Note 7 - Deferred Finance Charges

12 Months Ended

Dec. 31, 2016

Deferred Finance Charges [Text Block]

Deferred Finance Charges

Deferred finance charges amounting to

$390,000

and

$540,414

as of

December

31,

2015

and

December

31,

2016,

respectively, represent fees paid to the lenders for undrawn facilities, and are presented on the balance sheet under non-current assets. Gross deferred finance charges amounting to

$6,343,300

and

$7,055,914

as of

December

31,

2015

and

December

31,

2016,

respectively, represent fees paid to the lenders for obtaining the related loans, and are presented on the balance sheet as a direct deduction from the carrying amount of the related loan and credit facility net of accumulated amortization. For the years ended

December

31,

2014,

2015

and

2016,

the amortization of deferred financing charges amounted to

$656,341,

$587,157

and

$715,587,

respectively, and is included in interest and finance costs in the consolidated statements of operations.