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Note 9 - Deferred Income

12 Months Ended

Dec. 31, 2012

Deferred Revenue Disclosure [Text Block]

9.	Deferred Income

The amounts shown in the accompanying consolidated balance sheets amounting to $2,789,186 and $3,129,671 represent time charter revenues received in advance as of December 31, 2011 and as of December 31, 2012, respectively.

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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