false
--12-31
FY
2019
2019-12-31
20-F
0001731388
2304630
Yes
true
true
Non-accelerated Filer
Yes
EuroDry Ltd.
false
No
true
false
false
No
114432
68336
358726
22548
52480756
-52503304
3378955
3733036
12200
11950
11250
11100
11350
253503
324178
359868
1.3
1.2
1.3
1.25
1.3
0.499
600000
4500000
12
7
20
2
4
28
20
8
12
12
14
350000
1500000
185665
185665
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dry-docking and special survey expenses are expensed as incurred.</div></div></div>
23477
0.04
0.04
0.04
123697
173841
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div></div></div>
115000
179281
52019
7071444
6924000
-56813556
-49967000
167019
915525
915525
9984409
9984409
915525
3298356
19
18
18
17
5
7
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “General and administrative expenses” in the consolidated statements of operations when the offering is aborted.</div></div></div>
0.05
0.05
903283
185665
185665
185665
31.64
4300
3775696
524304
4300000
5490106
1.2
1.3
P5Y
P5Y
P5Y
50
0.05
0.01
0.0125
0.01
685
685
685
685
360
720
0.05
0.05
19158019
24522871
27241462
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Voyage expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: justify">Port charges and canal dues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">578,468</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,139</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">262,806</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,817,850</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150,537</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">854,216</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,396,318</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">410,676</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,117,022</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Vessel operating expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Crew wages and related costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,616,900</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,532,463</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,778,958</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609,354</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">682,991</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">872,131</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repairs and maintenance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">181,174</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,324</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">375,338</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Lubricants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">379,853</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">520,452</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,837</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Spares and consumable stores</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">706,855</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,404,080</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,368,325</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Professional and legal fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,306</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">257,250</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">264,704</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Other</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">211,946</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">378,592</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">392,045</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,892,388</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,183,152</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,776,338</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
P10Y
200892
0.5
18192129
15000000
0.7
0.6
0.7
0.04
0.5
1300000
1282054
102131
115026
148329
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Voyage and Vessel Operating Expenses </div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consist of:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Voyage expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: justify">Port charges and canal dues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">578,468</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">260,139</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">262,806</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,817,850</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150,537</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">854,216</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,396,318</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">410,676</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,117,022</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Vessel operating expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Crew wages and related costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,616,900</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,532,463</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,778,958</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">609,354</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">682,991</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">872,131</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repairs and maintenance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">181,174</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,324</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">375,338</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Lubricants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">379,853</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">520,452</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,837</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Spares and consumable stores</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">706,855</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,404,080</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,368,325</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Professional and legal fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">186,306</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">257,250</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">264,704</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Other</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">211,946</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">378,592</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">392,045</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,892,388</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,183,152</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,776,338</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
23900000
23869382
10210599
2396318
410676
1117022
578468
260139
262806
1817850
150537
854216
1600000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div></div></td> <td><div style="display: inline; font-weight: bold;">Accrued Expenses </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accrued expenses consist of:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">2019</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,169</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,381</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">694,437</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">586,186</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">114,432</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,336</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,039</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,175</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Other accrued expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">268,132</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">145,345</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,209</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">964,423</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
690653
1046561
2236210
1843008
1166209
964423
74169
112381
15039
52175
21059733
26481888
32940139
52618022
52802574
0
137517
184799
209231
396925
152879
0
0
0
3800000
0
0
0
127707761
117688922
14465269
9577657
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Basis of Presentation and General Information</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EuroDry Ltd. (the “Company” or “EuroDry”) was formed by Euroseas Ltd. (“Euroseas” or “former Parent Company”) on <div style="display: inline; font-style: italic; font: inherit;"> January 8, 2018 </div>under the laws of the Republic of the Marshall Islands to serve as the holding company of <div style="display: inline; font-style: italic; font: inherit;">seven</div> subsidiaries (the "Subsidiaries") contributed by Euroseas to EuroDry in connection with the spin-off of Euroseas' drybulk vessels held for use as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 (</div>the "Spin-off"). On <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>Euroseas contributed these Subsidiaries to EuroDry in exchange for <div style="display: inline; font-style: italic; font: inherit;">2,254,830</div> common shares in EuroDry, which Euroseas, distributed to holders of Euroseas common stock on a pro rata basis. Further, on <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018 </div>Euroseas distributed shares of the Company’s Series B Preferred Stock (the “EuroDry Series B Preferred Shares”) to holders of Euroseas’ Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> of Euroseas Series B Preferred Stock. For periods up to <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>the accompanying financial statements reflect the financial position and results of the carve-out operations of the Subsidiaries that were contributed to the Company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the vessels are managed by Eurobulk Ltd. ("Eurobulk" or “Manager”) and Eurobulk (Far East) Ltd. Inc. (“Eurobulk FE”)<div style="display: inline; background-color: white">,</div> collectively the “Managers”, corporations controlled by members of the Pittas family. Eurobulk has an office in Greece located at <div style="display: inline; font-style: italic; font: inherit;">4</div> Messogiou & Evropis Street, Maroussi, Greece; Eurobulk FE has an office at Manilla, Philippines Suite <div style="display: inline; font-style: italic; font: inherit;">1003,</div> <div style="display: inline; font-style: italic; font: inherit;">10th</div> Floor Ma. Natividad Building, <div style="display: inline; font-style: italic; font: inherit;">470</div> T.M. Kalaw cor. Cortada Sts., Ermita. Both provide the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services, while Eurobulk also provides executive management services, in consideration for fixed and variable fees (see Note <div style="display: inline; font-style: italic; font: inherit;">6</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pittas family is the controlling shareholder of Friends Dry Investment Company Inc. which, in turn, owns <div style="display: inline; font-style: italic; font: inherit;">39.3%</div> of the Company’s shares as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>Mr. Aristides J. Pittas is the Chairman and Chief Executive Officer of the Company and Euroseas.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is engaged in the ocean transportation of dry bulk through ownership and operation of dry bulk ship-owning companies. Details of the Company’s wholly owned subsidiaries are set out below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Pantelis Shipping Corp., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> December 4, 2009, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">74,020</div> DWT bulk carrier M/V "Pantelis" which was built in <div style="display: inline; font-style: italic; font: inherit;">2000</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> July 23, 2009.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Eirini Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> February 2, 2014, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">76,466</div> DWT bulk carrier M/V “Eirini P” which was built in <div style="display: inline; font-style: italic; font: inherit;">2004</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> May 26, 2014.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Ultra One Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2013, </div>owner of Liberian flag <div style="display: inline; font-style: italic; font: inherit;">63,500</div> DWT bulk carrier M/V "Alexandros P." (ex- Hull DY <div style="display: inline; font-style: italic; font: inherit;">160</div>). M/V "Alexandros P", which is a new build, was delivered on <div style="display: inline; font-style: italic; font: inherit;"> January 16, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <!-- Field: Page; Sequence: 9 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Ultra Two Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2013, </div>entered on <div style="display: inline; font-style: italic; font: inherit;"> November 29, 2013, </div>into a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., for the construction of a <div style="display: inline; font-style: italic; font: inherit;">63,500</div> DWT bulk carrier (Hull <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">DY161</div>). The shipbuilding contract was cancelled on <div style="display: inline; font-style: italic; font: inherit;"> September 2, 2016 </div>due to excessive construction delays. Ultra Two Shipping Ltd. has <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div></div></div></div></div> assets and operations as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> and it was dissolved effective <div style="display: inline; font-style: italic; font: inherit;"> February 1, 2020.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Kamsarmax One Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> April 4, 2014, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">82,000</div> DWT bulk carrier M/V "Xenia". M/V "Xenia", which is a new build, was delivered on <div style="display: inline; font-style: italic; font: inherit;"> February 25, 2016.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Kamsarmax Two Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> April 4, 2014, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">82,000</div> DWT bulk carrier M/V “Ekaterini”. M/V “Ekaterini”, which is a new build, was delivered on <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2018.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Areti Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2016, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font: inherit;">75,100</div> DWT bulk carrier M/V “Tasos” which was built in <div style="display: inline; font-style: italic; font: inherit;">2000</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> January 9, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Light Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 6, 2018, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font: inherit;">75,845</div> DWT bulk carrier M/V “Starlight” which was built in <div style="display: inline; font-style: italic; font: inherit;">2004</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 30, 2018.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company had a working capital deficit of <div style="display: inline; font-style: italic; font: inherit;">$1.6</div> million, and for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>generated nominal net income, incurred a net loss attributable to common shareholders of <div style="display: inline; font-style: italic; font: inherit;">$1.9</div> million and generated net cash from operating activities of <div style="display: inline; font-style: italic; font: inherit;">$15.1</div> million. The Company’s cash balance amounted to <div style="display: inline; font-style: italic; font: inherit;">$5.40</div> million and cash in restricted retention accounts amounted to <div style="display: inline; font-style: italic; font: inherit;">$3.73</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The holders of EuroDry Series B Preferred Shares will receive a cash dividend at an annual dividend rate of <div style="display: inline; font-style: italic; font: inherit;">9.25%</div> until <div style="display: inline; font-style: italic; font: inherit;"> January 2021, </div>which will increase to <div style="display: inline; font-style: italic; font: inherit;">14%</div> thereafter (Note <div style="display: inline; font-style: italic; font: inherit;">14</div>). The Company intends to fund its working capital requirements via cash on hand and cash flows from operations. In the event that these are <div style="display: inline; font-style: italic; font: inherit;">not</div> sufficient the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>also use funds from debt refinancing, debt balloon payment refinancing and equity offerings, sell vessels (where equity will be released) and drawdown funds under a commitment from a company controlled by the Pittas family and affiliated with our Chief Executive Officer, if required, among other options. The Company believes it will have adequate funding through the sources described above and, accordingly, it believes it has the ability to continue as a going concern and finance its obligations as they come due over the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months following the date of the issuance of these financial statements. Consequently, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 10 --> <table style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following charterers individually accounted for more than <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the Company’s revenues as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Charterer</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-weight: bold">A/S Klaveness Chartering</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Quadra Commodities S.A.</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Guardian Navigation GMax LLC pool</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Amaggi Europe B.V.</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Dampskibsselskabet Norden A/S</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">China National Chartering (Hong Kong) Co., Limited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> </table> </div></div>
64476
47562
218319
5400000
1257058
4375972
5396406
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div></div></div>
2343415
4901557
7754927
9129442
2558142
2853370
1374515
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div>Areti Shipping Ltd. had a dispute with Windrose SPS Shipping and Trading ("Windrose"), a charterer, regarding Windrose's failure to pay the balance of the charter fee of <div style="display: inline; font-style: italic; font: inherit;">$52,019</div> in relation to a charter party agreement dated <div style="display: inline; font-style: italic; font: inherit;"> January 20, 2017. </div>Additionally, Areti Shipping Ltd. paid an amount of <div style="display: inline; font-style: italic; font: inherit;">$115,000</div> to a bunker supplier for portion of the total claim of <div style="display: inline; font-style: italic; font: inherit;">$179,281,</div> after facing an arrest of M/V "Tasos" in Brazil. The Company took the case to London arbitration and obtained an award of approximately <div style="display: inline; font-style: italic; font: inherit;">$215,000.</div> The Company hired Swiss lawyers in order to proceed with the recovery of the funds in Switzerland where Windrose was based. In <div style="display: inline; font-style: italic; font: inherit;"> February 2018, </div>Windrose was declared bankrupt and a liquidator was appointed by the Swiss Court. According to the Swiss Law, Areti Shipping Ltd. through their lawyers had to seek recovery of the claim from the Directors of Windrose, who <div style="display: inline; font-style: italic; font: inherit;"> may </div>be personally liable for the company’s debts. In <div style="display: inline; font-style: italic; font: inherit;"> May 2018, </div>in view of the uncertain recovery prospects, our Freight, Demurrage and Defence club has withdrawn its support on the case. In view of the high costs, the management has decided to abstain from any action against Windrose directors. Further, Areti Shipping Ltd. has filed its claim with the liquidator; however, the amounts recoverable, if any, will be small. In view of the above, management decided to make a provision for the full amount of <div style="display: inline; font-style: italic; font: inherit;">$167,019,</div> which is included in “General and administrative expenses” in the consolidated statements of operations for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business. In the opinion of the management, the disposition of these lawsuits should <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the consolidated results of operations, financial position and cash flows.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>future gross minimum revenues under non-cancellable time charter agreements total <div style="display: inline; font-style: italic; font: inherit;">$5.53</div> million, all of which is due in the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>This amount does <div style="display: inline; font-style: italic; font: inherit;">not</div> include the future gross minimum revenues upon collection of hire under non-cancellable time charter agreements of M/V “Alexandros P.”, M/V “Eirini P.” and M/V “Starlight”, which are either on pool revenue agreements or index linked charter rates. In arriving at the future gross minimum revenues, the Company has deducted an estimated <div style="display: inline; font-style: italic; font: inherit;">one</div> off-hire day per quarter. Such off-hire estimate <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be reflective of the actual off-hire in the future. In addition, the actual revenues could be affected by early delivery of the vessel by the charterers or any exercise of the charterers’ options to extend the terms of the charters, which however cannot be estimated and hence <div style="display: inline; font-style: italic; font: inherit;">not</div> reflected above. </div></div>
0.03
0.03
200000000
200000000
2279920
2304630
2279920
2304630
22799
23046
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font: inherit;">no</div> statement of comprehensive income / (loss) has been presented.</div></div></div>
0.26
0.32
0.35
0.16
0.15
0.17
0.11
0.18
0.13
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of EuroDry Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div></div></div>
196231
445824
127509
1465079
1664915
16529363
20528904
24233728
0.0375
0.0295
0.0325
0.028
0.0325
0.027
4820000
11465000
10531000
15000000
14060000
17600000
16000000
15000000
12200000
4100000
63885000
56891000
350000
350000
725000
405000000000
467000
235000
400000
325000
700000
200000
8300000
8000000
4010000000000
7262000
8420000
11300000
6600000
2100000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div></div></div>
140789
117706
385456
278160
4786272
5422155
6458251
5422155
6458251
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font: inherit;">25</div> years from the completion of their construction.</div></div></div>
49350
5680
55030
0.014
304174
304174
5680
5680
49350
49350
0.0175
0.0185
0.0232
0.0293
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">13.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Derivative Financial Instruments</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Interest rate swaps</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective on <div style="display: inline; font-style: italic; font: inherit;"> August 8, 2017, </div>Euroseas Ltd. entered into a <div style="display: inline; font-style: italic; font: inherit;">five</div> year interest rate swap with HSBC Bank Plc. ("HSBC") for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the loans associated with M/V "Eirini P.", M/V "Tasos" and M/V "Pantelis" and, therefore, was allocated to the Company. Under the terms of the swap, HSBC Bank Plc. makes a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font: inherit;">3</div>-month LIBOR while the Company pays an adjustable rate averaging <div style="display: inline; font-style: italic; font: inherit;">1.93%</div> (more specifically, the Company pays the fixed rate of <div style="display: inline; font-style: italic; font: inherit;">1.40%</div> until <div style="display: inline; font-style: italic; font: inherit;"> August 8, 2018, </div>then <div style="display: inline; font-style: italic; font: inherit;">1.75%</div> until <div style="display: inline; font-style: italic; font: inherit;"> August 8, 2019, </div>then <div style="display: inline; font-style: italic; font: inherit;">1.85%</div> until <div style="display: inline; font-style: italic; font: inherit;"> August 8, 2020 </div>and then <div style="display: inline; font-style: italic; font: inherit;">2.32%</div> until <div style="display: inline; font-style: italic; font: inherit;"> August 8, 2022) </div>based on the notional amount. The swap agreement was novated to EuroDry on <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 24, 2018, </div>EuroDry entered into an interest rate swap with HSBC for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million. Under this contract, HSBC makes a quarterly payment to EuroDry equal to the <div style="display: inline; font-style: italic; font: inherit;">3</div>-month LIBOR while EuroDry pays a fixed rate of <div style="display: inline; font-style: italic; font: inherit;">2.93%</div> based on the notional amount. The swap is effective from <div style="display: inline; font-style: italic; font: inherit;"> July 24, 2018 </div>to <div style="display: inline; font-style: italic; font: inherit;"> July 24, 2023.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rate swaps did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting as of <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Freight Forward Agreements (“FFA”)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> October 2018, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">one</div> FFA contract on the Baltic Panamax Index (“BPI”) for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">three</div> calendar months of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">90</div> days at an average time charter equivalent (“TCE”) rate of <div style="display: inline; font-style: italic; font: inherit;">$12,200</div> per day. In <div style="display: inline; font-style: italic; font: inherit;"> January 2019, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">four</div> FFA contracts on the BPI (<div style="display: inline; font-style: italic; font: inherit;">one</div> contract for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">three</div> calendar months of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">120</div> days at an average TCE rate of <div style="display: inline; font-style: italic; font: inherit;">$11,950</div> per day, a contract for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months of the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">270</div> days at an average TCE rate of <div style="display: inline; font-style: italic; font: inherit;">$11,250,</div> a contract for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months of the <div style="display: inline; font-style: italic; font: inherit;">third</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">270</div> days at an average TCE rate of <div style="display: inline; font-style: italic; font: inherit;">$11,100</div> and a contract for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months of the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2019,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">270</div> days at an average TCE rate of <div style="display: inline; font-style: italic; font: inherit;">$11,350.</div> The contracts were settled on a monthly basis using the average of the BPI for the days of the month the BPI is published. The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month multiplied by the number of contract days sold; if the average BPI for the month is greater than the contract rate the Company makes a payment equal to the difference of the average BPI for the month less the contract rate multiplied by the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the <div style="display: inline; font-style: italic; font: inherit;">two</div> rates for the period covered by the contracts.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> April 2019, </div>the Company hedged the forward purchase of <div style="display: inline; font-style: italic; font: inherit;">1,200mt</div> of Singapore bunkers fuel (type <div style="display: inline; font-style: italic; font: inherit;">380cst</div>) for this month, at <div style="display: inline; font-style: italic; font: inherit;">$375.25</div> per metric ton. Also in <div style="display: inline; font-style: italic; font: inherit;"> November 2019 </div>the Company hedged the forward purchase of <div style="display: inline; font-style: italic; font: inherit;">1,200mt</div> of Singapore bunkers fuel (type <div style="display: inline; font-style: italic; font: inherit;">380cst</div>) for this month, at <div style="display: inline; font-style: italic; font: inherit;">$278.5</div> per metric ton. By using these bunker swaps the Company has locked in the price that would be paid for bunkers over the time period selected and the quantity purchased. These contracts were settled on a monthly basis using the Platts daily assessment price for <div style="display: inline; font-style: italic; font: inherit;">380</div> CST Singapore Fuel Oil. The Company receives a payment if the average of the Platts daily assessment price for <div style="display: inline; font-style: italic; font: inherit;">380</div> CST Singapore Fuel Oil for the month is above the contract rate equal to the difference of the Platts daily assessment price for <div style="display: inline; font-style: italic; font: inherit;">380</div> CST Singapore Fuel Oil for the month less the contract rate multiplied by the number of contract days sold. If the average for the month was below the contract rate, the Company made a payment equal to the difference of the contract rate less the Platts daily assessment price for <div style="display: inline; font-style: italic; font: inherit;">380</div> CST Singapore Fuel Oil for the month multiplied by the number of contract days sold.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FFA and the bunker swap contracts did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting. The Company follows guidance relating to “Fair value measurements” to calculate the fair value of the FFA contract (see Note <div style="display: inline; font-style: italic; font: inherit;">15</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"></div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">FFA contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Long-term assets– Derivatives</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contracts</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Long-term assets – Derivatives</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,680</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative assets</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,030</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Long-term liabilities – Derivatives</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative liabilities</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Location of gain (loss) recognized</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2019</td> <td style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts– Unrealized loss</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(45,773</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(309,854</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contracts - Realized gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,209</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,646</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">FFA contracts – Unrealized gain / (loss)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">FFA contracts and Bunker Swap contracts– Realized gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">789,028</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total net gain on derivatives</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,786</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">496,820</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
10209
17646
49167
13786
496820
49350
789028
13786
496820
45773
309854
304174
304174
1200
1200
5000000
5000000
10000000
1
4
2
P5Y
0.0193
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font: inherit;">not</div> met.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Stock Incentive Plan</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2014, </div>the Board of Directors of Euroseas approved the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font: inherit;">“2014</div> Plan”). The plan is administered by Euroseas’ Board of Directors which could make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font: inherit;">2,500,000</div> shares, respectively over <div style="display: inline; font-style: italic; font: inherit;">10</div> years after the plan’s adoption date. The persons eligible to receive awards under the plan are officers, directors, and executive, managerial, administrative and professional employees of Euroseas or Eurobulk or Eurochart (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards <div style="display: inline; font-style: italic; font: inherit;"> may </div>be made under the plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Following the Spin-off, each shareholder of Euroseas received <div style="display: inline; font-style: italic; font: inherit;">one</div> share of EuroDry, for every <div style="display: inline; font-style: italic; font: inherit;">five</div> shares of Euroseas held. Awardees of the Euroseas stock incentive awards with unvested shares received unvested shares of EuroDry with the same ratio, <div style="display: inline; font-style: italic; font: inherit;">one</div> share of EuroDry for every <div style="display: inline; font-style: italic; font: inherit;">five</div> shares of Euroseas out of the EuroDry Stock Incentive Plan, taking also into account that the awardees described above are common in both Euroseas and EuroDry. Shares of EuroDry issued for unvested shares of Euroseas vested on the same schedule with the original Euroseas shares.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of awards granted under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan of Euroseas, which had unvested shares as of the Spin-off date, are noted below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 3, 2016 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">82,080</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">19</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2018; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">48,048</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">34,032</div> shares were awarded to employees of Eurobulk. <div style="display: inline; font-style: italic; font: inherit;">8,208</div> shares of EuroDry were issued for unvested shares of Euroseas as of the Spin-off date (<div style="display: inline; font-style: italic; font: inherit;">4,805</div> were awarded to officers and directors and <div style="display: inline; font-style: italic; font: inherit;">3,403</div> were awarded to employees of Eurobulk) and vested on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2018.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 2, 2017 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">100,270</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">18</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2019; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">57,700</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">42,570</div> shares were awarded to employees of Eurobulk. <div style="display: inline; font-style: italic; font: inherit;">20,054</div> shares of EuroDry were issued for unvested shares of Euroseas as of the Spin-off date (<div style="display: inline; font-style: italic; font: inherit;">11,540</div> were awarded to officers and directors and <div style="display: inline; font-style: italic; font: inherit;">8,514</div> were awarded to employees of Eurobulk), <div style="display: inline; font-style: italic; font: inherit;">50%</div> of which vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2019.</div></td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> May 2018, </div>the Company’s Board of Directors approved an equity incentive plan (the <div style="display: inline; font-style: italic; font: inherit;"> “May 2018 </div>Plan”). The <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>Plan will be administered by the Company’s Board of Directors which can make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font: inherit;">150,000</div> shares over <div style="display: inline; font-style: italic; font: inherit;">five</div> years after the <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>Plan’s adoption date. Officers, directors and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates and consultants and service providers (including persons who are employed by or provide services to any entity that is itself a consultant or service provider) to the Company and its subsidiaries and affiliates will be eligible to receive awards under the equity incentive plan. Awards <div style="display: inline; font-style: italic; font: inherit;"> may </div>be made under the <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.</div> Details of awards granted under the <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>Plan are noted below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">25,090</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">18</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> November 16 , </div><div style="display: inline; font-style: italic; font: inherit;">2020;</div> awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">14,434</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">10,656</div> shares were awarded to employees of Eurobulk.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 4, 2019 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">24,710</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">17</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> July 1 , </div><div style="display: inline; font-style: italic; font: inherit;">2021;</div> awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">13,940</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">10,770</div> shares were awarded to employees of Eurobulk.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company or Eurobulk or as a director of the Company until the applicable vesting date. The grantee does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest, at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for restricted share award forfeitures as they occur. <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div> </div>forfeitures occurred in the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation cost that has been charged against income for awards was <div style="display: inline; font-style: italic; font: inherit;">nil,</div> <div style="display: inline; font-style: italic; font: inherit;">$137,517</div> and <div style="display: inline; font-style: italic; font: inherit;">$184,799,</div> for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and is included within “General and administrative expenses” in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the status of the Company’s non-vested shares as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and changes during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>are presented below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Non-vested Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt">Non-vested on January 1, 2019</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,117</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.61</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Granted</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,710</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.13</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Vested</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(22,572</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9.62</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Non-vested on December 31, 2019</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,255</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.81</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>there was <div style="display: inline; font-style: italic; font: inherit;">$294,453</div> of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>Plan and is expected to be recognized over a weighted-average period of <div style="display: inline; font-style: italic; font: inherit;">0.761</div> years. The total fair value at grant-date of shares granted during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$200,892.</div></div></div>
565229
78642
565229
78642
565229
565229
78642
358726
358726
1748981
565229
565229
1748981
1748981
5967444
1547210
0.38
0.25
-0.85
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings / (loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font: inherit;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> are considered contingently returnable until the restrictions lapse and are <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the basic net income per share calculation until the shares are vested.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Earnings / (Loss) per Share</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted earnings / (loss) per common share are computed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 0.4pt">Income:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 0.4pt">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,119,735</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,497</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(565,229</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,748,981</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Preferred deemed dividend</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(185,665</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net income / (loss) attributable to common shareholders</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,918,149</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Weighted average common shares – outstanding, basic and diluted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,213,505</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,232,821</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,251,439</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 0.4pt">Basic and diluted earnings / (loss) per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.38</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.25</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.85</div></td> <td style="text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">nil</div> </div></div>shares in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div>
294453
P277D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Liabilities</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, long term portion</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style=" margin: 0pt 0; font-size: 10pt">Total</div> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Assets</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, long term portion</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,680</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,680</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">FFA contract, long term portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">15.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Financial Instruments</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">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, trade accounts payable, accrued expenses, derivatives and due to related companies.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest rate risk </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">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 HSBC agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note <div style="display: inline; font-style: italic; font: inherit;">13</div> they do <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting, under the guidance relating to Derivatives and Hedging, as the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have currently written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognizes the change in fair value of the derivative in the "Gain on derivatives, net" in the consolidated statements of operations. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">two</div> open interest rate swap contracts for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> require collateral for its trade accounts receivable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 <div style="display: inline; font-style: italic; font: inherit;">one</div> of the following <div style="display: inline; font-style: italic; font: inherit;">three</div> categories:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">1:</div> Quoted market prices in active markets for identical assets or liabilities;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font: inherit;">not</div> corroborated by market data.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company’s investment in FFA contracts is determined based on quoted prices in active markets and therefore are considered Level <div style="display: inline; font-style: italic; font: inherit;">1</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements".</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level <div style="display: inline; font-style: italic; font: inherit;">2</div> items. The fair values of the interest rate swaps determined through Level <div style="display: inline; font-style: italic; font: inherit;">2</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 43 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recurring Fair Value Measurements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Liabilities</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, long term portion</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" margin-top: 0; margin-bottom: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style=" margin: 0pt 0; font-size: 10pt">Total</div> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Assets</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts, long term portion</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,680</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,680</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">FFA contract, long term portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level <div style="display: inline; font-style: italic; font: inherit;">1</div> items as they represent liquid assets with short-term maturities. The fair value of the Company’s total borrowings approximates <div style="display: inline; font-style: italic; font: inherit;">$55.4</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>or <div style="display: inline; font-style: italic; font: inherit;">$1.5</div> million less than its carrying value of <div style="display: inline; font-style: italic; font: inherit;">$56.9</div> million. The fair value of the long term borrowings are estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level <div style="display: inline; font-style: italic; font: inherit;">2</div> items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR.</div></div>
-10548
11040
2832
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div></div></div>
917160
2346502
2252666
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">8.</div></div></td> <td><div style="display: inline; font-weight: bold;">Income Taxes</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the United States Internal Revenue Code of <div style="display: inline; font-style: italic; font: inherit;">1986,</div> as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <div style="display: inline; font-style: italic; font: inherit;">4%</div> U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <div style="display: inline; font-style: italic; font: inherit;">883</div> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the gross shipping income that is attributable to transportation that begins or ends, but that does <div style="display: inline; font-style: italic; font: inherit;">not</div> both begin and end, in the United States.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which is referred to as the “Publicly Traded Test”. Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) <div style="display: inline; font-style: italic; font: inherit;">one</div> or more classes of its shares representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least <div style="display: inline; font-style: italic; font: inherit;">60</div> days during the taxable year or <div style="display: inline; font-style: italic; font: inherit;">one</div> <div style="display: inline; font-style: italic; font: inherit;">sixth</div> of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year. Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company’s shares will <div style="display: inline; font-style: italic; font: inherit;">not</div> be considered to be “regularly traded” on an established securities market for any taxable year in which <div style="display: inline; font-style: italic; font: inherit;">50%</div> or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own <div style="display: inline; font-style: italic; font: inherit;">5%</div> or more of the vote and value of such class of the Company’s outstanding shares (<div style="display: inline; font-style: italic; font: inherit;">“5%</div> Override Rule”).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the taxable year <div style="display: inline; font-style: italic; font: inherit;">2017</div> the Company believes that it was <div style="display: inline; font-style: italic; font: inherit;">not</div> exempt from U.S. federal income tax of <div style="display: inline; font-style: italic; font: inherit;">4%</div> on U.S. source shipping income, as it believes that it did <div style="display: inline; font-style: italic; font: inherit;">not</div> satisfy the Publicly Traded Test for these years before the Spin-off, while being part of Euroseas, since Euroseas’ common stock did <div style="display: inline; font-style: italic; font: inherit;">not</div> constitute more than <div style="display: inline; font-style: italic; font: inherit;">50%</div> of Euroseas’ outstanding shares by value for the respective taxable year. As a result, tax charge of approximately <div style="display: inline; font-style: italic; font: inherit;">$23,477</div> was paid on <div style="display: inline; font-style: italic; font: inherit;"> September 17, 2018 </div>and was recorded within "Vessel operating expenses" in the consolidated statements of operations when paid.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the taxable years <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company believes that it was exempt from U.S. federal income tax of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">4%</div></div> on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for this year, although it is subject to the <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">5%</div></div> Override Rule, because there were non-qualified <div style="display: inline; font-style: italic; font: inherit;">5%</div> shareholders that did <div style="display: inline; font-style: italic; font: inherit;">not</div> own more than <div style="display: inline; font-style: italic; font: inherit;">50%</div> of our common stock for more than half of the days during the taxable years.</div></div>
527943
-302110
117833
612037
129182
-201787
37630
360599
185151
-44436
1809442
-393202
209192
-93507
249593
3045377
1968521
7514654
184071
114756
-58236
29368
75269
138922
1817574
2913141
3513105
1608348
2516216
3360226
1462852
2220713
3468478
694437
586186
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Inventories </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories consisted of the following:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">2019</div></div></td> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Lubricants</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">533,300</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">487,268</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Victualing</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,647</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,443</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">566,947</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">508,711</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
533300
487268
33647
21443
566947
508711
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div></div></div>
14083
22216
65411848
61162052
127707761
117688922
8983748
11169038
56428100
49993014
12850000
11600000
9900000
56891000
6930655
6806294
55400000
9360000
6924000
940000
20619000
5674000
13374000
56428100
49688840
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7.</div></div></td> <td><div style="display: inline; font-weight: bold;">Long-Term Bank Loans</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consist of bank loans of the ship-owning companies and are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Borrower</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Eirini Shipping Ltd. / Areti Shipping Ltd.</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(a)</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,820,000</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Kamsarmax One Shipping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(b)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,465,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,531,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ultra One Shipping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(c)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,000,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,060,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Kamsarmax Two Shipping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(d)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,600,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,000,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(e)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,000,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,200,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Eirini Shipping Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(f)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,100,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,885,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,891,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Less: Current portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,071,444</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,924,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,813,556</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,967,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred charges, current portion</td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,789</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117,706</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Deferred charges, long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">385,456</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">278,160</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, current portion net of deferred charges</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,930,655</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,806,294</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, long-term portion net of deferred charges</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,428,100</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,688,840</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The future annual loan repayments are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">To December 31:</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,924,000</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,374,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,674,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,619,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">940,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Thereafter</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,360,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,891,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <!-- Field: Page; Sequence: 26 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify"><div style="display: inline; background-color: white">This loan is a <div style="display: inline; font-style: italic; font: inherit;">$15,300,000</div> loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, ("Eirini Loan"), on <div style="display: inline; font-style: italic; font: inherit;"> June 25, 2014. </div>The parties agreed in principle on <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2016 </div>to replace <div style="display: inline; font-style: italic; font: inherit;">one</div> of the underlying collaterals of the Eirini Loan (M/V "Eleni P") with a similar vessel, which in <div style="display: inline; font-style: italic; font: inherit;"> December 2016, </div>was approved to be M/V "Tasos" (owned by Areti Shipping Ltd.). The loan was payable in <div style="display: inline; font-style: italic; font: inherit;">20</div> equal consecutive quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$350,000</div> each, with an <div style="display: inline; font-style: italic; font: inherit;">$8.3</div> million balloon payment to be paid together with the final installment in <div style="display: inline; font-style: italic; font: inherit;"> June 2019. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">3.75%.</div> The loan was secured with the following: (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V "Eirini P." and M/V "Tasos.", (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V "Eirini P." and M/V "Tasos" (iii) a corporate guarantee of </div>EuroDry Ltd.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2016, </div>the Company signed a Supplemental Agreement with HSBC Bank Plc. The outstanding balance of the "Eirini Loan" of <div style="display: inline; font-style: italic; font: inherit;">$12,850,000</div> prior to the closing of the Supplemental Agreement was reduced to <div style="display: inline; font-style: italic; font: inherit;">$11,600,000</div> via prepayment using the cash collateral of <div style="display: inline; font-style: italic; font: inherit;">$1,250,000</div> (which was effected after the signing of the Supplemental Agreement). In addition, <div style="display: inline; font-style: italic; font: inherit;">seven</div> principal installments of <div style="display: inline; font-style: italic; font: inherit;">$350,000</div> each, from <div style="display: inline; font-style: italic; font: inherit;"> June 2016 </div>to <div style="display: inline; font-style: italic; font: inherit;"> December 2017 </div>were deferred. Repayment of the loan resumed in <div style="display: inline; font-style: italic; font: inherit;"> March 2018 </div>and the outstanding balance of <div style="display: inline; font-style: italic; font: inherit;">$11,600,000</div> was payable in <div style="display: inline; font-style: italic; font: inherit;">two</div> quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$350,000</div> each, <div style="display: inline; font-style: italic; font: inherit;">four</div> of <div style="display: inline; font-style: italic; font: inherit;">$725,000</div> each plus a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$8,000,000</div> due in <div style="display: inline; font-style: italic; font: inherit;"> May 2019. </div>A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of <div style="display: inline; font-style: italic; font: inherit;">$600,000</div> (corresponding to the minimum cash balance requirement) was pledged in the cash collateral account of M/V "Eirini P" / M/V "Tasos". HSBC Bank Plc. agreed to the sale of M/V "Eleni P" and the substitution of such vessel with M/V "Tasos" as collateral for the loan. </div>A prepayment of <div style="display: inline; font-style: italic; font: inherit;">$0.45</div> million was also made within <div style="display: inline; font-style: italic; font: inherit;">2018,</div> which was deducted from the balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. <div style="display: inline; background-color: white">The loan was partly repaid in <div style="display: inline; font-style: italic; font: inherit;"> December 2018 </div>through the refinancing by the National Bank of Greece as explained in note (e) below. The only vessel remaining in the facility was Eirini P whilst there were <div style="display: inline; font-style: italic; font: inherit;">two</div> quarterly principal payments of <div style="display: inline; font-style: italic; font: inherit;">$405,000</div> each, due in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> and a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$4,010,000</div> million due on <div style="display: inline; font-style: italic; font: inherit;"> May 26, 2019 </div>to be paid together with the last installment. In <div style="display: inline; font-style: italic; font: inherit;"> May 2019, </div></div>the Company entered into a loan agreement with HSBC Bank Plc. to refinance the specific loan, <div style="display: inline; background-color: white">as explained in note (f) below.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> February 17, 2016, </div>the Company signed a term loan facility with Nord LB and, on <div style="display: inline; font-style: italic; font: inherit;"> February 25, 2016, </div>a loan of <div style="display: inline; font-style: italic; font: inherit;">$13,800,000</div> was drawn by Kamsarmax One Shipping Ltd. to partly finance the pre-delivery installment of M/V "Xenia". The loan is to be repaid in <div style="display: inline; font-style: italic; font: inherit;">fourteen</div> consecutive equal semi-annual installments of <div style="display: inline; font-style: italic; font: inherit;">$467,000</div> plus a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$7,262,000</div> to be paid together with the last installment in <div style="display: inline; font-style: italic; font: inherit;"> February 2023. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">2.95%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V "Xenia", (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V "Xenia", (iii) a corporate guarantee of </div>EuroDry Ltd. <div style="display: inline; background-color: white">and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font: inherit;">130%.</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 1, 2018, </div>the Company signed a term loan facility with Eurobank Ergasias S.A. (EFG) of up to <div style="display: inline; font-style: italic; font: inherit;">$15</div> million or <div style="display: inline; font-style: italic; font: inherit;">60%</div> of the market value of <div style="display: inline; background-color: white">M/V "Alexandros P."</div>, for the purpose of refinancing the outstanding amount of <div style="display: inline; font-style: italic; font: inherit;">$9.9</div> million of the loan facility of <div style="display: inline; background-color: white">HSH Nordbank AG (drawn on <div style="display: inline; font-style: italic; font: inherit;"> January 25, 2017 </div>to partly finance the pre-delivery installment of M/V "Alexandros P.") and providing working capital. The facility was drawn on <div style="display: inline; font-style: italic; font: inherit;"> October 5, 2018. </div></div>The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">twenty eight</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$235,000</div> each, followed by a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$8,420,000</div> to be paid together with the last installment in <div style="display: inline; font-style: italic; font: inherit;"> October 2025. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">3.25%.</div> The loan is secured with (i) <div style="display: inline; background-color: white"><div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V "Alexandros P.", (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V "Alexandros P.", (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font: inherit;">120%.</div> The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$135,000</div> for this loan.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(d)</td> <td style="text-align: justify"><div style="display: inline; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> April 27, 2018, </div>the Company signed a term loan facility with HSBC Bank Plc. and a loan of <div style="display: inline; font-style: italic; font: inherit;">$18.4</div> million was drawn by Kamsarmax Two Shipping Ltd. on <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2018 </div>to finance <div style="display: inline; font-style: italic; font: inherit;">70%</div> of the construction cost but <div style="display: inline; font-style: italic; font: inherit;">no</div> more than <div style="display: inline; font-style: italic; font: inherit;">70%</div> of the market value of M/V "Ekaterini", subject to the existence of a time charter at the time of drawdown for a minimum period of <div style="display: inline; font-style: italic; font: inherit;">24</div> months approved by the lender. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">twenty</div> consecutive quarterly installments commencing from <div style="display: inline; font-style: italic; font: inherit;"> July 2018, </div><div style="display: inline; font-style: italic; font: inherit;">eight</div> in the amount of <div style="display: inline; font-style: italic; font: inherit;">$400,000</div> and <div style="display: inline; font-style: italic; font: inherit;">twelve</div> in the amount of <div style="display: inline; font-style: italic; font: inherit;">$325,000,</div> with a <div style="display: inline; font-style: italic; font: inherit;">$11,300,000</div> balloon payment to be paid together with the last installment in <div style="display: inline; font-style: italic; font: inherit;"> April 2023. </div>The interest rate margin is <div style="display: inline; font-style: italic; font: inherit;">2.80%</div> over LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V "Ekaterini", (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V "Ekaterini" and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font: inherit;">130%.</div> The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$147,200</div> for this loan.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(e)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 27, 2018, </div>the Company signed a term loan facility with the National Bank of Greece S.A. (NBG) and a loan of <div style="display: inline; font-style: italic; font: inherit;">$15,000,000</div> was drawn by Light Shipping Ltd., Areti Shipping Ltd. and Pantelis Shipping Corp. for the purpose of refinancing the existing loans with HSBC Bank Plc. regarding M/V “Pantelis” and M/V “Tasos” and financing part of the acquisition cost of M/V “Starlight”. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">twelve</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$700,000,</div> commencing from <div style="display: inline; font-style: italic; font: inherit;"> February 2019, </div>plus a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$6,600,000</div> to be paid together with the last installment in <div style="display: inline; font-style: italic; font: inherit;"> November 2021. </div>The margin of the loan is <div style="display: inline; font-style: italic; font: inherit;">3.25%</div> above LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V “Starlight”, M/V “Pantelis ” and M/V “Tasos” (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V “Starlight”, M/V “Pantelis ” and M/V “Tasos”, (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the remaining loans of the Company. <div style="display: inline; background-color: white">The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font: inherit;">125%.</div> </div>The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$150,000</div> for this loan.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(f)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2019, </div>the Company signed a term loan facility with HSBC Bank PLC for a loan up to the lesser of <div style="display: inline; font-style: italic; font: inherit;">49.9%</div> of the market value of M/V “Eirini P” and <div style="display: inline; font-style: italic; font: inherit;">$4.5</div> million to refinance the existing indebtedness of Eirini Shipping Ltd., as explained in note (a) above. On <div style="display: inline; font-style: italic; font: inherit;"> May 24, 2019, </div>a loan of <div style="display: inline; font-style: italic; font: inherit;">$4.5</div> million was drawn by Eirini Shipping Ltd. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">twelve</div> consecutive quarterly equal installments of <div style="display: inline; font-style: italic; font: inherit;">$200,000</div> each, commencing from <div style="display: inline; font-style: italic; font: inherit;"> August 2019, </div>with a <div style="display: inline; font-style: italic; font: inherit;">$2,100,000</div> balloon payment to be paid together with the last installment in <div style="display: inline; font-style: italic; font: inherit;"> May 2022. </div>The interest rate margin is <div style="display: inline; font-style: italic; font: inherit;">2.70%</div> over LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V “Eirini P”, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V “Eirini P” and (iii) other covenants and guarantees similar to the remaining loans of the Company. <div style="display: inline; background-color: white">The Security Cover ratio for this facility stands at <div style="display: inline; font-style: italic; font: inherit;">130%.</div></div> The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$22,500</div> for this loan.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 29 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan agreements also 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 <div style="display: inline; font-style: italic; font: inherit;">120%</div> to <div style="display: inline; font-style: italic; font: inherit;">130%</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019), </div>restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. <div style="display: inline; font-style: italic; font: inherit;">not</div> permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan installments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to <div style="display: inline; font-style: italic; font: inherit;">$3,378,955</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,733,036</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and are included in “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all the debt covenants are satisfied.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expense for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$1,608,348,</div> <div style="display: inline; font-style: italic; font: inherit;">$2,516,216</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,360,226,</div> respectively. Capitalized interest for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$123,697</div> and <div style="display: inline; font-style: italic; font: inherit;">$173,841,</div> respectively. <div style="display: inline; font-style: italic; font: inherit;">No</div> interest was capitalized for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div></div>
215000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> Financial Instruments - Credit Losses. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> “Codification Improvements to topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div> For public business entities, the amendments in this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font: inherit;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font: inherit;">not</div> liable for any pension or post-retirement benefits.</div></div></div>
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0.05
0.12
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">14.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Preferred shares</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Preferred Shares Amount</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Dividends paid-in-kind</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Issued, May 30, 2018</div></div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,042</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,192,129</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,192,129</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">566</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,229</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,229</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance, December 31, 2018</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,608</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,192,129</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,229</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,757,358</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">79</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,642</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,642</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Redemption of Preferred shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,775,696</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(524,304</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,300,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Preferred deemed dividend</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,665</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,665</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance, December 31, 2019</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,387</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,602,098</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,567</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,721,665</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 27, 2014, </div>Euroseas issued <div style="display: inline; font-style: italic; font: inherit;">25,000</div> shares of its Series B Convertible Perpetual Preferred Shares to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and <div style="display: inline; font-style: italic; font: inherit;">5,700</div> shares to Preferred Friends Investment Company Inc, an affiliate of Euroseas and the Company, for total net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$29</div> million. The redemption amount of the Series B Preferred Shares is <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> per share.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Company’s amended and restated articles of incorporation, effective after the Spin-off, the Company is authorized to issue up to <div style="display: inline; font-style: italic; font: inherit;">20,000,000</div> shares of preferred stock, par value <div style="display: inline; font-style: italic; font: inherit;">$0.01</div> per share. The preferred stock <div style="display: inline; font-style: italic; font: inherit;"> may </div>be issued in <div style="display: inline; font-style: italic; font: inherit;">one</div> or more series and the Company’s Board of Directors, without further approval from the Company’s shareholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. On <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>in connection with the Spin-off, <div style="display: inline; font-style: italic; font: inherit;">19,042</div> EuroDry Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> of Euroseas Series B Preferred Stock, were issued and distributed to holders of Euroseas' Series B Preferred Shares in exchange for the cancellation of an equal number of such Euroseas Series B Preferred Shares. The rights of the holders of EuroDry Series B Preferred Shares rank senior to the obligations to holders of the Company’s common shares. Additionally, EuroDry Series B Preferred Shares are issued when dividends to EuroDry Series B Preferred Shares are paid in-kind.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <!-- Field: Page; Sequence: 40 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The EuroDry Series B Preferred Shares paid dividends in-kind until <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>at a rate of <div style="display: inline; font-style: italic; font: inherit;">5%</div> per annum. The dividend rate increased to <div style="display: inline; font-style: italic; font: inherit;">12%</div> for the <div style="display: inline; font-style: italic; font: inherit;">two</div> years following <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>and to <div style="display: inline; font-style: italic; font: inherit;">14%</div> thereafter and is payable only in cash. Cash dividends are declared at each quarter and actual payments are made within the following quarter. If a cash dividend is paid on the Company's common stock after <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>the holders of EuroDry Series B Preferred Shares will receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font: inherit;">40%</div> of the common stock dividend it would have received on an as-converted basis. The EuroDry Series B Preferred Shares are convertible to common shares at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each EuroDry Series B Preferred Share will be convertible into common stock at an initial conversion price of <div style="display: inline; font-style: italic; font: inherit;">$31.64</div> (subject to adjustment for certain events, including upon a default). EuroDry Series B Preferred Shares are redeemable in cash by the Company at any time after <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019. </div>Holders of EuroDry Series B Preferred Shares <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to redeem their shares only upon the occurrence of certain corporate events.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 19, 2019, </div>the Company agreed to redeem <div style="display: inline; font-style: italic; font: inherit;">$4.3</div> million of its Series B Preferred Shares. In parallel with the redemption, the holders of the remaining Series B Preferred Shares agreed to reduce the annual dividend rate to <div style="display: inline; font-style: italic; font: inherit;">9.25%</div> until <div style="display: inline; font-style: italic; font: inherit;"> January 2021. </div>The difference between (<div style="display: inline; font-style: italic; font: inherit;">1</div>) the fair value of the consideration transferred to the holders of the EuroDry Series B Preferred Shares (comprising the cash payment offered) and (<div style="display: inline; font-style: italic; font: inherit;">2</div>) the carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs) amounted to <div style="display: inline; font-style: italic; font: inherit;">$185,665,</div> and was recorded as preferred deemed dividend.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>the Company declared <div style="display: inline; font-style: italic; font: inherit;">three</div> consecutive dividends totaling <div style="display: inline; font-style: italic; font: inherit;">$565,229,</div> all of which were paid in kind. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company declared dividends of <div style="display: inline; font-style: italic; font: inherit;">$1,748,981,</div> of which <div style="display: inline; font-style: italic; font: inherit;">$78,642</div> were paid in-kind, <div style="display: inline; font-style: italic; font: inherit;">$1,311,612</div> were paid in cash during <div style="display: inline; font-style: italic; font: inherit;">2019</div> and another <div style="display: inline; font-style: italic; font: inherit;">$358,726</div> were accrued as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and were paid in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> The redemption liability as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$15,386,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain ownership thresholds, holders of EuroDry Series B Preferred Shares have the right to appoint <div style="display: inline; font-style: italic; font: inherit;">one</div> director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of EuroDry Series B Preferred Shares will vote as <div style="display: inline; font-style: italic; font: inherit;">one</div> class with the Company's common stock on all matters on which shareholders are entitled to vote, with each EuroDry Series B Preferred Share having a number of votes equal to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the numbers of shares of common stock of the Company into which such EuroDry Series B Preferred Share would be convertible on the applicable record date.</div></div>
18192129
18192129
18192129
565229
18757358
14602098
119567
14721665
147789
286711
29000000
15300000
13800000
18400000
15000000
10862500
48400000
4500000
-639312
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div></div></td> <td><div style="display: inline; font-weight: bold;">Vessels, net</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold">Costs</td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Accumulated</div></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Depreciation</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><div style="display: inline; font-weight: bold;">Net Book</div></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Value</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, January 1, 2018</td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103,039,369</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,059,733</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,979,636</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">- Delivery of M/V “Ekaterini”</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,869,382</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,869,382</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Delivery of M/V “Starlight”</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,210,599</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,210,599</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">137,119,350</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,481,888</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,637,462</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,458,251</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,458,251</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel improvements</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,282,054</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,282,054</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">138,401,404</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(32,940,139</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,461,265</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> December 2016, </div>Kamsarmax Two Shipping Ltd. took an impairment charge on Hull <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">YZJ2013</div>-<div style="display: inline; font-style: italic; font: inherit;">1153</div> (named M/V “Ekaterini”) as it considered it likely at that time that it would exercise its option to terminate the shipbuilding contract without any additional penalty. The Company recognized an impairment of <div style="display: inline; font-style: italic; font: inherit;">$3.8</div> million representing the deposit paid to the shipyard as well as legal and other costs related to the shipbuilding contract. In <div style="display: inline; font-style: italic; font: inherit;"> March 2017, </div>the Company decided <div style="display: inline; font-style: italic; font: inherit;">not</div> to exercise the option to terminate the contract but to proceed with the construction of M/V Ekaterini at a total cost of <div style="display: inline; font-style: italic; font: inherit;">$23.9</div> million. M/V “Ekaterini” was delivered to the Company on <div style="display: inline; font-style: italic; font: inherit;"> May 7, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> November 5, 2018, </div>Light Shipping Ltd. signed a memorandum of agreement to purchase M/V "Starlight" a <div style="display: inline; font-style: italic; font: inherit;">75,845</div> DWT <div style="display: inline; font-style: italic; font: inherit;">2004</div>-built drybulk carrier, for a purchase price plus costs to make the vessel available for use of <div style="display: inline; font-style: italic; font: inherit;">$10.2</div> million. M/V "Starlight" was delivered to the Company on <div style="display: inline; font-style: italic; font: inherit;"> November 30, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During the year <div style="display: inline; font-style: italic; font: inherit;">2019,</div> M/V “Starlight” and M/V “Eirini P” installed Water Ballast Treatment systems onboard with a total cost of <div style="display: inline; font-style: italic; font: inherit;">$1.3</div> million. These installations were considered as vessel improvements and were therefore capitalized.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company performed the undiscounted cash flow test as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> for those operating vessels whose carrying values were above their respective market values, and determined that the net book value of its vessels held for use was recoverable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All the Company’s vessels have been mortgaged as security for the Company’s loans (refer Note <div style="display: inline; font-style: italic; font: inherit;">7</div>).</div></div>
103039369
137119350
138401404
81979636
110637462
105461265
110637462
105461265
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif">Vessels under construction are presented at cost, which includes shipyard installment payments and</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <!-- Field: Page; Sequence: 13 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold">Costs</td> <td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Accumulated</div></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Depreciation</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><div style="display: inline; font-weight: bold;">Net Book</div></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Value</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, January 1, 2018</td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">103,039,369</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(21,059,733</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,979,636</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -14.2pt; padding-left: 14.2pt">- Delivery of M/V “Ekaterini”</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,869,382</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,869,382</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Delivery of M/V “Starlight”</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,210,599</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,210,599</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">137,119,350</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(26,481,888</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,637,462</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,458,251</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,458,251</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel improvements</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,282,054</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,282,054</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">138,401,404</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(32,940,139</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,461,265</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
P25Y
167019
0
0
1409716
1701340
1964536
1250000
693524
731456
1250000
101100
253503
324178
359868
42421
59710
48734
66292
65924
82405
693524
731456
1250000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Related Party Transactions</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Managers (see Note <div style="display: inline; font-style: italic; font: inherit;">1</div>) provided technical and commercial vessel management for a fixed daily fee per vessel of Euro <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">685</div></div></div> for <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div> Vessel management fees paid to the Managers amounted to <div style="display: inline; font-style: italic; font: inherit;">$1,409,716,</div> <div style="display: inline; font-style: italic; font: inherit;">$1,701,340</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,964,536</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and are recorded under "Related party management fees" in the consolidated statements of operations. An additional fixed management fee is paid to Eurobulk relating to executive compensation. The amount of such executive compensation allocated to the Company prior to the Spin-off was based on the proportion of the number of calendar days that related to EuroDry's vessels to the number of days of the entire fleet of Euroseas. After the Spin-off, the annual compensation for such services was set at <div style="display: inline; font-style: italic; font: inherit;">$1,250,000.</div> This amount was <div style="display: inline; font-style: italic; font: inherit;">$693,524,</div> <div style="display: inline; font-style: italic; font: inherit;">$731,456</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,250,000</div> for <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and is recorded in “General and administrative expenses” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Euroseas' Master Management Agreement ("MMA") with the Managers provides for an annual adjustment of the daily vessel management fee due to inflation to take effect on <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>of each year. The vessel management fee for laid-up vessels is half of the daily fee. This MMA, as periodically amended and restated, will automatically be extended after the initial <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period unless terminated on or before the <div style="display: inline; font-style: italic; font: inherit;">90th</div> day preceding the initial termination date. Pursuant to the MMA, each ship-owning company has signed – and each future ship owning company when a vessel is acquired will sign - with the Managers, a management agreement with the rate and term of these agreements set in the MMA effective at such time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was amended and restated on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2012 </div>to reflect a <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount on the daily vessel management fee for the period during which the number of the Euroseas-owned vessels (including vessels in which Euroseas is a part owner) managed by the Managers is greater than <div style="display: inline; font-style: italic; font: inherit;">20</div> ("volume discount"); it was renewed on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2014 </div>for a new <div style="display: inline; font-style: italic; font: inherit;">five</div> year term until <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Starting <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2013, </div>the daily vessel management fee was adjusted to Euro <div style="display: inline; font-style: italic; font: inherit;">720</div> per day per vessel in operation and <div style="display: inline; font-style: italic; font: inherit;">360</div> Euros per day per vessel in lay-up before the <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount. The fee remained unchanged for the subsequent years starting <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2014, </div><div style="display: inline; font-style: italic; font: inherit;">2015,</div> <div style="display: inline; font-style: italic; font: inherit;">2016,</div> <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was further renewed on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2018 </div>for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div> year term until <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2023 </div>with the <div style="display: inline; font-style: italic; font: inherit;">5%</div> volume discount permanently incorporated in the daily management fee. The daily management fee remained unchanged at Euro <div style="display: inline; font-style: italic; font: inherit;">685</div> for the year <div style="display: inline; font-style: italic; font: inherit;">2019</div> and will be adjusted annually for inflation in the Eurozone. EuroDry signed new MMAs with the Managers which took effect after the completion of the Spin-off. EuroDry's MMAs are substantially on the same terms as the MMA between Euroseas and Eurobulk relating to the vessels that were previously owned by Euroseas. The fee will remain unchanged for <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessels M/V “Xenia”, M/V “Alexandros P.”, M/V “Tasos” and M/V “Ekaterini” are managed by Eurobulk FE, which provides technical, commercial and accounting services. The remaining fleet of the Company (M/V “Pantelis, M/V “Eirini P.” and M/V “Starlight”) is managed by Eurobulk.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 24 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts due to or from related companies represent net disbursements and collections made on behalf of the ship-owning companies by the Managers during the normal course of operations for which a right of off-set exists. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>the amount due from related companies was <div style="display: inline; font-style: italic; font: inherit;">$5,967,444.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the amount due to related companies was <div style="display: inline; font-style: italic; font: inherit;">$1,547,210.</div> Based on the MMA, an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced by the Company’s ship-owning subsidiaries in the beginning of the quarter to the respective Manager.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses brokers for various services, as is industry practice. Eurochart S.A. (“Eurochart”), a 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 <div style="display: inline; font-style: italic; font: inherit;">1%</div> of the vessel sales price and <div style="display: inline; font-style: italic; font: inherit;">1.25%</div> of charter revenues. A commission of <div style="display: inline; font-style: italic; font: inherit;">1%</div> of the purchase price is also paid to Eurochart by the seller of the vessel for acquisitions the Company makes. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>the Company paid <div style="display: inline; font-style: italic; font: inherit;">$101,100</div> to Eurochart for the acquisition of M/V “Starlight”. Commissions to Eurochart for chartering services totaled <div style="display: inline; font-style: italic; font: inherit;">$253,503,</div> <div style="display: inline; font-style: italic; font: inherit;">$324,178</div> and <div style="display: inline; font-style: italic; font: inherit;">$359,868</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, recorded in “Commissions” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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"); and with a crewing agent Technomar Crew Management Services Corp ("Technomar"). Technomar is a company owned by certain members of the Pittas family, together with <div style="display: inline; font-style: italic; font: inherit;">two</div> other unrelated ship management companies. Sentinel is paid a commission on insurance premiums <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding <div style="display: inline; font-style: italic; font: inherit;">5%;</div> Technomar is paid a fee of about <div style="display: inline; font-style: italic; font: inherit;">$50</div> per crew member per month. Total fees charged by Sentinel and Technomar were <div style="display: inline; font-style: italic; font: inherit;">$42,421</div> and <div style="display: inline; font-style: italic; font: inherit;">$59,710</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">$48,734</div> and <div style="display: inline; font-style: italic; font: inherit;">$66,292</div> in <div style="display: inline; font-style: italic; font: inherit;">2018,</div> and <div style="display: inline; font-style: italic; font: inherit;">$65,924</div> and <div style="display: inline; font-style: italic; font: inherit;">$82,405</div> in <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively. These amounts are recorded in "Vessel operating expenses" in the consolidated statements of operations.</div></div>
1250000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight. <div style="display: inline; background-color: white">A minor part of the Company’s revenues is also generated from pool arrangements, according to which t<div style="display: inline; font-family: Times New Roman, Times, Serif">he amount allocated to each pool participant vessel is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel’s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For the vessel that operated under pool arrangement during the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> consider itself the principal, primarily because of its lack of control over the service to be transferred to the charterer under those charter party agreements and therefore related revenues and expenses are presented net.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 14 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2018, </div>including interim periods within those fiscal periods. The Company adopted ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and has elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all of the Company’s vessels are employed under time charters with remaining terms ranging from less than <div style="display: inline; font-style: italic; font: inherit;">one</div> month to <div style="display: inline; font-style: italic; font: inherit;">11</div> months based on the minimum duration of the time charter contracts and do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any renewal options. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, the transition guidance associated with ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> allows for certain practical expedients to lessors. The Company elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 15 --> <div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the timing and recognition of earnings from time charter contracts to which the Company is party did <div style="display: inline; font-style: italic; font: inherit;">not</div> change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in “Time charter revenue” in the consolidated statements of operations for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and determined that its voyage charter agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain a lease because the charterer under such contracts does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company’s consent. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font: inherit;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demurrage income, which is included in “Voyage charter revenue” in the consolidated statements of operations, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font: inherit;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div></div></div>
1122196
1411333
1547996
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><div style="display: inline; font-weight: bold;">2019</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.5pt 0pt 0; text-align: right"></div></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">74,169</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">112,381</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">694,437</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">586,186</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">114,432</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">68,336</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,039</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,175</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Other accrued expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">268,132</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">145,345</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,166,209</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">964,423</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Borrower</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"></td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Eirini Shipping Ltd. / Areti Shipping Ltd.</td> <td style="width: 1%"> </td> <td style="width: 12%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(a)</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,820,000</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Kamsarmax One Shipping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(b)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,465,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,531,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Ultra One Shipping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(c)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,000,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,060,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Kamsarmax Two Shipping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(d)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,600,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,000,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(e)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,000,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,200,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Eirini Shipping Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(f)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,100,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,885,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,891,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Less: Current portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,071,444</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,924,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,813,556</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,967,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred charges, current portion</td> <td> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">140,789</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">117,706</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Deferred charges, long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">385,456</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">278,160</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, current portion net of deferred charges</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,930,655</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,806,294</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, long-term portion net of deferred charges</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,428,100</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,688,840</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Location of gain (loss) recognized</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2019</td> <td style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts– Unrealized loss</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(45,773</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(309,854</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contracts - Realized gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,209</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17,646</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">FFA contracts – Unrealized gain / (loss)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">FFA contracts and Bunker Swap contracts– Realized gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain on derivatives, net</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">789,028</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total net gain on derivatives</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,786</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">496,820</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">FFA contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Long-term assets– Derivatives</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,350</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contracts</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Long-term assets – Derivatives</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,680</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative assets</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,030</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contracts</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Long-term liabilities – Derivatives</div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative liabilities</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,174</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 0.4pt">Income:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 0.4pt">Net income</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,119,735</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,497</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(565,229</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,748,981</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Preferred deemed dividend</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(185,665</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net income / (loss) attributable to common shareholders</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,918,149</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Weighted average common shares – outstanding, basic and diluted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,213,505</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,232,821</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,251,439</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 0.4pt">Basic and diluted earnings / (loss) per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.38</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.25</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(0.85</div></td> <td style="text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">2018</div></div></td> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">2019</div></div></td> <td style="border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Lubricants</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">533,300</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 15%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">487,268</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Victualing</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,647</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,443</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">566,947</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">508,711</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">To December 31:</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,924,000</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,374,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,674,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2023</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,619,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2024</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">940,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Thereafter</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,360,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,891,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Non-vested Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt">Non-vested on January 1, 2019</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,117</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9.61</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Granted</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,710</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.13</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Vested</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(22,572</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9.62</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Non-vested on December 31, 2019</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,255</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8.81</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Charterer</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-weight: bold">A/S Klaveness Chartering</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Quadra Commodities S.A.</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Guardian Navigation GMax LLC pool</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Amaggi Europe B.V.</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Dampskibsselskabet Norden A/S</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">China National Chartering (Hong Kong) Co., Limited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Preferred Shares Amount</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Dividends paid-in-kind</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Issued, May 30, 2018</div></div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,042</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,192,129</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,192,129</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">566</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,229</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,229</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance, December 31, 2018</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,608</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,192,129</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,229</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,757,358</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">79</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,642</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,642</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Redemption of Preferred shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,775,696</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(524,304</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,300,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Preferred deemed dividend</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,665</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,665</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance, December 31, 2019</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,387</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,602,098</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">119,567</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,721,665</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font: inherit;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font: inherit;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font: inherit;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div></div></div>
137517
184799
0
0
82080
48048
34032
8208
4805
3403
100270
57700
42570
20054
11540
8514
25090
14434
10656
24710
13940
10770
24710
8.13
35117
37255
9.61
8.81
22572
9.62
2500000
150000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font: inherit;">718</div>). ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div></div></div>
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.5
2279920
2304630
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Significant Accounting Policies</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of EuroDry Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font: inherit;">no</div> statement of comprehensive income / (loss) has been presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company recorded a provision for doubtful accounts of <div style="display: inline; font-style: italic; font: inherit;">$167,019</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018. </div>The Company did <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">not</div></div> record any material provisions for doubtful accounts for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif">Vessels under construction are presented at cost, which includes shipyard installment payments and</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <!-- Field: Page; Sequence: 13 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font: inherit;">25</div> years from the completion of their construction.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally commits to a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight. <div style="display: inline; background-color: white">A minor part of the Company’s revenues is also generated from pool arrangements, according to which t<div style="display: inline; font-family: Times New Roman, Times, Serif">he amount allocated to each pool participant vessel is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel’s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For the vessel that operated under pool arrangement during the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> consider itself the principal, primarily because of its lack of control over the service to be transferred to the charterer under those charter party agreements and therefore related revenues and expenses are presented net.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 14 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2018, </div>including interim periods within those fiscal periods. The Company adopted ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and has elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all of the Company’s vessels are employed under time charters with remaining terms ranging from less than <div style="display: inline; font-style: italic; font: inherit;">one</div> month to <div style="display: inline; font-style: italic; font: inherit;">11</div> months based on the minimum duration of the time charter contracts and do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any renewal options. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, the transition guidance associated with ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> allows for certain practical expedients to lessors. The Company elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 15 --> <div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the timing and recognition of earnings from time charter contracts to which the Company is party did <div style="display: inline; font-style: italic; font: inherit;">not</div> change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in “Time charter revenue” in the consolidated statements of operations for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and determined that its voyage charter agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain a lease because the charterer under such contracts does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company’s consent. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font: inherit;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demurrage income, which is included in “Voyage charter revenue” in the consolidated statements of operations, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font: inherit;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div></div><div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dry-docking and special survey expenses are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font: inherit;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font: inherit;">not</div> liable for any pension or post-retirement benefits.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 17 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “General and administrative expenses” in the consolidated statements of operations when the offering is aborted.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font: inherit;">718</div>). ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 18 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font: inherit;">not</div> met.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial amount of preferred stock assumed based on the initial consideration received by the former Parent Company less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings / (loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font: inherit;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> are considered contingently returnable until the restrictions lapse and are <div style="display: inline; font-style: italic; font: inherit;">not</div> included in the basic net income per share calculation until the shares are vested.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font: inherit;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font: inherit;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font: inherit;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 19 --> </div><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div><div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> Financial Instruments - Credit Losses. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> “Codification Improvements to topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div> For public business entities, the amendments in this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> </div></div>
2254830
25000
5700
2254830
25090
24710
251
137266
137517
247
184552
184799
-10506473
41603370
31096897
-9656772
42518895
32862123
22799
52618022
-9102266
43538555
23046
52802574
-11020415
41805205
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial amount of preferred stock assumed based on the initial consideration received by the former Parent Company less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0; text-align: right"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">16.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Subsequent events</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #212529"><div style="display: inline; font-weight: bold;">Coronavirus Outbreak:</div> On <div style="display: inline; font-style: italic; font: inherit;"> March 11, 2020, </div>the World Health Organization declared the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Novel Coronavirus (the “COVID-<div style="display: inline; font-style: italic; font: inherit;">19”</div>) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where we conduct a large part of our operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> will impact the Company’s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which <div style="display: inline; font-style: italic; font: inherit;"> may </div>emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time.</div></div>
18757358
14721665
0.01
0.01
20000000
20000000
19608
15387
19608
15387
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company recorded a provision for doubtful accounts of <div style="display: inline; font-style: italic; font: inherit;">$167,019</div> for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018. </div>The Company did <div style="display: inline; font-style: italic; font: inherit;"></div><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">not</div></div> record any material provisions for doubtful accounts for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div></div>
375.25
278.5
51453
3577
-359204
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div>
2213505
2232821
2251439
This loan is a $15,300,000 loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, ("Eirini Loan"), on June 25, 2014. The parties agreed in principle on September 30, 2016 to replace one of the underlying collaterals of the Eirini Loan (M/V “Eleni P”) with a similar vessel, which in December 2016, was approved to be M/V ‘Tasos” (owned by Areti Shipping Ltd.). The loan was payable in 20 equal consecutive quarterly installments of $350,000 each, with an $8.3 million balloon payment to be paid together with the final installment in June 2019. The loan bears interest at LIBOR plus a margin of 3.75%. The loan was secured with the following: (i) first priority mortgage over M/V “Eirini P.” and M/V “Tasos.”, (ii) first assignment of earnings and insurance of M/V “Eirini P.” and M/V “Tasos” (iii) a corporate guarantee of EuroDry Ltd. On September 30, 2016, the Company signed a Supplemental Agreement with HSBC Bank Plc. The outstanding balance of the “Eirini Loan” of $12,850,000 prior to the closing of the Supplemental Agreement was reduced to $11,600,000 via prepayment using the cash collateral of $1,250,000 (which was effected after the signing of the Supplemental Agreement). In addition, seven principal installments of $350,000 each, from June 2016 to December 2017 were deferred. Repayment of the loan resumed in March 2018 and the outstanding balance of $11,600,000 was payable in two quarterly installments of $350,000 each, four of $725,000 each plus a balloon payment of $8,000,000 due in May 2019. A cash sweep mechanism was put in place until the entire deferred amount is repaid. A cash collateral amount of $600,000 (corresponding to the minimum cash balance requirement) was pledged in the cash collateral account of M/V “Eirini P” / M/V “Tasos”. HSBC Bank Plc. agreed to the sale of M/V “Eleni P” and the substitution of such vessel with M/V “Tasos” as collateral for the loan. A prepayment of $0.45 million was also made within 2018, which was deducted from the balloon repayment of the said loan based on the agreement between Euroseas and HSBC Bank Plc. The loan was partly repaid in December 2018 through the refinancing by the National Bank of Greece as explained in note (e) below. The only vessel remaining in the facility was Eirini P whilst there were two quarterly principal payments of $405,000 each, due in 2019, and a balloon amount of $4,010,000 million due on May 26, 2019 to be paid together with the last installment. In May 2019, the Company entered into a loan agreement with HSBC Bank Plc. to refinance the specific loan, as explained in note (f) below.
On February 17, 2016, the Company signed a term loan facility with Nord LB and, on February 25, 2016, a loan of $13,800,000 was drawn by Kamsarmax One Shipping Ltd. to partly finance the pre-delivery installment of M/V “Xenia”. The loan is to be repaid in fourteen consecutive equal semi-annual installments of $467,000 plus a balloon amount of $7,262,000 to be paid together with the last installment in February 2023. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgage over M/V “Xenia”, (ii) first assignment of earnings and insurance of M/V “Xenia”, (iii) a corporate guarantee of EuroDry Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%.
On October 1, 2018, the Company signed a term loan facility with Eurobank Ergasias S.A. (EFG) of up to $15 million or 60% of the market value of M/V “Alexandros P.”, for the purpose of refinancing the outstanding amount of $9.9 million of the loan facility of HSH Nordbank AG (drawn on January 25, 2017 to partly finance the pre-delivery installment of M/V “Alexandros P.”) and providing working capital. The facility was drawn on October 5, 2018. The loan is payable in twenty eight consecutive equal quarterly installments of $235,000 each, followed by a balloon payment of $8,420,000 to be paid together with the last installment in October 2025. The loan bears interest at LIBOR plus a margin of 3.25%. The loan is secured with (i) first priority mortgage over M/V “Alexandros P.”, (ii) first assignment of earnings and insurance of M/V “Alexandros P.”, (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 120%. The Company paid loan arrangement fees of $135,000 for this loan.
On April 27, 2018, the Company signed a term loan facility with HSBC Bank Plc. and a loan of $18.4 million was drawn by Kamsarmax Two Shipping Ltd. on April 30, 2018 to finance 70% of the construction cost but no more than 70% of the market value of M/V “Ekaterini”, subject to the existence of a time charter at the time of drawdown for a minimum period of 24 months approved by the lender. The loan is payable in twenty consecutive quarterly installments commencing from July 2018, eight in the amount of $400,000 and twelve in the amount of $325,000, with a $11,300,000 balloon payment to be paid together with the last installment in April 2023. The interest rate margin is 2.80% over LIBOR. The loan is secured with (i) first priority mortgage over M/V “Ekaterini”, (ii) first assignment of earnings and insurance of M/V “Ekaterini” and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. The Company paid loan arrangement fees of $147,200 for this loan.
On November 27, 2018, the Company signed a term loan facility with the National Bank of Greece S.A. (NBG) and a loan of $15,000,000 was drawn by Light Shipping Ltd., Areti Shipping Ltd. and Pantelis Shipping Corp. for the purpose of refinancing the existing loans with HSBC Bank Plc. regarding M/V “Pantelis” and M/V “Tasos” and financing part of the acquisition cost of M/V “Starlight”. The loan is payable in twelve consecutive equal quarterly installments of $700,000, commencing from February 2019, plus a balloon amount of $6,600,000 to be paid together with the last installment in November 2021. The margin of the loan is 3.25% above LIBOR. The loan is secured with (i) first priority mortgages over M/V “Starlight’, M/V “Pantelis” and M/V “Tasos’ (ii) first assignment of earnings and insurance of M/V “Starlight’, M/V “Pantelis”and M/V “Tasos”, (iii) a corporate guarantee of EuroDry Ltd and other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 125%. The Company paid loan arrangement fees of $150,000 for this loan.
On May 22, 2019, the Company signed a term loan facility with HSBC Bank PLC for a loan up to the lesser of 49.9% of the market value of M/V “Eirini P” and $4.5 million to refinance the existing indebtedness of Eirini Shipping Ltd., as explained in note (a) above. On May 24, 2019, a loan of $4.5 million was drawn by Eirini Shipping Ltd. The loan is payable in twelve consecutive quarterly equal installments of $200,000 each, commencing from August 2019, with a $2,100,000 balloon payment to be paid together with the last installment in May 2022. The interest rate margin is 2.70% over LIBOR. The loan is secured with (i) first priority mortgage over M/V “Eirini P’, (ii) first assignment of earnings and insurance of M/V “Eirini P” and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Security Cover ratio for this facility stands at 130%. The Company paid loan arrangement fees of $22,500 for this loan.
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