XML 75 R52.htm IDEA: XBRL DOCUMENT v3.23.1
Transactions with Related Parties (Details Narrative)
2 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended 7 Months Ended 8 Months Ended 9 Months Ended 11 Months Ended 12 Months Ended
Mar. 02, 2021
USD ($)
$ / shares
shares
Feb. 28, 2021
USD ($)
May 08, 2020
USD ($)
Jun. 12, 2020
USD ($)
$ / shares
shares
Jul. 15, 2021
USD ($)
Jun. 22, 2020
shares
Jul. 27, 2020
USD ($)
shares
Aug. 18, 2016
EUR (€)
Sep. 30, 2021
USD ($)
Dec. 03, 2020
EUR (€)
Nov. 30, 2018
USD ($)
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2022
EUR (€)
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
Dec. 31, 2016
USD ($)
Dec. 31, 2016
EUR (€)
Dec. 03, 2020
USD ($)
Disclosure of transactions between related parties [line items]                                    
Credit adjustment of finance cost                       $ 40,000   $ (0) $ (0)      
Depreciation, right-of-use assets                       327,000   206,000 112,000      
Interest expense on lease liabilities                       54,000   52,000 44,000      
Payment of lease liability - principal and Interest Paid                       341,000   314,000 229,000      
Consulting Fees Expense                       $ 271,000   $ 329,000 243,000      
Increase in number of shares outstanding | shares           342,857                        
Par value per share | $ / shares                           $ 0.004        
Voting Rights                       Holders of the Company’s common shares and Class B common shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B common shares are entitled to twenty votes per share. Holders of the Company’s common shares and Class B common shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B common shares are entitled to twenty votes per share.          
Gains on change in fair value of derivatives                       $ 2,520,000   $ 181,000 (1,647,000)      
Interest expense                       $ 2,047,000   $ 1,958,000 $ 3,721,000      
Preferred shares [member]                                    
Disclosure of transactions between related parties [line items]                                    
Par value per share | $ / shares                       $ 0.001   $ 0.001 $ 0.001      
Goldenmare Limited [member]                                    
Disclosure of transactions between related parties [line items]                                    
Consulting Fees Expense               € 200,000   € 400,000   $ 1,172,000   $ 1,216,000 $ 1,772,000      
Amount of one-time cash bonus                           $ 1,500,000       $ 1,500,000
One time cash bonus payment   $ 1,000,000                                
Remaining of one time cash bonus payment                 $ 500,000                  
Goldenmare Limited [member] | Preferred shares [member]                                    
Disclosure of transactions between related parties [line items]                                    
Increase in number of shares outstanding | shares 10,000     50     250                      
Par value per share | $ / shares $ 0.001     $ 0.001                            
Issue of preferred shares $ 130,000     $ 150,000     $ 150,000                      
Number of shares in entity held by entity or by its subsidiaries or associates | shares                       10,300   10,300        
Voting Rights                       Each Series B preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders. Except as otherwise provided by applicable law, holders of the Company’s Series B preferred shares and the Company’s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the election of directors. Athanasios Feidakis has substantial control and influence over the Company’s management and affairs and over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his ability to direct the vote of such Series B preferred shares Each Series B preferred share has 25,000 votes, provided that no holder of Series B preferred shares may exercise voting rights pursuant to Series B preferred shares that would result in the aggregate voting power of the beneficial owner of any such holder of Series B preferred shares, together with its affiliates, exceeding 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders. Except as otherwise provided by applicable law, holders of the Company’s Series B preferred shares and the Company’s common shares vote together as a single class on all matters submitted to a vote of shareholders, including the election of directors. Athanasios Feidakis has substantial control and influence over the Company’s management and affairs and over matters requiring shareholder approval, including the election of directors and significant corporate transactions, through his ability to direct the vote of such Series B preferred shares          
Chairman of the Board of Directors [member]                                    
Disclosure of transactions between related parties [line items]                                    
Proportion Of Ownership Interests Held By Controlling Party                       3.70% 3.70% 3.70%        
Firment Shipping Inc. [member]                                    
Disclosure of transactions between related parties [line items]                                    
Line Of Credit Facility Maximum Borrowing Capacity                     $ 15,000,000              
Description of borrowings                     of financing its general working capital needs              
Credit facility collateral description                       The Firment Shipping Credit Facility was unsecured and remained available until its final maturity date The Firment Shipping Credit Facility was unsecured and remained available until its final maturity date          
Borrowings, maturity                     October 31, 2021              
Line Of Credit Facility Drawndown Amounts Multiples                     $ 100,000              
Borrowings, interest rate basis                     7% per annum              
Borrowings Default Interest Rate                     2.00%              
Debt instrument conversion price description                       The conversion price should equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (“VWAP”) over the pricing period multiplied by 80%, where the “Pricing Period” equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount) The conversion price should equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (“VWAP”) over the pricing period multiplied by 80%, where the “Pricing Period” equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or, (ii) Two Hundred Eighty US Dollars ($280.00) (absolute amount)          
Gains on change in fair value of derivatives             220,000               189,000      
Repayments of current borrowings             863,000                      
Firment Shipping Inc. [member] | Amended And Restated Agreement [member]                                    
Disclosure of transactions between related parties [line items]                                    
Line Of Credit Facility Maximum Borrowing Capacity     $ 14,200,000                              
Borrowings, maturity     October 31, 2021                              
Gains on change in fair value of derivatives             220,000                      
Repayments of current borrowings             $ 863,000                      
Interest expense                             26,000      
Eolos Shipmanagement S.A [member] | Daily rate [member]                                    
Disclosure of transactions between related parties [line items]                                    
Consulting Fees Expense         $ 1,000                          
Non-Executive Directors [member]                                    
Disclosure of transactions between related parties [line items]                                    
Annual Service Fee                       $ 80,000            
Accrued Directors Compensation                       60,000   $ 105,000        
Executive Director [member]                                    
Disclosure of transactions between related parties [line items]                                    
Accrued Directors Compensation                       $ 2,088,000   985,000        
Cyberonica S.A. [member]                                    
Disclosure of transactions between related parties [line items]                                    
Monthly Rental Expense                         € 26,000     $ 11,900 € 10,360  
Lease expiration date                       Aug. 04, 2024 Aug. 04, 2024          
Credit adjustment of finance cost                       $ 40,000   39,000        
Leases as lessee, related party transactions                       $ 341,000   $ 242,000 $ 141,000      
F.G. Europe [member]                                    
Disclosure of transactions between related parties [line items]                                    
Monthly Rental Expense | €                         € 26,000          
Lease expiration date                       Aug. 04, 2024 Aug. 04, 2024