1, 2017 December 31, 2017 $7,799,870 December 31, 2017. As a result of the impairment analysis performed for the year ended December 31, 2017, three third $2,156,002. four 2017 $4,305,271 third December 31, 2017. |
Note 13 - Capital Stock, Treasu
Note 13 - Capital Stock, Treasury Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 13. Capital Stock, Treasury Stock and Additional Paid-in Capital The amounts shown in the accompanying consolidated balance sheets as additional paid-in capital, represent payments made by the stockholders for the acquisitions of the Company’s vessels, or investments in the Company’s common stock. On March 22, 2010, $15,000,000 December 31, 2010, 1,205,229 $5.21. December 31, 2011, 551,646 $4.05. No December 31, 2012 2013. On April 30, 2013, 11,500,000 $0.01, $10.00 $115,000,000, $109,119,029. On February 14, 2014, 3,398,558 $0.01, $9.71 $32,999,998, $31,937,044. On May 7, 2014, 4,476,195 $0.01, $10.50 $47,000,047, $46,294,133. On August 12, 2014, 3,500,000 $0.01, $10.00 $35,000,000, $34,071,501. On November 26, 2014, $10,000,000 December 31, 2014, 843,022 $6.30. On February 26, 2015, $20,000,000 December 31, 2015, 2,372,097 $5.46. December 31, 2016, 657,113 $3.10. December 31, 2017, not |
Note 14 - Equity Compensation P
Note 14 - Equity Compensation Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 14. Equity Compensation Plan In 2015 2007 2015 “2007 10% may December 31, 2016, 555,479 2007 first third 2007 no No may 2007 On November 22, 2012, 74,761 $7.26 September 30, 2014. On November 20, 2014, 230,713 2007 $7.58 3 115,357 November 20, 2015, 57,678 November 20, 2016 57,678 November 20, 2017 All unvested restricted shares are conditional upon the option holder’s continued service as an employee of the Company, or as a director until the applicable vesting date. Until the forfeiture of any restricted shares, the grantee has the right to vote such restricted shares, to receive and retain all regular cash dividends paid on such restricted shares and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the restricted shares. The Company pays dividends on all restricted shares regardless of whether they have vested and there is no not December 31, 2015, 2016 2017. Management has selected the accelerated method allowed by the guidance with respect to recognizing stock based compensation expense for restricted share awards with graded vesting because it considers this method to better match expense with benefits received. In addition, non-vested awards granted to non-employees are measured at their then-current fair value as of the financial reporting dates until non-employees complete the service. The stock based compensation expense for the vested and non-vested shares for the years ended December 31, 2015, 2016 2017 $1,140,084, $340,377 $129,245, A summary of the status of the Company’s non-vested restricted shares as of December 31, 2017, Number of Weighted average grant Non-vested, January 1, 2017 57,678 7.58 Vested 57,678 7.58 Non-vested, December 31, 2017 — — The total fair value of shares vested during the years ended December 31, 2015, 2016 2017 $441,815, $210,525 $220,907, |
Note 15 - Earnings (Loss) Per S
Note 15 - Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Earnings/(loss) per share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings. The Company applies the two two not For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2015 2016 2017 Numerator Net income/(loss) 2,566,678 (7,798,300 ) (1,218,237 ) Less: Undistributed earnings allocated to non-vested shares (13,457 ) — — Net income/(loss) attributable to common shareholders, basic 2,553,221 (7,798,300 ) (1,218,237 ) Denominator Weighted average number of shares outstanding, basic and diluted 41,315,127 39,824,038 39,809,364 Earnings/(loss) per share, basic and diluted 0.06 (0.20 ) (0.03 ) |
Note 16 - Revenues
Note 16 - Revenues | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 16. Revenues The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2015 2016 2017 Time charter revenues 68,834,267 83,211,819 97,195,215 Time charter revenues – related party 9,814,000 7,592,784 1,973,643 Bareboat revenues 32,977,819 29,422,512 27,647,268 Voyage charter revenues 26,421,003 23,210,618 26,924,708 Ballast bonus 300,000 50,000 160,000 Other income 3,214,382 2,284,418 1,426,387 Off-hire (245,590 ) (1,639,968 ) (1,015,300 ) Total 141,315,881 144,132,183 154,311,921 |
Note 17 - Voyage Expenses and V
Note 17 - Voyage Expenses and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Voyage Expenses and Vessel Operating Expenses [Text Block] | 17. Voyage Expenses and Vessel Operating Expenses The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Voyage Expenses 2015 2016 2017 Port expenses 3,960,574 3,306,157 2,546,926 Bunkers 8,566,490 6,117,326 6,668,126 Commissions 4,112,177 4,259,812 4,584,612 Other voyage expenses 936,297 1,706,970 1,916,873 Total 17,575,538 15,390,265 15,716,537 Year ended December 31, Vessels’ Operating Expenses 2015 2016 2017 Crew wages and related costs 31,391,419 36,821,527 37,345,800 Insurance 2,415,028 2,421,948 2,016,647 Repairs and maintenance 5,091,916 5,724,148 6,424,557 Spares and consumable stores 7,978,592 8,514,293 8,508,276 Miscellaneous expenses 3,777,670 5,340,920 5,124,154 Total 50,654,625 58,822,836 59,419,434 |
Note 18 - Income Taxes
Note 18 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 18. Income Taxes Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the Company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the Company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. All the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% 50% In addition, the management of the Company believes that by virtue of a special rule applicable to situations where the ship-operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% no |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 19. Commitments and Contingencies • From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. On August 5, 2015, “Stealth Berana”) not August 20, 2015, $9,837,000. November 17, 2016 not • During 2014 November 17, 2016 July 18, 2017, four three 5. December 31 Amount 2018 103,307,820 Total 103,307,820 • Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, long-term time and bareboat charter contracts as of December 31, 2017, $90,394,968 2018, $35,806,235 2019, $21,966,407 2020, $10,970,170 2021 $3,519,740 2022. |
Note 20 - Sale of Leaseback of
Note 20 - Sale of Leaseback of Vessels | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Sale Leaseback Transactions [Text Block] | 20. Sale and Leaseback of Vessels In November December 2014, $780,695. four four December 16, 2016, five three December 31, 2015, 2016 2017, $195,040, $195,574 $195,040, $4,320,000, $4,249,961 $3,719,810 December 31, 2015, 2016 2017, December 31, 2017, $3,540,000 2018, $1,560,000 2019 $390,000 2020. |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. Subsequent Events (a) On January 5, 2018, one $5,208,000 one 2014. (b) On January 10, 2018, $31,968,500, (c) On January 15, 2018, $32,704,200, (d) On February 1, 2018, May 18, 2016, $32,632,000. April 10, 2018 December 31, 2025; three 2.74%. (e) On February 28, 2018, December 7, 2017, $21,586,250. March 12, 2018 December 11, 2022; three 2.74%. (f) In March April 2018, third $4,990,000 $8,950,000, (g) On April 17, 2018, $33,427,120, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive (Loss)/Income: |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash: twelve |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade Receivables: No |
Receivables, Policy [Policy Text Block] | Claims Receivable: not |
Inventory, Policy [Policy Text Block] | Inventories: first first |
Advances for Vessels Under Construction, Policy [Policy Text Block] | Advances for vessels under construction: |
Vessel Acquisitions [Policy Text Block] | Vessels Acquisitions: |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment or Disposal of Long-lived Assets: 360 10, 360 10” no 1%. 1.50% December 31, 2015, 2016 2017 6 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Vessels’ Depreciation: 30 25 |
Property, Plant and Equipment, Policy [Policy Text Block] | Assets Held for Sale: one not 360 10, No December 31, 2016 2017. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting: not one one |
Accounting for Special Survey and Dry Docking Costs [Policy Text Block] | Accounting for Special Survey and Dry-docking Costs: |
Deferred Charges, Policy [Policy Text Block] | Deferred Finance Charges: |
Revenue Recognition, Policy [Policy Text Block] | Accounting for Revenue and Related Expenses: not Voyage expenses comprise commissions, bunkers and port expenses and are unique to a particular charter. Commissions in all cases are paid by the Company and are recognized on a pro-rata basis. All other voyage expenses are paid by the charterer under time charter arrangements or by the Company under voyage charter arrangements and are recognized as incurred. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous expenses. Vessel operating expenses under a time charter and voyage charter are paid by the Company and are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses, dry-docking expenses and risk of operation. |
Lessee, Leases [Policy Text Block] | Leasing: one 75% 90% none |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity Compensation Plan: not 14 |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(Loss) per Share: two not 15 |
Derivatives, Policy [Policy Text Block] | Derivatives 815, (i) Hedge Accounting Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no no (ii) Other Derivatives not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements May 28, 2014, No 2014 09 2014 09, December 15, 2017, January 1, 2018 not 17.4% December 31, 2017, seven December 31, 2017, In July 2015, 2015 11, first first December 15, 2016. 2017, no In February 2016, 2016 02 , Leases (Topic 842 December 15, 2018. may In March 2016, 2016 09, December 15, 2016, 2017, no In August 2016, 2016 15 December 15, 2017, may no In November 2016 2016 18 2016 18 December 31, 2017 no In August 2017, 2017 12, Derivatives and Hedging (Topic 815 2017 12" . 2017 12 December 15, 2018, In January 2017, 2017 01 not not December 15, 2017, 1 not 2 not January 1, 2018 not |
Note 1 - Basis of Presentatio31
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year ended December 31, Charterer 2015 2016 2017 A 13 % — — |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 2017 Bunkers 1,231,188 1,312,116 Lubricants 1,577,935 1,450,183 Total 2,809,123 2,762,299 |
Note 5 - Advances for Vessels33
Note 5 - Advances for Vessels Under Construction and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Advances for Vessels Under Construction and Acquisitions [Table Text Block] | Balance, December 31, 2015 44,031,882 Advances for vessels under construction and acquisitions 51,949,154 Capitalized interest 1,660,802 Capitalized expenses 2,576,626 Vessels delivered (44,432,663 ) Balance, December 31, 2016 55,785,801 Advances for vessels under construction and acquisitions 57,805,820 Capitalized interest 813,423 Capitalized expenses 2,475,138 Vessels delivered (55,302,364 ) Balance, December 31, 2017 61,577,818 |
Note 6 - Vessels, Net (Tables)
Note 6 - Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Vessel cost Accumulated Net Book Balance, December 31, 2015 1,066,630,849 (201,940,961 ) 864,689,888 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 44,432,663 — 44,432,663 Disposals (591,137 ) — (591,137 ) Impairment loss (34,859,054 ) 29,123,968 (5,735,086 ) Depreciation for the year — (39,096,589 ) (39,096,589 ) Balance, December 31, 2016 1,075,613,321 (211,913,582 ) 863,699,739 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 55,302,364 — 55,302,364 Impairment loss (29,222,564 ) 22,761,291 (6,461,273 ) Disposal (11,557,252 ) — (11,557,252 ) Depreciation for the year — (38,921,672 ) (38,921,672 ) Balance, December 31, 2017 1,090,135,869 (228,073,963 ) 862,061,906 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2016 2017 Interest on long-term debt 2,660,766 2,839,121 Administrative expenses 206,840 204,472 Other operating costs — 563,333 Vessel operating and voyage expenses 2,431,873 2,273,553 Total 5,299,479 5,880,479 |
Note 11 - Long-term Debt (Table
Note 11 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Term Loans Drawn December 31, Movement in 2017 December 31, Issue Date Maturity Date Amount 2016 Additions Repayments 2017 June 21, 2007 December 21, 2017 49,875,000 14,414,250 - (14,414,250 ) - February 12, 2008 February 19, 2020 40,250,000 16,875,000 - (2,500,000 ) 14,375,000 July 30, 2008 November 4, 2020 33,240,000 17,728,000 - (1,939,000 ) 15,789,000 October 9, 2008 October 9, 2020 29,437,000 7,090,000 - (780,000 ) 6,310,000 September 15, 2016 September 15, 2021 24,600,000 21,141,273 - (4,026,908 ) 17,114,365 April 14, 2014 April 14, 2020 20,400,000 14,900,000 - (1,800,000 ) 13,100,000 February 1, 2011 September 1, 2018 49,400,000 31,250,000 - (3,300,000 ) 27,950,000 March 1, 2011 June 20, 2020 43,250,000 29,375,000 - (3,000,000 ) 26,375,000 September 23, 2013 September 30, 2020 45,212,500 28,791,594 - (5,052,587 ) 23,739,007 March 24, 2014 July 31, 2022 50,225,000 42,840,000 - (3,605,000 ) 39,235,000 April 16, 2014 April 16, 2020 30,000,000 22,335,000 - (3,330,000 ) 19,005,000 June 12, 2014 October 2, 2020 13,000,000 11,240,000 - (880,000 ) 10,360,000 June 20, 2014 January 8, 2023 20,925,000 18,440,000 - (1,420,000 ) 17,020,000 December 20, 2013 June 30, 2023 67,200,000 59,475,000 - (3,960,000 ) 55,515,000 December 24, 2015 December 14, 2022 22,400,000 20,906,672 - (1,493,328 ) 19,413,344 July 4, 2014 September 3, 2021 22,750,000 20,718,750 - (1,625,000 ) 19,093,750 July 29, 2014 July 7, 2023 25,350,000 22,709,375 - (2,112,500 ) 20,596,875 December 7, 2017 December 11, 2022 22,275,000 - 10,500,000 - 10,500,000 May 18, 2016 May 16, 2025 65,650,000 - 32,500,000 (1,015,500 ) 31,484,500 Total 400,229,914 43,000,000 (56,254,073 ) 386,975,841 Current portion of long-term debt 55,238,573 42,580,323 Long term debt 344,991,341 344,395,518 Total debt 400,229,914 386,975,841 Current portion of deferred finance charges 644,858 613,716 Deferred finance charges non-current 1,699,467 1,453,677 Total deferred finance charges 2,344,325 2,067,393 Total debt 400,229,914 386,975,841 Less: Total deferred finance charges 2,344,325 2,067,393 Total debt, net of deferred finance charges 397,885,589 384,908,448 Less: Current portion of long-term debt, net of current portion of deferred finance charges 54,593,715 41,966,607 Long term debt, net of deferred finance charges 343,291,874 342,941,841 |
Schedule of Maturities of Long-term Debt [Table Text Block] | December 31, Amount 2018 42,580,323 2019 42,505,323 2020 118,038,569 2021 53,874,219 2022 58,478,532 Thereafter 71,498,875 Total 386,975,841 |
Note 12 - Derivatives and Fai37
Note 12 - Derivatives and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, 2016 2017 Derivatives designated as Balance Sheet Location Asset Liability Asset Liability Interest Rate Swap Agreements Non current assets — Fair value of derivatives 263,635 — 645,169 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 364,823 — 126,525 Total derivatives designated as hedging instruments 263,635 364,823 645,169 126,525 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized 2015 2016 2017 Interest Rate Swap — Change in Fair Value Loss on derivatives 1,191,050 297,656 — Interest Rate Swap — Realized loss Loss on derivatives (1,243,359 ) (297,954 ) — Foreign Currency Contract — Change in Fair Value Loss on derivatives 583,368 — — Foreign Currency Contract — Realized loss Loss on derivatives (669,712 ) — — Total loss on derivatives (138,653 ) (298 ) — Year Ended December 31, Derivatives designated as hedging instruments Location of Loss Recognized 2015 2016 2017 Interest Rate Swap — Loss reclassified from OCI (Effective portion) Loss on derivatives (231,931 ) (766,898 ) (403,943 ) Total loss on derivatives (231,931 ) (766,898 ) (403,943 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gain / Balance, January 1, 2015 (293,020 ) Effective portion of changes in fair value of interest swap contracts (100,268 ) Balance, December 31, 2015 (393,288 ) Effective portion of changes in fair value of interest swap contracts 418,723 Balance, December 31, 2016 25,435 Effective portion of changes in fair value of interest swap contracts 592,460 Balance, December 31, 2017 617,895 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 263,635 — 263,635 — Interest Rate Swap Agreements (364,823 ) — (364,823 ) — Total (101,188 ) — (101,188 ) — Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 645,169 — 645,169 — Interest Rate Swap Agreements (126,525 ) — (126,525 ) — Total 518,644 — 518,644 — |
Schedule of Fair Value, Assets and Liabilities Measured on Non-recurring Basis [Table Text Block] | Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 26,500,000 — 26,500,000 — (5,735,086 ) Total 26,500,000 — 26,500,000 — (5,735,086 ) Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 6,000,000 — 6,000,000 — (897,965 ) Long-lived assets held for sale 5,800,000 — 5,800,000 — (2,327,927 ) Total 11,800,000 — 11,800,000 — (3,225,892 ) Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Impairment Long-lived assets held and used 8,000,000 — 8,000,000 — (1,258,037 ) Long-lived assets held for sale 6,250,000 — 6,250,000 — (1,977,344 ) Total 14,250,000 — 14,250,000 — (3,235,381 ) |
Note 14 - Equity Compensation38
Note 14 - Equity Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Weighted average grant Non-vested, January 1, 2017 57,678 7.58 Vested 57,678 7.58 Non-vested, December 31, 2017 — — |
Note 15 - Earnings (Loss) Per39
Note 15 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2015 2016 2017 Numerator Net income/(loss) 2,566,678 (7,798,300 ) (1,218,237 ) Less: Undistributed earnings allocated to non-vested shares (13,457 ) — — Net income/(loss) attributable to common shareholders, basic 2,553,221 (7,798,300 ) (1,218,237 ) Denominator Weighted average number of shares outstanding, basic and diluted 41,315,127 39,824,038 39,809,364 Earnings/(loss) per share, basic and diluted 0.06 (0.20 ) (0.03 ) |
Note 16 - Revenues (Tables)
Note 16 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year ended December 31, 2015 2016 2017 Time charter revenues 68,834,267 83,211,819 97,195,215 Time charter revenues – related party 9,814,000 7,592,784 1,973,643 Bareboat revenues 32,977,819 29,422,512 27,647,268 Voyage charter revenues 26,421,003 23,210,618 26,924,708 Ballast bonus 300,000 50,000 160,000 Other income 3,214,382 2,284,418 1,426,387 Off-hire (245,590 ) (1,639,968 ) (1,015,300 ) Total 141,315,881 144,132,183 154,311,921 |
Note 17 - Voyage Expenses and41
Note 17 - Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Voyage Expenses [Table Text Block] | Year ended December 31, Voyage Expenses 2015 2016 2017 Port expenses 3,960,574 3,306,157 2,546,926 Bunkers 8,566,490 6,117,326 6,668,126 Commissions 4,112,177 4,259,812 4,584,612 Other voyage expenses 936,297 1,706,970 1,916,873 Total 17,575,538 15,390,265 15,716,537 |
Vessel Operating Expenses [Table Text Block] | Year ended December 31, Vessels’ Operating Expenses 2015 2016 2017 Crew wages and related costs 31,391,419 36,821,527 37,345,800 Insurance 2,415,028 2,421,948 2,016,647 Repairs and maintenance 5,091,916 5,724,148 6,424,557 Spares and consumable stores 7,978,592 8,514,293 8,508,276 Miscellaneous expenses 3,777,670 5,340,920 5,124,154 Total 50,654,625 58,822,836 59,419,434 |
Note 19 - Commitments and Con42
Note 19 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Long-term Purchase Commitment [Table Text Block] | December 31 Amount 2018 103,307,820 Total 103,307,820 |
Note 1 - Basis of Presentatio43
Note 1 - Basis of Presentation and General Information - Concentration Risk by Charterer (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Charterer A [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk, Percentage | 13.00% |
Note 2 - Significant Accounti44
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Allowance for Doubtful Accounts Receivable, Current, Ending Balance | $ 0 | $ 0 |
Impairment of Assets, Annual Increase in Undiscounted Cash Flows to Determine Fair Value | 1.00% | |
Impairment of Assets, Inflation Rate for Operating Expenses Used to Determine Fair Value | 1.50% | |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 0 | $ 0 |
Number of Reportable Segments | 1 | |
Number of Operating Segments | 1 | |
Number of Voyage Charters in Progress | 7 | |
Product Concentration Risk [Member] | Voyage Charters [Member] | ||
Concentration Risk, Percentage | 17.40% | |
LPG [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Product Carriers [Member] | ||
Property, Plant and Equipment, Useful Life | 25 years |
Note 3 - Transactions With Re45
Note 3 - Transactions With Related Parties (Details Textual) | Jan. 25, 2016USD ($) | May 26, 2014EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Due to Related Parties, Current, Total | $ 14,209,624 | $ 7,890,933 | |||
Revenue from Related Parties | 1,973,643 | $ 7,592,784 | $ 9,814,000 | ||
The Manager [Member] | |||||
Management Fee, Per Day, Per Vessel | 440 | ||||
Management Fee, Per Day, Per Vessel, Under Bareboat Charter | $ 125 | ||||
Vessel Brokerage Commission Percentage | 1.25% | 1.25% | 1.25% | ||
Sales and Purchase Broker Commission Fee, Percentage | 1.00% | ||||
Due to Related Parties, Current, Total | $ 14,209,624 | $ 7,890,933 | |||
The Manager [Member] | Brokerage Commission Fees [Member] | Voyage Expenses - Related Party [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,912,505 | 1,772,240 | $ 1,725,683 | ||
The Manager [Member] | Management Fees [Member] | Management Fees - Related Party [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 7,205,490 | 7,346,180 | 6,452,145 | ||
The Manager [Member] | Additional Charge Per Day When Visits Exceed Five Days in Twelve Month Period [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 500 | ||||
The Manager [Member] | Superintendent Fees [Member] | Vessels' Operating Expenses - Related Party [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 125,500 | 172,000 | 245,000 | ||
The Manager [Member] | Commission Fees Incurred and Capitalized to the Cost of Vessels [Member] | |||||
Related Party Transaction, Amounts of Transaction | 525,978 | 421,639 | 1,925,563 | ||
The Manager [Member] | Commission Expense Related to the sale and Leaseback of Vessels [Member] | Net Gain on Sale of Vessels [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 119,900 | 13,711 | 21,177 | ||
The Manager [Member] | Reimbursed Compensation [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,127,307 | 1,114,130 | 1,077,698 | ||
The Manager [Member] | Amounts Paid in Connection to Charter Agreements for the Vessels' Operating Expense [Member] | Vessels' Operating Expenses - Related Party [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 675,408 | 2,969,843 | 3,932,042 | ||
Affiliated Company of the Manager [Member] | Office Space Rent [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 82,192 | 72,907 | 72,753 | ||
Emihar Petroleum Inc [Member] | |||||
Revenue from Related Parties | 1,973,643 | 7,592,784 | 9,814,000 | ||
Accounts Receivable, Related Parties | 0 | 115,599 | |||
Deferred Revenue | 0 | 232,774 | |||
Brave [Member] | Vessel Construction Fee Per Vessel [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 490,000 | € 390,000 | |||
Brave [Member] | Capitalized Construction Supervision Fees [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 854,022 | $ 1,726,265 | |||
Brave [Member] | Supervision Fee [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 535,864 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Bunkers | $ 1,312,116 | $ 1,231,188 |
Lubricants | 1,450,183 | 1,577,935 |
Total | $ 2,762,299 | $ 2,809,123 |
Note 5 - Advances for Vessels47
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Advances for Vessels Under Construction and Acquisitions | $ 61,577,818 | $ 55,785,801 | $ 44,031,882 |
Other Operating Income (Expense) [Member] | |||
Charges for Postponement of Vessel Delivery | $ 1,058,863 | ||
LPG Carriers Contracted in 2014 from Ship-builders [Member] | |||
Number of Vessels Under Construction | 3 | 4 |
Note 5 - Advances for Vessels48
Note 5 - Advances for Vessels Under Construction and Acquisitions - Summary of Advances for Vessels Under Construction and Acquisitions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 55,785,801 | $ 44,031,882 | |
Advances for vessels under construction and acquisitions | 57,805,820 | 51,949,154 | |
Interest Costs Capitalized | 813,423 | 1,660,802 | $ 1,822,443 |
Capitalized expenses | 2,475,138 | 2,576,626 | |
Vessels delivered | (55,302,364) | (44,432,663) | |
Balance | $ 61,577,818 | $ 55,785,801 | $ 44,031,882 |
Note 6 - Vessels, Net (Details
Note 6 - Vessels, Net (Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 12, 2017 | Aug. 11, 2017 | May 30, 2017 | Apr. 20, 2017 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (77,314) | $ 118,427 | $ 33,251 | ||||
Impairment of Long-Lived Assets Held-for-use | 2,156,002 | 5,735,086 | |||||
Impairment of Long-Lived Assets to be Disposed of | 4,305,271 | ||||||
Forty Vessels [Member] | |||||||
Debt Instrument, Collateral Amount | 762,159,589 | ||||||
Impairment Loss [Member] | |||||||
Impairment of Long-Lived Assets Held-for-use | 2,156,002 | 5,735,086 | |||||
Gas Arctic and Gas Ice Vessels [Member] | Net Gain on Sale of Vessels [Member] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 118,427 | ||||||
Gas Icon [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,900,000 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 1,747,923 | ||||||
Gas Emperor [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,900,000 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 580,004 | ||||||
Gas Moxie [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 2,575,000 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 570,626 | ||||||
Gas Nirvana [Member] | |||||||
Impairment of Long-Lived Assets Held-for-use | 1,406,718 | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 3,675,000 | ||||||
Gas Icon, Gas Emperor, Gax Moxie, Gas Nirvana [Member] | Net Gain on Sale of Vessels [Member] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 77,314 |
Note 6 - Vessels, Net - Summary
Note 6 - Vessels, Net - Summary of Vessels, Net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Vessel Cost, Balance | $ 1,075,613,321 | $ 1,066,630,849 | |
Vessel Cost, Acquisitions | 55,302,364 | 44,432,663 | |
Vessel Cost, Disposals | (11,557,252) | (591,137) | |
Vessel Cost, Impairment loss | (29,222,564) | (34,859,054) | |
Vessel Cost, Balance | 1,090,135,869 | 1,075,613,321 | $ 1,066,630,849 |
Accumulated Amortization, Balance | (211,913,582) | (201,940,961) | |
Accumulated Amortization, Disposals | |||
Accumulated Amortization, Impairment loss | 22,761,291 | 29,123,968 | |
Accumulated Amortization, Depreciation | (38,921,672) | (39,096,589) | (35,857,507) |
Accumulated Amortization, Balance | (228,073,963) | (211,913,582) | (201,940,961) |
Net Book Value, Balance | 863,699,739 | 864,689,888 | |
Net Book Value, Acquisitions | 55,302,364 | 44,432,663 | |
Net Book Value, Disposals | (11,557,252) | (591,137) | |
Net Book Value, Impairment loss | (6,461,273) | (5,735,086) | (8,238,987) |
Net Book Value, Depreciation | (38,921,672) | (39,096,589) | |
Net Book Value, Balance | $ 862,061,906 | $ 863,699,739 | $ 864,689,888 |
Note 7 - Deferred Finance Cha51
Note 7 - Deferred Finance Charges (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Issuance Costs, Noncurrent, Net, Total | $ 1,453,677 | $ 540,414 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Interest on long-term debt | $ 2,839,121 | $ 2,660,766 |
Administrative expenses | 204,472 | 206,840 |
Other operating costs | 563,333 | |
Vessel operating and voyage expenses | 2,273,553 | 2,431,873 |
Total | $ 5,880,479 | $ 5,299,479 |
Note 9 - Deferred Income (Detai
Note 9 - Deferred Income (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue, Current | $ 4,362,056 | $ 4,621,438 |
Time and Bareboat Deferred Revenue [Member] | ||
Deferred Revenue, Current | $ 4,366,091 | $ 4,856,122 |
Note 10 - Customer Deposits (De
Note 10 - Customer Deposits (Details Textual) - USD ($) | Oct. 12, 2015 | Feb. 24, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Proceeds from Deposits from Customers | $ 2,556,700 | ||||
Spike [Member] | |||||
Proceeds from Deposits from Customers | $ 1,820,700 | ||||
Navig8 Faith [Member] | |||||
Proceeds from Deposits from Customers | $ 736,000 |
Note 11 - Long-term Debt (Detai
Note 11 - Long-term Debt (Details Textual) | Apr. 17, 2018USD ($) | Feb. 08, 2018USD ($) | Jan. 10, 2018USD ($) | Jan. 10, 2018USD ($) | Dec. 11, 2017USD ($) | May 16, 2017USD ($) | Sep. 15, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 20, 2013USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Feb. 14, 2018USD ($) | Dec. 07, 2017USD ($) | Mar. 01, 2017USD ($) | May 18, 2016USD ($) |
Proceeds from Issuance of Debt | $ 43,000,000 | ||||||||||||||||
Long-term Debt, Total | 386,975,841 | $ 400,229,914 | |||||||||||||||
Term Loan Financial Covenants, Cash Requirement | 7,917,738 | ||||||||||||||||
Debt Issuance Costs, Gross | 7,871,170 | 7,055,914 | |||||||||||||||
Amortization of Debt Issuance Costs | $ 690,841 | $ 715,587 | $ 587,157 | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.97% | 3.43% | 2.67% | ||||||||||||||
Interest Expense, Debt, Total | $ 15,640,377 | $ 14,149,326 | $ 10,175,944 | ||||||||||||||
Interest Costs Capitalized | 813,423 | $ 1,660,802 | $ 1,822,443 | ||||||||||||||
Long-term Line of Credit, Total | $ 125,260,000 | ||||||||||||||||
Maximum [Member] | |||||||||||||||||
Value to Term Loan Ratio | 130.00% | ||||||||||||||||
Percentage of Total Debt to Total Market Value Adjusted Assets | 80.00% | ||||||||||||||||
Percentage of Dividends Paid to Free Cash Flow | 50.00% | ||||||||||||||||
Quarterly Commitment Fee Percentage | 0.77% | ||||||||||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Value to Term Loan Ratio | 125.00% | ||||||||||||||||
EBITDA to Interest Expense Ratio | 2.5 | ||||||||||||||||
Quarterly Commitment Fee Percentage | 0.70% | ||||||||||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||||||||||||||||
Condition Met At Delivery [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 67,200,000 | ||||||||||||||||
Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition | 70.00% | ||||||||||||||||
Condition Not Being Met [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 62,400,000 | ||||||||||||||||
Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition | 65.00% | ||||||||||||||||
Term Loan Entered Into on December 20, 2013 [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 15,600,000 | $ 16,000,000 | |||||||||||||||
Term Loan Entered Into on May 18, 2016 [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 32,500,000 | ||||||||||||||||
Term Loan Entered Into on May 18, 2016 [Member] | Subsequent Event [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 33,150,000 | ||||||||||||||||
Term Loan Entered Into on May 18, 2016 [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument, Maximum Borrowing Capacity | $ 74,480,000 | ||||||||||||||||
Term Loan Entered into on January 30, 2009 [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 24,600,000 | ||||||||||||||||
Term Loan Entered Into March 1, 2017 [Member] | |||||||||||||||||
Debt Instrument, Maximum Borrowing Capacity | $ 76,020,000 | ||||||||||||||||
Term Loan Entered Into March 1, 2017 [Member] | Subsequent Event [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 35,262,500 | $ 35,525,000 | |||||||||||||||
Term Loan Entered December 7, 2017 [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 10,500,000 | ||||||||||||||||
Debt Instrument, Maximum Borrowing Capacity | $ 22,500,000 | ||||||||||||||||
Term Loan Entered December 7, 2017 [Member] | Subsequent Event [Member] | |||||||||||||||||
Proceeds from Issuance of Debt | $ 11,775,000 | ||||||||||||||||
Term Loan Refinanced on a Long Term Basis [Member] | Subsequent Event [Member] | |||||||||||||||||
Long-term Debt, Total | $ 27,675,000 |
Note 11 - Long-term Debt - Summ
Note 11 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Debt, Total | $ 386,975,841 | $ 400,229,914 |
Proceeds from Issuance of Debt | 43,000,000 | |
Repayments | (56,254,073) | |
Current portion of long-term debt | 42,580,323 | 55,238,573 |
Long-term debt | 344,395,518 | 344,991,341 |
Total debt | 386,975,841 | 400,229,914 |
Current portion of deferred finance charges | 613,716 | 644,858 |
Debt Issuance Costs, Noncurrent, Net, Total | 1,453,677 | 540,414 |
Total deferred finance charges | 2,067,393 | 2,344,325 |
Total debt, net of deferred finance charges | 384,908,448 | 397,885,589 |
Less: Current portion of long-term debt, net of current portion of deferred finance charges | 41,966,607 | 54,593,715 |
Long term debt, net of deferred finance charges | $ 342,941,841 | 343,291,874 |
Term Loan 1 [Member] | ||
Maturity Date | Dec. 21, 2017 | |
Original Amount | $ 49,875,000 | |
Long-term Debt, Total | 14,414,250 | |
Proceeds from Issuance of Debt | ||
Repayments | $ (14,414,250) | |
Term Loan 4 [Member] | ||
Maturity Date | Feb. 19, 2020 | |
Original Amount | $ 40,250,000 | |
Long-term Debt, Total | 14,375,000 | 16,875,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (2,500,000) | |
Term Loan 2 [Member] | ||
Maturity Date | Nov. 4, 2020 | |
Original Amount | $ 33,240,000 | |
Long-term Debt, Total | 15,789,000 | 17,728,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (1,939,000) | |
Term Loan 3 [Member] | ||
Maturity Date | Oct. 9, 2020 | |
Original Amount | $ 29,437,000 | |
Long-term Debt, Total | 6,310,000 | 7,090,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (780,000) | |
Term Loan 5 [Member] | ||
Maturity Date | Sep. 15, 2021 | |
Original Amount | $ 24,600,000 | |
Long-term Debt, Total | 17,114,365 | 21,141,273 |
Proceeds from Issuance of Debt | ||
Repayments | $ (4,026,908) | |
Term Loan 6 [Member] | ||
Maturity Date | Apr. 14, 2020 | |
Original Amount | $ 20,400,000 | |
Long-term Debt, Total | 13,100,000 | 14,900,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (1,800,000) | |
Term Loan 10 [Member] | ||
Maturity Date | Sep. 1, 2018 | |
Original Amount | $ 49,400,000 | |
Long-term Debt, Total | 27,950,000 | 31,250,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (3,300,000) | |
Term Loan 7 [Member] | ||
Maturity Date | Jun. 20, 2020 | |
Original Amount | $ 43,250,000 | |
Long-term Debt, Total | 26,375,000 | 29,375,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (3,000,000) | |
Term Loan 8 [Member] | ||
Maturity Date | Sep. 30, 2020 | |
Original Amount | $ 45,212,500 | |
Long-term Debt, Total | 23,739,007 | 28,791,594 |
Proceeds from Issuance of Debt | ||
Repayments | $ (5,052,587) | |
Term Loan 9 [Member] | ||
Maturity Date | Jul. 31, 2022 | |
Original Amount | $ 50,225,000 | |
Long-term Debt, Total | 39,235,000 | 42,840,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (3,605,000) | |
Term Loan 11 [Member] | ||
Maturity Date | Apr. 16, 2020 | |
Original Amount | $ 30,000,000 | |
Long-term Debt, Total | 19,005,000 | 22,335,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (3,330,000) | |
Term Loan 12 [Member] | ||
Maturity Date | Oct. 2, 2020 | |
Original Amount | $ 13,000,000 | |
Long-term Debt, Total | 10,360,000 | 11,240,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (880,000) | |
Term Loan 13 [Member] | ||
Maturity Date | Jan. 8, 2023 | |
Original Amount | $ 20,925,000 | |
Long-term Debt, Total | 17,020,000 | 18,440,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (1,420,000) | |
Term Loan 14 [Member] | ||
Maturity Date | Jun. 30, 2023 | |
Original Amount | $ 67,200,000 | |
Long-term Debt, Total | 55,515,000 | 59,475,000 |
Proceeds from Issuance of Debt | ||
Repayments | $ (3,960,000) | |
Term Loan 15 [Member] | ||
Maturity Date | Dec. 14, 2022 | |
Original Amount | $ 22,400,000 | |
Long-term Debt, Total | 19,413,344 | 20,906,672 |
Proceeds from Issuance of Debt | ||
Repayments | $ (1,493,328) | |
Term Loan 16 [Member] | ||
Maturity Date | Sep. 3, 2021 | |
Original Amount | $ 22,750,000 | |
Long-term Debt, Total | 19,093,750 | 20,718,750 |
Proceeds from Issuance of Debt | ||
Repayments | $ (1,625,000) | |
Term Loan 17 [Member] | ||
Maturity Date | Jul. 7, 2023 | |
Original Amount | $ 25,350,000 | |
Long-term Debt, Total | 20,596,875 | 22,709,375 |
Proceeds from Issuance of Debt | ||
Repayments | $ (2,112,500) | |
Term Loan 18 [Member] | ||
Maturity Date | Dec. 11, 2022 | |
Original Amount | $ 22,275,000 | |
Long-term Debt, Total | 10,500,000 | |
Proceeds from Issuance of Debt | 10,500,000 | |
Repayments | ||
Term Loan 19 [Member] | ||
Maturity Date | May 16, 2025 | |
Original Amount | $ 65,650,000 | |
Long-term Debt, Total | 31,484,500 | |
Proceeds from Issuance of Debt | 32,500,000 | |
Repayments | $ (1,015,500) |
Note 11 - Long-term Debt - Prin
Note 11 - Long-term Debt - Principal Payments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 42,580,323 | |
2,019 | 42,505,323 | |
2,020 | 118,038,569 | |
2,021 | 53,874,219 | |
2,022 | 58,478,532 | |
Thereafter | 71,498,875 | |
Total | $ 386,975,841 | $ 400,229,914 |
Note 12 - Derivatives and Fai58
Note 12 - Derivatives and Fair Value Disclosures (Details Textual) ¥ in Billions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015JPY (¥) | Dec. 31, 2014JPY (¥) | Jun. 02, 2017USD ($) | Oct. 13, 2015USD ($) | Sep. 22, 2015USD ($) | Jul. 06, 2015USD ($) | Apr. 10, 2014USD ($) | |
Interest Rate Swap, Floating Rate, Based on LIBOR | 1.14% | ||||||||||||
Foreign Currenc,y Forward Contracts, Converted Amount | ¥ | ¥ 0.5 | ¥ 0.4 | |||||||||||
Impaired Long-lived Assets, Pre-impairment Carrying Value | $ 32,235,086 | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 2,156,002 | 5,735,086 | |||||||||||
Depreciation, Total | 38,921,672 | 39,096,589 | $ 35,857,507 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 4,305,271 | ||||||||||||
Gas Icon and Gas Emperor [Member] | |||||||||||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 5,800,000 | ||||||||||||
Assets Held for Sale, Costs to Sell | 220,000 | ||||||||||||
Gas Monarch [Member] | |||||||||||||
Long-lived Assets Held-for-use, Fair Value Disclosure | 6,000,000 | ||||||||||||
Depreciation, Total | $ 255,015 | ||||||||||||
Long-lived Assets Held-for-use, Fair Value Disclosure, Net | $ 5,744,985 | 5,744,985 | |||||||||||
Gas Moxie and Gas Nirvana [Member] | |||||||||||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 6,250,000 | ||||||||||||
Assets Held for Sale, Costs to Sell | 272,750 | ||||||||||||
Gas Pasha and Gas Evoluzione [Member] | |||||||||||||
Long-lived Assets Held-for-use, Fair Value Disclosure | $ 8,000,000 | ||||||||||||
Depreciation, Total | 200,130 | ||||||||||||
Long-lived Assets Held-for-use, Fair Value Disclosure, Net | 7,799,870 | 7,799,870 | |||||||||||
Interest Rate Swap [Member] | |||||||||||||
Derivative, Notional Amount | $ 68,935,006 | $ 68,935,006 | $ 60,750,343 | $ 15,996,125 | $ 11,171,875 | $ 12,120,000 | $ 17,553,663 | $ 17,553,663 | |||||
Derivative, Fixed Interest Rate | 2.12% | 1.54% | 1.69% | 2.60% | |||||||||
Derivative, Number of Instruments Held, Total | 2 | ||||||||||||
Interest Rate Swap [Member] | Minimum [Member] | |||||||||||||
Derivative, Fixed Interest Rate | 1.52% | 1.52% | |||||||||||
Interest Rate Swap [Member] | Maximum [Member] | |||||||||||||
Derivative, Fixed Interest Rate | 2.60% | 2.60% | |||||||||||
Interest Rate Swap 1 [Member] | |||||||||||||
Derivative, Fixed Interest Rate | 1.52% | ||||||||||||
Interest Rate Swap 2 [Member] | |||||||||||||
Derivative, Fixed Interest Rate | 1.55% |
Note 12 - Derivatives and Fai59
Note 12 - Derivatives and Fair Value Disclosures - Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Interest Rate Swap Agreements | $ 645,169 | $ 263,635 |
Derivatives | 126,525 | 364,823 |
Designated as Hedging Instrument [Member] | ||
Total derivatives designated as hedging instruments | 645,169 | 263,635 |
Derivatives | 126,525 | 364,823 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swap Agreements | 645,169 | 263,635 |
Derivatives | $ 126,525 | $ 364,823 |
Note 12 - Derivatives and Fai60
Note 12 - Derivatives and Fair Value Disclosures - Effect of Derivative Instruments on the Statements of Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Currency Contract — Change in Fair Value | $ (298) | $ (138,653) | |
Total loss on derivatives | (403,943) | (766,898) | (231,931) |
Interest Rate Swap [Member] | Loss on Derivatives [Member] | |||
Interest Rate Swap — Loss reclassified from OCI (Effective portion) | (403,943) | (766,898) | (231,931) |
Interest Rate Swap [Member] | Loss on Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Interest Rate Swap — Change in Fair Value | 297,656 | 1,191,050 | |
Interest Rate Swap — Realized loss | (297,954) | (1,243,359) | |
Foreign Currency Contract — Realized loss | 297,954 | 1,243,359 | |
Foreign Exchange Forward [Member] | Loss on Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Interest Rate Swap — Realized loss | 669,712 | ||
Foreign Currency Contract — Change in Fair Value | 583,368 | ||
Foreign Currency Contract — Realized loss | $ (669,712) |
Note 12 - Derivatives and Fai61
Note 12 - Derivatives and Fair Value Disclosures - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance | $ 25,435 | ||
Balance | 617,895 | $ 25,435 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Balance | 25,435 | (393,288) | $ (293,020) |
Effective portion of changes in fair value of interest swap contracts | 592,460 | 418,723 | (100,268) |
Balance | $ 617,895 | $ 25,435 | $ (393,288) |
Note 12 - Derivatives and Fai62
Note 12 - Derivatives and Fair Value Disclosures - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives | $ 518,644 | $ (101,188) |
Fair Value, Inputs, Level 1 [Member] | ||
Derivatives | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | 518,644 | (101,188) |
Fair Value, Inputs, Level 3 [Member] | ||
Derivatives | ||
Interest Rate Swap 1 [Member] | ||
Derivatives | 645,169 | 263,635 |
Interest Rate Swap 1 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives | ||
Interest Rate Swap 1 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | 645,169 | 263,635 |
Interest Rate Swap 1 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives | ||
Interest Rate Swap 2 [Member] | ||
Derivatives | (126,525) | (364,823) |
Interest Rate Swap 2 [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives | ||
Interest Rate Swap 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | (126,525) | (364,823) |
Interest Rate Swap 2 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives |
Note 12 - Derivatives and Fai63
Note 12 - Derivatives and Fair Value Disclosures - Valuation of Assets Measured at Fair Value on a Non-recurring Basis (Details) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impairment Loss | $ (2,156,002) | $ (5,735,086) | |||
Impairment Loss | (4,305,271) | ||||
Net Book Value, Impairment loss | $ (6,461,273) | (5,735,086) | $ (8,238,987) | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Long-lived Assets Held-for-use, Fair Value Disclosure | $ 6,000,000 | $ 8,000,000 | 26,500,000 | ||
Impairment Loss | (897,965) | (1,258,037) | (5,735,086) | ||
Fair value of assets | 11,800,000 | 14,250,000 | 26,500,000 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 5,800,000 | 6,250,000 | |||
Impairment Loss | (2,327,927) | (1,977,344) | |||
Total | 11,800,000 | 14,250,000 | 26,500,000 | ||
Net Book Value, Impairment loss | (3,225,892) | (3,235,381) | |||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Long-lived Assets Held-for-use, Fair Value Disclosure | |||||
Fair value of assets | |||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | |||||
Total | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Long-lived Assets Held-for-use, Fair Value Disclosure | 6,000,000 | 8,000,000 | 26,500,000 | ||
Fair value of assets | 11,800,000 | 14,250,000 | 26,500,000 | ||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 5,800,000 | 6,250,000 | |||
Total | 11,800,000 | 14,250,000 | 26,500,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Long-lived Assets Held-for-use, Fair Value Disclosure | |||||
Fair value of assets | |||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | |||||
Total |
Note 13 - Capital Stock, Trea64
Note 13 - Capital Stock, Treasury Stock and Additional Paid-in Capital (Details Textual) - USD ($) | Aug. 12, 2014 | May 07, 2014 | Feb. 14, 2014 | Apr. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 26, 2015 | Nov. 26, 2014 | Mar. 22, 2010 |
Stock Repurchase Program, Authorized Amount | $ 10,000,000 | $ 15,000,000 | |||||||||||||
Stock Repurchased During Period, Shares | 1,205,229 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 3.10 | $ 5.46 | $ 6.30 | $ 4.05 | $ 5.21 | ||||||||||
Treasury Stock, Shares, Acquired | 0 | 657,113 | 2,372,097 | 843,022 | 0 | 0 | 551,646 | ||||||||
Stock Issued During Period, Shares, New Issues | 3,500,000 | 4,476,195 | 3,398,558 | 11,500,000 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Sale of Stock, Price Per Share | $ 10 | $ 10.50 | $ 9.71 | $ 10 | |||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 35,000,000 | $ 47,000,047 | $ 32,999,998 | $ 115,000,000 | |||||||||||
Proceeds from Issuance of Equity, Net of Issuance Costs | $ 34,071,501 | $ 46,294,133 | $ 31,937,044 | $ 109,119,029 | |||||||||||
Stock Repurchase Program, Authorized Amount, Additional | $ 20,000,000 |
Note 14 - Equity Compensation65
Note 14 - Equity Compensation Plan (Details Textual) - USD ($) | Nov. 20, 2017 | Nov. 20, 2016 | Nov. 20, 2015 | Nov. 20, 2014 | Nov. 22, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2007 |
Dividends, Total | $ 0 | $ 0 | $ 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 220,907 | 210,525 | 441,815 | ||||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | |||||||||||
Allocated Share-based Compensation Expense, Total | $ 129,245 | $ 340,377 | $ 1,140,084 | ||||||||
Nonvested Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 230,713 | 74,761 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.58 | $ 7.26 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,678 | ||||||||||
Nonvested Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,678 | 115,357 | |||||||||
Nonvested Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 57,678 | ||||||||||
The Plan [Member] | |||||||||||
Common Stock, Reserved Percentage | 10.00% | ||||||||||
The Plan [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 555,479 |
Note 14 - Equity Compensation66
Note 14 - Equity Compensation Plan - Nonvested Restricted Shares (Details) - Nonvested Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Non-vested, January 1, 2017 (in shares) | shares | 57,678 |
Non-vested, January 1, 2017 (in dollars per share) | $ / shares | $ 7.58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 57,678 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.58 |
Non-vested, December 31, 2017 (in shares) | shares | |
Non-vested, December 31, 2017 (in dollars per share) | $ / shares |
Note 15 - Earnings (Loss) Per67
Note 15 - Earnings (Loss) Per Share - Basic and Diluted Earnings Per Share Calculation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income/(loss) | $ (1,218,237) | $ (7,798,300) | $ 2,566,678 |
Less: Undistributed earnings allocated to non-vested shares | (13,457) | ||
Net income/(loss) attributable to common shareholders, basic | $ (1,218,237) | $ (7,798,300) | $ 2,553,221 |
Weighted average number of shares outstanding, basic and diluted (in shares) | 39,809,364 | 39,824,038 | 41,315,127 |
Earnings/(loss) per share, basic and diluted (in dollars per share) | $ (0.03) | $ (0.20) | $ 0.06 |
Note 16 - Revenues - Revenues (
Note 16 - Revenues - Revenues (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 152,338,278 | $ 136,539,399 | $ 131,501,881 |
Time charter revenues – related party | 1,973,643 | 7,592,784 | 9,814,000 |
Off-hire | (1,015,300) | (1,639,968) | (245,590) |
Total | 154,311,921 | 144,132,183 | 141,315,881 |
Time Charter [Member] | |||
Revenues | 97,195,215 | 83,211,819 | 68,834,267 |
Bareboat [Member] | |||
Revenues | 27,647,268 | 29,422,512 | 32,977,819 |
Voyage Charter [Member] | |||
Revenues | 26,924,708 | 23,210,618 | 26,421,003 |
Ballast Bonus [Member] | |||
Revenues | 160,000 | 50,000 | 300,000 |
Other Income Revenues [Member] | |||
Revenues | $ 1,426,387 | $ 2,284,418 | $ 3,214,382 |
Note 17 - Voyage Expenses and69
Note 17 - Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Port expenses | $ 2,546,926 | $ 3,306,157 | $ 3,960,574 |
Bunkers | 6,668,126 | 6,117,326 | 8,566,490 |
Commissions | 4,584,612 | 4,259,812 | 4,112,177 |
Other voyage expenses | 1,916,873 | 1,706,970 | 936,297 |
Total | $ 15,716,537 | $ 15,390,265 | $ 17,575,538 |
Note 17 - Voyage Expenses and70
Note 17 - Voyage Expenses and Vessel Operating Expenses - Vessels' Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Crew wages and related costs | $ 37,345,800 | $ 36,821,527 | $ 31,391,419 |
Insurance | 2,016,647 | 2,421,948 | 2,415,028 |
Repairs and maintenance | 6,424,557 | 5,724,148 | 5,091,916 |
Spares and consumable stores | 8,508,276 | 8,514,293 | 7,978,592 |
Miscellaneous expenses | 5,124,154 | 5,340,920 | 3,777,670 |
Total | $ 59,419,434 | $ 58,822,836 | $ 50,654,625 |
Note 19 - Commitments and Con71
Note 19 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 31, 2017 | Aug. 20, 2015 |
Bank Guarantee to Secure Release of Vessel | $ 9,837,000 | |
Contract Receivable, Due in Next Twelve Months | $ 90,394,968 | |
Contract Receivable, Due in Year Two | 35,806,235 | |
Contract Receivable, Due in Year Three | 21,966,407 | |
Contract Receivable, Due in Year Four | 10,970,170 | |
Contract Receivable, Due in Year Five | $ 3,519,740 |
Note 19 - Commitments and Con72
Note 19 - Commitments and Contingencies - Future Outstanding Commitments for Installment Payments (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 103,307,820 |
Total | $ 103,307,820 |
Note 20 - Sale of Leaseback o73
Note 20 - Sale of Leaseback of Vessels (Details Textual) - USD ($) | Dec. 16, 2016 | Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Sale Leaseback Transaction, Term of Lease | 5 years 91 days | 4 years | |||
Gas Premiership and Gas Cathar [Member] | |||||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 780,695 | ||||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 195,040 | $ 195,574 | $ 195,040 | ||
Gas Premiership and Gas Cathar [Member] | Charter Hire Expenses [Member] | |||||
Sale Leaseback Transaction, Rent Expense | 3,719,810 | $ 4,249,961 | $ 4,320,000 | ||
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 3,540,000 | ||||
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 1,560,000 | ||||
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | $ 390,000 |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - USD ($) | Apr. 17, 2018 | Mar. 29, 2018 | Jan. 15, 2018 | Jan. 10, 2018 | Jan. 05, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2018 | Feb. 01, 2018 | Jun. 02, 2017 | Oct. 13, 2015 | Sep. 22, 2015 | Jul. 06, 2015 | Apr. 10, 2014 |
Payments to Acquire Property, Plant, and Equipment, Total | $ 60,612,867 | $ 56,215,758 | $ 155,072,744 | ||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | 11,479,936 | 1,530,177 | $ 2,010,302 | ||||||||||||
Interest Rate Swap [Member] | |||||||||||||||
Derivative, Notional Amount | $ 68,935,006 | $ 60,750,343 | $ 15,996,125 | $ 11,171,875 | $ 12,120,000 | $ 17,553,663 | $ 17,553,663 | ||||||||
Derivative, Fixed Interest Rate | 2.12% | 1.54% | 1.69% | 2.60% | |||||||||||
Subsequent Event [Member] | Interest Rate Swap [Member] | |||||||||||||||
Derivative, Notional Amount | $ 21,586,250 | $ 32,632,000 | |||||||||||||
Derivative, Fixed Interest Rate | 2.74% | 2.74% | |||||||||||||
Subsequent Event [Member] | One Liquified Petroleum Gas Carrier Under Construction [Member] | |||||||||||||||
Payments for Construction in Process | $ 5,208,000 | ||||||||||||||
Subsequent Event [Member] | Eco Arctic [Member] | |||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 31,968,500 | ||||||||||||||
Subsequent Event [Member] | Eco Ice [Member] | |||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 32,704,200 | ||||||||||||||
Subsequent Event [Member] | Gas Legacy [Member] | |||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 4,990,000 | ||||||||||||||
Subsequent Event [Member] | Eco Freeze [Member] | |||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 33,427,120 |
Uncategorized Items - gass-2017
Label | Element | Value |
us-gaap_RestrictedCashCurrent | us-gaap_RestrictedCashCurrent | $ 13,455,766 |
us-gaap_RestrictedCashCurrent | us-gaap_RestrictedCashCurrent | 3,363,012 |
us-gaap_RestrictedCashCurrent | us-gaap_RestrictedCashCurrent | 3,231,323 |
us-gaap_RestrictedCashNoncurrent | us-gaap_RestrictedCashNoncurrent | 5,146,877 |
us-gaap_RestrictedCashNoncurrent | us-gaap_RestrictedCashNoncurrent | 5,174,710 |
us-gaap_RestrictedCashNoncurrent | us-gaap_RestrictedCashNoncurrent | $ 7,917,738 |