XML 42 R24.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 17 - Discontinued Operations | 12 Months Ended
--- | ---
Dec. 31, 2019
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
| 17. | Discontinued Operations
Following the close of trading on the Nasdaq Capital Market on May 30, 2018, the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd (Note 1 ). Accordingly, the results of operations and financial condition of EuroDry have been presented in discontinued operations for all historical comparative periods presented . The revenue and loss for the discontinued operations for the periods ended December 31, 2017, 2018 and 2019 are analyzed as follows:
|  |  |  | Year Ended December 31 (discontinued operations)
|  |  | 2017 |  |  |  | 2018 |  |  |  | 2019 |
Statement of Operations Data |  |  |  |
Voyage revenue |  |  | 20,280,215 |  |  |  | 25,934,204 |  |  |  | - |
Commissions (including, $253,503, $324,178 and nil respectively, to related party) |  |  | (1,122,196 | ) |  |  | (1,411,333 | ) |  |  | - |
Voyage expenses |  |  | (2,396,318 | ) |  |  | (410,676 | ) |  |  | - |
Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party) |  |  | (6,892,388 | ) |  |  | (9,183,152 | ) |  |  | - |
Drydocking expenses |  |  | (127,509 | ) |  |  | (1,465,079 | ) |  |  | - |
Related party management fees |  |  | (1,409,716 | ) |  |  | (1,701,340 | ) |  |  | - |
Vessel depreciation |  |  | (4,786,272 | ) |  |  | (5,422,155 | ) |  |  | - |
General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party) |  |  | (917,160 | ) |  |  | (2,346,502 | ) |  |  | - |
Operating income |  |  | 2,628,656 |  |  |  | 3,993,967 |  |  |  | - |
Total other expenses, net |  |  | (1,778,955 | ) |  |  | (2,874,232 | ) |  |  | - |
Net income |  |  | 849,701 |  |  |  | 1,119,735 |  |  |  | - |
Dividend Series B Preferred Shares |  |  | - |  |  |  | (565,229 | ) |  |  | - |
Net income attributable to common shareholders |  |  | 849,701 |  |  |  | 554,506 |  |  |  | - |
Euroseas contributed to EuroDry its interests in seven of its drybulk subsidiaries and related intercompany debts and obligations in exchange for 2,254,830 of EuroDry common shares and 19,042 of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of May 30, 2018). Up to the Spin-off date, Euroseas had contributed to EuroDry an amount of $52.52 million as equity in order to partly finance the acquisition of the vessels contributed to EuroDry (M/V Pantelis, M/V Eirini, M/V Xenia and M/V Ekaterini), other general and administrative expenses allocated from the Company to EuroDry as well as the amounts recognized as loss on termination and impairment of shipbuilding contracts described above. An amount of $9.66 million was also allocated to EuroDry from the Company’s accumulated deficit, comprising the accumulated deficit of the Subsidiaries. In total an amount of $42.86 million was allocated from the Company’s shareholders’ equity to EuroDry’s shareholders’ equity.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration