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Note 4 - Vessels, Net
 6 Months Ended
Jun. 30, 2015
Property, Plant and Equipment [Abstract]  
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, 2015     140,389,916       (29,239,689 )     111,150,227  
Depreciation for the period     -       (5,780,952 )     (5,780,952 )
Balance, June 30, 2015     140,389,916       (35,020,641 )     105,369,275  

All vessels as of June 30, 2015 are used as collateral under the Company’s loan agreements (see Note 6).