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Note 6 - Vessels, Net | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] |
| 6. | Vessels, net
The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:
|  | Vessel cost |  | Accumulated Depreciation |  | Net Book Value
Balance, December 31, 2014 |  |  | 895,387,989 |  |  |  | (184,035,144 | ) |  |  | 711,352,845 |
Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) |  |  | 200,159,411 |  |  |  | — |  |  |  | 200,159,411 |
Disposals |  |  | (1,977,051 | ) |  |  | — |  |  |  | (1,977,051 | )
Impairment loss |  |  | (26,190,677 | ) |  |  | 17,951,690 |  |  |  | (8,238,987 | )
Vessel held for sale |  |  | (748,823 | ) |  |  | — |  |  |  | (748,823 | )
Depreciation for the year |  |  | — |  |  |  | (35,857,507 | ) |  |  | (35,857,507 | )
Balance, December 31, 2015 |  |  | 1,066,630,849 |  |  |  | (201,940,961 | ) |  |  | 864,689,888 |
Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) |  |  | 44,432,663 |  |  |  | — |  |  |  | 44,432,663 |
Impairment loss |  |  | (34,859,054 | ) |  |  | 29,123,968 |  |  |  | (5,735,086 | )
Disposal |  |  | (591,137 | ) |  |  | — |  |  |  | (591,137 | )
Depreciation for the year |  |  | — |  |  |  | (39,096,589 | ) |  |  | (39,096,589 | )
Balance, December 31, 2016 |  |  | 1,075,613,321 |  |  |  | (211,913,582 | ) |  |  | 863,699,739 |
At December 31, 2014, the Company decided to seek to dispose of two of the oldest vessels of the fleet. As a result of this decision, the undiscounted net operating cash flows of each of these vessels did not exceed each vessel’s carrying value and the Company identified and recorded an impairment loss of $6,168,747 which is presented under the caption “Impairment loss” in the consolidated statements of operations. On March 12, 2015, the Company concluded two separate memoranda of agreement for the disposal of the vessels described above, “Gas Kaizen” and “Gas Crystal”, to an unaffiliated third party for $2,054,156. The vessels were delivered to the new owners on April 1, 2015 and April 16, 2015, respectively. The additions in 2015 relate to the acquisition of vessels “Eco Lucidity”, “Eco Enigma”, “Eco Royalty”, “Eco Loyalty”, “Eco Universe”, “Eco Galaxy”, “Eco Czar”, “Eco Dream”, “Eco Nemesis” and “Eco Green”. At June 30, 2015 and December 31, 2015, the Company decided to seek to dispose of two of the oldest vessels of the fleet. As a result of this decision, the undiscounted net operating cash flows of each of these vessels did not exceed each vessel’s carrying value and the Company identified and recorded an impairment loss of $6,775,416 which is presented under the caption “Impairment loss” in the consolidated statements of operations. The accumulated depreciation of these vessels was written off and the vessels were recorded at their scrap value. On November 20, 2015, the Company entered into a memorandum of agreement for the disposal of one of the above mentioned vessels, the “Gas Arctic”, to an unaffiliated third party for $950,000. The vessel, including her inventories on board, was classified as vessel held for sale in the fourth quarter of 2015 and was delivered to her new owners on January 21, 2016. At December 31, 2015, the Company performed an impairment review of its remaining vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of one vessel and therefore the Company identified and recorded an impairment loss of $1,463,571 which is presented under the caption “Impairment loss” in the consolidated statements of operations. The additions in 2016 relate to the acquisition of vessels “Eco Nical” and “Eco Dominator”. On November 25, 2016, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Ice”, to an unaffiliated third party for $420,500. The vessel was delivered to her new owners on December 2, 2016. The Company realized an aggregate gain from the sale of vessels “Gas Arctic” and “Gas Ice” of $118,427 which is included in the Company’s consolidated statement of operations under the caption “Net gain on sale of vessels” for the year ended December 31, 2016 At December 31, 2016, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of six vessels and therefore the Company identified and recorded an impairment loss of $5,735,086 which is presented under the caption “Impairment loss” in the consolidated statements of operations.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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