Note 3 - Vessels, Net

6 Months Ended

Jun. 30, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

3.	Vessels, net

Within the first six months of the year 2014, the carrying value of our vessels increased to $120,962,255. This was the result of the acquisition of M/V Eirini P which was acquired for $21,323,935 including acquisition expenses less the depreciation charge for the six months ended June 30, 2014 of $5,825,417.

	Costs		Accumulated Depreciation			Net Book Value
Balance, January 1, 2014	$	137,960,124	$	(32,496,457	)	$	105,463,737
Vessel acquisition		21,323,935		-			21,323,935
Depreciation for the period		-		(5,825,417	)		(5,825,417	)
Balance, June 30, 2014	$	159,284,059	$	(38,321,874	)	$	120,962,255

All fifteen vessels with a carrying value of $120,962,255 as of June 30, 2014 (as per above) are used as collateral under the Company’s loan agreements (see Note 5).

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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