Note 5 - Related Party Transactions	9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	5. Related Party Transactions Details of the Company's transactions with related parties did not change in the nine -month period ended September 30, 2020 and are discussed in Note 7 of the Company's consolidated financial statements for the year ended December 31, 2019, included in the 2019 Annual Report. 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 provides technical and commercial vessel management for a fixed daily fee of Euro 685 for both the nine -month periods ended September 30, 2019 and 2020 under the Company's Master Management Agreement (“MMA”) with Eurobulk. Vessel management fees paid to the Management Company amounted to $2,496,070 and $4,048,805 in the nine -month periods ended September 30, 2019 and 2020, respectively. The MMA was further renewed on January 1, 2018 for an additional five -year term until January 1, 2023 with the 5% volume discount permanently incorporated in the daily management fee. The daily management fee remained unchanged at Euro 685 for the year 2020 and may 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. 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 nine months ended September 30, 2019 and 2020, compensation paid to the Management Company for such additional services to the Company was $937,500 and $1,500,000, respectively. This amount is included in “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, 2019 and June 30, 2020 the amount due to related company was $795,562 and $328,133, respectively. 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 1% of the vessel sales or acquisition prices and 1.25% of charter revenues. Commissions on vessel sales amounted to $80,161 for the sale of M/V Manolis P., M/V Kuo Hsiung,and M/V EM Oinousses, during the nine months ended September 30, 2020. This amount is included in “Net gain on sale of vessels” in the unaudited condensed consolidated statements of operations. Commissions to Eurochart S.A. for chartering services were $349,410 and $539,357 for the nine -month periods ended September 30, 2019 and 2020, 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, which provides crewing services. 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 $34,743 and $78,919 in the first nine months of 2019, respectively. In the first nine months of 2020, total fees charged by Sentinel and Technomar were $106,699 and $161,845, respectively. These amounts are recorded in “Vessel operating expenses” in the unaudited condensed consolidated statements of operations. On September 30, 2019, the Company reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company's Chief Executive Officer, to draw a $2.5 million loan to finance the special survey and Water Ballast Treatment system installation on the M/V “Akinada Bridge”. The first repayment instalment was paid on May 15, 2020 and the remaining three instalments, which were payable on a quarterly basis, were rescheduled to be paid at the maturity of the loan in November 2020. On November 1, 2019, the Company entered into a second agreement with Colby Trading Ltd., to draw another $2.5 million loan to finance working capital needs. There are no principal repayments until December 31, 2020, when the loan matures. The interest rate applied on both agreements is 8% per annum and amounted to $287,672 for the nine -month period ended September 30, 2020. Interest on the loans is payable quarterly. Under certain circumstances, the Company can pay principal in equity, and the loans are convertible in common stock of the Company at the option of the lender at certain times.

Related Party Transactions

Details of the Company's transactions with related parties did

not

change in the

nine

-month period ended

September 30, 2020

and are discussed in Note

of the Company's consolidated financial statements for the year ended

December 31, 2019,

included in the

2019

Annual Report.

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 provides technical and commercial vessel management for a fixed daily fee of Euro

685

for both the

nine

-month periods ended

September 30, 2019

and

2020

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

$2,496,070

and

$4,048,805

in the

nine

-month periods ended

September 30, 2019

and

2020,

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 Euro

685

for the year

2020

and

may

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.

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

nine

months ended

September 30, 2019

and

2020,

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

$937,500

and

$1,500,000,

respectively. This amount is included in “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, 2019

and

June 30, 2020

the amount due to related company was

$795,562

and

$328,133,

respectively.

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

$80,161

for the sale of M/V Manolis P., M/V Kuo Hsiung,and M/V EM Oinousses, during the

nine

months ended

September 30, 2020.

This amount is included in “Net gain on sale of vessels”

in the unaudited condensed consolidated statements of operations.

Commissions to Eurochart S.A. for chartering services were

$349,410

and

$539,357

for the

nine

-month periods ended

September 30, 2019

and

2020,

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, which provides crewing services. 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

$34,743

and

$78,919

in the

first

nine

months of

2019,

respectively. In the

first

nine

months of

2020,

total fees charged by Sentinel and Technomar were

$106,699

and

$161,845,

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

September 30, 2019,

the Company reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company's Chief Executive Officer, to draw a

$2.5

million loan to finance the special survey and Water Ballast Treatment system installation on the M/V “Akinada Bridge”. The

first

repayment instalment was paid on

May 15, 2020

and the remaining

three

instalments, which were payable on a quarterly basis, were rescheduled to be paid at the maturity of the loan in

November 2020.

November 1, 2019,

the Company entered into a

second

agreement with Colby Trading Ltd., to draw another

$2.5

million loan to finance working capital needs. There are

principal repayments until

December 31, 2020,

when the loan matures. The interest rate applied on both agreements is

per annum and amounted to

$287,672

for the

nine

-month period ended

September 30, 2020.

Interest on the loans is payable quarterly. Under certain circumstances, the Company can pay principal in equity, and the loans are convertible in common stock of the Company at the option of the lender at certain times.