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ESEA Euroseas

Document And Entity Information

Document And Entity Information9 Months Ended
Sep. 30, 2020
Document Information [Line Items]
Entity Registrant NameEUROSEAS LTD.
Entity Central Index Key0001341170
Current Fiscal Year End Date--12-31
Document Type6-K
Document Period End DateSep. 30,
2020
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ3
Amendment Flagfalse

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)Sep. 30, 2020Dec. 31, 2019
Current assets
Cash and cash equivalents $ 2,271,069 $ 985,418
Trade accounts receivable, net1,114,449 715,097
Other receivables1,552,352 1,570,506
Inventories2,214,978 1,889,164
Restricted cash208,593 610,376
Prepaid expenses300,203 526,531
Total current assets7,661,644 6,297,092
Long-term assets:
Vessels, net103,068,797 116,230,333
Restricted cash2,334,267 4,334,267
Total assets113,064,708 126,861,692
Current liabilities
Long-term bank loans, current portion10,059,860 12,295,320
Related party loan, current4,375,000 5,000,000
Trade accounts payable2,717,260 3,899,967
Accrued expenses1,491,029 1,725,321
Accrued preferred dividends 161,315
Derivative336,420
Deferred revenues550,298 973,774
Due to related company328,133 795,562
Total current liabilities19,858,000 24,851,259
Long-term liabilities
Long-term bank loans, net of current portion60,563,619 72,187,785
Derivative246,430
Fair value of below market time charters acquired240,639 1,714,370
Total long-term liabilities61,050,688 73,902,155
Total liabilities80,908,688 98,753,414
Commitments and Contingencies
Mezzanine Equity
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,000 and 8,363 issued and outstanding, respectively)8,019,636 7,654,577
Shareholders’ equity
Common stock (par value $0.03, 200,000,000 shares authorized, 5,600,259 and 5,800,259 issued and outstanding)174,008 168,008
Additional paid-in capital254,702,888 253,967,708
Accumulated deficit(230,740,512)(233,682,015)
Total shareholders’ equity24,136,384 20,453,701
Total liabilities, mezzanine equity and shareholders’ equity $ 113,064,708 $ 126,861,692

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / sharesSep. 30, 2020Dec. 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)8,363 8,000
Preferred stock, shares outstanding (in shares)8,363 8,000
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)5,800,259 5,600,259
Common stock, shares outstanding (in shares)5,800,259 5,600,259

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Time charter revenue $ 43,148,575 $ 27,952,803
Commissions (including $349,410 and $539,357, respectively, to related party)(1,878,833)(1,234,728)
Net revenue41,269,742 26,718,075
Operating expenses
Voyage expenses1,290,792 737,952
Vessel operating expenses (including $113,662 and $240,764, respectively, to related party)24,710,877 16,114,329
Dry-docking expenses437,106 1,181,614
Vessel depreciation5,001,837 2,687,550
Related party management fees4,048,805 2,496,070
Net gain on sale of vessels(1,305,016)
General and administrative expenses (including $937,500 and $1,500,000, respectively, to related party)2,274,205 1,913,764
Other operating income(2,687,205)
Loss on write-down of vessel held for sale121,165
Total operating expenses33,892,566 25,131,279
Operating income7,377,176 1,586,796
Other income/(expenses)
Interest and other financing costs (including $0 and $287,672, respectively, to related party)(3,320,074)(2,272,181)
Loss on debt extinguishment (328,291)
Loss on derivative, net(564,631)(2,885)
Foreign exchange gain / (loss)(42,538)7,875
Interest income16,191 91,141
Other expenses, net(3,911,052)(2,504,341)
Net (loss) / income3,466,124 (917,545)
Dividend Series B Preferred shares(524,621)(1,110,467)
Preferred deemed dividend (504,577)
Earnings / Net (loss) / income attributable to common shareholders $ 2,941,503 $ (2,532,589)
Weighted average number of shares outstanding during the period, basic & diluted (in shares)5,621,159 2,129,233
(Loss) / earnings per share attributable to the common shareholders, basic and diluted (in dollars per share) $ 0.52 $ (1.19)

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Commissions, related party $ 539,357 $ 349,410
Vessel operating expenses, related party240,764 113,662
Gain on sale of vessel to related party80,161
Other general and administrative expenses, related party1,500,000 937,500
Interest and other financing costs, related party $ 287,672 $ 0

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] (917,545)(917,545)
Dividends to Series B preferred shares [1] (1,110,467)(1,110,467)
Preferred deemed dividend [1] (504,577)(504,577)
Issuance of shares for vessel acquisitions (in shares)[1]2,816,901
Issuance of shares for vessel acquisitions $ 84,507 [1]13,134,155 13,218,662
Share-based compensation [1]72,404 72,404
Balance (in shares) at Sep. 30, 2019[1]4,381,357
Balance at Sep. 30, 2019 $ 131,441 [1]247,203,228 (232,755,574)14,579,095
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] 3,466,124 3,466,124
Dividends to Series B preferred shares [1] (524,621)(524,621)
Share-based compensation [1]91,546 91,546
Offering expenses [1](65,916) (65,916)
Issuance of shares sold at the market (ATM), net of issuance costs (in shares)[1]200,000
Issuance of shares sold at the market (ATM), net of issuance costs $ 6,000 [1]709,550 715,550
Balance (in shares) at Sep. 30, 2020[1]5,800,259
Balance at Sep. 30, 2020 $ 174,008 [1] $ 254,702,888 $ (230,740,512) $ 24,136,384
[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 ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash flows from operating activities:
Net (loss) / income $ 3,466,124 $ (917,545)
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
Vessel depreciation(5,001,837)(2,687,550)
Amortization of deferred charges216,524 154,959
Share-based compensation91,546 72,404
Net gain on sale of vessels(1,305,016)
Loss on write-down of vessel held for sale121,165
Gain on hull and machinery claim(2,687,205)
Amortization of fair value of below market time charters acquired(1,473,731)(184,950)
Unrealized (gain) / loss on derivative582,850 (41,435)
Amortization of debt discount 95,214
Loss on debt extinguishment 328,291
Changes in operating assets and liabilities(2,309,846)739,918
Net cash provided by operating activities1,704,248 2,934,406
Cash flows from investing activities:
Cash paid for vessel acquisition and capitalized expenses(451,846)(15,153,626)
Proceeds from sale of vessels9,752,649
Insurance proceeds2,226,140
Net cash (used in) / provided by investing activities11,526,943 (15,153,626)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of commissions paid715,550
Redemption of Series B preferred shares (11,686,000)
Preferred dividends paid(320,877)(870,512)
Loan arrangement fees paid (214,500)
Offering expenses paid(40,846)
Proceeds from long-term bank loans 28,167,680
Proceeds from related party loan 2,500,000
Repayment of long-term bank loans and vessel profit participation liability(14,076,150)(11,516,000)
Repayment of related party loan(625,000)
Net cash provided by / (used in) financing activities(14,347,323)6,380,668
Net decrease in cash and cash equivalents and restricted cash(1,116,132)(5,838,552)
Cash, cash equivalents and restricted cash at beginning of period5,930,061 13,211,588
Cash, cash equivalents and restricted cash at end of period4,813,929 7,373,036
Cash breakdown
Cash and cash equivalents2,271,069 3,164,030
Restricted cash, current208,593 624,739
Restricted cash, long term2,334,267 3,584,267
Cash, cash equivalents and restricted cash at end of period $ 4,813,929 $ 7,373,036

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information9 Months Ended
Sep. 30, 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 5 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, own 62% September 30, 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 nine September 30, 2020 not December 31, 2020. As of September 30, 2020, $12.2 nine September 30, 2020, $3.5 $2.9 $1.7 $2.3 $2.5 September 30, 2020. 12 not may twelve

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]2. A summary of the Company's significant accounting policies and recent accounting pronouncements is identified in Note 2 20 December 31, 2019 ( " 2019 " no nine September 30, 2020, Reference Rate Reform (Topic 848 In March 2020, No. 2020 04, 848 2020 04" 2020 04 March 12, 2020 December 31, 2022. may

Note 3 - Vessels, Net

Note 3 - Vessels, Net9 Months Ended
Sep. 30, 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 Depreciation Net Book Value Balance, January 1, 2020 132,863,067 (16,632,734 ) 116,230,333 Depreciation for the period - (5,001,837 ) (5,001,837 ) Capitalized expenses 408,974 - 408,974 Sale of vessels (13,402,114 ) 4,833,441 (8,568,673 ) Balance, September 30, 2020 119,869,927 (16,801,130 ) 103,068,797 In January 2020, 2,506 2000 July 6, 2020, $3.7 6 June 30, 2020 $3.7 $0.1 $3.8 $0.1 In February 2020, 1,452 1995 April 7, 2020, not 19 $1,133,817 June 19, 2020, $2.0 $0.3 On June 30, 2020 1,169 1993 June 30, 2020, $1.6 July 13, 2020, $1.9 $0.3 On September 17, 2020 1,169 1990 September 30, 2020. $2.3 $0.8 As of September 30, 2020 7

Note 4 - Fair Value of Below Ma

Note 4 - Fair Value of Below Market Time Charters Acquired9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Below Market Time Charters Acquired [Text Block]4. Fair Value of Below Market Time Charters Acquired Details of the Company's fair value of below market acquired time charters are discussed in Note 6 December 31, 2019, 2019 For the nine September 30, 2020, $1,473,731 The unamortized balance of this intangible liability as of September 30, 2020 $240,639 2020.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions9 Months Ended
Sep. 30, 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 nine September 30, 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 nine September 30, 2019 2020 $2,496,070 $4,048,805 nine September 30, 2019 2020, The MMA was further renewed on January 1, 2018 five January 1, 2023 5% 685 2020 may In addition to the vessel management services, the Management Company provides the Company with the services of its executives, services associated with the Company being a public company and other services to the Company's subsidiaries. For the nine September 30, 2019 2020, $937,500 $1,500,000, in the unaudited condensed consolidated statements of operations 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 June 30, 2020 $795,562 $328,133, 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% $80,161 nine September 30, 2020. in the unaudited condensed consolidated statements of operations. $349,410 $539,357 nine September 30, 2019 2020, in the unaudited condensed consolidated statements of operations. 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 $34,743 $78,919 first nine 2019, first nine 2020, $106,699 $161,845, On September 30, 2019, $2.5 first May 15, 2020 three November 2020. November 1, 2019, second $2.5 no December 31, 2020, 8% $287,672 nine September 30, 2020.

Note 6 - Other Operating Income

Note 6 - Other Operating Income9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Other Operating Income and Expense [Text Block]6. Other operating income In January 2020, $2.7 September 30, 2020, $2.2 September 30, 2020, $0.8 $0.3 $2.7

Note 7 - Long-term Debt

Note 7 - Long-term Debt9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]7. Long-Term Debt Long-term debt represents bank loans of the Company. Outstanding long-term debt as of December 31, 2019 September 30, 2020 Borrower December 31, September 30, 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 28,375,000 Diamantis Shipowners Ltd. 3,507,220 3,106,300 Spetses Shipowners Ltd., Kea Shipowners Ltd., Hydra Shipowners Ltd. 12,050,000 11,150,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 32,000,000 28,500,000 85,207,220 71,131,300 Less: Current portion (12,541,840 ) (10,306,380 ) Long-term portion 72,665,380 60,824,920 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 477,595 261,301 Long-term bank loans, current portion net of deferred charges 12,295,320 10,059,860 Long-term bank loans, long-term portion net of deferred charges 72,187,785 60,563,619 Loan from related party, current Euroseas Ltd. 5,000,000 4,375,000 The future annual loan repayments are as follows: To September 30: 2021 10,306,380 2022 21,674,690 2023 19,450,230 2024 19,700,000 Total 71,131,300 Details of the loans are discussed in Note 8 December 31, 2019 2019 During the second 2020 July 2020, 2020 $5.2 December 2021 2022. 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 $2,008,593 December 31, 2019 September 30, 2020, September 30, 2020, Interest expense, including loan fee amortization for the nine September 30, 2019 2020 $2,272,181 $3,320,074,

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]8. Commitments and Contingencies (a) As of September 30, 2020 October 2009 November 2009 $0.53 $0.15 may (b) On November 7, 2019 1 4 2019 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 specific contingency was resolved on November 16, 2020 November 15, 2020 ( 12 There are no not As of September 30, 2020, $17.0 $16.5 twelve September 30, 2021 $0.5 twelve September 30, 2022. one may not not

Note 9 - Stock Incentive Plan

Note 9 - Stock Incentive Plan9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]9. Stock Incentive Plan A summary of the status of the Company's unvested shares as of January 1, 2020, nine September 30, 2020, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2020 23,304 6.77 Granted - - Vested (7,729 ) 8.56 Forfeited - - Unvested on September 30, 2020 15,575 5.88 As of September 30, 2020, $49,575 0.4 nine September 30, 2019 2020 $72,404 $91,546,

Note 10 - (Loss) Earnings Per S

Note 10 - (Loss) Earnings Per Share9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]10. (Loss) / Earnings Per Share Basic and diluted (loss)/earnings per common share is computed as follows: For the nine months 2019 2020 Net (loss) / income (917,545 ) 3,466,124 Dividend Series B Preferred shares (1,110,467 ) (524,621 ) Preferred deemed dividend (504,577 ) - Net (loss) / income attributable to common shareholders (2,532,589 ) 2,941,503 Weighted average common shares – outstanding 2,129,233 5,621,159 Basic and diluted (loss) / earnings per share (1.19 ) 0.52 The Company excluded the effect of 15,555 September 30, 2020 11,278 September 30, 2019, nil nine September 30, 2019 2020.

Note 11 - Financial Instruments

Note 11 - Financial Instruments9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Financial Instruments Disclosure [Text Block]11. 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, derivatives, trade accounts payable, accrued expenses and amount due to related company. Interest rate risk The Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long-term bank loans. Under the terms of the interest rate swaps the Company and the bank agree to exchange, at specified intervals the difference between a paying fixed rate and 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 the interest rate swaps were entered into for economic hedging purposes, the derivatives described below in this note do not Derivatives and Hedging not September 30, 2020, one $30.0 Concentration of credit risk Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company's investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not Fair value of financial instruments The 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 September 30, 2020, 1 $71.36 September 30, 2020 $0.23 $71.13 2 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 agreement is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 2 Derivative not designated as hedging instrument Location of gain / (loss) recognized Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Interest rate swap contract – Unrealized gain / (loss) Loss on derivative, net 41,435 (582,850) Interest rate swap contract - Realized (loss) / gain Loss on derivative, net (44,320) 18,219 Total loss on derivative (2,885) (564,631) Asset Measured at Fair Value on a Non-recurring Basis As of June 30, 2020 $3.77 $3.87 $0.22 $0.12 2. Nonrecurring Fair Value Measurements at Reporting Date September 30, 2020 Fair Value Level 1 Level 2 Level 3 Loss 2020 Vessel held for sale $ 3,873,406 - $ 3,873,406 - $ 121,165

Note 12 - Subsequent Events

Note 12 - Subsequent Events9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]12. The following events occurred after September 30, 2020: (a) In October 2020, $4.9 $3.75 November 9, 2020. (b) In November 2020, 8 $0.5 four November 2019 161,357

Significant Accounting Policies

Significant Accounting Policies (Policies)9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]Reference Rate Reform (Topic 848 In March 2020, No. 2020 04, 848 2020 04" 2020 04 March 12, 2020 December 31, 2022. may

Note 3 - Vessels, Net (Tables)

Note 3 - Vessels, Net (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block] Costs Accumulated Depreciation Net Book Value Balance, January 1, 2020 132,863,067 (16,632,734 ) 116,230,333 Depreciation for the period - (5,001,837 ) (5,001,837 ) Capitalized expenses 408,974 - 408,974 Sale of vessels (13,402,114 ) 4,833,441 (8,568,673 ) Balance, September 30, 2020 119,869,927 (16,801,130 ) 103,068,797

Note 7 - Long-term Debt (Tables

Note 7 - Long-term Debt (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block] Borrower December 31, September 30, 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 28,375,000 Diamantis Shipowners Ltd. 3,507,220 3,106,300 Spetses Shipowners Ltd., Kea Shipowners Ltd., Hydra Shipowners Ltd. 12,050,000 11,150,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 32,000,000 28,500,000 85,207,220 71,131,300 Less: Current portion (12,541,840 ) (10,306,380 ) Long-term portion 72,665,380 60,824,920 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 477,595 261,301 Long-term bank loans, current portion net of deferred charges 12,295,320 10,059,860 Long-term bank loans, long-term portion net of deferred charges 72,187,785 60,563,619 Loan from related party, current Euroseas Ltd. 5,000,000 4,375,000
Schedule of Future Annual Loan Repayments [Table Text Block] To September 30: 2021 10,306,380 2022 21,674,690 2023 19,450,230 2024 19,700,000 Total 71,131,300

Note 9 - Stock Incentive Plan (

Note 9 - Stock Incentive Plan (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Schedule of Nonvested Share Activity [Table Text Block] Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2020 23,304 6.77 Granted - - Vested (7,729 ) 8.56 Forfeited - - Unvested on September 30, 2020 15,575 5.88

Note 10 - (Loss) Earnings Per_2

Note 10 - (Loss) Earnings Per Share (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] For the nine months 2019 2020 Net (loss) / income (917,545 ) 3,466,124 Dividend Series B Preferred shares (1,110,467 ) (524,621 ) Preferred deemed dividend (504,577 ) - Net (loss) / income attributable to common shareholders (2,532,589 ) 2,941,503 Weighted average common shares – outstanding 2,129,233 5,621,159 Basic and diluted (loss) / earnings per share (1.19 ) 0.52

Note 11 - Financial Instrumen_2

Note 11 - Financial Instruments (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Derivative Instruments, Gain (Loss) [Table Text Block] Derivative not designated as hedging instrument Location of gain / (loss) recognized Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Interest rate swap contract – Unrealized gain / (loss) Loss on derivative, net 41,435 (582,850) Interest rate swap contract - Realized (loss) / gain Loss on derivative, net (44,320) 18,219 Total loss on derivative (2,885) (564,631)
Fair Value Measurements, Nonrecurring [Table Text Block] September 30, 2020 Fair Value Level 1 Level 2 Level 3 Loss 2020 Vessel held for sale $ 3,873,406 - $ 3,873,406 - $ 121,165

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Shareholders Ownership, Percentage62.00%
Working Capital Deficit $ (12,200,000)
Net Income (Loss) Attributable to Parent, Total3,466,124 $ (917,545)
Net Income (Loss) Available to Common Stockholders, Basic, Total2,941,503 (2,532,589)
Net Cash Provided by (Used in) Operating Activities, Total1,704,248 $ 2,934,406
Cash, Ending Balance2,300,000
Restricted Cash and Cash Equivalents, Total $ 2,500,000

Note 3 - Vessels, Net (Details

Note 3 - Vessels, Net (Details Textual) - USD ($)Sep. 17, 2020Jul. 13, 2020Jul. 06, 2020Jun. 19, 2020Jun. 30, 2020Sep. 30, 2020Sep. 30, 2019
Proceeds from Sale of Property, Plant, and Equipment, Total $ 9,752,649
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property1,305,016
M/V EM Oinousses [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total $ 3,700,000
Property, Plant, and Equipment, Fair Value Disclosure $ 3,870,000 3,700,000
Impairment of Long-Lived Assets to be Disposed of120,000 100,000
Assets Held-for-sale, Not Part of Disposal Group, Current, Total3,770,000 3,800,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property(100,000)
M/V Manolis P [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total $ 2,000,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property $ 300,000
Advance Received for Vessel Held for Sale $ 1,133,817
M/V Kuo Hsiung [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total $ 1,900,000
Assets Held-for-sale, Not Part of Disposal Group, Current, Total $ 1,600,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property $ 300,000
Ninos [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total $ 2,300,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property $ 800,000

Note 3 - Vessels, Net - Summary

Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Net book value $ 116,230,333
Depreciation for the period(5,001,837) $ (2,687,550)
Net book value103,068,797
Vessels [Member]
Costs132,863,067
Accumulated depreciation(16,632,734)
Net book value116,230,333
Depreciation for the period(5,001,837)
Capitalized expenses408,974
Sale of vessels(13,402,114)
Sale of vessels4,833,441
Sale of vessels(8,568,673)
Costs119,869,927
Accumulated depreciation(16,801,130)
Net book value $ 103,068,797

Note 4 - Fair Value of Below _2

Note 4 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019Dec. 31, 2019
Amortization of fair value of below market time charters acquired $ 1,473,731 $ 184,950
Below Market Time Charters Acquired, Noncurrent $ 240,639 $ 1,714,370

Note 5 - Related Party Transa_2

Note 5 - Related Party Transactions (Details Textual)Jan. 01, 2018Sep. 30, 2020USD ($)Sep. 30, 2019USD ($)Sep. 30, 2019EUR (€)Dec. 31, 2019USD ($)Nov. 01, 2019USD ($)
Service Management Costs Daily Fee Related Party | € € 685
Related Party Agreement Term (Year)5 years
Related Party Transaction Discount Percentage5.00%
Due to Related Parties, Total $ 328,133 $ 795,562
Sales Commissions and Fees1,878,833 $ 1,234,728
Interest and Other Financing Costs, Related Party287,672 0
M/V Manolis P, M/V Kuo Hsiung and M/V EM Oinousses [Member]
Sales Commissions and Fees80,161
Eurobulk Ltd. [Member] | Vessel Management Fees [Member]
Related Party Transaction, Amounts of Transaction4,048,805 2,496,070
Eurobulk Ltd. [Member] | Fixed Management Fees [Member]
Related Party Transaction, Amounts of Transaction $ 1,500,000 937,500
Eurochart [Member] | Vessel Sales [Member]
Related Party Transaction Commission, Percentage1.00%
Eurochart [Member] | Charter Revenues [Member]
Related Party Transaction Commission, Percentage1.25%
Related Party Transaction, Expenses from Transactions with Related Party $ 539,357 349,410
Sentinel [Member]
Related Party Transaction, Expenses from Transactions with Related Party $ 106,699 34,743
Related Party Transaction Commission on Premium, Maximum, Percentage5.00%
Technomar [Member]
Related Party Transaction, Expenses from Transactions with Related Party $ 161,845 78,919
Related Party Transaction Amounts of Transaction Per Crew Member Per Month50
Colby Trading Ltd [Member] | First Debt Agreement [Member]
Due to Related Parties, Total $ 2,500,000
Colby Trading Ltd [Member] | Second Debt Agreement [Member]
Due to Related Parties, Total $ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage8.00%
Colby Trading Ltd [Member] | First and Second Debt Agreement [Member]
Interest and Other Financing Costs, Related Party $ 287,672

Note 6 - Other Operating Inco_2

Note 6 - Other Operating Income (Details Textual) - M/V EM Oinousses [Member] - USD ($) $ in Millions1 Months Ended9 Months Ended
Jan. 31, 2020Sep. 30, 2020
Vessel Evaluation, Unrepaired Damage Claim $ 2.7
Vessel Evaluation, Damage Repair Paid $ 2.2
Vessel Evaluation, Receivable0.8
Vessel Evaluation, General Average Claim0.3
Other Operating Income [Member]
Vessel Evaluation, Other Operating Income $ 2.7

Note 7 - Long-term Debt (Detail

Note 7 - Long-term Debt (Details Textual) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019Jul. 31, 2020
Debt Instrument, Deferred Debt Amount $ 5,200,000
Restricted Cash, Total $ 2,008,593 $ 4,410,376
Interest Expense, Total $ 3,320,074 $ 2,272,181
Minimum [Member]
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts120.00%
Maximum [Member]
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts140.00%

Note 7 - Long-term Debt - Summa

Note 7 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($)Sep. 30, 2020Dec. 31, 2019
Long-term debt, gross $ 71,131,300 $ 85,207,220
Less: Current portion(10,306,380)(12,541,840)
Long-term portion60,824,920 72,665,380
Deferred charges, current portion246,520 246,520
Deferred charges, long-term portion261,301 477,595
Long-term bank loans, current portion net of deferred charges10,059,860 12,295,320
Long-term bank loans, long-term portion net of deferred charges60,563,619 72,187,785
Loan from related party, current328,133 795,562
Euroseas Ltd [Member]
Loan from related party, current4,375,000 5,000,000
Debt Agreement With 11 Borrowers [Member]
Long-term debt, gross28,375,000 37,650,000
Diamantis Shipowners Ltd. [Member]
Long-term debt, gross3,106,300 3,507,220
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member]
Long-term debt, gross11,150,000 12,050,000
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member]
Long-term debt, gross $ 28,500,000 $ 32,000,000

Note 7 - Long-term Debt - Sum_2

Note 7 - Long-term Debt - Summary of Future Annual Loan Repayments for Long-term Debt (Details)Sep. 30, 2020USD ($)
2021 $ 10,306,380
202221,674,690
202319,450,230
202419,700,000
Total $ 71,131,300

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)Sep. 30, 2020Nov. 07, 2019
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements $ 17,000,000
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Next Twelve Months16,500,000
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Next Two Years500,000
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, Total530,000
Estimated Litigation Liability $ 150,000

Note 9 - Stock Incentive Plan_2

Note 9 - Stock Incentive Plan (Details Textual) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total $ 49,575
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)146 days
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense $ 91,546 $ 72,404

Note 9 - Stock Incentive Plan -

Note 9 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member]9 Months Ended
Sep. 30, 2020$ / sharesshares
Unvested (in shares) | shares23,304
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(7,729)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares $ 8.56
Forfeited (in shares) | shares
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares
Unvested (in shares) | shares15,575
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares $ 5.88

Note 10 - (Loss) Earnings Per_3

Note 10 - (Loss) Earnings Per Share (Details Textual) - shares9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Weighted Average Number of Shares Outstanding, Diluted, Total (in shares)0 0
Unvested Incentive Award Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)15,555 11,278

Note 10 - (Loss) Earnings Per_4

Note 10 - (Loss) Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Net (loss) / income $ 3,466,124 $ (917,545)
Dividend Series B Preferred shares(524,621)(1,110,467)
Preferred deemed dividend (504,577)
Net (loss) / income attributable to common shareholders $ 2,941,503 $ (2,532,589)
Weighted average common shares – outstanding (in shares)5,621,159 2,129,233
Basic and diluted (loss) / earnings per share (in dollars per share) $ 0.52 $ (1.19)

Note 11 - Financial Instrumen_3

Note 11 - Financial Instruments (Details Textual)6 Months Ended9 Months Ended
Jun. 30, 2020USD ($)Sep. 30, 2020USD ($)
Long-term Debt, Fair Value $ 71,360,000
Difference Between Fair Value and Carrying Value230,000
Long-term Debt, Total71,130,000
M/V EM Oinousses [Member]
Assets Held-for-sale, Not Part of Disposal Group, Current, Total $ 3,770,000 3,800,000
Property, Plant, and Equipment, Fair Value Disclosure3,870,000 3,700,000
Vessel Held for Sale, Estimated Sale Costs220,000
Impairment of Long-Lived Assets to be Disposed of $ 120,000 $ 100,000
Interest Rate Swap [Member]
Derivative, Number of Instruments Held, Total1
Derivative, Notional Amount $ 30,000,000

Note 11 - Financial Instrumen_4

Note 11 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Gain (loss) on derivatives $ (564,631) $ (2,885)
Interest Rate Contracts, Unrealized (Loss) / Gain [Member]
Gain (loss) on derivatives(582,850)41,435
Interest Rate Contracts, Realized (Loss) / Gain [Member]
Gain (loss) on derivatives $ 18,219 $ (44,320)

Note 11 - Financial Instrumen_5

Note 11 - Financial Instruments - Fair Value of Company's Investments (Details) - USD ($)9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Vessels held for sale, impairment loss $ 121,165
Fair Value, Nonrecurring [Member] | Vessels [Member]
Vessel held for sale3,873,406
Vessels held for sale, impairment loss121,165
Fair Value, Nonrecurring [Member] | Vessels [Member] | Fair Value, Inputs, Level 1 [Member]
Vessel held for sale
Fair Value, Nonrecurring [Member] | Vessels [Member] | Fair Value, Inputs, Level 2 [Member]
Vessel held for sale3,873,406
Fair Value, Nonrecurring [Member] | Vessels [Member] | Fair Value, Inputs, Level 3 [Member]
Vessel held for sale

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual)1 Months Ended9 Months Ended
Nov. 30, 2020USD ($)sharesOct. 31, 2020USD ($)Nov. 30, 2019Sep. 30, 2020USD ($)Sep. 30, 2019USD ($)
Proceeds from Sale of Property, Plant, and Equipment, Total $ 9,752,649
Synergy Keelung, Synergy Oakland, Synergy Busan and Synergy Antwerp [Member]
Number of Vessels Acquired4
Subsequent Event [Member] | MV EM Athens [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total $ 4,900,000
Repayments of Debt $ 3,750,000
Subsequent Event [Member] | Synergy Keelung, Synergy Oakland, Synergy Busan and Synergy Antwerp [Member]
Stock Issued During Period, Value, Vessel Acquisition, Per Vessel $ 0.50
Stock Issued During Period, Shares, Vessel Acquisition (in shares) | shares161,357