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Note 4 - Vessels, Net | 12 Months Ended
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Dec. 31, 2019
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:
Balance, January 1, 2018 |  |  | 61,279,976 |  |  |  | (9,147,897 | ) |  |  | 52,132,079 |
- Depreciation for the year |  |  | - |  |  |  | (3,305,951 | ) |  |  | (3,305,951 | )
Balance, December 31, 2018 |  |  | 61,279,976 |  |  |  | (12,453,848 | ) |  |  | 48,826,128 |
- Depreciation for the year |  |  | - |  |  |  | (4,178,886 | ) |  |  | (4,178,886 | )
- Vessel acquisitions |  |  | 71,214,470 |  |  |  | - |  |  |  | 71,214,470 |
- Vessel improvements |  |  | 368,621 |  |  |  | - |  |  |  | 368,621 |
Balance, December 31, 2019 |  |  | 132,863,067 |  |  |  | (16,632,734 | ) |  |  | 116,230,333 |
Vessel improvements refer to the installation of Water Ballast Treatment (“WBT”) systems. As of December 31, 2019, only one vessel has completed the installation of the WBT system with a total cost of $0.37 million. The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel’s age, any additional capital expenditures required the expected revenues from continuing to own the vessel and the overall market prospects. On January 13, 2017, the Company agreed to sell for scrap M/V “RT Dagr”, for a net price of $2.3 million. The vessel was delivered to its buyers on January 31, 2017. The Company recorded a gain on sale of approximately $0.5 million presented in the “Net gain on sale of vessels” line in the “Operating Expenses” section of the consolidated statements of operations. On September 30, 2017 the Company decided to sell for scrap M/V “Aggeliki P.” a 2,008 teu 1998 -built container carrier and M/V “Monica P” a 46,667 dwt 1998 -built drybulk carrier. Both vessels were written down to their fair market value, resulting in a non-cash loss of $4.6 million, or $3.36 loss per share basic and diluted. These amounts are presented in the "Loss on write-down of vessels held for sale" line in the "Operating Expenses" section of the consolidated statements of operations. The Company sold M/V “Aggeliki P.” on December 6, 2017 for net proceeds of approximately $4.4 million and recorded a gain on sale of approximately $0.3 million for the year ended December 31, 2017, presented in the “Net gain on sale of vessels” line in the "Operating Expenses" section of the consolidated statements of operations. M/V “Monica P” was sold on June 25, 2018. The sale resulted in a gain of $1.34 million for the year ended December 31, 2018, which is presented in the “Net gain on sale of vessels” line in the "Operating Expenses" section of the consolidated statements of operations. On June 20, 2017 the Company acquired the feeder containership ( 2,788 teu, 2004 -built) M/V “EM Astoria” for a purchase price of $4.75 million. On September 29, 2017 the Company acquired the feeder containership ( 2,506 teu, 2000 -built) M/V “EM Athens” for a purchase price of $4.24 million. On October 23, 2017 the Company acquired the feeder containership ( 2,506 teu, 2000 -built) M/V “EM Oinousses” for a purchase price of $4.25 million. On October 29, 2017 the Company acquired the feeder containership ( 2,556 teu, 2001 -built) M/V “EM Corfu” for a purchase price of $5.66 million. On December 21, 2017 the Company acquired the intermediate containership ( 5,610 teu, 2001 -built) M/V “Akinada Bridge” for a purchase price of $11.12 million. On August 2, 2019 the Company acquired the feeder containership ( 1,740 teu, 2005 -built) M/V “EM Hydra” and its attached time charter for a purchase price of $6.73 million. On August 2, 2019 the Company acquired the feeder containership ( 2,008 teu, 1998 -built) M/V “Diamantis P” for a purchase price of $5.22 million. On August 7, 2019 the Company acquired the feeder containership ( 3,100 teu, 2007 -built) M/V “EM Kea” and its attached time charter for a purchase price of $9.48 million. On August 7, 2019 the Company acquired the feeder containership ( 1,740 teu, 2007 -built) M/V “EM Spetses” and its attached time charter for a purchase price of $7.57 million. On November 19, 2019 the Company acquired the intermediate containership ( 4,253 teu, 2008 -built) M/V “Synergy Antwerp” for a purchase price of $10.11 million. On November 18, 2019 the Company acquired the intermediate containership ( 4,253 teu, 2009 -built) M/V “Synergy Keelung” for a purchase price of $11.44 million. On November 19, 2019 the Company acquired the intermediate containership ( 4,253 teu, 2009 -built) M/V “Synergy Oakland” for a purchase price of $10.50 million. On November 21, 2019 the Company acquired the intermediate containership ( 4,253 teu, 2009 -built) M/V “Synergy Busan” for a purchase price of $10.17 million. The Company performed the undiscounted cash flow test as of December 31, 2018 and 2019 for those operating vessels whose carrying values were above their respective market values and determined that the net book value of its vessels held for use was recoverable. All the Company’s vessels have been mortgaged as security for the Company’s loans (refer Note 8 ).

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