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Note 4 - Vessel, Net
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
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, 2017    
139,378,104
      
(33,793,471
 )    
105,584,633
  
Depreciation for the period    
-
      
(2,117,645
 )    
(2,117,645
 )
Vessel acquisition    
4,473,448
      
 
      
4,473,448
  
Vessel sale    
(1,807,199
 )    
 
      
(1,807,199
 )
Delivery of new building vessel    
17,749,847
      
-
      
17,749,847
  
Balance, March 31, 2017    
159,794,200
      
(35,911,116
 )    
123,883,084
  
 
On
January 31, 2017,
the Company sold M/V RT Dagr,
one
of the Company's containership vessels it had acquired in
2016,
for a net price of
$2.44
million. After sales commissions of
4%,
which includes the
1%
payable to Eurochart, and other sale expenses, the Company realized a gain of
$516,651.
 
All vessels as of
March 31, 2017
are used as collateral under the Company’s loan agreements (see Note
6
). In
May 2017,
vessel M/V Joanna became unencumbered as its debt was repaid and the vessel was released from its mortgage and guarantee (see Notes
6
and
12
).