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Note 5 - Advances for Vessels Under Construction and Acquisitions | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Advances for Vessels Under Construction and Acquisitions [Text Block] |
5. | Advances for Vessels Under Construction and Acquisitions
The amount shown in the accompanying consolidated balance sheet as of December 31, 2015 of $44,031,882 mainly represents advance payments to ship-builders for six LPG carriers under construction contracted in 2014. The amount shown in the accompanying consolidated balance sheet as of December 31, 2016 of $55,785,801 mainly represents advance payments to ship-builders for four LPG carriers under construction contracted in 2014. For the years ended December 31, 2015 and 2016, the movement of the account, advances for vessels under construction and acquisitions was as follows:
Balance, December 31, 2014 |  |  | 88,965,085 |
Advances for vessels under construction and acquisitions |  |  | 148,318,231 |
Capitalized interest |  |  | 1,822,443 |
Capitalized expenses |  |  | 5,085,534 |
Vessels delivered |  |  | (200,159,411 | )
Balance, December 31, 2015 |  |  | 44,031,882 |
Advances for vessels under construction and acquisitions |  |  | 51,949,154 |
Capitalized interest |  |  | 1,660,802 |
Capitalized expenses |  |  | 2,576,626 |
Vessels delivered |  |  | (44,432,663 | )
Balance, December 31, 2016 |  |  | 55,785,801 |

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