4.	Related Party Transactions

The Company’s vessel owning companies are parties to management agreements with the Management Company which is controlled by members of the Pittas family, whereby the Management Company provided technical and commercial vessel management for a fixed daily fee of Euro

685

for both the

six

-month periods ended

June 30, 2018

and

2019

under the Company’s Master Management Agreement (“MMA”) with Eurobulk. Vessel management fees paid to the Management Company amounted to

$1,861,009

and

$1,547,139

in the

six

-month periods ended

June 30, 2018

and

2019,

respectively.

The MMA was further renewed on

January 1, 2018

for an additional

five

year term until

January 1, 2023

with the

volume discount permanently incorporated in the daily management fee. The daily management fee remained unchanged at Euros

685

for the year

2019

and will be adjusted annually for inflation in the Eurozone. These fees are recorded under "Related party management fees" in the unaudited condensed consolidated statements of operations.

March 2017,

the Company received a commitment by Colby Trading Ltd. to provide financing of up to

$4.00

million on terms to be mutually agreed to fund the Company's working capital requirements for the period through

December 2018,

if needed. Following the spin-off of EuroDry in

May 2018,

this amount was adjusted to

$2.00

million and the availability period was extended up to

September 2019

and readjusted in

August 2019

$4.00

million with the availability period extended up to

September 2020.

In addition to the vessel management services, the Management Company provides the Company with the services of its executives, services associated with the Company being a public company and other services to the Company’s subsidiaries. For the

six

months ended

June 30, 2018

and

June 30, 2019,

compensation paid to the Management Company for such additional services to the Company was

$936,126

and

$625,000,

respectively. This amount is included in “Other general and administrative expenses”

in the unaudited condensed consolidated statements of operations

Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of offset exists. As of

December 31, 2018

the amount due to related company was

$2,672,895.

As of

June 30, 2019,

the amount due to related company was

$441,754.

The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of

of the vessel sales or acquisition prices and

1.25%

of charter revenues. Commissions on vessel sales amounted to

$64,500

for the sale of M/V Monica P, during the

six

months ended

June 30, 2018.

Commissions to Eurochart S.A. for chartering services were

$238,016

and

$214,621

for the

six

-month periods ended

June 30, 2018

and

2019,

respectively. This amount is included in “Commissions” in the unaudited condensed consolidated statements of operations.

Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”). Technomar Crew Management Services Corp (“Technomar”), is a company owned by certain members of the Pittas family, together with

two

other unrelated ship management companies. Sentinel is paid a commission on insurance premiums

not

exceeding

5%;

Technomar is paid a fee of about

$50

per crew member per month. Total fees charged by Sentinel and Technomar were

$24,039

and

$71,341

in the

first

half of

2018,

respectively. In the

first

half of

2019,

total fees charged by Sentinel and Technomar were

$21,258

and

$64,995,

respectively. These amounts are recorded in “Vessel operating expenses” in the unaudited condensed consolidated statements of operations