XML 27 R14.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Note 6 - Vessels, Net | 12 Months Ended
--- | ---
Dec. 31, 2017
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, 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 |
Disposals |  |  | (591,137 | ) |  |  | — |  |  |  | (591,137 | )
Impairment loss |  |  | (34,859,054 | ) |  |  | 29,123,968 |  |  |  | (5,735,086 | )
Depreciation for the year |  |  | — |  |  |  | (39,096,589 | ) |  |  | (39,096,589 | )
Balance, December 31, 2016 |  |  | 1,075,613,321 |  |  |  | (211,913,582 | ) |  |  | 863,699,739 |
Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) |  |  | 55,302,364 |  |  |  | — |  |  |  | 55,302,364 |
Impairment loss |  |  | (29,222,564 | ) |  |  | 22,761,291 |  |  |  | (6,461,273 | )
Disposal |  |  | (11,557,252 | ) |  |  | — |  |  |  | (11,557,252 | )
Depreciation for the year |  |  | — |  |  |  | (38,921,672 | ) |  |  | (38,921,672 | )
Balance, December 31, 2017 |  |  | 1,090,135,869 |  |  |  | (228,073,963 | ) |  |  | 862,061,906 |
The additions in 2016 relate to the acquisition of vessels “Eco Nical” and “Eco Dominator”. 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)/loss 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. The additions in 2017 relate to the acquisition of vessel “Eco Frost”. In April 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Icon”, to an unaffiliated third party for $2,900,000. The vessel, including her inventories on board, was classified as vessel held for sale in the second quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $1,747,923 in its consolidated statement of comprehensive operations for the year ended December 31, 2017. The vessel was delivered to her new owners on July 20, 2017. In May 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Emperor”, to an unaffiliated third party for $2,900,000 . The vessel, including her inventories on board, was classified as vessel held for sale in the second quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $580,004 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on September 2, 2017. In August 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Moxie”, to an unaffiliated third party for $2,575,000. The vessel, including her inventories on board, was classified as vessel held for sale in the third quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $570,626 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on November 7, 2017. In September 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Nirvana”, to an unaffiliated third party for $3,675,000. The vessel, including her inventories on board, was classified as vessel held for sale in the third quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $1,406,718 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on November 17, 2017. The Company decided to dispose the vessels “Gas Icon”, “Gas Emperor” “Gas Moxie” and “Gas Nirvana” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of these vessels of $77,314 which is included in the Company’s consolidated statement of operations under the caption “Net (gain)/loss on sale of vessels” for the year ended December 31, 2017. As a result of the impairment analysis performed for the year ended December 31, 2017, due to the prevailing conditions in the shipping industry, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of three vessels and therefore the Company identified and recorded an impairment loss of $2,156,002 which is presented under the caption “Impairment loss” in its consolidated statement of operations. As of December 31, 2017, 40 vessels with a carrying value of $762,159,589 have been provided as collateral to secure the Company’s bank loans as discussed in Note 11.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration