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

). 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.