Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 3,629,150 | $ 3,559,399 |
Trade accounts receivable, net | 1,399,710 | 2,013,023 |
Other receivables | 2,093,941 | 1,866,624 |
Inventories | 1,638,868 | 1,662,422 |
Restricted cash | 341,432 | 345,010 |
Prepaid expenses | 420,454 | 244,315 |
Total current assets | 9,523,555 | 9,690,793 |
Long-term assets: | ||
Vessels, net | 97,107,065 | 98,458,447 |
Restricted cash | 2,434,267 | 2,433,768 |
Derivative | 191,825 | |
Total assets | 109,256,712 | 110,583,008 |
Current liabilities | ||
Long-term bank loans, current portion | 21,145,320 | 20,645,320 |
Related party loan, current | 2,500,000 | |
Trade accounts payable | 2,376,280 | 2,854,377 |
Accrued expenses | 1,536,931 | 1,300,420 |
Accrued preferred dividends | 215,338 | 168,676 |
Deferred revenues | 629,969 | 949,364 |
Derivative | 229,798 | 203,553 |
Due to related company | 1,769,238 | 24,072 |
Total current liabilities | 27,902,874 | 28,645,782 |
Long-term liabilities | ||
Long-term bank loans, net of current portion | 43,583,848 | 46,220,028 |
Derivative | 362,195 | |
Total long-term liabilities | 43,583,848 | 46,582,223 |
Total liabilities | 71,486,722 | 75,228,005 |
Commitments and Contingencies | ||
Mezzanine Equity | ||
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,365 and 6,365 issued and outstanding) | 6,105,992 | 8,019,636 |
Shareholders’ equity | ||
Common stock (par value $0.03, 200,000,000 shares authorized, 6,708,946 and 6,791,847 issued and outstanding) | 203,755 | 201,268 |
Additional paid-in capital | 258,228,672 | 257,467,980 |
Accumulated deficit | (226,768,429) | (230,333,881) |
Total shareholders’ equity | 31,663,998 | 27,335,367 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 109,256,712 | $ 110,583,008 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 6,365 | 8,365 |
Preferred stock, shares outstanding (in shares) | 6,365 | 8,365 |
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) | 6,791,847 | 6,708,946 |
Common stock, shares outstanding (in shares) | 6,791,847 | 6,708,946 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Time charter revenue | $ 14,916,567 | $ 16,131,322 |
Commissions (including $201,642 and $151,526, respectively, to related party) | (607,249) | (698,515) |
Net revenue | 14,309,318 | 15,432,807 |
Operating expenses/ (income) | ||
Voyage expenses | 127,409 | 314,554 |
Vessel operating expenses (including $70,037 and $59,220, respectively, to related party) | 6,864,353 | 8,037,863 |
Dry-docking expenses | 82,209 | 23,823 |
Vessel depreciation | 1,596,543 | 1,727,085 |
Related party management fees | 1,086,405 | 1,328,822 |
Loss on sale of vessel | 9,417 | |
General and administrative expenses (including $500,000 to related party) | 760,977 | 802,376 |
Other operating income | (216,496) | |
Total operating expenses, net | 10,310,817 | 12,234,523 |
Operating income | 3,998,501 | 3,198,284 |
Other income/(expenses) | ||
Interest and other financing costs (including $99,726 and $50,000 to related party) | (694,307) | (1,251,412) |
Gain on derivative, net | 484,910 | |
Foreign exchange gain / (loss) | (241) | 1,628 |
Interest income | 1,214 | 8,595 |
Other expenses, net | (208,424) | (1,241,189) |
Net income | 3,790,077 | 1,957,095 |
Dividend Series B Preferred shares | (138,269) | (159,562) |
Preferred deemed dividend | (86,356) | |
Net income attributable to common shareholders | $ 3,565,452 | $ 1,797,533 |
Earnings per share attributable to common shareholders, basic and diluted (in dollars per share) | $ 0.53 | $ 0.32 |
Weighted average number of shares outstanding during the period, basic (in shares) | 6,711,408 | 5,576,960 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 6,749,393 | 5,576,960 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Commissions, related party | $ 151,526 | $ 201,642 |
Vessel operating expenses, related party | 59,220 | 70,037 |
General and administrative expenses, related party | 500,000 | 500,000 |
Interest and other financing costs, related party | $ 50,000 | $ 99,726 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 5,600,259 | |||
Balance at Dec. 31, 2019 | $ 168,008 | $ 253,967,708 | $ (233,682,015) | $ 20,453,701 |
Net income (loss) | 1,957,095 | 1,957,095 | ||
Dividends to Series B preferred shares | (159,562) | (159,562) | ||
Share-based compensation | 30,404 | 30,404 | ||
Balance (in shares) at Mar. 31, 2020 | 5,600,259 | |||
Balance at Mar. 31, 2020 | $ 168,008 | 253,998,112 | (231,884,482) | 22,281,638 |
Balance (in shares) at Dec. 31, 2020 | 6,708,946 | |||
Balance at Dec. 31, 2020 | $ 201,268 | 257,467,980 | (230,333,881) | 27,335,367 |
Net income (loss) | 3,790,077 | 3,790,077 | ||
Dividends to Series B preferred shares | (138,269) | (138,269) | ||
Share-based compensation | 28,765 | 28,765 | ||
Preferred deemed dividend | (86,356) | (86,356) | ||
Issuance of shares sold at the market (ATM), net of issuance costs (in shares) | 82,901 | |||
Issuance of shares sold at the market (ATM), net of issuance costs | $ 2,487 | 731,927 | 734,414 | |
Balance (in shares) at Mar. 31, 2021 | 6,791,847 | |||
Balance at Mar. 31, 2021 | $ 203,755 | $ 258,228,672 | $ (226,768,429) | $ 31,663,998 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 3,790,077 | $ 1,957,095 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Vessel depreciation | (1,596,543) | (1,727,085) |
Amortization of deferred charges | 49,280 | 61,156 |
Share-based compensation | 28,765 | 30,404 |
Loss on sale of vessel | 9,417 | |
Unrealized gain on derivative | (527,775) | |
Amortization of fair value of below market time charters acquired | (846,405) | |
Changes in operating assets and liabilities | 1,422,694 | (903,784) |
Net cash provided by operating activities | 6,369,001 | 2,025,551 |
Cash flows from investing activities: | ||
Cash paid for vessels capitalized expenses | (208,457) | (149,420) |
Advance received for vessel held for sale | 1,133,817 | |
Net cash provided by / (used in) investing activities | (208,457) | 984,397 |
Cash flows from financing activities: | ||
Redemption of Series B preferred shares | (2,000,000) | |
Proceeds from issuance of common stock, net of commissions paid | 743,552 | |
Preferred dividends paid | (91,607) | (161,315) |
Offering expenses paid | (60,357) | (40,486) |
Repayment of long-term bank loans | (2,185,460) | (3,285,460) |
Repayment of related party loan | (2,500,000) | |
Net cash used in financing activities | (6,093,872) | (3,487,261) |
Net (decrease) / increase in cash and cash equivalents and restricted cash | 66,672 | (477,313) |
Cash, cash equivalents and restricted cash at beginning of period | 6,338,177 | 5,930,061 |
Cash, cash equivalents and restricted cash at end of period | 6,404,849 | 5,452,748 |
Cash breakdown | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 6,404,849 | $ 5,452,748 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 3 Months Ended |
Mar. 31, 2021 | |
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., Colby Trading Ltd. and Diamantis Shareholders Ltd., which, in turn, collectively own 60.2% March 31, 2021. 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, 2020 20 April 28, 2021. 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, 2021 not December 31, 2021. As of March 31, 2021, $18.4 March 31, 2021, $3.8 $3.6 $6.4 $3.6 $2.8 March 31, 2021. not may twelve |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020 ( “2020 no |
Note 3 - Vessels, Net
Note 3 - Vessels, Net | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 116,331,440 (17,872,993 ) 98,458,447 Depreciation for the period - (1,596,543 ) (1,596,543 ) Capitalized expenses 245,161 - 245,161 Balance, March 31, 2021 116,576,601 (19,469,536 ) 97,107,065 Capitalized expenses for the three March 31, 2021 one As of March 31, 2021 5 Euroseas Ltd. and Subsidiaries Notes to Unaudited Condensed Consolidated Financial Statements (All amounts expressed in U.S. Dollars) |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4. Related Party Transactions Details of the Company's transactions with related parties did not three March 31, 2021 7 December 31, 2020, 2020 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, 2020 2021 $1,328,822 $1,086,405 three March 31, 2020 2021, The MMA was further renewed on January 1, 2018 five January 1, 2023 5% 685 2021 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 each of the three March 31, 2020 2021, $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, 2020 March 31, 2021, $24,072 $1,769,238, 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% $201,642 $151,526 three March 31, 2020 2021, 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 $11,687 $58,350 first three 2020, first three 2021, $19,654 $39,566, On September 30, 2019, $2.5 second 2020 $625,000 November 2020, On November 1, 2019, second $2.5 March 31, 2021. The interest rate applied on each of the loan agreements was 8% $99,726 $50,000 three March 31, 2020 2021, |
Note 5 - Long-term Bank Loans
Note 5 - Long-term Bank Loans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. Long-Term Bank Loans Long-term debt represents bank loans of the Company. Outstanding long-term debt as of December 31, 2020 March 31, 2021 Borrower December 31, March 31, Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd. 24,625,000 23,850,000 Diamantis Shipowners Ltd. 3,026,300 2,865,840 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 10,700,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 27,700,000 67,301,300 65,115,840 Less: Current portion (20,891,840 ) (21,391,840 ) Long-term portion 46,409,460 43,724,000 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 189,432 140,152 Long-term bank loans, current portion net of deferred charges 20,645,320 21,145,320 Long-term bank loans, long-term portion net of deferred charges 46,220,028 43,583,848 Loan from related party, current Euroseas Ltd. 2,500,000 - The future annual loan repayments are as follows: To March 31: 2022 21,391,840 2023 14,924,000 2024 28,800,000 Total 65,115,840 Details of the loans are discussed in Note 8 December 31, 2020 2020 In March 2021, one $0.9 third fourth 2020, May 7, 2021. 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 110% 140% not $2,245,010 $2,241,432 December 31, 2020 March 31, 2021, March 31, 2021, Interest expense, including loan fee amortization for the three March 31, 2020 2021 $1,251,412 $694,307, |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies As of March 31, 2020 October 2009 November 2009 $0.53 $0.15 may . There are no not As of March 31, 2021, $108.7 $59.4 twelve March 31, 2022, $34.2 twelve March 31, 2023, $13.4 twelve March 31, 2024 $1.7 June 2024. one 8 22 may not not |
Note 7 - Stock Incentive Plan
Note 7 - Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. Stock Incentive Plan A summary of the status of the Company's unvested shares as of January 1, 2021, three March 31, 2021, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 53,303 3.46 Granted - - Vested - - Forfeited - - Unvested on March 31, 2021 53,303 3.46 As of March 31, 2021, $115,113 0.86 $30,404 $28,765 three March 31, 2020 2021, |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Earnings per Share Basic and diluted earnings per common share is computed as follows: For the three months ended March 31, 2020 2021 Net income 1,957,095 3,790,077 Dividend Series B Preferred shares (159,562 ) (138,269 ) Preferred deemed dividend - (86,356 ) Net income attributable to common shareholders 1,797,533 3,565,452 Weighted average common shares – outstanding, basic 5,576,960 6,711,408 Basic earnings per share 0.32 0.53 Effect of dilutive securities: Dilutive effect of non-vested shares - 37,985 Weighted average common shares – Outstanding, diluted 5,576,960 6,749,393 Diluted earnings per share 0.32 0.53 The Company excluded the effect of 23,284 March 31, 2020, March 31, 2020 2021, nil three March 31, 2020. |
Note 9 - Financial Instruments
Note 9 - Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 9. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, derivatives, 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 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 the interest rate swaps were entered into for economic hedging purposes, they do not Derivatives and Hedging not April 16, 2020, one $30.0 April 24, 2020 April 24, 2025. 3 0.78% 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, 2020 March 31, 2021, 1 March 31, 2021, 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 swap and therefore are considered Level 2 2 Derivative not designated as hedging instrument Location of gain / (loss) recognized Three Months Ended March 31, 2020 Three Months Ended March 31, 2021 Interest rate swap contract – Unrealized gain Gain on derivative, net - 527,775 Interest rate swap contract – Realized loss Gain on derivative, net - (42,865 ) Total gain on derivative - 484,910 |
Note 3 - Vessels, Net (Tables)
Note 3 - Vessels, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Costs Accumulated Depreciation Net Book Value Balance, January 1, 2021 116,331,440 (17,872,993 ) 98,458,447 Depreciation for the period - (1,596,543 ) (1,596,543 ) Capitalized expenses 245,161 - 245,161 Balance, March 31, 2021 116,576,601 (19,469,536 ) 97,107,065 |
Note 5 - Long-term Bank Loans (
Note 5 - Long-term Bank Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Borrower December 31, March 31, Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd. 24,625,000 23,850,000 Diamantis Shipowners Ltd. 3,026,300 2,865,840 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 10,700,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 27,700,000 67,301,300 65,115,840 Less: Current portion (20,891,840 ) (21,391,840 ) Long-term portion 46,409,460 43,724,000 Deferred charges, current portion 246,520 246,520 Deferred charges, long-term portion 189,432 140,152 Long-term bank loans, current portion net of deferred charges 20,645,320 21,145,320 Long-term bank loans, long-term portion net of deferred charges 46,220,028 43,583,848 Loan from related party, current Euroseas Ltd. 2,500,000 - |
Schedule of Future Annual Loan Repayments [Table Text Block] | To March 31: 2022 21,391,840 2023 14,924,000 2024 28,800,000 Total 65,115,840 |
Note 7 - Stock Incentive Plan (
Note 7 - Stock Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 53,303 3.46 Granted - - Vested - - Forfeited - - Unvested on March 31, 2021 53,303 3.46 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended March 31, 2020 2021 Net income 1,957,095 3,790,077 Dividend Series B Preferred shares (159,562 ) (138,269 ) Preferred deemed dividend - (86,356 ) Net income attributable to common shareholders 1,797,533 3,565,452 Weighted average common shares – outstanding, basic 5,576,960 6,711,408 Basic earnings per share 0.32 0.53 Effect of dilutive securities: Dilutive effect of non-vested shares - 37,985 Weighted average common shares – Outstanding, diluted 5,576,960 6,749,393 Diluted earnings per share 0.32 0.53 |
Note 9 - Financial Instruments
Note 9 - Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative not designated as hedging instrument Location of gain / (loss) recognized Three Months Ended March 31, 2020 Three Months Ended March 31, 2021 Interest rate swap contract – Unrealized gain Gain on derivative, net - 527,775 Interest rate swap contract – Realized loss Gain on derivative, net - (42,865 ) Total gain on derivative - 484,910 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Shareholders Ownership, Percentage | 60.20% | |
Working Capital Deficit | $ 18,400,000 | |
Net Income (Loss) Attributable to Parent, Total | 3,790,077 | $ 1,957,095 |
Net Income (Loss) Available to Common Stockholders, Basic, Total | 3,565,452 | 1,797,533 |
Net Cash Provided by (Used in) Operating Activities, Total | 6,369,001 | $ 2,025,551 |
Cash, Ending Balance | 3,600,000 | |
Restricted Cash and Cash Equivalents, Total | $ 2,800,000 |
Note 3 - Vessels, Net - Summary
Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Vessel depreciation | $ (1,596,543) | $ (1,727,085) |
Net book value | 98,458,447 | |
Net book value | 97,107,065 | |
Vessels [Member] | ||
Costs | 116,331,440 | |
Capitalized expenses | 245,161 | |
Costs | 116,576,601 | |
Accumulated depreciation | (17,872,993) | |
Vessel depreciation | (1,596,543) | |
Accumulated depreciation | (19,469,536) | |
Net book value | 98,458,447 | |
Net book value | $ 97,107,065 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) | Jan. 01, 2018 | Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | 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 | $ 1,769,238 | $ 24,072 | |||||||
Interest and Other Financing Costs, Related Party | 50,000 | $ 99,726 | |||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | 1,086,405 | 1,328,822 | |||||||
Eurobulk Ltd. [Member] | Fixed Management Fees [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 500,000 | 500,000 | |||||||
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 | $ 151,526 | 201,642 | |||||||
Sentinel [Member] | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 19,654 | 11,687 | |||||||
Related Party Transaction Commission on Premium, Maximum, Percentage | 5.00% | 5.00% | |||||||
Technomar [Member] | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 39,566 | 58,350 | |||||||
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 | ||||||||
Repayments of Long-term Debt, Total | $ 625,000 | ||||||||
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 | $ 50,000 | $ 99,726 |
Note 5 - Long-term Bank Loans_2
Note 5 - Long-term Bank Loans (Details Textual) - USD ($) | May 07, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Restricted Cash, Total | $ 2,241,432 | $ 2,245,010 | ||
Interest Expense, Total | $ 694,307 | $ 1,251,412 | ||
Minimum [Member] | ||||
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts | 110.00% | |||
Maximum [Member] | ||||
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts | 140.00% | |||
Subsequent Event [Member] | ||||
Repayments of Debt | $ 900,000 |
Note 5 - Long-term Bank Loans -
Note 5 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 65,115,840 | $ 67,301,300 |
Less: Current portion | (21,391,840) | (20,891,840) |
Long-term portion | 43,724,000 | 46,409,460 |
Deferred charges, current portion | 246,520 | 246,520 |
Deferred charges, long-term portion | 140,152 | 189,432 |
Long-term bank loans, current portion net of deferred charges | 21,145,320 | 20,645,320 |
Long-term bank loans, long-term portion net of deferred charges | 43,583,848 | 46,220,028 |
Euroseas Ltd. | 2,500,000 | |
Joanna Maritime Ltd., Jonathan John Shipping Ltd., Corfu Navigation Ltd., Bridge Shipping Ltd, Noumea Shipping Ltd., Gregos Shiping Ltd. [Member] | ||
Long-term debt, gross | 23,850,000 | 24,625,000 |
Diamantis Shipowners Ltd. [Member] | ||
Long-term debt, gross | 2,865,840 | 3,026,300 |
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member] | ||
Long-term debt, gross | 10,700,000 | 11,150,000 |
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member] | ||
Long-term debt, gross | $ 27,700,000 | $ 28,500,000 |
Note 5 - Long-term Bank Loans_3
Note 5 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Mar. 31, 2021USD ($) |
2022 | $ 21,391,840 |
2023 | 14,924,000 |
2024 | 28,800,000 |
Total | $ 65,115,840 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands | Mar. 31, 2021USD ($) |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements | $ 108,700 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One | 59,400 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two | 34,200 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three | 13,400 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Four | 1,700 |
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member] | |
Restricted Cash and Investments, Total | 530 |
Estimated Litigation Liability | $ 150 |
Note 7 - Stock Incentive Plan_2
Note 7 - Stock Incentive Plan (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 115,113 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 313 days | |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expense | $ 28,765 | $ 30,404 |
Note 7 - Stock Incentive Plan -
Note 7 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Unvested (in shares) | shares | 53,303 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.46 |
Unvested (in shares) | shares | 53,303 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.46 |
Restricted Stock [Member] | |
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 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 37,985 | 0 |
Unvested Incentive Award Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 23,284 |
Note 8 - Earnings Per Share - S
Note 8 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 3,790,077 | $ 1,957,095 |
Dividend Series B Preferred shares | (138,269) | (159,562) |
Preferred deemed dividend | (86,356) | |
Net income attributable to common shareholders | $ 3,565,452 | $ 1,797,533 |
Weighted average common shares – outstanding, basic (in shares) | 6,711,408 | 5,576,960 |
Basic earnings per share (in dollars per share) | $ 0.53 | $ 0.32 |
Effect of dilutive securities: | ||
Dilutive effect of non-vested shares (in shares) | 37,985 | 0 |
Weighted average common shares – Outstanding, diluted (in shares) | 6,749,393 | 5,576,960 |
Diluted earnings per share (in dollars per share) | $ 0.53 | $ 0.32 |
Note 9 - Financial Instrument_2
Note 9 - Financial Instruments (Details Textual) - Interest Rate Swap [Member] - Eurobank [Member] $ in Millions | Apr. 16, 2020USD ($) |
Derivative, Number of Instruments Held, Total | 1 |
Derivative, Notional Amount | $ 30 |
Derivative, Fixed Interest Rate | 0.78% |
Note 9 - Financial Instrument_3
Note 9 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gain (loss) on derivatives | $ 484,910 | |
Not Designated as Hedging Instrument [Member] | ||
Gain (loss) on derivatives | 484,910 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member] | ||
Gain (loss) on derivatives | 527,775 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member] | ||
Gain (loss) on derivatives | $ (42,865) |