Document And Entity Information
Document And Entity Information | Jun. 30, 2021 |
Document Information [Line Items] | |
Entity, Registrant Name | EUROSEAS LTD. |
Document, Type | 6-K |
Document, Period End Date | Jun. 30, 2021 |
Current Fiscal Year End Date | --12-31 |
Entity, File Number | 001-33283 |
Entity, Address, Address Line One | 4 Messogiou & Evropis Street |
Entity, Address, City or Town | Maroussi |
Entity, Address, Country | GR |
Amendment Flag | false |
Entity, Central Index Key | 0001341170 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 8,267,771 | $ 3,559,399 |
Trade accounts receivable, net | 1,536,746 | 2,013,023 |
Other receivables | 2,525,962 | 1,866,624 |
Inventories | 1,530,069 | 1,662,422 |
Restricted cash | 876,187 | 345,010 |
Prepaid expenses | 442,307 | 244,315 |
Total current assets | 15,179,042 | 9,690,793 |
Long-term assets: | ||
Vessels, net | 95,598,016 | 98,458,447 |
Restricted cash | 1,900,000 | 2,433,768 |
Derivative | 230,640 | 0 |
Total assets | 112,907,698 | 110,583,008 |
Current liabilities | ||
Long-term bank loans, current portion | 14,993,800 | 20,645,320 |
Related party loan, current | 0 | 2,500,000 |
Trade accounts payable | 2,219,766 | 2,854,377 |
Accrued expenses | 1,158,617 | 1,300,420 |
Accrued preferred dividends | 332,393 | 168,676 |
Deferred revenues | 883,129 | 949,364 |
Derivative | 322,741 | 203,553 |
Due to related company | 747,680 | 24,072 |
Total current liabilities | 20,658,126 | 28,645,782 |
Long-term liabilities | ||
Long-term bank loans, net of current portion | 46,699,188 | 46,220,028 |
Derivative | 0 | 362,195 |
Total long-term liabilities | 46,699,188 | 46,582,223 |
Total liabilities | 67,357,314 | 75,228,005 |
Commitments and Contingencies | ||
Mezzanine Equity | ||
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 8,365 and nil shares, respectively, issued and outstanding) | 0 | 8,019,636 |
Shareholders’ equity | ||
Common stock (par value $0.03, 200,000,000 shares authorized, 6,708,946 and 7,244,891, issued and outstanding) | 217,347 | 201,268 |
Additional paid-in capital | 264,531,339 | 257,467,980 |
Accumulated deficit | (219,198,302) | (230,333,881) |
Total shareholders’ equity | 45,550,384 | 27,335,367 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 112,907,698 | $ 110,583,008 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 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) | 0 | 8,365 |
Preferred stock, shares outstanding (in shares) | 0 | 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) | 7,244,891 | 6,708,946 |
Common stock, shares outstanding (in shares) | 7,244,891 | 6,708,946 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Time charter revenue | $ 33,973,743 | $ 30,266,431 |
Commissions (including $378,330 and $338,985, respectively, to related party) | (1,373,981) | (1,324,913) |
Net revenue | 32,599,762 | 28,941,518 |
Operating expenses / (income) | ||
Voyage expenses | 277,982 | 895,049 |
Vessel operating expenses (including $171,460 and $108,995, respectively, to related party) | 13,802,119 | 16,530,150 |
Dry-docking expenses | 229,384 | 376,369 |
Vessel depreciation | 3,193,086 | 3,386,726 |
Related party management fees | 2,148,221 | 2,642,368 |
Other operating income | (1,296,496) | (2,688,194) |
General and administrative expenses (including $1,000,000 to related party) | 1,500,651 | 1,588,266 |
Loss on sale of vessel | 9,417 | 0 |
Loss on write-down of vessel held for sale | 0 | 121,165 |
Total operating expenses, net | 19,864,364 | 22,851,899 |
Operating income | 12,735,398 | 6,089,619 |
Other income/(expenses) | ||
Interest and other financing costs (including $199,452 and $50,000, respectively, to related party) | (1,381,667) | (2,389,021) |
(Loss) / gain on derivative, net | 388,145 | (468,146) |
Foreign exchange gain / (loss) | (7,504) | 2,183 |
Interest income | 1,954 | 12,780 |
Other expenses, net | (999,072) | (2,842,204) |
Net income | 11,736,326 | 3,247,415 |
Dividend Series B Preferred shares | (255,324) | (339,069) |
Preferred deemed dividend | (345,423) | 0 |
Net income attributable to common shareholders | $ 11,135,579 | $ 2,908,346 |
Earnings per share attributable to common shareholders, basic (in dollars per share) | $ 1.65 | $ 0.52 |
Weighted average number of shares outstanding during the period, basic (in shares) | 6,745,305 | 5,576,960 |
Earnings per share attributable to common shareholders, diluted (in dollars per share) | $ 1.64 | $ 0.52 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 6,789,718 | 5,576,960 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Commissions, related party | $ 338,985 | $ 378,330 |
Vessel operating expenses, related party | 108,995 | 171,460 |
General and administrative expenses, related party | 1,000,000 | 1,000,000 |
Interest and other financing costs, related party | $ 50,000 | $ 199,452 |
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) | 0 | 0 | 3,247,415 | 3,247,415 |
Dividends to Series B preferred shares | 0 | 0 | (339,069) | (339,069) |
Offering expenses | 0 | (51,140) | 0 | (51,140) |
Share-based compensation | $ 0 | 60,808 | 0 | 60,808 |
Balance (in shares) at Jun. 30, 2020 | 5,600,259 | |||
Balance at Jun. 30, 2020 | $ 168,008 | 253,977,376 | (230,773,669) | 23,371,715 |
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) | 0 | 0 | 11,736,326 | 11,736,326 |
Dividends to Series B preferred shares | 0 | 0 | (255,324) | (255,324) |
Offering expenses | 0 | (87,229) | 0 | (87,229) |
Share-based compensation | 0 | 57,850 | 0 | 57,850 |
Preferred deemed dividend | $ 0 | 0 | (345,423) | (345,423) |
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 | $ 2,488 | 741,065 | 0 | 743,553 |
Issuance of shares in connection with the redemption of Series B Preferred Shares (in shares) | 453,044 | |||
Issuance of shares in connection with the redemption of Series B Preferred Shares | $ 13,591 | 6,351,673 | 0 | 6,365,264 |
Balance (in shares) at Jun. 30, 2021 | 7,244,891 | |||
Balance at Jun. 30, 2021 | $ 217,347 | $ 264,531,339 | $ (219,198,302) | $ 45,550,384 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 11,736,326 | $ 3,247,415 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Vessel depreciation | (3,193,086) | (3,386,726) |
Loss on write-down of vessel held for sale | 0 | 121,165 |
Amortization of deferred charges | 98,560 | 122,787 |
Share-based compensation | 57,850 | 60,808 |
Unrealized loss / (gain) on derivative | (473,647) | 468,146 |
Amortization of fair value of below market time charters acquired | 0 | (1,160,839) |
Loss on sale of vessel | 9,417 | 0 |
Changes in operating assets and liabilities | (511,343) | (2,273,177) |
Net cash provided by operating activities | 14,110,249 | 3,973,031 |
Cash flows from investing activities: | ||
Cash paid for vessels capitalized expenses and vessel held for sale | (225,136) | (256,482) |
Advance received for vessel held for sale | 0 | 540,783 |
Net cash provided by / (used in) investing activities | (225,136) | 284,301 |
Cash flows from financing activities: | ||
Redemption of Series B preferred shares | (2,000,000) | 0 |
Proceeds from issuance of common stock, net of commissions paid | 743,553 | 0 |
Preferred dividends paid | (91,608) | (320,877) |
Repayment of long-term bank loans | (5,270,920) | (5,295,920) |
Repayment of related party loan | (2,500,000) | (625,000) |
Offering expenses paid | (60,357) | (40,486) |
Net cash used in financing activities | (9,179,332) | (6,282,283) |
Net (decrease) / increase in cash and cash equivalents and restricted cash | 4,705,781 | (2,024,951) |
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 | 11,043,958 | 3,905,110 |
Cash breakdown | ||
Cash and cash equivalents | 8,267,771 | 1,338,375 |
Restricted cash, current | 876,187 | 432,468 |
Restricted cash, long term | 1,900,000 | 2,134,267 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 11,043,958 | $ 3,905,110 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 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., Preferred Friends Investment Company Inc. and Diamantis Shareholders Ltd., which, in turn, collectively own 54.6% June 30, 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 six - June 30, 2021 not December 31, 2021. As of June 30, 2021, six June 30, 2021, June 30, 2021. June 2021, 5 three twelve not may 5 twelve |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 - (3,193,086 ) (3,193,086 ) Capitalized expenses 332,655 - 332,655 Balance, June 30, 2021 116,664,095 (21,066,079 ) 95,598,016 Capitalized expenses for the six June 30, 2021 one The Company has signed a contract for the construction of two 2,800 two first second 2023, two As of June 30, 2021 6 |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 6 Months Ended |
Jun. 30, 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 six June 30, 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 for both the six June 30, 2020 2021 six June 30, 2020 2021, January 1, 2018 five January 1, 2023 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 six June 30, 2020 2021, 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 June 30, 2021, 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% of the vessel sales price and 1.25% of charter revenues. Commissions to Eurochart S.A. for chartering services were $378,330 and $338,985 for the six June 30, 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%; first six 2020, first six 2021, On September 30, 2019, second 2020 November 2020, On November 1, 2019, second March 31, 2021. six June 30, 2020 2021, |
Note 5 - Other Operating Income
Note 5 - Other Operating Income | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 5. Other operating income In January 2020, A subsidiary of the Company, Alterwall Business Inc., owner at that time of M/V “Ninos”, was involved in a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the company which had time-chartered the vessel from the Company went bankrupt in October 2009 November 2009 December 31, 2020 June 30, 2021 may June 2021 six June 30, 2021, In February 2020, April 7, 2020, not 19 June 2021. six June 30, 2021, The Company also recorded other operating income amounting to $0.2 million in the six June 30, 2021 These amounts are recorded under “Other operating income” in the unaudited condensed consolidated statements of comprehensive income. |
Note 6 - Long-term Bank Loans
Note 6 - Long-term Bank Loans | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. Long-Term Bank Loans Long-term bank loans of the Company as of December 31, 2020 June 30, 2021 Borrower December 31, 2020 June 30, 2021 Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 24,625,000 23,075,000 Diamantis Shipowners Ltd. 3,026,300 2,705,380 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 9,350,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 26,900,000 67,301,300 62,030,380 Less: Current portion (20,891,840 ) (15,160,310 ) Long-term portion 46,409,460 46,870,070 Deferred charges, current portion 246,520 166,510 Deferred charges, long-term portion 189,432 170,882 Long-term bank loans, current portion net of deferred charges 20,645,320 14,993,800 Long-term bank loans, long-term portion net of deferred charges 46,220,028 46,699,188 Loan from related party, current Euroseas Ltd. 2,500,000 - The future annual loan repayments are as follows: To June 30: 2022 15,160,310 2023 22,534,070 2024 21,596,000 2025 1,096,000 2026 1,644,000 Total 62,030,380 Details of the loans are discussed in Note 8 December 31, 2020 2020 In March 2021, one 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 120% to 140%), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. not December 31, 2020 June 30, 2021, June 30, 2021, Interest expense, including loan fee amortization for the six June 30, 2020 2021 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments and Contingencies There are no not As of June 30, 2021, June 30, 2022, June 30, 2023, June 30, 2024 December 31, 2024. one may not not As of June 30, 2021, June 30, 2022 June 30, 2023. |
Note 8 - Stock Incentive Plan
Note 8 - Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021, six June 30, 2021, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 53,303 3.46 Granted - - Vested - - Forfeited - - Unvested on June 30, 2021 53,303 3.46 As of June 30, 2021, six June 30, 2020 2021, |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Earnings Per Share Basic and diluted earnings per common share is computed as follows: For the six months ended June 30, 2020 2021 Net income 3,247,415 11,736,326 Dividend Series B Preferred shares (339,069 ) (255,324 ) Preferred deemed dividend - (345,423 ) Net income attributable to common shareholders 2,908,346 11,135,579 Weighted average common shares – outstanding, basic 5,576,960 6,745,305 Basic earnings 0.52 1.65 Effect of dilutive securities: Dilutive effect of non-vested shares - 44,413 Weighted average common shares – outstanding, diluted 5,576,960 6,789,718 Diluted earnings 0.52 1.64 The Company excluded the effect of 23,284 unvested incentive award shares as of June 30, 2020, June 30, 2020 2021, nil six June 30, 2020. |
Note 10 - Preferred Shares
Note 10 - Preferred Shares | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 10. Preferred shares A summary of the Company's “Preferred shares” is identified in Note 15 December 31, 2020 2020 On January 29, 2021, January 29, 2023, In June 2021, In addition, $345,423 of preferred deemed dividends were recorded as a result of the redemption of the outstanding amount of the Series B Preferred Shares as described above. For the six June 30, 2020, two six June 30, 2021 two July 2021. |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 11. Financial Instruments 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 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 did not Derivatives and Hedging not April 16, 2020, one April 24, 2020 April 24, 2025. 3 June 30, 2021, 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, 2020 June 30, 2021, 1 June 30, 2021, 2 The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value under 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 2 value 2 is Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2020 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 203,553 - $ 203,553 - Interest rate swap contract, long-term portion Derivative, long-term liability portion $ 362,195 - $ 362,195 - Fair Value Measurement as of June 30, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contract, long-term portion Derivative, non-current asset portion $ 230,640 $ 230,640 Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 322,741 - $ 322,741 - The amount of Gain / (Loss) on derivative, net recognized in the unaudited condensed consolidated statements of comprehensive income, is analyzed as follows: Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2020 Six Months Ended June 30, 2021 Interest rate swap contract– Unrealized (loss) / gain (Loss) / gain on derivative, net (468,146 ) 473,647 Interest rate swap contract - Realized loss (Loss) / gain on derivative, net - (85,502 ) Total (loss) / gain on derivative (468,146 ) 388,145 Asset Measured at Fair Value on a Non-recurring Basis As of June 30, 2020 2. |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent Events The following event occurred after June 30, 2021: In July 2021, first first |
Note 3 - Vessels, Net (Tables)
Note 3 - Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 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 - (3,193,086 ) (3,193,086 ) Capitalized expenses 332,655 - 332,655 Balance, June 30, 2021 116,664,095 (21,066,079 ) 95,598,016 |
Note 6 - Long-term Bank Loans (
Note 6 - Long-term Bank Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Borrower December 31, 2020 June 30, 2021 Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shipping Ltd. 24,625,000 23,075,000 Diamantis Shipowners Ltd. 3,026,300 2,705,380 Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. 11,150,000 9,350,000 Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. 28,500,000 26,900,000 67,301,300 62,030,380 Less: Current portion (20,891,840 ) (15,160,310 ) Long-term portion 46,409,460 46,870,070 Deferred charges, current portion 246,520 166,510 Deferred charges, long-term portion 189,432 170,882 Long-term bank loans, current portion net of deferred charges 20,645,320 14,993,800 Long-term bank loans, long-term portion net of deferred charges 46,220,028 46,699,188 Loan from related party, current Euroseas Ltd. 2,500,000 - |
Schedule of Future Annual Loan Repayments [Table Text Block] | To June 30: 2022 15,160,310 2023 22,534,070 2024 21,596,000 2025 1,096,000 2026 1,644,000 Total 62,030,380 |
Note 8 - Stock Incentive Plan (
Note 8 - Stock Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2021 53,303 3.46 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the six months ended June 30, 2020 2021 Net income 3,247,415 11,736,326 Dividend Series B Preferred shares (339,069 ) (255,324 ) Preferred deemed dividend - (345,423 ) Net income attributable to common shareholders 2,908,346 11,135,579 Weighted average common shares – outstanding, basic 5,576,960 6,745,305 Basic earnings 0.52 1.65 Effect of dilutive securities: Dilutive effect of non-vested shares - 44,413 Weighted average common shares – outstanding, diluted 5,576,960 6,789,718 Diluted earnings 0.52 1.64 |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement as of December 31, 2020 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 203,553 - $ 203,553 - Interest rate swap contract, long-term portion Derivative, long-term liability portion $ 362,195 - $ 362,195 - Fair Value Measurement as of June 30, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Assets Interest rate swap contract, long-term portion Derivative, non-current asset portion $ 230,640 $ 230,640 Liabilities Interest rate swap contract, current portion Derivative, current liability portion $ 322,741 - $ 322,741 - |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2020 Six Months Ended June 30, 2021 Interest rate swap contract– Unrealized (loss) / gain (Loss) / gain on derivative, net (468,146 ) 473,647 Interest rate swap contract - Realized loss (Loss) / gain on derivative, net - (85,502 ) Total (loss) / gain on derivative (468,146 ) 388,145 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Shareholders Ownership, Percentage | 54.60% | |
Working Capital Deficit | $ 5,500,000 | |
Net Income (Loss) Attributable to Parent, Total | 11,736,326 | $ 3,247,415 |
Net Income (Loss) Available to Common Stockholders, Basic, Total | 11,135,579 | 2,908,346 |
Net Cash Provided by (Used in) Operating Activities, Total | 14,110,249 | $ 3,973,031 |
Cash, Ending Balance | 8,300,000 | |
Restricted Cash and Cash Equivalents, Total | $ 2,800,000 | |
Eco Design Fuel Efficient Containerships [Member] | ||
Number of Vessels Under Construction | 2 | |
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 76,000,000 | |
Construction of Vessels, Installment Amount | $ 7,600,000 |
Note 3 - Vessels, Net (Details
Note 3 - Vessels, Net (Details Textual) - Eco Design Fuel Efficient Containerships [Member] $ in Millions | Jun. 30, 2021USD ($) |
Number of Vessels Under Construction | 2 |
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 76 |
Note 3 - Vessels, Net - Summary
Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net book value | $ 98,458,447 | |
Vessel depreciation | (3,193,086) | $ (3,386,726) |
Net book value | 95,598,016 | |
Vessels [Member] | ||
Costs | 116,331,440 | |
Accumulated depreciation | (17,872,993) | |
Net book value | 98,458,447 | |
Vessel depreciation | (3,193,086) | |
Capitalized expenses | 332,655 | |
Costs | 116,664,095 | |
Accumulated depreciation | (21,066,079) | |
Net book value | $ 95,598,016 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) | Jan. 01, 2018 | Mar. 31, 2021 | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Dec. 31, 2020USD ($) | 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 | $ 747,680 | $ 24,072 | ||||||||
Interest and Other Financing Costs, Related Party | 50,000 | $ 199,452 | ||||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | 2,642,368 | 2,148,221 | ||||||||
Eurobulk Ltd. [Member] | Fixed Management Fees [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | 1,000,000 | |||||||||
Eurochart [Member] | Vessel Sales [Member] | ||||||||||
Related Party Transaction Commission, Percentage | 1.00% | |||||||||
Eurochart [Member] | Charter Revenues [Member] | ||||||||||
Related Party Transaction Commission, Percentage | 1.25% | |||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 338,985 | 378,330 | ||||||||
Sentinel [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 42,998 | 57,820 | ||||||||
Related Party Transaction Commission on Premium, Maximum, Percentage | 5.00% | 5.00% | ||||||||
Technomar [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 65,997 | 113,640 | ||||||||
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 | $ 199,452 |
Note 5 - Other Operating Inco_2
Note 5 - Other Operating Income (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Feb. 29, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2017 | Mar. 31, 2017 | |
Advance Received for Vessel Held for Sale | $ 0 | $ 540,783 | |||||
Other Operating Expenses, Income | 1,296,496 | $ 2,688,194 | |||||
Other Operating Expenses, Income from Collection of Previously Written off Accounts | $ 200,000 | ||||||
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member] | |||||||
Restricted Cash and Investments, Total | 530,000 | $ 530,000 | |||||
Estimated Litigation Liability | $ 150,000 | $ 150,000 | |||||
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Settled Litigation [Member] | Alterwall Business Inc. [Member] | |||||||
Payments for Legal Settlements | 60,000 | ||||||
Litigation Settlement, Expense | 10,000 | ||||||
Gain (Loss) Related to Litigation Settlement, Total | 80,000 | ||||||
M/V EM Oinousses [Member] | |||||||
Vessel Evaluation, Unrepaired Damage Claim | $ 2,700,000 | ||||||
Vessel Evaluation, Other Operating Income | $ 2,700,000 | ||||||
M/V Manolis P [Member] | |||||||
Advance Received for Vessel Held for Sale | $ 1,133,817 | ||||||
Other Operating Expenses, Income | $ 1,000,000 |
Note 6 - Long-term Bank Loans_2
Note 6 - Long-term Bank Loans (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Repayments of Debt | $ 900,000 | |||
Restricted Cash, Total | $ 2,776,187 | $ 2,245,010 | ||
Interest Expense, Total | $ 1,381,667 | $ 2,389,021 | ||
Minimum [Member] | ||||
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts | 120.00% | |||
Maximum [Member] | ||||
Debt Instrument Covenant, Ratio of Fair Value of Vessel to Outstanding Loan Less Cash in Retention Accounts | 140.00% |
Note 6 - Long-term Bank Loans -
Note 6 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 62,030,380 | $ 67,301,300 |
Less: Current portion | (15,160,310) | (20,891,840) |
Long-term portion | 46,870,070 | 46,409,460 |
Deferred charges, current portion | 166,510 | 246,520 |
Deferred charges, long-term portion | 170,882 | 189,432 |
Long-term bank loans, current portion net of deferred charges | 14,993,800 | 20,645,320 |
Long-term bank loans, long-term portion net of deferred charges | 46,699,188 | 46,220,028 |
Euroseas Ltd. | 0 | 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 | 23,075,000 | 24,625,000 |
Diamantis Shipowners Ltd. [Member] | ||
Long-term debt, gross | 2,705,380 | 3,026,300 |
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member] | ||
Long-term debt, gross | 9,350,000 | 11,150,000 |
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member] | ||
Long-term debt, gross | $ 26,900,000 | $ 28,500,000 |
Note 6 - Long-term Bank Loans_3
Note 6 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Jun. 30, 2021USD ($) |
2022 | $ 15,160,310 |
2023 | 22,534,070 |
2024 | 21,596,000 |
2025 | 1,096,000 |
2026 | 1,644,000 |
Total | $ 62,030,380 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingencies (Details Textual) $ in Millions | Jun. 30, 2021USD ($) |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements | $ 100.9 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One | 60.4 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two | 29.4 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three | 10.1 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Four | $ 1 |
Eco Design Fuel Efficient Containerships [Member] | |
Number of Vessels Under Construction | 2 |
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 76 |
Construction of Vessel, Future Minimum Payments Due, Next Twelve Months | 19 |
Construction of Vessel, Future Minimum Payments Due in Two Years | $ 57 |
Note 8 - Stock Incentive Plan_2
Note 8 - Stock Incentive Plan (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 86,029 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 9 months 25 days | |
General and Administrative Expense [Member] | ||
Share-based Payment Arrangement, Expense | $ 57,850 | $ 60,808 |
Note 8 - Stock Incentive Plan -
Note 8 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) | 6 Months Ended |
Jun. 30, 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 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 44,413 | 0 |
Unvested Incentive Award Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 23,284 | 23,284 |
Note 9 - Earnings Per Share - S
Note 9 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 11,736,326 | $ 3,247,415 |
Dividend Series B Preferred shares | (255,324) | (339,069) |
Preferred deemed dividend | (345,423) | 0 |
Net income attributable to common shareholders | $ 11,135,579 | $ 2,908,346 |
Weighted average common shares – outstanding, basic (in shares) | 6,745,305 | 5,576,960 |
Basic earnings per share (in dollars per share) | $ 1.65 | $ 0.52 |
Dilutive effect of non-vested shares (in shares) | 44,413 | 0 |
Weighted average common shares – outstanding, diluted (in shares) | 6,789,718 | 5,576,960 |
Diluted earnings per share (in dollars per share) | $ 1.64 | $ 0.52 |
Note 10 - Preferred Shares (Det
Note 10 - Preferred Shares (Details Textual) - USD ($) | Jan. 29, 2023 | Jan. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Payments for Repurchase of Redeemable Preferred Stock | $ 2,000,000 | $ 0 | |||
Dividends, Preferred Stock, Total | $ 255,324 | 339,069 | |||
Dividends, Preferred Stock, Cash | 160,000 | ||||
Dividends, Preferred Stock, Paid-in-kind | $ 180,000 | ||||
Conversion of Series B Preferred Stock to Common Stock [Member] | |||||
Conversion of Stock, Shares Issued (in shares) | 453,044 | ||||
Conversion of Stock, Amount Issued | $ 6,365,000 | ||||
Series B Preferred Stock [Member] | |||||
Stock Redeemed or Called During Period, Shares (in shares) | 2,000 | ||||
Payments for Repurchase of Redeemable Preferred Stock | $ 2,000,000 | ||||
Preferred Stock, Dividend Rate Per Annum, Cash | 8.00% | ||||
Preferred Stock, Dividend Rate Per Annum, Paid-in-kind | 9.00% | ||||
Dividends, Preferred Stock, Total | $ 345,423 | ||||
Series B Preferred Stock [Member] | Forecast [Member] | |||||
Preferred Stock, Dividend Rate, Percentage | 14.00% |
Note 11 - Financial Instrumen_3
Note 11 - Financial Instruments (Details Textual) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | Apr. 16, 2020USD ($) | |
M/V EM Oinousses [Member] | ||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 3,770 | |
Property, Plant, and Equipment, Fair Value Disclosure | 3,870 | |
Vessel Held for Sale, Estimated Sale Costs | 220 | |
Impairment of Long-Lived Assets to be Disposed of | $ 120 | |
Interest Rate Swap [Member] | Eurobank [Member] | ||
Derivative, Number of Instruments Held, Total | 1 | |
Derivative, Notional Amount | $ 30,000 | |
Derivative, Fixed Interest Rate | 0.78% |
Note 11 - Financial Instrumen_4
Note 11 - Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate swap contract, current portion | $ 322,741 | $ 203,553 |
Interest rate swap contract, long-term portion | 0 | 362,195 |
Interest rate swap contract, long-term portion | 230,640 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate swap contract, current portion | 322,741 | 203,553 |
Interest rate swap contract, long-term portion | 362,195 | |
Interest rate swap contract, long-term portion | 230,640 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap contract, current portion | 322,741 | 203,553 |
Interest rate swap contract, long-term portion | $ 362,195 | |
Interest rate swap contract, long-term portion | $ 230,640 |
Note 11 - Financial Instrumen_5
Note 11 - Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (loss) on derivatives | $ 388,145 | $ (468,146) |
Not Designated as Hedging Instrument [Member] | ||
Gain (loss) on derivatives | 388,145 | (468,146) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member] | ||
Gain (loss) on derivatives | 473,647 | (468,146) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member] | ||
Gain (loss) on derivatives | $ (85,502) | $ 0 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Term Sheet from a Commercial Banking Institution [Member] | 1 Months Ended |
Jul. 31, 2021USD ($) | |
Debt Instrument, Face Amount | $ 10,000,000 |
Debt Instrument Number of Quarterly Payments | 16 |
Debt Instrument, Periodic Payment, Total | $ 500,000 |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 2,000,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
M/V "Aegean Express" and M/V "Corfu" [Member] | |
Debt Instrument, Amount Available for Borrowing if Less than Face Amount, Percent of Vessels' Market Value | 50.00% |