XML 57 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Note 4 - Vessels, Net | 12 Months Ended
--- | ---
Dec. 31, 2012
Property, Plant and Equipment Disclosure [Text Block] |
4. | Vessels, net
The amounts in the accompanying consolidated balance sheets are as follows:
|  | Costs |  |  | Accumulated Depreciation |  |  | Net Book Value |
Balance, January 1, 2010 |  |  | 310,327,764 |  |  |  | (53,056,940 | ) |  |  | 257,270,824 |
-Depreciation for the year |  |  | - |  |  |  | (17,979,750 | ) |  |  | (17,979,750 | )
- -Purchase of vessels |  |  | 16,121,360 |  |  |  | - |  |  |  | 16,121,360 |
Balance, December 31, 2010 |  |  | 326,449,124 |  |  |  | (71,036,690 | ) |  |  | 255,412,434 |
-Depreciation for the year |  |  | - |  |  |  | (18,348,556 | ) |  |  | (18,348,556 | )
- -Purchase of vessels |  |  | - |  |  |  | - |  |  |  | - |
Balance, December 31, 2011 |  |  | 326,449,124 |  |  |  | (89,385,246 | ) |  |  | 237,063,878 |
-Depreciation for the year |  |  | - |  |  |  | (17,385,608 | ) |  |  | (17,385,608 | )
- -Sale of vessels |  |  | (19,318,073 | ) |  |  | 6,574,549 |  |  |  | (12,743,524 | )
- -Purchase of vessels |  |  | - |  |  |  | - |  |  |  | - |
Balance, December 31, 2012 |  |  | 307,131,051 |  |  |  | (100,196,305 | ) |  |  | 206,934,746 |
During 2010, the Company acquired M/V “Aggeliki P” for a purchase price plus costs required to make the vessel available for use of $16,121,360. There were no purchases of vessels during 2011 and 2012. There were no sales of vessels in 2010 or 2011. In February 2012, the Company decided to dispose of one of its vessels, M/V “Jonathan P”, which was sold in March 2012 for a gross price of $4,382,313. After sales commissions of 4%, which includes the 1% payable to our manager, and other sales expenses the Company recorded a loss of $8,568,234 from the sale of the vessel. Vessels with a carrying value of $166.9 million are used as collateral under the Company’s loan agreements (see Note 9).

X
- Definition The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration