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Note 20 - Sale of Leaseback of Vessels | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Sale Leaseback Transactions [Text Block] |
20. | Sale and Leaseback of Vessels
In November and December 2014, the Company sold the vessels Gas Premiership and Gas Cathar and realized a total gain of $780,695. The Company entered into bareboat charter agreements to leaseback the vessels for a period of four years. The charter back agreements are accounted for as operating leases and the gain on the sale was deferred and is being amortized to income over the four -year lease period. On December 16, 2016, the bareboat charter agreement for Gas Cathar was amended resulting in the extension of the charter period to five years and three months from the delivery date and to the reduction of monthly charter hire. For the years ended December 31, 2015, 2016 and 2017, the amortization amounted to $195,040, $195,574 and $195,040, respectively, and is included in Charter hire expenses in the consolidated statements of operations. Lease payments relating to the bareboat charters of the vessels amounted to $4,320,000, $4,249,961 and $3,719,810 for the years ended December 31, 2015, 2016 and 2017, and are included in Charter hire expenses in the consolidated statements of operations. Future lease payments as of December 31, 2017, until the expiry of the charter back agreements, amount to $3,540,000 during 2018, $1,560,000 during 2019 and $390,000 during 2020.

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- Definition The entire disclosure for sale leaseback transaction. Includes, but is not limited to, terms and conditions of transaction and gain (loss) from transaction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=2209073 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=77888253 + Details
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