Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2020 | |
Document Information [Line Items] | |
Entity Registrant Name | EUROSEAS LTD. |
Entity Central Index Key | 0001341170 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 508,105 | $ 985,418 |
Trade accounts receivable, net | 1,585,246 | 715,097 |
Other receivables | 2,130,560 | 1,570,506 |
Inventories | 1,847,943 | 1,889,164 |
Restricted cash | 810,376 | 610,376 |
Vessel held for sale | 1,722,560 | |
Prepaid expenses | 591,923 | 526,531 |
Total current assets | 9,196,713 | 6,297,092 |
Long-term assets: | ||
Vessels, net | 112,858,218 | 116,230,333 |
Restricted cash | 4,134,267 | 4,334,267 |
Total assets | 126,189,198 | 126,861,692 |
Current liabilities | ||
Long-term bank loans, current portion | 13,170,320 | 12,295,320 |
Related party loan, current | 5,000,000 | 5,000,000 |
Trade accounts payable | 2,895,839 | 3,899,967 |
Accrued expenses | 1,482,339 | 1,725,321 |
Accrued preferred dividends | 159,562 | 161,315 |
Deferred revenues | 791,293 | 973,774 |
Liability associated with vessel held for sale | 1,133,817 | |
Due to related company | 2,663,367 | 795,562 |
Total current liabilities | 27,296,537 | 24,851,259 |
Long-term liabilities | ||
Long-term bank loans, net of current portion | 68,088,481 | 72,187,785 |
Fair value of below market time charters acquired | 867,965 | 1,714,370 |
Total long-term liabilities | 68,956,446 | 73,902,155 |
Total liabilities | 96,252,983 | 98,753,414 |
Commitments and Contingencies | ||
Mezzanine Equity | ||
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,000 issued and outstanding) | 7,654,577 | 7,654,577 |
Shareholders’ equity | ||
Common stock (par value $0.03, 200,000,000 shares authorized, 5,600,259 issued and outstanding) | 168,008 | 168,008 |
Additional paid-in capital | 253,998,112 | 253,967,708 |
Accumulated deficit | (231,884,482) | (233,682,015) |
Total shareholders’ equity | 22,281,638 | 20,453,701 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 126,189,198 | $ 126,861,692 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 8,000 | 19,605 |
Preferred stock, shares outstanding (in shares) | 8,000 | 19,605 |
Common stock, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 5,600,259 | 5,600,259 |
Common stock, shares outstanding (in shares) | 5,600,259 | 5,600,259 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Time charter revenue | $ 16,131,322 | $ 8,728,986 |
Commissions (including $109,112 and $201,642, respectively, to related party) | (698,515) | (390,855) |
Net revenue | 15,432,807 | 8,338,131 |
Operating expenses | ||
Voyage expenses | 314,554 | 116,117 |
Vessel operating expenses (including $49,346 and $70,037, respectively, to related party) | 8,037,863 | 4,789,923 |
Dry-docking expenses | 23,823 | 592,473 |
Vessel depreciation | 1,727,085 | 798,712 |
Related party management fees | 1,328,822 | 776,292 |
General and administrative expenses (including $312,500 and $500,000, respectively, to related party) | 802,376 | 595,423 |
Total operating expenses | 12,234,523 | 7,668,940 |
Operating income | 3,198,284 | 669,191 |
Other income/(expenses) | ||
Interest and other financing costs (including $99,726 to related party) | (1,251,412) | (710,649) |
Loss on derivative, net | (2,794) | |
Foreign exchange (loss)/gain | 1,628 | (3,534) |
Interest income | 8,595 | 31,754 |
Other expenses, net | (1,241,189) | (685,223) |
Net (loss) / income | 1,957,095 | (16,032) |
Dividend Series B Preferred shares | (159,562) | (471,114) |
Net (loss) / income attributable to common shareholders | $ 1,797,533 | $ (487,146) |
(Loss) / earnings per share attributable to common shareholders, basic and diluted (in dollars per share) | $ 0.32 | $ (0.32) |
Weighted average common shares – outstanding (in shares) | 5,576,960 | 1,542,508 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commissions, related party | $ 201,642 | $ 109,112 |
Vessel operating expenses, related party | 70,037 | 49,346 |
Other general and administrative expenses, related party | 500,000 | 312,500 |
Interest and other financing costs, related party | $ 99,726 | $ 99,726 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | [1] | Retained Earnings [Member] | Total | ||
Balance (in shares) at Dec. 31, 2018 | [1] | 1,564,456 | |||||
Balance at Dec. 31, 2018 | $ 46,934 | [1] | $ 233,996,669 | $ (230,222,985) | $ 3,820,618 | ||
Net income (loss) | [1] | (16,032) | (16,032) | ||||
Dividends to Series B preferred shares | [1] | (471,114) | (471,114) | ||||
Share-based compensation | [1] | 24,862 | 24,862 | ||||
Balance (in shares) at Mar. 31, 2019 | [1] | 1,564,456 | |||||
Balance at Mar. 31, 2019 | $ 46,934 | [1] | 234,021,531 | (230,710,131) | 3,358,334 | ||
Balance (in shares) at Dec. 31, 2019 | [1] | 5,600,259 | |||||
Balance at Dec. 31, 2019 | $ 168,008 | [1] | 253,967,708 | (233,682,015) | 20,453,701 | ||
Net income (loss) | [1] | 1,957,095 | 1,957,095 | ||||
Dividends to Series B preferred shares | [1] | (159,562) | (159,562) | ||||
Share-based compensation | [1] | 30,404 | 30,404 | ||||
Balance (in shares) at Mar. 31, 2020 | [1] | 5,600,259 | |||||
Balance at Mar. 31, 2020 | $ 168,008 | [1] | $ 253,998,112 | $ (231,884,482) | $ 22,281,638 | ||
[1] | Adjusted to reflect the 1-for-8 reverse stock split effected at the close of trading on December 18, 2019. |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) / income | $ 1,957,095 | $ (16,032) |
Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities: | ||
Vessel depreciation | (1,727,085) | (798,712) |
Amortization of deferred charges | 61,156 | 31,339 |
Share-based compensation | 30,404 | 24,862 |
Unrealized gain on derivative | (18,754) | |
Amortization of debt discount | 54,101 | |
Amortization of fair value of below market time charters acquired | (846,405) | |
Changes in operating assets and liabilities | (903,784) | (2,368,640) |
Net cash (used in) / provided by operating activities | 2,025,551 | (1,494,412) |
Cash flows from investing activities: | ||
Cash paid for vessels capitalized expenses | (149,420) | |
Advance received for vessel held for sale | 1,133,817 | |
Net cash provided by investing activities | 984,397 | |
Cash flows from financing activities: | ||
Preferred dividends paid | (161,315) | |
Offering expenses paid | (40,486) | |
Repayment of long-term bank loans | (3,285,460) | (1,303,000) |
Net cash used in financing activities | (3,487,261) | (1,303,000) |
Net decrease in cash and cash equivalents and restricted cash | (477,313) | (2,797,412) |
Cash, cash equivalents and restricted cash at beginning of period | 5,930,061 | 13,211,588 |
Cash, cash equivalents and restricted cash at end of period | 5,452,748 | 10,414,176 |
Cash breakdown | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 5,452,748 | $ 10,414,176 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Euroseas Ltd. was formed on May 5, 2005 The operations of the vessels are managed by Eurobulk Ltd. (“Eurobulk” or “Management Company” or “Manager”), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at 4 4 The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis Shareholders Ltd. which, in turn, collectively own 62% March 31, 2020. The accompanying unaudited condensed consolidated financial statements include the accounts of Euroseas Ltd., and its wholly owned vessel owning subsidiaries and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 20 April 30, 2020. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information. Accordingly, they do not three March 31, 2020 not December 31, 2020. As of March 31, 2020, $18.1 March 31, 2020, $2.0 $1.8 $2.0 $0.5 $4.9 March 31, 2020. 8% January 29, 2021, 14% not may twelve |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. A summary of the Company's significant accounting policies is identified in Note 2 20 December 31, 2019 ( “2019 no |
Note 3 - Vessels, Net
Note 3 - Vessels, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. Vessels, net The amounts in the accompanying unaudited condensed consolidated balance sheets are as follows: Costs Accumulated Net Book Balance, January 1, 2020 132,863,067 (16,632,734 ) 116,230,333 Depreciation for the period – (1,727,085 ) (1,727,085 ) Capitalized expenses 77,530 – 77,530 Vessel held for sale (3,750,233 ) 2,027,673 (1,722,560 )) Balance, March 31, 2020 129,190,364 (16,332,146 ) 112,858,218 In January 2020, may no March 31, 2020. In February 2020, April 7, 2020, not 19 $1,133,817 March 31, 2020 As of March 31, 2020 5 |
Note 4 - Fair Value of Below Ma
Note 4 - Fair Value of Below Market Time Charters Acquired | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Below Market Time Charters Acquired [Text Block] | 4. Details of the Company’s fair value of below market acquired time charters are discussed in Note 6 December 31, 2019, 2019 For the three March 31, 2020, $846,405 “ ” The unamortized balance of this intangible liability as of March 31, 2020 $867,965 2020. |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. Related Party Transactions Details of the Company’s transactions with related parties did not three March 31, 2020 7 December 31, 2019, 2019 The Company’s vessel owning companies are parties to management agreements with the Management Company which is controlled by members of the Pittas family, whereby the Management Company provides technical and commercial vessel management for a fixed daily fee of Euro 685 three March 31, 2019 2020 $776,292 $1,328,822 three March 31, 2019 2020, The MMA was further renewed on January 1, 2018 five January 1, 2023 5% 685 2020 In addition to the vessel management services, the Management Company provides the Company with the services of its executives, services associated with the Company being a public company and other services to the Company’s subsidiaries. For the three March 31, 2019 March 31, 2020, $312,500 $500,000, Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of offset exists. As of December 31, 2019 March 31, 2020, $795,562 $2,663,367, Euroseas Ltd. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements (All amounts expressed in U.S. Dollars) 5. Related Party Transactions - continued The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% 1.25% $109,112 $201,642 three March 31, 2019 2020, Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”). Technomar Crew Management Services Corp (“Technomar”), is a company owned by certain members of the Pittas family, together with two not 5%; $50 $16,732 $32,614 first three 2019, first three 2020, $11,687 $58,350, On September 30, 2019, $2.5 November 1, 2019, second $2.5 8% three March 31, 2020 $99,726 |
Note 6 - Long-term Bank Loans
Note 6 - Long-term Bank Loans | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. Long-Term Bank Loans Long-term debt represents bank loans of the Company. Outstanding long-term debt as of December 31, 2019 March 31, 2020 Borrower December 31, March 31, Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 37,650,000 36,375,000 Diamantis Shipowners Ltd. 3,507,220 3,346,760 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 12,050,000 11,600,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 32,000,000 30,600,000 85,207,220 81,921,760 Less: Current portion (12,541,840 ) (13,416,840 ) Long-term portion 72,665,380 68,504,920 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 477,595 416,439 Long-term bank loans, current portion net of deferred charges 12,295,320 13,170,320 Long-term bank loans, long-term portion net of deferred charges 72,187,785 68,088,481 Loan from related party, current Euroseas Ltd. 5,000,000 5,000,000 The future annual loan repayments are as follows: To March 31: 2021 13,416,840 2022 27,566,840 2023 14,763,080 2024 26,175,000 Total 81,921,760 Details of the loans are discussed in Note 8 December 31, 2019 2019 The Company’s bank loans are secured with one · first · first · a corporate guarantee of Euroseas Ltd. · a pledge of all the issued shares of each borrower. The loan agreements contain covenants such as minimum requirements regarding the security cover ratio (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from 120% 140% not $4,410,376 December 31, 2019 March 31, 2020, March 31, 2020, Interest expense, including loan fee amortization for the three March 31, 2019 2020 $710,649 $1,251,412, March 31, 2020, 1.8% 3.6% 5.4% |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies (a) As of March 31, 2020 October 2009 November 2009 $0.53 $0.15 may (b) On November 7, 2019, 1 4 2019 If the 12 4,250 November 16, 2020 4:00 November 15, 2019 4:00 November 16, 2020, $500,000 20 November 16, 2020 4:00 The Company based on its assessment of future rates as of March 31, 2020, not There are no not As of March 31, 2020, $21.9 $20.3 twelve March 31, 2021 $1.6 twelve March 31, 2022. not one may not not |
Note 8 - Stock Incentive Plan
Note 8 - Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 8. Stock Incentive Plan A summary of the status of the Company’s unvested shares as of January 1, 2020, three March 31, 2020, Unvested Shares Shares Weighted-Average Unvested on January 1, 2020 23,284 6.77 Granted – – Vested – – Forfeited – – Unvested on March 31, 2020 23,284 6.77 As of March 31, 2020, $110,716 0.64 $24,862 $30,404 three March 31, 2019 2020, |
Note 9 - (Loss) _ Earnings Per
Note 9 - (Loss) / Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. (Loss) / Earnings Per Share Basic and diluted (loss)/earnings per common share is computed as follows: For the three months 2019 2020 Net (loss) / income (16,032 ) 1,957,095 Dividend Series B Preferred shares (471,114 ) (159,562 ) Net (loss) / income attributable to common shareholders (487,146 ) 1,797,533 Weighted average common shares – outstanding 1,542,508 5,576,960 Basic and diluted (loss) / earnings per share (0.32 ) 0.32 The Company excluded the effect of 23,284 March 31, 2020 21,948 March 31, 2019, nil three March 31, 2019 2020. |
Note 10 - Financial Instruments
Note 10 - Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 10. The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, related party loan, derivatives, trade accounts payable, accrued expenses and amount due to related company. Interest rate risk From time to time, the Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long-term bank loans. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though, historically, the interest rate swaps were entered into for economic hedging purposes, they did not Derivatives and Hedging not December 31, 2019 March 31, 2020, not Concentration of credit risk Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not Fair value of financial instruments The estimated fair values of the Company's financial instruments such as cash and cash equivalents, restricted cash and amount due to related company approximate their individual carrying amounts as of December 31, 2019 March 31, 2020, 1 $81.6 March 31, 2020 $0.2 $81.9 2 Euroseas Ltd. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements (All amounts expressed in U.S. Dollars) 10. Fair value of financial instruments - continued The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one three Level 1: Level 2: Level 3: not The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 2 Derivative not Location of loss Three Months Three Months Interest rate swap contract– Unrealized gain Loss on derivative, net 18,754 – Interest rate swap contract - Realized loss Loss on derivative, net (21,548 ) – Total loss on derivative (2,794 ) – Euroseas Ltd. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements (All amounts expressed in U.S. Dollars) |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. The following events occurred after March 31, 2020: (a) In April 2020, one $30.0 3 0.78% April 24, 2020 April 24, 2025. (b) The Company is still assessing the impact of the outbreak of the Coronavirus pandemic on its financial condition and operations and on the container industry in general.. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which COVID- 19 may |
Note 3 - Vessels, Net (Tables)
Note 3 - Vessels, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Costs Accumulated Net Book Balance, January 1, 2020 132,863,067 (16,632,734 ) 116,230,333 Depreciation for the period – (1,727,085 ) (1,727,085 ) Capitalized expenses 77,530 – 77,530 Vessel held for sale (3,750,233 ) 2,027,673 (1,722,560 )) Balance, March 31, 2020 129,190,364 (16,332,146 ) 112,858,218 |
Note 6 - Long-term Bank Loans (
Note 6 - Long-term Bank Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Borrower December 31, March 31, Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 37,650,000 36,375,000 Diamantis Shipowners Ltd. 3,507,220 3,346,760 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 12,050,000 11,600,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 32,000,000 30,600,000 85,207,220 81,921,760 Less: Current portion (12,541,840 ) (13,416,840 ) Long-term portion 72,665,380 68,504,920 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 477,595 416,439 Long-term bank loans, current portion net of deferred charges 12,295,320 13,170,320 Long-term bank loans, long-term portion net of deferred charges 72,187,785 68,088,481 Loan from related party, current Euroseas Ltd. 5,000,000 5,000,000 |
Schedule of Future Annual Loan Repayments [Table Text Block] | To March 31: 2021 13,416,840 2022 27,566,840 2023 14,763,080 2024 26,175,000 Total 81,921,760 |
Note 8 - Stock Incentive Plan (
Note 8 - Stock Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested Shares Shares Weighted-Average Unvested on January 1, 2020 23,284 6.77 Granted – – Vested – – Forfeited – – Unvested on March 31, 2020 23,284 6.77 |
Note 9 - (Loss) _ Earnings Pe_2
Note 9 - (Loss) / Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months 2019 2020 Net (loss) / income (16,032 ) 1,957,095 Dividend Series B Preferred shares (471,114 ) (159,562 ) Net (loss) / income attributable to common shareholders (487,146 ) 1,797,533 Weighted average common shares – outstanding 1,542,508 5,576,960 Basic and diluted (loss) / earnings per share (0.32 ) 0.32 |
Note 10 - Financial Instrumen_2
Note 10 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative not Location of loss Three Months Three Months Interest rate swap contract– Unrealized gain Loss on derivative, net 18,754 – Interest rate swap contract - Realized loss Loss on derivative, net (21,548 ) – Total loss on derivative (2,794 ) – |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Shareholders Ownership, Percentage | 62.00% | ||
Working Capital Deficit | $ (18,100,000) | ||
Net Income (Loss) Attributable to Parent, Total | 1,957,095 | $ (16,032) | |
Net Income (Loss) Available to Common Stockholders, Basic, Total | 1,797,533 | (487,146) | |
Net Cash Provided by (Used in) Operating Activities, Total | 2,025,551 | $ (1,494,412) | |
Cash, Ending Balance | 500,000 | ||
Restricted Cash and Cash Equivalents, Total | $ 4,900,000 | ||
Series B Preferred Stock [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||
Series B Preferred Stock [Member] | Forecast [Member] | |||
Preferred Stock, Dividend Rate, Percentage | 14.00% |
Note 3 - Vessels, Net (Details
Note 3 - Vessels, Net (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Advance Received for Vessel Held for Sale | $ 1,133,817 |
Note 3 - Vessels, Net - Summary
Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net book value | $ 116,230,333 | |
Depreciation for the period | (1,727,085) | $ (798,712) |
Net book value | 112,858,218 | |
Vessels [Member] | ||
Costs | 132,863,067 | |
Accumulated depreciation | (16,632,734) | |
Net book value | 116,230,333 | |
Depreciation for the period | (1,727,085) | |
Capitalized expenses | 77,530 | |
Vessel held for sale | (3,750,233) | |
Vessel held for sale | 2,027,673 | |
Vessel held for sale | (1,722,560) | |
Costs | 129,190,364 | |
Accumulated depreciation | (16,332,146) | |
Net book value | $ 112,858,218 |
Note 4 - Fair Value of Below _2
Note 4 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Amortization of fair value of below market time charters acquired | $ 846,405 | ||
Below Market Time Charters Acquired, Noncurrent | $ 867,965 | $ 1,714,370 |
Note 5 - Related Party Transa_2
Note 5 - Related Party Transactions (Details Textual) | Jan. 01, 2018 | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Mar. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Nov. 01, 2019USD ($) | Sep. 30, 2019USD ($) |
Service Management Costs Daily Fee Related Party | € | € 685 | € 685 | ||||||
Related Party Agreement Term (Year) | 5 years | |||||||
Related Party Transaction Discount Percentage | 5.00% | |||||||
Due to Related Parties, Total | $ 2,663,367 | $ 795,562 | ||||||
Interest and Other Financing Costs, Related Party | 99,726 | $ 99,726 | ||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | 1,328,822 | 776,292 | ||||||
Eurobulk Ltd. [Member] | Fixed Management Fees [Member] | ||||||||
Related Party Transaction, Amounts of Transaction | $ 500,000 | 312,500 | ||||||
Eurochart [Member] | Vessel Sales [Member] | ||||||||
Related Party Transaction Commission, Percentage | 1.00% | 1.00% | ||||||
Eurochart [Member] | Charter Revenues [Member] | ||||||||
Related Party Transaction Commission, Percentage | 1.25% | 1.25% | ||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 201,642 | 109,112 | ||||||
Sentinel [Member] | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 11,687 | 16,732 | ||||||
Related Party Transaction Commission on Premium, Maximum, Percentage | 5.00% | 5.00% | ||||||
Technomar [Member] | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 58,350 | $ 32,614 | ||||||
Related Party Transaction Amounts of Transaction Per Crew Member Per Month | 50 | |||||||
Colby Trading Ltd [Member] | First Debt Agreement [Member] | ||||||||
Due to Related Parties, Total | $ 2,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Colby Trading Ltd [Member] | Second Debt Agreement [Member] | ||||||||
Due to Related Parties, Total | $ 2,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||
Colby Trading Ltd [Member] | First and Second Debt Agreement [Member] | ||||||||
Interest and Other Financing Costs, Related Party | $ 99,726 |
Note 6 - Long-term Bank Loans_2
Note 6 - Long-term Bank Loans (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Restricted Cash, Total | $ 4,410,376 | $ 4,410,376 | |
Interest Expense, Total | $ 1,251,412 | $ 710,649 | |
London Interbank Offered Rate (LIBOR) [Member] | Long-term Debt 1 [Member] | |||
Debt Instrument Variable Interest Rate | 1.80% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.60% | ||
Debt Instrument, Interest Rate During Period | 5.40% | ||
Minimum [Member] | |||
Debt Instrument, Security Cover Ratio Covenant | 120.00% | ||
Maximum [Member] | |||
Debt Instrument, Security Cover Ratio Covenant | 140.00% |
Note 6 - Long-term Bank Loans -
Note 6 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term debt, gross | $ 81,921,760 | $ 85,207,220 |
Less: Current portion | (13,416,840) | (12,541,840) |
Long-term portion | 68,504,920 | 72,665,380 |
Deferred charges, current portion | 246,520 | 246,520 |
Deferred charges, long-term portion | 416,439 | 477,595 |
Long-term bank loans, current portion net of deferred charges | 13,170,320 | 12,295,320 |
Long-term bank loans, long-term portion net of deferred charges | 68,088,481 | 72,187,785 |
Loan from related party, current | 2,663,367 | 795,562 |
Euroseas Ltd [Member] | ||
Loan from related party, current | 5,000,000 | 5,000,000 |
Diamantis Shipowners Ltd. [Member] | ||
Long-term debt, gross | 3,346,760 | 3,507,220 |
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member] | ||
Long-term debt, gross | 11,600,000 | 12,050,000 |
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member] | ||
Long-term debt, gross | $ 30,600,000 | $ 32,000,000 |
Note 6 - Long-term Bank Loans_3
Note 6 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Mar. 31, 2020USD ($) |
2022 | $ 27,566,840 |
2023 | 14,763,080 |
2024 | 26,175,000 |
Total | $ 81,921,760 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | Mar. 31, 2020 | Nov. 07, 2019 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements | $ 21,900,000 | |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Next Twelve Months | 20,300,000 | |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Next Two Years | 1,600,000 | |
Purchase of Vessels [Member] | ||
Cash Issued Per Vessel Purchased | $ 500,000 | |
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member] | ||
Restricted Cash and Investments, Total | 530,000 | |
Estimated Litigation Liability | $ 150,000 |
Note 8 - Stock Incentive Plan_2
Note 8 - Stock Incentive Plan (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 110,716 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 233 days | |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expense | $ 30,404 | $ 24,862 |
Note 8 - Stock Incentive Plan -
Note 8 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Unvested (in shares) | shares | 23,284 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.77 |
Granted (in shares) | shares | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Unvested (in shares) | shares | 23,284 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 6.77 |
Note 9 - (Loss) _ Earnings Pe_3
Note 9 - (Loss) / Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | ||
Unvested Incentive Award Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 23,284 | 21,948 |
Note 9 - (Loss) _ Earnings Pe_4
Note 9 - (Loss) / Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss) / income | $ 1,957,095 | $ (16,032) |
Dividend Series B Preferred shares | (159,562) | (471,114) |
Net (loss) / income attributable to common shareholders | $ 1,797,533 | $ (487,146) |
Weighted average common shares – outstanding (in shares) | 5,576,960 | 1,542,508 |
Basic and diluted (loss) / earnings per share (in dollars per share) | $ 0.32 | $ (0.32) |
Note 10 - Financial Instrumen_3
Note 10 - Financial Instruments (Details Textual) xbrli-pure in Thousands, $ in Millions | Mar. 31, 2020USD ($) | Dec. 31, 2019 |
Long-term Debt, Fair Value | $ 81.6 | |
Difference Between Fair Value and Carrying Value | 0.2 | |
Long-term Debt, Total | $ 81.9 | |
Interest Rate Swap [Member] | ||
Derivative, Number of Instruments Held, Total | 0 | 0 |
Note 10 - Financial Instrumen_4
Note 10 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Gain (loss) on derivatives | $ (2,794) |
Interest Rate Swap Contracts, Fair Value [Member] | |
Gain (loss) on derivatives | 18,754 |
Interest Rate Contracts, Realized (Loss) / Gain [Member] | |
Gain (loss) on derivatives | $ (21,548) |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Interest Rate Swap With Eurobank [Member] - Subsequent Event [Member] $ in Millions | Apr. 24, 2020USD ($) |
Derivative, Notional Amount | $ 30 |
Derivative, Fixed Interest Rate | 0.78% |