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Note 5 - Transactions With Related Parties | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
5. | Transactions with Related Parties:
(a) Central Mare– Executive Officers and Other Personnel Agreements: On September 1, 2010, the Company entered into separate agreements with Central Mare, a related party affiliated with the family of Evangelos J. Pistiolis, pursuant to which Central Mare provides the Company with its executive officers and other administrative employees (Chief Executive Officer, Chief Financial Officer, Chief Technical Officer and Executive Vice President). The fees charged by Central Mare for the six month periods ended June 30, 2018 and 2019 are as follows:
|  | Six Month Period Ended June 30, |  |
|  | 2018 |  | 2019 |  | Presented in:
Executive officers and other personnel expenses |  |  | 1,200 |  |  |  | 180 |  |  | General and administrative expenses - Statement of comprehensive loss
Amortization of awarded shares |  |  | (17 | ) |  |  | (17 | ) |  | Management fees - related parties - Statement of comprehensive loss
Total |  |  | 1,183 |  |  |  | 163 |  |  |
On January 2, 2018, the Company’s board of directors granted to the Chief Executive Officer a bonus of $2,250 respectively, to be distributed at his own discretion to other executives. (b) Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements: On March 10, 2014, the Company entered into a letter agreement, with CSM, a related party affiliated with the family of Evangelos J. Pistiolis, which detailed the services and fees for the management of the Company’s fleet. The fees charged by and expenses relating to CSM for the period ended June 30, 2018 are as follows:
|  | Six Months Ended June 30, 2018 |  | Presented in:
Management fees |  |  | - |  |  | Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
|  |  | 1,159 |  |  | Management fees - related parties -Statement of comprehensive loss
Supervision services fees |  |  | 27 |  |  | Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Superintendent fees |  |  | 43 |  |  | Vessel operating expenses -Statement of comprehensive loss
|  |  | 15 |  |  | Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Accounting and reporting cost |  |  | 113 |  |  | Management fees - related parties -Statement of comprehensive loss
Financing fees |  |  | 24 |  |  | Short-term debt – Balance sheet
Commission for sale and purchase of vessels |  |  | 1,749 |  |  | Management fees - related parties -Statement of comprehensive loss
Commission on charter hire agreements |  |  | 245 |  |  | Voyage expenses - Statement of comprehensive loss
Performance incentive fee |  |  | 1,250 |  |  | Management fees - related parties -Statement of comprehensive loss
Total |  |  | 4,625 |  |  |
For the period ended June 30, 2018, CSM charged the Company newbuilding supervision related pass-through costs amounting to $386, that are not included in the table above and are presented in Vessels, net / Advances for vessels acquisitions / under construction in the Company’s accompanying condensed consolidated condensed balance sheet. On January 1, 2019, the Company terminated the letter agreement with CSM without incurring any penalties. (c) Central Shipping Inc (“CSI”) – Letter Agreement and Management Agreements: On January 1, 2019, the Company entered into a letter agreement with CSI, a related party affiliated with the family of Evangelos J. Pistiolis, which detailed the services and fees for the management of the Company’s fleet. The fees charged by and expenses relating to CSI for the period ended June 30, 2019 are as follows:
|  | Six Months Ended June 30, 2019 |  | Presented in:
Management fees |  |  | 108 |  |  | Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
|  |  | 1,013 |  |  | Management fees - related parties -Statement of comprehensive loss
Supervision services fees |  |  | 44 |  |  | Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Superintendent fees |  |  | 97 |  |  | Vessel operating expenses -Statement of comprehensive loss
|  |  | 164 |  |  | Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Accounting and reporting cost |  |  | 120 |  |  | Management fees - related parties -Statement of comprehensive loss
Financing fees |  |  | - |  |  | Short-term debt – Balance sheet
Commission for sale and purchase of vessels |  |  | - |  |  | Management fees - related parties -Statement of comprehensive loss
Commission on charter hire agreements |  |  | 370 |  |  | Voyage expenses - Statement of comprehensive loss
Performance incentive fee |  |  | - |  |  | Management fees - related parties -Statement of comprehensive loss
Total |  |  | 1,916 |  |  |
For the period ended June 30, 2019, CSI charged the Company newbuilding supervision related pass-through costs amounting to $463, that are not included in the table above and are presented in Vessels, net / Advances for vessels acquisitions / under construction in the Company’s accompanying condensed consolidated balance sheet. . (d) Contribution of Series E Shares to Family Trading Inc (“Family Trading”): On March 29, 2019 the Company entered into a stock purchase agreement with Family Trading pursuant to which the Company exchanged the outstanding principal, fees and interest of the Further Amended Family Trading Credit Facility with 27,129 Series E Shares (defined below, also see Note 7 and 12 ). (e) Charter Party with Central Tankers Chartering Inc (“Central Tankers Chartering”): On September 1, 2017 the Company entered into a time charter party with Central Tankers Chartering, a related party affiliated with the family of Evangelos J. Pistiolis, for the vessel M/T Eco Palm Desert delivered from Hyundai in September 2018. The time charter was for a firm period of three years at a daily rate of $14,750 with two optional years at daily rates of $15,250 and $15,750 respectively, at Central Tankers Chartering’s option. The time charter carried a 1.25% address commission payable to Central Tankers Chartering. In April 2019 the Company terminated the a time charter party with Central Tankers Chartering without incurring any penalties and entered into a time charter agreement with Shell Tankers Singapore Private Limited (“Shell”) until September 2020. The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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