Note 6 - Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Schedule of Long-term Debt Instruments [Table Text Block]

Borrower	December 31, 2016			March 31, 2017
Xingang Shipping Ltd. / Joanna Maritime Ltd.		1,103,915			1,103,915
Pantelis Shipping Corp.		4,840,000			4,840,000
Noumea Shipping Ltd.		6,360,000			6,360,000
Eirini Shipping Ltd. / Eleni Shipping Ltd. / Areti Shipping Ltd.		11,600,000			11,600,000
Allendale Investments S.A. / Alterwall Business Inc. / Manolis Shipping Ltd. / Saf Concord Shipping Ltd. / Aggeliki Shipping Ltd. /Eternity Shipping Company / Jonathan John Shipping Ltd.		13,120,000			12,660,000
Ultra One Shipping Ltd.		-			10,862,500
Kamsarmax One Shipping Ltd.		13,333,000			12,866,000
		50,356,915			60,292,415
Less: Current portion		(5,697,915	)		(11,506,887	)
Long-term portion		44,659,000			48,785,528
Deferred charges, current portion		148,697			285,067
Deferred charges, long-term portion		292,024			533,239
Long-term debt, current portion net of deferred charges		5,549,218			11,221,820
Long-term debt, long-term portion net of deferred charges		44,366,976			48,252,289

Schedule of Future Annual Loan Repayments [Table Text Block]

To March 31:
2017			11,506,887
2018			19,477,972
2019			10,297,972
2020			9,879,584
2021			934,000
Thereafter			8,196,000
Total			60,292,415

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details