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Note 3 - Vessels, Net

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

3. Vessels, net

The amounts in the accompanying unaudited condensed consolidated balance sheets are as follows:

			Costs				Accumulated Depreciation				Net Book Value
Balance, January 1, 2019			61,279,976				(12,453,848	)			48,826,128
Depreciation for the period			-				(1,597,424	)			(1,597,424	)
Balance, June 30, 2019			61,279,976				(14,051,272	)			47,228,704

As of

June 30, 2019

all vessels are used as collateral under the Company’s loan agreement (see Note

5

).

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- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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