false
--12-31
FY
2019
2019-12-31
20-F
0001341170
5600259
Yes
false
Non-accelerated Filer
Yes
EUROSEAS LTD.
false
No
No
true
false
false
348761
111720
500000
15
52520821
-9656773
42864048
857945
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Assets Held for Sale </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within <div style="display: inline; font-style: italic; font: inherit;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer depreciated once they meet the criteria of being held for sale.</div></div></div></div></div></div></div>
1714370
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">6.</div></div></td> <td><div style="display: inline; font-weight: bold;">Fair Value of Below Market Time Charters Acquired</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the Trinity / Diamantis Vessel Acquisition in <div style="display: inline; font-style: italic; font: inherit;"> August 2019 </div>and with respect to the vessels “EM Hydra”, “EM Kea” and “EM Spetses”, which were acquired by the Company with time charter agreements attached, the Company recognized a liability of <div style="display: inline; font-style: italic; font: inherit;">$778,287,</div> included in “Fair value of below market time charters acquired” in the consolidated balance sheets, since it was determined that the respective charter rates were below market rates on the date of the transfer (Level <div style="display: inline; font-style: italic; font: inherit;">2</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as part of the Synergy Vessel Acquisition in <div style="display: inline; font-style: italic; font: inherit;"> November 2019 </div>and with respect to the vessels “Synergy Keelung”, “Synergy Oakland” and “Synergy Busan”, which were acquired by the Company with time charter agreements attached, the Company recognized a liability of <div style="display: inline; font-style: italic; font: inherit;">$1,794,028,</div> included in “Fair value of below market time charters acquired” in the consolidated balance sheets, since it was determined that the respective charter rates were below market rates on the date of the transfer (Level <div style="display: inline; font-style: italic; font: inherit;">2</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the amortization of fair value of the below market acquired time charters was <div style="display: inline; font-style: italic; font: inherit;">$857,945</div> and is included under “Time charter revenue” in the consolidated statement of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unamortized balance of this intangible liability as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>of <div style="display: inline; font-style: italic; font: inherit;">$1,714,370</div> is expected to be amortized within <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div></div>
778287
1794028
500000
11000
310467
453361
493341
2254830
2254830
28200000
15.58
0.5
1.2
1.4
1.4
3
16
16
12
14
3
13
4
3
20
16
12
3150000
2750000
1.1
1.2
1.3
1.25
3100000
1122196
1411333
253503
324178
127509
1465079
693524
731456
1409716
1701340
849701
1119735
565229
102131
115026
2396318
410676
504577
504577
571291
2774924
2714662
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dry-docking and special survey expenses are expensed as incurred.</div></div></div></div></div></div></div>
15135
19726
0.02
0.04
100000
170000
0.25
0.25
17200000
1554695
3050768
3424969
0
0
84444
0.9
0.55
0.01
85207220
5212000
12541840
-32279000
-72665380
70640
64500
0
-6094560
-6094560
-663396
-663396
-1682671
-1682671
18
18
17
4
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “General and administrative expenses” in the consolidated statements of operations when the offering is aborted.</div></div></div></div></div></div></div>
4000000
499103
370000
368621
915525
3298356
0.35
0.35
0.594
0.5
504577
504577
161315
0.4
504577
19042
19042
11686
8155055
3530945
11686000
19042
14500000
3692131
18192131
14500000
3692131
18192131
0.5
0.35
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Evaluation of purchase transactions</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">01,</div> Business Combinations (Topic <div style="display: inline; font-style: italic; font: inherit;">805</div>): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is <div style="display: inline; font-style: italic; font: inherit;">not</div> a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.<br /> </div></div></div></div></div></div></div>
P5Y
P5Y
5000000
50
0.05
0.01
0.0125
360
342.50
720
0.05
7243915
32349000
13401460
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">To December 31:</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,541,840</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,941,840</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,723,540</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">2023</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Voyage expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: justify">Port charges and canal dues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,156,511</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">384,893</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">251,197</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,978</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">876,195</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">804,211</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,564,489</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,088</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,055,408</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Vessel operating expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Crew wages and related costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,771,386</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,020,924</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,111,682</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,976</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,537,539</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,844,088</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repairs and maintenance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">643,788</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,632</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,110,995</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Lubricants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,169,412</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,665,849</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,029,230</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Spares and consumable stores</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,391,420</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,445,422</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,758,290</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Professional and legal fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,037</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,156</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,311</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Other</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">771,323</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,020,648</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">869,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,019,342</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,986,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,983,282</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
685
685
685
P10Y
176475
134232
90193
0.62
0.643
P9D
5
1
2393
72
-72
24278048
36062202
41769278
190723
256069
249081
1067500
1067500
950000
1067500
1297100
1297100
1067500
1067500
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">13.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Voyage and Vessel Operating Expenses </div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consisted of:</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Voyage expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: justify">Port charges and canal dues</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,156,511</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">384,893</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">251,197</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">407,978</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">876,195</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">804,211</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,564,489</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,088</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,055,408</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Vessel operating expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Crew wages and related costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,771,386</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,020,924</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,111,682</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Insurance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,261,976</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,537,539</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,844,088</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Repairs and maintenance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">643,788</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,632</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,110,995</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Lubricants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,169,412</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,665,849</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,029,230</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Spares and consumable stores</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,391,420</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,445,422</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,758,290</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Professional and legal fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,037</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,156</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">259,311</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">Other</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">771,323</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,020,648</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">869,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,019,342</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,986,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,983,282</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
4
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div></div></div></div></div></div></div>
1564489
1261088
1055408
1156511
384893
251197
407978
876195
804211
559319
206682
18600000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5.</div></div></td> <td><div style="display: inline; font-weight: bold;">Accrued Expenses </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accrued expenses consisted of:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,404</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">231,093</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,623</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">590,216</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">348,761</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,720</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,545</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,682</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Other accrued expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,472</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,610</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,301,805</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,725,321</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
2288525
3899967
958705
715097
1301805
1725321
93404
231093
39545
67682
9147897
12453848
16632734
233996669
253967708
116562
124487
97919
60988
465507
95214
113244
321181
205590
0
0
0
4600000
3330000
-1260000
4595819
4595819
66954563
126861692
11994168
6297092
5000000
4300000
5000000
5000000
8230000
5390000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Basis of Presentation and General Information</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Euroseas Ltd. (the “Company” or “Euroseas”) was formed on <div style="display: inline; font-style: italic; font: inherit;"> May 5, 2005 </div>under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2005, </div>the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company. On <div style="display: inline; font-style: italic; font: inherit;"> June 29, 2005, </div>Friends Investment Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus becoming the sole shareholder of Euroseas Ltd at that time. In <div style="display: inline; font-style: italic; font: inherit;"> January 2007, </div>the Company pursued a public offering and its common shares started trading on the Nasdaq Capital Market under the ticker symbol “ESEA” on <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2007. </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of the vessels are managed by Eurobulk Ltd. (“Eurobulk” or “Management Company” or “Manager”), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at <div style="display: inline; font-style: italic; font: inherit;">4</div> Messogiou & Evropis Street, Maroussi, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services and executive management services, in consideration for fixed and variable fees (see Note <div style="display: inline; font-style: italic; font: inherit;">7</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Diamantis Shareholders Ltd. which, in turn, collectively own <div style="display: inline; font-style: italic; font: inherit;">62%</div> of the Company’s shares as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the close of trading on the Nasdaq Capital Market on <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>the Company completed the spin-off (the “Spin-off”) of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd ("EuroDry"). Shareholders of the Company received <div style="display: inline; font-style: italic; font: inherit;">one</div> EuroDry common share for every <div style="display: inline; font-style: italic; font: inherit;">five</div> common shares of the Company they owned as of <div style="display: inline; font-style: italic; font: inherit;"> May 23, 2018. </div>Shares of EuroDry commenced trading on <div style="display: inline; font-style: italic; font: inherit;"> May 31, 2018 </div>on the Nasdaq Capital Market under the symbol "EDRY." EuroDry operates in the dry cargo, drybulk shipping markets, owning and operating drybulk vessels previously owned and operated by Euroseas, and is now a separate publicly traded company. Euroseas continues to operate in the container shipping market and remains a publicly traded company. Accordingly, the results of operations of EuroDry have been presented in discontinued operations for all historical comparative periods presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2019, </div>the Company completed the acquisition of <div style="display: inline; font-style: italic; font: inherit;">four</div> feeder containerships, owned by affiliates of the Pittas family including the Company’s Chief Executive Officer, which had been announced in <div style="display: inline; font-style: italic; font: inherit;"> June 2019 </div>for a consideration of <div style="display: inline; font-style: italic; font: inherit;">$28.2</div> million that included a cash payment of <div style="display: inline; font-style: italic; font: inherit;">$15</div> million and the issuance of <div style="display: inline; font-style: italic; font: inherit;">2,816,901</div> common shares to the sellers (the “Trinity/ Diamantis Vessel Acquisition”). The Company financed the cash portion of the acquisition price via the arrangement of <div style="display: inline; font-style: italic; font: inherit;">two</div> bank loans described below (refer Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-d and <div style="display: inline; font-style: italic; font: inherit;">8</div>-e), drawing a total of <div style="display: inline; font-style: italic; font: inherit;">$16,167,680</div> with the excess amount used for general corporate purposes. The cash portion of the acquisition price was used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares. The common shares issued to the sellers represented at that time approximately <div style="display: inline; font-style: italic; font: inherit;">64.3%</div> of Euroseas’ outstanding common shares.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 10; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors. The <div style="display: inline; font-style: italic; font: inherit;">four</div> vessels are the M/V EM Hydra and the M/V EM Spetses, both <div style="display: inline; font-style: italic; font: inherit;">1,700</div> teu feeder containership built in <div style="display: inline; font-style: italic; font: inherit;">2005</div> and <div style="display: inline; font-style: italic; font: inherit;">2007,</div> respectively, the M/V EM Kea, a <div style="display: inline; font-style: italic; font: inherit;">3,100</div> teu feeder containership built in <div style="display: inline; font-style: italic; font: inherit;">2007,</div> and the M/V Diamantis P, a <div style="display: inline; font-style: italic; font: inherit;">2,008</div> teu feeder containership vessel built in <div style="display: inline; font-style: italic; font: inherit;">1998.</div> On <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019, </div>the Company took delivery of M/V Diamantis P and M/V EM Hydra, and, on <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019, </div>the Company took delivery of M/V EM Spetses and M/V EM Kea (refer Note <div style="display: inline; font-style: italic; font: inherit;">4</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> November 2019, </div>the Company acquired and took delivery (from <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019 </div>to <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2019) </div>of <div style="display: inline; font-style: italic; font: inherit;">four</div> container carrier vessels of intermediate size of <div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, all built in South Korea, <div style="display: inline; font-style: italic; font: inherit;">three</div> in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and the other in <div style="display: inline; font-style: italic; font: inherit;">2008</div> (refer Note <div style="display: inline; font-style: italic; font: inherit;">4</div>). The vessels were acquired from companies controlled by Synergy Holdings Limited, for approximately <div style="display: inline; font-style: italic; font: inherit;">$40</div> million (the “Synergy Vessel Acquisition”). The acquisition of the <div style="display: inline; font-style: italic; font: inherit;">four</div> vessels (the “Synergy Vessels”) was financed by bank debt of <div style="display: inline; font-style: italic; font: inherit;">$32</div> million described below (refer Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-f), a private placement of <div style="display: inline; font-style: italic; font: inherit;">$6</div> million at a share price of <div style="display: inline; font-style: italic; font: inherit;">$5.68</div> subscribed equally by an entity affiliated with the Company’s Chief Executive Officer and an entity controlled by the seller of the Synergy vessels and <div style="display: inline; font-style: italic; font: inherit;">$2</div> million of existing funds. The Company also assumed the charters the vessels were under on the date of the transfer (refer Note <div style="display: inline; font-style: italic; font: inherit;">6</div>). As part of the transaction, the Company has agreed that the Manager enters into an agreement with Synergy Marine Limited for the provision of certain management services by Synergy Marine Limited for the next <div style="display: inline; font-style: italic; font: inherit;">three</div> years (see Note <div style="display: inline; font-style: italic; font: inherit;">7</div>). Mr. Andreas Papathomas, Chairman of Synergy Holdings Limited, was appointed to the Board of Directors of the Company. The Company has also agreed to issue an additional <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million in shares of its common stock to Synergy Holdings Limited if certain conditions are fulfilled in <div style="display: inline; font-style: italic; font: inherit;">one</div> year from the acquisition date (see Note <div style="display: inline; font-style: italic; font: inherit;">10</div>-b).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company effected a <div style="display: inline; font-style: italic; font: inherit;">8</div>-for-<div style="display: inline; font-style: italic; font: inherit;">1</div> reverse stock split of its issued and outstanding common shares, effective at the close of trading on <div style="display: inline; font-style: italic; font: inherit;"> December 18, 2019 (</div>Note <div style="display: inline; font-style: italic; font: inherit;">18</div>). All share and per share amounts disclosed in the consolidated financial statements give effect to this reverse stock split retroactively, for all periods presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is engaged in the ocean transportation of containers through ownership and operation of container carrier ship-owning companies. Details of the Company’s wholly owned subsidiaries are set out below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Allendale Investment S.A., incorporated in Panama on <div style="display: inline; font-style: italic; font: inherit;"> January 22, 2002, </div>owner of the Panama flag <div style="display: inline; font-style: italic; font: inherit;">18,154</div> deadweight tons (“DWT”) / <div style="display: inline; font-style: italic; font: inherit;">1,169</div> <div style="display: inline; font-style: italic; font: inherit;">twenty</div>-foot equivalent (“TEU” – a measure of carrying capacity in containers) container carrier M/V “Kuo Hsiung”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1993</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> May 13, 2002.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Alterwall Business Inc., incorporated in Panama on <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2001, </div>owner of the Panama flag <div style="display: inline; font-style: italic; font: inherit;">18,253</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,169</div> TEU container carrier M/V “Ninos” (previously named M/V “Quingdao I”) which was built in <div style="display: inline; font-style: italic; font: inherit;">1990</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> February 16, 2001.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <!-- Field: Page; Sequence: 11 --> <div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Prospero Maritime Inc., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> July 21, 2006, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">69,268</div> DWT dry bulk M/V “Aristides N.P.”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1993</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> September 21, 2006. </div>The vessel was sold on <div style="display: inline; font-style: italic; font: inherit;"> January 15, 2016.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> March 16, 2007, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">20,346</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,452</div> TEU container carrier M/V “Manolis P”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1995</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> April 12, 2007.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> May 14, 2008, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">34,677</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,556</div> TEU container carrier M/V “Maersk Noumea”, renamed “Evridiki G”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2001</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> May 22, 2008.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Eleni Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> February 11, 2009, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">72,119</div> DWT bulk carrier M/V “Eleni P”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1997,</div> acquired on <div style="display: inline; font-style: italic; font: inherit;"> March 6, 2009 </div>and sold on <div style="display: inline; font-style: italic; font: inherit;"> January 26, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> May 21, 2010, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">30,306</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2008</div> TEU container carrier M/V “Aggeliki P”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1998,</div> acquired on <div style="display: inline; font-style: italic; font: inherit;"> June 21, 2010 </div>and sold on <div style="display: inline; font-style: italic; font: inherit;"> December 6, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Joanna Maritime Ltd., incorporated in Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 10, 2013, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">22,301</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,732</div> TEU container carrier M/V “Joanna”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1999</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> July 4, 2013. </div>On <div style="display: inline; font-style: italic; font: inherit;"> January 8, 2016, </div>the vessel has been renamed M/V “Vento di Grecale”. On <div style="display: inline; font-style: italic; font: inherit;"> March 17, 2017 </div>the vessel was again renamed M/V “Joanna”.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> August 19, 2016, </div>owner of the Panamanian flag <div style="display: inline; font-style: italic; font: inherit;">18,581</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,439</div> TEU container carrier M/V “Aegean Express”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1997</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2016.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Gregos Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> May 25, 2017, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">35,600</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,788</div> TEU container carrier M/V “EM Astoria”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2004</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> June 20, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">32,350</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,506</div> TEU container carrier M/V “EM Athens”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2000</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <!-- Field: Page; Sequence: 12; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">34,654</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,556</div> TEU container carrier M/V “EM Corfu”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2001</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> October 29, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">32,350</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,506</div> TEU container carrier M/V “EM Oinousses”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2000</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> October 23, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">71,366</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">5,610</div> TEU container carrier M/V “Akinada Bridge”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2001</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> December 21, 2017.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Diamantis Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">30,360</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">2,008</div> TEU container carrier M/V “Diamantis P”, which was built in <div style="display: inline; font-style: italic; font: inherit;">1998</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Hydra Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">23,351</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,740</div> TEU container carrier M/V “EM Hydra”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2005</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Spetses Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">23,224</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">1,740</div> TEU container carrier M/V “EM Spetses”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2007</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Kea Shipowners Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font: inherit;"> June 3, 2019, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font: inherit;">42,165</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">3,100</div> TEU container carrier M/V “EM Kea”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2007</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Antwerp Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">50,726</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V “Synergy Antwerp”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2008</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Keelung Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font: inherit;">50,969</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V “Synergy Keelung”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Oakland Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Cypriot flag <div style="display: inline; font-style: italic; font: inherit;">50,787</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V “Synergy Oakland”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <!-- Field: Page; Sequence: 13; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Busan Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font: inherit;">50,726</div> DWT / <div style="display: inline; font-style: italic; font: inherit;">4,253</div> TEU container carrier M/V “Synergy Busan”, which was built in <div style="display: inline; font-style: italic; font: inherit;">2009</div> and acquired on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2019.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company had a working capital deficit of <div style="display: inline; font-style: italic; font: inherit;">$18.6</div> million and has been incurring losses. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company generated net cash from operating activities of <div style="display: inline; font-style: italic; font: inherit;">$3.1</div> million. The Company’s cash balance amounted to <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million and cash in restricted retention accounts amounted to <div style="display: inline; font-style: italic; font: inherit;">$4.9</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The holders of Series B Preferred Shares will receive a cash dividend at an annual dividend rate of <div style="display: inline; font-style: italic; font: inherit;">8%</div> until <div style="display: inline; font-style: italic; font: inherit;"> January 2021, </div>which will increase to <div style="display: inline; font-style: italic; font: inherit;">14%</div> thereafter (Note <div style="display: inline; font-style: italic; font: inherit;">15</div>). The Company intends to fund its working capital requirements and capital commitments via cash at hand and cash flows from operations as well as via the cash proceeds expected to be generated through the sale of certain of the Company’s older vessels for scrap. In the event that these are <div style="display: inline; font-style: italic; font: inherit;">not</div> sufficient, the Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>also use funds from debt refinancing and equity offerings and convert to equity the related party loans, if required, among other options. The Company believes it will have adequate funding through the sources described above and, accordingly, it believes it has the ability to continue as a going concern and finance its obligations as they come due over the next <div style="display: inline; font-style: italic; font: inherit;">twelve</div> months following the date of the issuance of these financial statements. Consequently, the consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the following charterers individually accounted for more than <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the Company’s revenues as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Charterer</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-weight: bold; text-align: left">CMA CGM, Marseille</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">New Golden Sea Shipping Pte. Ltd., Singapore</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Hapag-Lloyd AG, Hamburg</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">MSC Geneva</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Maersk Line A/S</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> </div></div>
71890
1000000
2858927
6960258
985418
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div></div></div></div></div></div></div>
7004684
8297147
13211588
5930061
1292463
4914441
-7281527
9283359
27928885
-9635504
-29045685
2910287
3970170
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>a subsidiary of the Company, Alterwall Business Inc. owner of M/V “Ninos”, is involved in a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the company which had time-chartered the vessel from the Company went bankrupt in <div style="display: inline; font-style: italic; font: inherit;"> October 2009 </div>and failed to pay certain invoices. The vessel was arrested in Karachi in <div style="display: inline; font-style: italic; font: inherit;"> November 2009 </div>and released after a bank guarantee for an amount of <div style="display: inline; font-style: italic; font: inherit;">$0.53</div> million was provided on behalf of the Company, for which the bank has restricted an equal amount of the Company's cash which is presented within “Restricted Cash” in the consolidated balance sheets. The legal proceedings are ongoing. Although the Company believes it will be successful in its claim, it made a provision of <div style="display: inline; font-style: italic; font: inherit;">$0.15</div> million in <div style="display: inline; font-style: italic; font: inherit;">2016,</div> for any costs that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be incurred.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 7, 2019, </div>Euroseas Ltd. and Synergy Holdings Limited, on the basis of the acquisition of the vessels M/V “Synergy Busan”, M/V “Synergy Keelung”, M/V “Synergy Oakland” and M/V “Synergy Antwerp” (refer Notes <div style="display: inline; font-style: italic; font: inherit;">1</div> and <div style="display: inline; font-style: italic; font: inherit;">4</div>), have agreed that Euroseas will issue certain shares of its common stock to Synergy Holdings Limited under the following terms:</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">If the <div style="display: inline; font-style: italic; font: inherit;">12</div>-month New ConTex index for a <div style="display: inline; font-style: italic; font: inherit;">4,250</div> TEU vessel (as published on https://www.vhbs.de/index or any successor website maintained by the Hamburg and Bremen Shipbrokers’ Association) (the “Index Value”) is higher on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020 </div>at <div style="display: inline; font-style: italic; font: inherit;">4:00</div> p.m. New York time than the Index Value on <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2019 </div>at <div style="display: inline; font-style: italic; font: inherit;">4:00</div> p.m. New York time, then, on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020, </div>Euroseas shall issue to Synergy Holdings Limited, <div style="display: inline; font-style: italic; font: inherit;">$500,000</div> divided by the <div style="display: inline; font-style: italic; font: inherit;">20</div>-day volume weighted average price of the Company’s common shares calculated on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020 </div>at <div style="display: inline; font-style: italic; font: inherit;">4:00</div> p.m. New York time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company based on its assessment of future rates as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>concluded that it is <div style="display: inline; font-style: italic; font: inherit;">not</div> probable that it will have to pay the specific contingent consideration.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are <div style="display: inline; font-style: italic; font: inherit;">no</div> other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business. In the opinion of the management, the disposition of these lawsuits should <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the consolidated results of operations, financial position and cash flows.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>future gross minimum revenues under non-cancellable time charter agreements total <div style="display: inline; font-style: italic; font: inherit;">$17.2</div> million, all of which is due in the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>This amount does <div style="display: inline; font-style: italic; font: inherit;">not</div> include the future gross minimum revenues upon collection of hire under non-cancellable time charter agreements of M/V “Synergy Antwerp” which is on index linked charters. In arriving at the future gross minimum revenues, the Company has deducted an estimated <div style="display: inline; font-style: italic; font: inherit;">one</div> off-hire day per quarter. Such off-hire estimate <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be reflective of the actual off-hire in the future. In addition, the actual revenues could be affected by early delivery of the vessel by the charterers or any exercise of the charterers’ options to extend the terms of the charters, which however cannot be estimated and hence <div style="display: inline; font-style: italic; font: inherit;">not</div> reflected above.</div></div>
0.03
0.03
1
0.03
200000000
200000000
200000000
1564456
5600259
1564456
5600259
46934
168008
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font: inherit;">no</div> statement of comprehensive income / (loss) has been presented.</div></div></div></div></div></div></div>
0.34
0.51
0.24
0.31
0.33
0.21
0.16
0.17
0.11
0.15
0.11
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div></div></div></div></div></div></div>
0.03
0.0265
0.039
0.044
0.044
0.039
0.035
0.0295
0.035
3341000
4150000
30000000
37650000
3507220
12050000
32000000
37491000
85207220
4250000
4750000
0.08
0.08
0.08
0.08
720000
720000
303000
311000
100000
900000
160460
450000
1400000
800000
375000
6360000
4920000
19200000
6000000
1742160
6200000
17400000
216402
324603
74863
125357
246520
237848
477595
417634
973774
3305951
4178886
3585965
3305951
4178886
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font: inherit;">25</div> years from the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$0.25</div></div> per light weight ton as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> which is based on the historical average demolition prices.</div></div></div></div></div></div></div>
0.0197
41435
41435
0.005
0.0095
0.0355
0.0078
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">14.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Derivative Financial Instruments</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Interest rate swaps</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective <div style="display: inline; font-style: italic; font: inherit;"> October 17, 2014, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">one</div> interest rate swap with Eurobank – Ergasias S.A. (“Eurobank”) for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the Company’s loans. Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font: inherit;">3</div>-month LIBOR while the Company paid an adjustable rate averaging <div style="display: inline; font-style: italic; font: inherit;">1.97%</div> (more specifically, the Company paid the fixed rate of <div style="display: inline; font-style: italic; font: inherit;">0.50%</div> until <div style="display: inline; font-style: italic; font: inherit;"> November 28, 2016 </div>then <div style="display: inline; font-style: italic; font: inherit;">0.95%</div> until <div style="display: inline; font-style: italic; font: inherit;"> November 28, 2017 </div>and then <div style="display: inline; font-style: italic; font: inherit;">3.55%</div> until <div style="display: inline; font-style: italic; font: inherit;"> May 28, 2019) </div>based on the relevant notional amount.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 46; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest rate swap contract did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting as of <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2018.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">no</div> interest rate swaps open positions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-top: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Current liabilities – Derivatives</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative liabilities</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Location of gain (loss) recognized</div></div></td> <td style="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-bottom: 1pt">Interest rate swap contract– Unrealized (loss) / gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 19%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(Gain) / loss on derivativtes, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,901</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">204,647</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contract - Realized gain / (loss)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,071</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(201,745</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total net gain / (loss) on interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,902</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Freight Forward Agreements (“FFA”)</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> December 2017, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">three</div> FFA contracts on the Baltic Panamax Index (“BPI”) for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">three</div> calendar months of <div style="display: inline; font-style: italic; font: inherit;">2018,</div> totaling <div style="display: inline; font-style: italic; font: inherit;">90</div> days at an average time charter equivalent rate of <div style="display: inline; font-style: italic; font: inherit;">$11,000</div> per day. <div style="display: inline; font-size: 10pt">The </div>contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published. The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month is greater than the contract rate, the Company makes a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the <div style="display: inline; font-style: italic; font: inherit;">two</div> rates for the period covered by the contracts.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 47; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FFA contracts did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting. The Company follows guidance relating to “Fair value measurements” to calculate the fair value of the FFA contracts (see Note <div style="display: inline; font-style: italic; font: inherit;">16</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">FFA contracts not designated as hedging instruments</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">Location of gain (loss) recognized</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 21%; text-align: justify; padding-bottom: 1pt">FFA contracts – Unrealized loss</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 1pt">FFA contracts – Realized loss</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total loss on FFA contracts</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
-5901
204647
19071
-201745
-2885
13170
2902
-2885
-781
-47245
-781
-47245
12389
-44343
-2885
41435
41435
10000000
10000000
30000000
1
3
1
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font: inherit;">not</div> met.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Stock Incentive Plan</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2014, </div>the Board of Directors approved the Company’s <div style="display: inline; font-style: italic; font: inherit;">2014</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font: inherit;">“2014</div> Plan”). On <div style="display: inline; font-style: italic; font: inherit;"> May 5, 2018, </div>the Board of Directors approved a new equity incentive plan (the <div style="display: inline; font-style: italic; font: inherit;">“2018</div> Plan”) to replace the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan. The <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan is administered by the Board of Directors which can make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font: inherit;">75,000</div> shares, over <div style="display: inline; font-style: italic; font: inherit;">10</div> years after the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan’s adoption date. The persons eligible to receive awards under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards <div style="display: inline; font-style: italic; font: inherit;"> may </div>be made under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Details of awards granted under the <div style="display: inline; font-style: italic; font: inherit;">2014</div> Plan and the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan during the <div style="display: inline; font-style: italic; font: inherit;">three</div> year period ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>are noted below.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 2, 2017 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">12,534</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">18</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2019; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">7,213</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">5,321</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">15,681</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">18</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> vested on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2020; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">9,021</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">6,660</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 4, 2019 </div>an award of <div style="display: inline; font-style: italic; font: inherit;">15,444</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font: inherit;">17</div> key persons of which <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">50%</div> will vest on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2021; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font: inherit;">8,713</div> shares and the remaining <div style="display: inline; font-style: italic; font: inherit;">6,731</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for restricted share awards forfeitures as they occur. During <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">538</div> shares were forfeited with a weighted-average grant-date fair value of <div style="display: inline; font-style: italic; font: inherit;">$22.24</div> per share. <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">No</div></div> forfeitures occurred in the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation cost that has been charged against income for awards was <div style="display: inline; font-style: italic; font: inherit;">$116,562,</div> <div style="display: inline; font-style: italic; font: inherit;">$124,487</div> and <div style="display: inline; font-style: italic; font: inherit;">$97,919,</div> for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively and is included within “General and administrative expenses” in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the status of the Company’s non-vested shares as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and changes during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>are presented below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Non-vested Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt">Non-vested on January 1, 2019</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10.16</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Granted</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,444</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.84</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Vested</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,108</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.01</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Non-vested on December 31, 2019</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,284</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.77</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>there was <div style="display: inline; font-style: italic; font: inherit;">$172,887</div> of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the <div style="display: inline; font-style: italic; font: inherit;">2018</div> Plan and is expected to be recognized over a weighted-average period of <div style="display: inline; font-style: italic; font: inherit;">0.75</div> years. The total fair value at grant-date of shares granted during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>was <div style="display: inline; font-style: italic; font: inherit;">$176,475,</div> <div style="display: inline; font-style: italic; font: inherit;">$134,232</div> and <div style="display: inline; font-style: italic; font: inherit;">$90,193</div> respectively.</div></div>
4786272
5422155
917160
2346502
6892388
9183152
2628656
3993967
1778955
2874232
20280215
25934204
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">17.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Discontinued Operations</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the close of trading on the Nasdaq Capital Market on <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018, </div>the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd (Note <div style="display: inline; font-style: italic; font: inherit;">1</div>). Accordingly, the results of operations and financial condition of EuroDry have been presented in discontinued operations for all historical comparative periods presented<div style="display: inline; background-color: white">. The revenue and loss for the discontinued operations for the periods ended <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> are analyzed as follows:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Year Ended December 31 </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(discontinued operations)</div></div> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statement of Operations Data</td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="7"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Voyage revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,280,215</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,934,204</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commissions (including, $253,503, $324,178 and nil respectively, to related party)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,122,196</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,411,333</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,396,318</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(410,676</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,892,388</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,183,152</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drydocking expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(127,509</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,465,079</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party management fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,409,716</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,701,340</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,786,272</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(917,160</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,346,502</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating income</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,628,656</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,993,967</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total other expenses, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,778,955</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,874,232</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,119,735</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Series B Preferred Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(565,229</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income attributable to common shareholders</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Euroseas contributed to EuroDry its interests in <div style="display: inline; font-style: italic; font: inherit;">seven</div> of its drybulk subsidiaries and related intercompany debts and obligations in exchange for <div style="display: inline; font-style: italic; font: inherit;">2,254,830</div> of EuroDry common shares and <div style="display: inline; font-style: italic; font: inherit;">19,042</div> of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2018). </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Up to the Spin-off date, Euroseas had contributed to EuroDry an amount of <div style="display: inline; font-style: italic; font: inherit;">$52.52</div> million as equity in order to partly finance the acquisition of the vessels contributed to EuroDry (M/V Pantelis, M/V Eirini, M/V Xenia and M/V Ekaterini), other general and administrative expenses allocated from the Company to EuroDry as well as the amounts recognized as loss on termination and impairment of shipbuilding contracts described above. An amount of <div style="display: inline; font-style: italic; font: inherit;">$9.66</div> million was also allocated to EuroDry from the Company’s accumulated deficit, comprising the accumulated deficit of the Subsidiaries. In total an amount of <div style="display: inline; font-style: italic; font: inherit;">$42.86</div> million was allocated from the Company’s shareholders’ equity to EuroDry’s shareholders’ equity.</div></div>
1810000
1340000
80000
1808811
1335733
78640
161315
160000
1270000
1808811
1808811
1335733
1335733
1271782
1271782
1030000
1808811
1808811
1335733
1335733
78639
78639
5000000
2672895
795562
2672895
795562
2500000
2500000
-5.72
-1.02
-1.21
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font: inherit;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> are considered contingently returnable until the restrictions lapse and will <div style="display: inline; font-style: italic; font: inherit;">not</div> be included in the basic earnings / (loss) per share calculation until the shares are vested.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">12.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Loss Per Share</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted loss per common share is computed as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 0.4pt">Income:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 0.4pt">Net loss, continuing operations</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,944,261</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(663,396</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,682,671</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,808,811</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,335,733</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,271,782</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Preferred deemed dividend</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(504,577</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,753,072</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,999,129</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Weighted average common shares –outstanding , basic and diluted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,383,440</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,414,775</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,861,928</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share, continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6.33</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.41</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Net income attributable to common shareholders, discontinued operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,903,371</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,444,623</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5.72</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.02</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">nil</div></div></div> shares in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div></div>
172887
P273D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total,</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Liabilities</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contract, current portion</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Loss 2017</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Vessels held for sale</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$4,595,819</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Loss 2018</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2019</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of above/below market time charters acquired</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">16.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Financial Instruments</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, derivatives, trade accounts payable, accrued expenses and amount due to related company.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest rate risk </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long term bank loans. Under the terms of the interest rate swaps the Company and the bank agree to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though, historically, the interest rate swaps were entered into for economic hedging purposes, as noted in Note <div style="display: inline; font-style: italic; font: inherit;">14</div> they did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for hedge accounting, under the guidance relating to <div style="display: inline; font-style: italic;">Derivatives and Hedging</div>, as the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> have written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognized the change in fair value of these derivatives in the “Gain / (loss) on derivatives, net” in the consolidated statements of operations. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">one</div> open swap contract for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$10.0</div> million. As described above in Note <div style="display: inline; font-style: italic; font: inherit;">14,</div> this contract matured at the end of <div style="display: inline; font-style: italic; font: inherit;"> May 2019 </div>and as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">no</div> interest rate swaps open positions.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does <div style="display: inline; font-style: italic; font: inherit;">not</div> require collateral for its trade accounts receivable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <!-- Field: Page; Sequence: 51; Value: 2 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.55pt; text-align: justify; text-indent: -42.55pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in <div style="display: inline; font-style: italic; font: inherit;">one</div> of the following <div style="display: inline; font-style: italic; font: inherit;">three</div> categories:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">1:</div> Quoted market prices in active markets for identical assets or liabilities;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level <div style="display: inline; font-style: italic; font: inherit;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font: inherit;">not</div> corroborated by market data.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company’s investments in FFA contracts are determined based on quoted prices in active markets and therefore are considered Level <div style="display: inline; font-style: italic; font: inherit;">1</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements".</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level <div style="display: inline; font-style: italic; font: inherit;">2</div> items. The fair values of the interest rate swap determined through Level <div style="display: inline; font-style: italic; font: inherit;">2</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recurring Fair Value Measurements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total,</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">(Level 3)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Liabilities</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-bottom: 1pt">Interest rate swap contract, current portion</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Asset Measured at Fair Value on a Non-recurring Basis </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On <div style="display: inline; font-style: italic; font: inherit;"> June 15, 2017, </div>the Company entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank <div style="display: inline; font-style: italic; font: inherit;">35%</div> of the excess of the fair market value of M/V “EM Astoria” over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of amount <div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. The fair value of this participation agreement is considered Level <div style="display: inline; font-style: italic; font: inherit;">2,</div> as it directly depends on the fair value or expected fair value of M/V “EM Astoria”. The Company completed the refinancing of the specific loan in <div style="display: inline; font-style: italic; font: inherit;"> June 2019 </div>using its revolving loan facility with Eurobank Ergasias S.A., as explained in Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-c above, with the final participation liability paid amounting to <div style="display: inline; font-style: italic; font: inherit;">$950,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2017 </div>the vessel M/V “Monica P” with a carrying amount of <div style="display: inline; font-style: italic; font: inherit;">$8.23</div> million, was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million, less estimated costs to sell of <div style="display: inline; font-style: italic; font: inherit;">$0.10</div> million, resulting in a loss of <div style="display: inline; font-style: italic; font: inherit;">$3.33</div> million, which was included in the consolidated statements of operations under “Loss on write-down of vessels held for sale”. The fair value of M/V “Monica P” is considered Level <div style="display: inline; font-style: italic; font: inherit;">2.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2017 </div>the vessel M/V “Aggeliki P” with a carrying amount of <div style="display: inline; font-style: italic; font: inherit;">$5.39</div> million, was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font: inherit;">$4.3</div> million, less estimated costs to sell of <div style="display: inline; font-style: italic; font: inherit;">$0.17</div> million, resulting in a loss of <div style="display: inline; font-style: italic; font: inherit;">$1.26</div> million, which was included in the accompanying consolidated statements of operations under “Loss on write-down of vessels held for sale”. The fair value of M/V “Aggeliki P” is considered Level <div style="display: inline; font-style: italic; font: inherit;">2.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Asset Measured at Fair Value on a Non-recurring Basis - continued</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><div style="display: inline; font-weight: bold;">Nonrecurring Fair Value Measurements at Reporting Date</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Fair Value</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 1</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 2</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Level 3</td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Loss 2017</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,297,100</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Vessels held for sale</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"></td> <td style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$4,595,819</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> </tr> </table> </div> <div style=" margin: 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 1</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 2</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Level 3</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Loss 2018</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> </tr> </table> </div> <div style=" margin: 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td colspan="18" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;">December 31, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2019</div></div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-bottom: 1pt">Vessel profit participating liability</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: center"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7pt; text-align: justify">The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level <div style="display: inline; font-style: italic; font: inherit;">1</div> items as they represent liquid assets with short-term maturities. The fair value of the Company’s total borrowings approximates <div style="display: inline; font-style: italic; font: inherit;">$87.1</div> million as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>or <div style="display: inline; font-style: italic; font: inherit;">$3.1</div> million less than their carrying value of <div style="display: inline; font-style: italic; font: inherit;">$90.2</div> million. The fair value of the long term borrowings is estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level <div style="display: inline; font-style: italic; font: inherit;">2</div> items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR.</div></div>
-30214
13963
2024
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div>
500000
300000
1340000
803811
1340952
-328291
2502203
2565502
2444495
3.36
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div></div></div></div></div></div></div>
-6.33
-1.41
-1.21
849701
554506
0.61
0.39
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">9.</div></div></td> <td><div style="display: inline; font-weight: bold;">Income Taxes</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in “Vessel operating expenses” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the United States Internal Revenue Code of <div style="display: inline; font-style: italic; font: inherit;">1986,</div> as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <div style="display: inline; font-style: italic; font: inherit;">4%</div> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <div style="display: inline; font-style: italic; font: inherit;">883</div> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the gross shipping income that is attributable to transportation that begins or ends, but that does <div style="display: inline; font-style: italic; font: inherit;">not</div> both begin and end, in the United States.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an "equivalent exemption" to United States corporations, or in the United States, which is referred to as the “Publicly Traded Test”. Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) <div style="display: inline; font-style: italic; font: inherit;">one</div> or more classes of its shares representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least <div style="display: inline; font-style: italic; font: inherit;">60</div> days during the taxable year or <div style="display: inline; font-style: italic; font: inherit;">one</div> <div style="display: inline; font-style: italic; font: inherit;">sixth</div> of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least <div style="display: inline; font-style: italic; font: inherit;">10%</div> of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year. Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company’s shares will <div style="display: inline; font-style: italic; font: inherit;">not</div> be considered to be “regularly traded” on an established securities market for any taxable year in which <div style="display: inline; font-style: italic; font: inherit;">50%</div> or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own <div style="display: inline; font-style: italic; font: inherit;">5%</div> or more of the vote and value of such class of the Company’s outstanding shares (<div style="display: inline; font-style: italic; font: inherit;">“5%</div> Override Rule”).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white">For <div style="display: inline; font-style: italic; font: inherit;">2017</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> qualify for this exemption. The Company is subject to an effective <div style="display: inline; font-style: italic; font: inherit;">2%</div> United States federal tax on the U.S. source shipping income that is attributable to the transport of cargoes to or from the United States which is <div style="display: inline; font-style: italic; font: inherit;">not</div> considered an income tax. The amount of this tax for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018</div> was <div style="display: inline; font-style: italic; font: inherit;">$15,135</div> and <div style="display: inline; font-style: italic; font: inherit;">$19,726,</div> respectively</div>. <div style="display: inline; background-color: white">The amount of the <div style="display: inline; font-style: italic; font: inherit;">2017</div> tax was paid on <div style="display: inline; font-style: italic; font: inherit;"> September 17, 2018 </div>and the amount of the <div style="display: inline; font-style: italic; font: inherit;">2018</div> tax was paid on <div style="display: inline; font-style: italic; font: inherit;"> June 15, 2019 </div>and was recorded within "Vessel operating expenses" in the consolidated statements of operations when paid.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; background-color: white"></div></div> <div style=" margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">For the taxable years <div style="display: inline; font-style: italic; font: inherit;">2019</div> the Company believes that it was exempt from U.S. federal income tax of <div style="display: inline; font-style: italic; font: inherit;">4%</div> on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for this year, although it is subject to the <div style="display: inline; font-style: italic; font: inherit;">5%</div> Override Rule, because the non-qualified <div style="display: inline; font-style: italic; font: inherit;">5%</div> shareholders did <div style="display: inline; font-style: italic; font: inherit;">not</div> own more than <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the Company’s common stock for more than half of the days during the taxable year.</div></div>
210741
1066378
-460909
167016
282045
482671
197782
766052
1539553
91604
73210
-243608
233402
-172544
556140
4314415
-2732256
-1877333
-329244
511373
184773
117793
-24703
304195
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div></div></div></div></div></div></div>
37972
81792
95839
1380458
2703845
3219471
51111
33333
1174863
2475631
3100049
565623
590216
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; width: 0.5in"><div style="display: inline; font-family: Symbol"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Inventories </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inventories consisted of the following:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%">Lubricants</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,763</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,728,861</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Victualing</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">79,965</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,303</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,663</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,704,391</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,889,164</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
1043763
1728861
79965
160303
580663
1704391
1889164
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div></div></div></div></div></div></div>
44376584
98753414
66954563
126861692
12488
100000
40846
11592535
24851259
32784049
73902155
30000000
0.004
45000000
4000000
7350000
150000
7080000
90200000
4870241
12295320
87100000
12541840
34000000
8723540
29941840
31716549
72187785
P1Y180D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">8.</div></div></td> <td><div style="display: inline; font-weight: bold;">Long-Term Bank Loans</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This consists of bank loans of the ship-owning companies and is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Borrower</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, <br /> 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Noumea Shipping Ltd.</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(a)</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,341,000</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gregos Shiping Ltd. </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(b)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,150,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(c)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,000,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,650,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diamantis Shipowners Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(d)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507,220</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(e)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,050,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(f)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,491,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Less: Current portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,212,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,541,840</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,279,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,665,380</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred charges, current portion</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,357</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">246,520</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred charges, long-term portion</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,848</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">477,595</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Debt discount, current portion</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,402</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Debt discount, long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">324,603</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, current portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,870,241</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,295,320</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, long-term portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,716,549</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,187,785</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loan from related party, current</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Euroseas Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(g)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The future annual loan repayments are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">To December 31:</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: justify">2020</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,541,840</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">2021</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,941,840</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">2022</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,723,540</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt">2023</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 22, 2016, </div>the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V “Evridiki G” was signed in order to refinance the final quarterly instalment of <div style="display: inline; font-style: italic; font: inherit;">$720,000</div> and the balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,360,000</div> originally due in <div style="display: inline; font-style: italic; font: inherit;"> December 2016. </div>The borrower and the lender agreed to amend the repayment profile in respect of the loan of which <div style="display: inline; font-style: italic; font: inherit;">$7,080,000</div> remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to <div style="display: inline; font-style: italic; font: inherit;"> January 2018. </div>The loan will be repaid with <div style="display: inline; font-style: italic; font: inherit;">three</div> repayments of <div style="display: inline; font-style: italic; font: inherit;">$720,000</div> each, due in <div style="display: inline; font-style: italic; font: inherit;"> December 2016, </div>in <div style="display: inline; font-style: italic; font: inherit;"> July 2017 </div>and in <div style="display: inline; font-style: italic; font: inherit;"> January 2018 </div>together with the balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$4,920,000</div> due in <div style="display: inline; font-style: italic; font: inherit;"> January 2018. </div>On <div style="display: inline; font-style: italic; font: inherit;"> February 27, 2018, </div>the Company signed and drew a term loan facility of <div style="display: inline; font-style: italic; font: inherit;">$4,250,000</div> with Credit Agricole in order to partly refinance the existing indebtedness of M/V “Evridiki G” with the bank. The loan was payable in <div style="display: inline; font-style: italic; font: inherit;">thirteen</div> consecutive quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$303,000</div> each and a final instalment in the amount of <div style="display: inline; font-style: italic; font: inherit;">$311,000.</div> The margin of the loan was <div style="display: inline; font-style: italic; font: inherit;">3.00%</div> above LIBOR. The loan was secured with the following: (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V “Evridiki G” and collateral vessel (M/V “EM Astoria”), (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 15, 2017, </div>the Company signed a term loan facility with Credit Agricole and on <div style="display: inline; font-style: italic; font: inherit;"> June 19, 2017 </div>a loan of <div style="display: inline; font-style: italic; font: inherit;">$4,750,000</div> was drawn by Gregos Shipping Ltd. to partly finance the acquisition of M/V “EM Astoria”. The loan was payable in <div style="display: inline; font-style: italic; font: inherit;">twenty</div> or <div style="display: inline; font-style: italic; font: inherit;">sixteen</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$100,000</div> plus a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$2,750,000</div> or <div style="display: inline; font-style: italic; font: inherit;">$3,150,000.</div> The margin of the loan was <div style="display: inline; font-style: italic; font: inherit;">2.65%</div> above LIBOR. The loan was secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V “EM Astoria”, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V “EM Astoria”, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font: inherit;">$50,000</div> in <div style="display: inline; font-style: italic; font: inherit;">2017</div> for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, <div style="display: inline; font-style: italic; font: inherit;">35%</div> of the excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of an amount of <div style="display: inline; font-style: italic; font: inherit;">$1,067,500</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, <div style="display: inline; font-style: italic; font: inherit;">35%</div> of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed the refinancing of the specific loan in <div style="display: inline; font-style: italic; font: inherit;"> June 2019 </div>using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to <div style="display: inline; font-style: italic; font: inherit;">$950,000</div> included in the “Repayment of long-term bank loans and vessel profit participation liability” in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented as “Loss on debt extinguishment” in the consolidated statement of operations, partly offset by the lower amount of <div style="display: inline; font-style: italic; font: inherit;">$950,000</div> at which the vessel profit participation liability was finally settled as described above.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" margin-top: 0; margin-bottom: 0"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018, </div>the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the “Lender”) for an amount of up to <div style="display: inline; font-style: italic; font: inherit;">$45,000,000.</div> A loan of <div style="display: inline; font-style: italic; font: inherit;">$30,000,000</div> was drawn on <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2018 </div>by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company’s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of <div style="display: inline; font-style: italic; font: inherit;">18</div> months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank’s approval and a fee to be determined. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">12</div> equal consecutive quarterly principal installments of <div style="display: inline; font-style: italic; font: inherit;">$900,000</div> and the balance will be repaid through balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$19,200,000</div> together with the last principal installment in <div style="display: inline; font-style: italic; font: inherit;"> November 2021. </div>Each quarterly principal instalment paid is added to the revolving tranche and <div style="display: inline; font-style: italic; font: inherit;"> may </div>be redrawn. The interest rate margin is <div style="display: inline; font-style: italic; font: inherit;">3.90%</div> over LIBOR, reduced from <div style="display: inline; font-style: italic; font: inherit;">4.40%</div> as described below. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V “Ninos”, M/V “Kuo Hsiung”, M/V “Aegean Express”, M/V “Manolis P.” M/V “Joanna”, M/V “EM Athens”, M/V “EM Oinousses”, M/V “EM Corfu” and M/V “Akinada Bridge”, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company has the option (at the Lender’s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least <div style="display: inline; font-style: italic; font: inherit;">one</div> (<div style="display: inline; font-style: italic; font: inherit;">1</div>) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be <div style="display: inline; font-style: italic; font: inherit;">100%</div> owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a <div style="display: inline; font-style: italic; font: inherit;">first</div> preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as <div style="display: inline; font-style: italic; font: inherit;"> may </div>be requested by the Lender at its discretion. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$300,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2018</div> for this tranche.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2019, </div>the Lender made available to the Company <div style="display: inline; font-style: italic; font: inherit;">two</div> new ship-related (M/V “EM Astoria” and M/V “Evridiki G”) advances totaling <div style="display: inline; font-style: italic; font: inherit;">$12.0</div> million or <div style="display: inline; font-style: italic; font: inherit;">55%</div> of the aggregate market value of the <div style="display: inline; font-style: italic; font: inherit;">two</div> aforementioned vessels, with a simultaneous reduction of the margin of the loan, from <div style="display: inline; font-style: italic; font: inherit;">4.40%</div> to <div style="display: inline; font-style: italic; font: inherit;">3.90%</div> per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as cash collateral from <div style="display: inline; font-style: italic; font: inherit;">$5.0</div> million to <div style="display: inline; font-style: italic; font: inherit;">$1.0</div> million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">16</div> equal consecutive quarterly principal installments of <div style="display: inline; font-style: italic; font: inherit;">$375,000</div> and the balance will be repaid through a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,000,000</div> together with the last principal installment in <div style="display: inline; font-style: italic; font: inherit;"> May 2023. </div>The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V “Evridiki G” and M/V “EM Astoria”, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font: inherit;">$32,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this tranche.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">140%.</div> The remaining <div style="display: inline; font-style: italic; font: inherit;">$7,350,000</div> of the revolving facility, after including principal repayments up to <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>remains available to the company in order to finance up to <div style="display: inline; font-style: italic; font: inherit;">55%</div> of the market value of post <div style="display: inline; font-style: italic; font: inherit;">2001</div>-built ships. The new tranches will be repaid through <div style="display: inline; font-style: italic; font: inherit;">sixteen</div> quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of <div style="display: inline; font-style: italic; font: inherit;">0.40%</div> and any amount drawn will pay a <div style="display: inline; font-style: italic; font: inherit;">1%</div> underwriting fee.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(d)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 29, 2019, </div>the Company signed a term loan facility with Piraeus Bank S.A. for an amount <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding the lesser between <div style="display: inline; font-style: italic; font: inherit;">$4,000,000</div> and <div style="display: inline; font-style: italic; font: inherit;">90%</div> of the scrap value pf M/V “Diamantis P”. On <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2019, </div>a loan of <div style="display: inline; font-style: italic; font: inherit;">$3,667,680</div> was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V “Diamantis P”. The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">twelve</div> equal consecutive quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$160,460</div> plus a balloon amount of <div style="display: inline; font-style: italic; font: inherit;">$1,742,160</div> paid together with the last instalment in <div style="display: inline; font-style: italic; font: inherit;"> July 2022. </div>The margin of the loan is <div style="display: inline; font-style: italic; font: inherit;">3.50%</div> over LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgage over M/V “Diamantis P”, (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of M/V “Diamantis P”, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font: inherit;">$32,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this loan. The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">110%</div> until the <div style="display: inline; font-style: italic; font: inherit;">first</div> anniversary of the drawdown date and <div style="display: inline; font-style: italic; font: inherit;">120%</div> thereafter.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(e)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> July 30, 2019, </div>the Company signed a term loan facility with HSBC Bank plc. for an amount of <div style="display: inline; font-style: italic; font: inherit;">$12,500,000.</div> The loan was used to partly finance the acquisition of M/V “EM Hydra”, M/V “EM Kea” and M/V “EM Spetses”. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on <div style="display: inline; font-style: italic; font: inherit;"> August 8, </div><div style="display: inline; font-style: italic; font: inherit;">2019.The</div> loan is payable in <div style="display: inline; font-style: italic; font: inherit;">fourteen</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font: inherit;">$450,000</div> and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$6,200,000</div> paid with the last instalment in <div style="display: inline; font-style: italic; font: inherit;"> February 2023. </div>The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">2.95%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V “EM Hydra”, M/V “EM Kea” and M/V “EM Spetses” (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$62,500</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this loan. The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">130%.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(f)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 8, 2019, </div>the Company signed a term loan facility with Piraeus Bank S.A. for an amount of <div style="display: inline; font-style: italic; font: inherit;">$32,000,000.</div> The loan was used to partly finance the acquisition of M/V “Synergy Antwerp”, M/V “Synergy Busan”, M/V “Synergy Keelung” and M/V “Synergy Oakland”. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019. </div>The loan is payable in <div style="display: inline; font-style: italic; font: inherit;">three</div> consecutive equal quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$1,400,000</div> followed by <div style="display: inline; font-style: italic; font: inherit;">thirteen</div> consecutive equal quarterly instalments of <div style="display: inline; font-style: italic; font: inherit;">$800,000</div> and a balloon payment of <div style="display: inline; font-style: italic; font: inherit;">$17,400,000</div> paid with the last instalment. The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font: inherit;">3.50%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font: inherit;">first</div> priority mortgages over M/V “Synergy Antwerp”, M/V “Synergy Busan”, M/V “Synergy Keelung” and M/V “Synergy Oakland” (ii) <div style="display: inline; font-style: italic; font: inherit;">first</div> assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font: inherit;">$352,000</div> within <div style="display: inline; font-style: italic; font: inherit;">2019</div> for this loan. The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font: inherit;">125%.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(g)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019, </div>Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company’s Chief Executive Officer, as further supplemented on <div style="display: inline; font-style: italic; font: inherit;"> December </div><div style="display: inline; font-style: italic; font: inherit;">20,2019</div> and <div style="display: inline; font-style: italic; font: inherit;"> March 30, 2020, </div>to draw down a <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance the special survey and WBT system installation on M/V “Akinada Bridge”. Interest on the loan is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum and is payable quarterly. Euroseas will repay the loan in <div style="display: inline; font-style: italic; font: inherit;">four</div> repayment instalments of a principal amount of <div style="display: inline; font-style: italic; font: inherit;">$625,000</div> each. The <div style="display: inline; font-style: italic; font: inherit;">first</div> repayment instalment will be due on <div style="display: inline; font-style: italic; font: inherit;"> May 15, 2020 </div>and the remaining <div style="display: inline; font-style: italic; font: inherit;">three</div> instalments will be paid on a quarterly basis thereafter and the loan will be paid in full by <div style="display: inline; font-style: italic; font: inherit;"> November 2020</div><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The <div style="display: inline; font-style: italic; font: inherit;">first</div> instalment of <div style="display: inline; font-style: italic; font: inherit;">$312,500</div> payable on <div style="display: inline; font-style: italic; font: inherit;"> December 31,</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><div style="display: inline; font-style: italic; font: inherit;">2019</div> was waived by the lender and will be paid at the maturity of the loan. The Company paid <div style="display: inline; font-style: italic; font: inherit;">$51,111</div> in interest for this loan for the fiscal year <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>Euroseas signed a <div style="display: inline; font-style: italic; font: inherit;">second</div> agreement with Colby Trading Ltd. to draw another <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance working capital needs. Interest on the loan is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum and is payable quarterly. There are <div style="display: inline; font-style: italic; font: inherit;">no</div> principal repayments until <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The Company paid <div style="display: inline; font-style: italic; font: inherit;">$33,333</div> in interest for this loan for the fiscal year <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from <div style="display: inline; font-style: italic; font: inherit;">120%</div> to <div style="display: inline; font-style: italic; font: inherit;">140%</div>), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. <div style="display: inline; font-style: italic; font: inherit;">not</div> permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to <div style="display: inline; font-style: italic; font: inherit;">$5,717,063</div> and <div style="display: inline; font-style: italic; font: inherit;">$4,410,376</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and are included in “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all the debt covenants are satisfied.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest expense for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> amounted to <div style="display: inline; font-style: italic; font: inherit;">$1,380,458,</div> <div style="display: inline; font-style: italic; font: inherit;">$2,703,845</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,219,471</div> respectively.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued Accounting Standards Update (“ASU”) <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> “Financial Instruments - Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>): Measurement of Credit Losses on Financial Instruments”. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> “Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div> For public business entities, the amendments in this update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> “Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement”. The amendments in this update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font: inherit;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font: inherit;">not</div> liable for any pension or post-retirement benefits.</div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">15.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Preferred shares</div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Number</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Shares</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Preferred Shares</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Amount</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Dividends paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> </div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Total</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">January 1, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,505</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,809</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,314</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,333</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Shares distributed to EuroDry</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,042</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,692,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,192,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,605</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,257,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,757,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Redemption of shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,155,055</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,530,945</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Preferred deemed dividend</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2019</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,849,522</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,055</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,654,577</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 27, 2014, </div>the Company entered into an agreement to sell <div style="display: inline; font-style: italic; font: inherit;">25,000</div> shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and <div style="display: inline; font-style: italic; font: inherit;">5,700</div> shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$29</div> million. The redemption amount of the Company’s Series B Preferred Shares is <div style="display: inline; font-style: italic; font: inherit;">$1,000</div> per share. The Company used the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares paid dividends in-kind until <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>at a rate of <div style="display: inline; font-style: italic; font: inherit;">5%.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 49; Value: 2 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dividend rate increased to <div style="display: inline; font-style: italic; font: inherit;">12%</div> for the <div style="display: inline; font-style: italic; font: inherit;">two</div> years following <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019 </div>and to <div style="display: inline; font-style: italic; font: inherit;">14%</div> thereafter and is payable only in cash. Cash dividends are declared at each quarter and actual payments are made within the following quarter. If a cash dividend is paid on the Company's common stock after <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2019, </div>the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font: inherit;">40%</div> of the common stock dividend it would have received on an as-converted basis. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at a conversion price of <div style="display: inline; font-style: italic; font: inherit;">$15.58</div> (as adjusted in <div style="display: inline; font-style: italic; font: inherit;"> September 2015 </div>following the shareholders’ rights offering of the Company) subject to further adjustment for certain events. The Series B Preferred Shares are redeemable in cash by the Company at any time after the <div style="display: inline; font-style: italic; font: inherit;">fifth</div> anniversary of the original issue date. Holders of the Series B Preferred Shares <div style="display: inline; font-style: italic; font: inherit;"> may </div>require the Company to redeem their shares only upon the occurrence of certain corporate events.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the Spin-off date Euroseas distributed EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares in exchange for a number of such Euroseas Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font: inherit;">50%</div> of Euroseas Series B Preferred Stock, i.e. <div style="display: inline; font-style: italic; font: inherit;">$14,500,000</div> of the initial preferred shares amount of the Company and <div style="display: inline; font-style: italic; font: inherit;">$3,692,131</div> of dividends paid in kind. Euroseas contributed to EuroDry its interests in <div style="display: inline; font-style: italic; font: inherit;">seven</div> of its drybulk subsidiaries and related intercompany debts and obligations in exchange for approximately <div style="display: inline; font-style: italic; font: inherit;">2,254,830</div> of EuroDry common shares and <div style="display: inline; font-style: italic; font: inherit;">19,042</div> of EuroDry Series B Preferred Shares (representing all of the EuroDry's issued and outstanding stock as of that time). Euroseas made a special dividend of <div style="display: inline; font-style: italic; font: inherit;">100%</div> of EuroDry's outstanding common shares to holders of Euroseas' common stock as of the record date of the special dividend. In addition, Euroseas distributed <div style="display: inline; font-style: italic; font: inherit;">100%</div> of EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares as described above.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 10, 2019 </div>the Company proceeded in the redemption of <div style="display: inline; font-style: italic; font: inherit;">$11.7</div> million of value, or about <div style="display: inline; font-style: italic; font: inherit;">59.4%,</div> of its outstanding Series B Preferred Shares with a simultaneous reduction of <div style="display: inline; font-style: italic; font: inherit;">4%</div> of the dividend rate for the <div style="display: inline; font-style: italic; font: inherit;">$8</div> million value of preferred shares remaining outstanding until <div style="display: inline; font-style: italic; font: inherit;"> January 2021. </div>After that date the dividend rate will increase to <div style="display: inline; font-style: italic; font: inherit;">14%.</div> The difference between (<div style="display: inline; font-style: italic; font: inherit;">1</div>) the fair value of the consideration transferred to the holders of the Series B Preferred Shares (comprising the cash payment offered) and (<div style="display: inline; font-style: italic; font: inherit;">2</div>) the carrying amount of the Series B Preferred Shares before the redemption (net of issuance costs) amounted to <div style="display: inline; font-style: italic; font: inherit;">$504,577,</div> and was recorded as a preferred deemed dividend.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each of the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> the Company declared <div style="display: inline; font-style: italic; font: inherit;">four</div> consecutive dividends totaling <div style="display: inline; font-style: italic; font: inherit;">$1.81</div> million and <div style="display: inline; font-style: italic; font: inherit;">$1.34</div> million, respectively, all of which were paid in kind. For the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>the Company declared dividends of <div style="display: inline; font-style: italic; font: inherit;">$1.27</div> million, of which <div style="display: inline; font-style: italic; font: inherit;">$0.08</div> million were paid in-kind, <div style="display: inline; font-style: italic; font: inherit;">$1.03</div> million were paid in cash during <div style="display: inline; font-style: italic; font: inherit;">2019</div> and another <div style="display: inline; font-style: italic; font: inherit;">$0.16</div> million were accrued as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and were paid in cash in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> The redemption liability as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>is <div style="display: inline; font-style: italic; font: inherit;">$8,000,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint <div style="display: inline; font-style: italic; font: inherit;">one</div> director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as <div style="display: inline; font-style: italic; font: inherit;">one</div> class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to <div style="display: inline; font-style: italic; font: inherit;">50%</div> of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">4.</div></div></td> <td><div style="display: inline; font-weight: bold;">Vessels, net</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt; border-bottom: Black 1pt solid">Balance, January 1, 2018</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,147,897</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,132,079</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,453,848</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,826,128</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel acquisitions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel improvements</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,863,067</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,632,734</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116,230,333</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel improvements refer to the installation of Water Ballast Treatment (“WBT”) systems. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>only <div style="display: inline; font-style: italic; font: inherit;">one</div> vessel has completed the installation of the WBT system with a total cost of <div style="display: inline; font-style: italic; font: inherit;">$0.37</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel’s age, any additional capital expenditures required the expected revenues from continuing to own the vessel and the overall market prospects.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017, </div>the Company agreed to sell for scrap M/V “RT Dagr”, for a net price of <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million. The vessel was delivered to its buyers on <div style="display: inline; font-style: italic; font: inherit;"> January 31, 2017. </div>The Company recorded a gain on sale of approximately <div style="display: inline; font-style: italic; font: inherit;">$0.5</div> million presented in the “Net gain on sale of vessels” line in the “Operating Expenses” section of the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2017 </div>the Company decided to sell for scrap M/V “Aggeliki P.” a <div style="display: inline; font-style: italic; font: inherit;">2,008</div> teu <div style="display: inline; font-style: italic; font: inherit;">1998</div>-built container carrier and M/V “Monica P” a <div style="display: inline; font-style: italic; font: inherit;">46,667</div> dwt <div style="display: inline; font-style: italic; font: inherit;">1998</div>-built drybulk carrier. Both vessels were written down to their fair market value, resulting in a non-cash loss of <div style="display: inline; font-style: italic; font: inherit;">$4.6</div> million, or <div style="display: inline; font-style: italic; font: inherit;">$3.36</div> loss per share basic and diluted. These amounts are presented in the "Loss on write-down of vessels held for sale" line in the "Operating Expenses" section of the consolidated statements of operations. The Company sold M/V “Aggeliki P.” on <div style="display: inline; font-style: italic; font: inherit;"> December 6, 2017 </div>for net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$4.4</div> million and recorded a gain on sale of approximately <div style="display: inline; font-style: italic; font: inherit;">$0.3</div> million for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div>presented in the “Net gain on sale of vessels” line in the "Operating Expenses" section of the consolidated statements of operations. M/V “Monica P” was sold on <div style="display: inline; font-style: italic; font: inherit;"> June 25, 2018. </div>The sale resulted in a gain of <div style="display: inline; font-style: italic; font: inherit;">$1.34</div> million for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>which is presented in the “Net gain on sale of vessels” line in the "Operating Expenses" section of the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> June 20, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,788</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2004</div>-built) M/V “EM Astoria” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$4.75</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,506</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2000</div>-built) M/V “EM Athens” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$4.24</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 23, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,506</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2000</div>-built) M/V “EM Oinousses” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$4.25</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> October 29, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,556</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2001</div>-built) M/V “EM Corfu” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$5.66</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 21, 2017 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">5,610</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2001</div>-built) M/V “Akinada Bridge” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$11.12</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">1,740</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2005</div>-built) M/V “EM Hydra” and its attached time charter for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$6.73</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 2, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">2,008</div> teu, <div style="display: inline; font-style: italic; font: inherit;">1998</div>-built) M/V “Diamantis P” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$5.22</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">3,100</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2007</div>-built) M/V “EM Kea” and its attached time charter for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$9.48</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> August 7, 2019 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font: inherit;">1,740</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2007</div>-built) M/V “EM Spetses” and its attached time charter for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$7.57</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2008</div>-built) M/V “Synergy Antwerp” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$10.11</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 18, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2009</div>-built) M/V “Synergy Keelung” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$11.44</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 19, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2009</div>-built) M/V “Synergy Oakland” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$10.50</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 21, 2019 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font: inherit;">4,253</div> teu, <div style="display: inline; font-style: italic; font: inherit;">2009</div>-built) M/V “Synergy Busan” for a purchase price of <div style="display: inline; font-style: italic; font: inherit;">$10.17</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company performed the undiscounted cash flow test as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019</div> for those operating vessels whose carrying values were above their respective market values and determined that the net book value of its vessels held for use was recoverable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the Company’s vessels have been mortgaged as security for the Company’s loans (refer Note <div style="display: inline; font-style: italic; font: inherit;">8</div>).</div></div>
61279976
61279976
132863067
52132079
48826128
116230333
48826128
116230333
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; width: 61%; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt; border-bottom: Black 1pt solid">Balance, January 1, 2018</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,147,897</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-top: Black 1pt solid; width: 1%; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-top: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">52,132,079</div></td> <td style="border-top: Black 1pt solid; width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,453,848</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">48,826,128</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,178,886</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel acquisitions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">71,214,470</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel improvements</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">368,621</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">132,863,067</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(16,632,734</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">116,230,333</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
P25Y
2632637
3536094
3671335
2000000
1250000
2000000
1306476
1561126
1344250
52520000
9660000
42860000
70640
64500
0
118526
0
0
310467
453361
493341
89329
101394
118684
137385
106749
142332
1306476
1561126
1344250
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Related Party Transactions</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s vessel owning companies are parties to management agreements with the Manager which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily fee of Euro <div style="display: inline; font-style: italic; font: inherit;">685</div> for each of <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> under the Company’s Master Management Agreement (“MMA”). An additional fixed management fee (see below) is paid to the Manager for the provision of other management services. Vessel management fees paid to the Manager amounted to <div style="display: inline; font-style: italic; font: inherit;">$2,632,637,</div> <div style="display: inline; font-style: italic; font: inherit;">$3,536,094</div> and <div style="display: inline; font-style: italic; font: inherit;">$3,671,335</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, and are recorded in “Related party management fees” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s MMA with Eurobulk provides for an annual adjustment of the daily management fee due to inflation to take effect <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>of each year. The vessel management fee for laid-up vessels is half of the daily fee for the period they are laid-up. The MMA, as periodically amended and restated, will automatically be extended after the initial <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period unless terminated on or before the <div style="display: inline; font-style: italic; font: inherit;">90th</div> day preceding the initial termination date. Pursuant to the MMA, each ship owning company has signed – and each future ship owning company when a vessel is acquired will sign - with the Manager, a management agreement with the rate and term of these agreements set in the MMA effective at such time.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was amended and restated as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2012 </div>to provide for a <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount of the daily fixed vessel management fee for the period during which the number of the Euroseas-owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than <div style="display: inline; font-style: italic; font: inherit;">20</div> (“volume discount”). The daily fixed vessel management fee was adjusted to Euro <div style="display: inline; font-style: italic; font: inherit;">720</div> per day per vessel in operation and Euro <div style="display: inline; font-style: italic; font: inherit;">360</div> per day per vessel in lay-up before the <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount. The Company was entitled to the <div style="display: inline; font-style: italic; font: inherit;">5%</div> discount for each of these years. The fee remained unchanged for the subsequent years starting <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2014, </div><div style="display: inline; font-style: italic; font: inherit;">2015,</div> <div style="display: inline; font-style: italic; font: inherit;">2016,</div> <div style="display: inline; font-style: italic; font: inherit;">2017.</div> The MMA was renewed as of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2014 </div>for a new <div style="display: inline; font-style: italic; font: inherit;">five</div> year term until <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MMA was further renewed on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2018 </div>for an additional <div style="display: inline; font-style: italic; font: inherit;">five</div> year term until <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2023 </div>with the <div style="display: inline; font-style: italic; font: inherit;">5%</div> volume discount permanently incorporated in the daily management fee and the daily fixed vessel management fee amounting to Euro <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">685</div></div></div> per day per vessel in operation and Euro <div style="display: inline; font-style: italic; font: inherit;">342.5</div> for day per vessel in lay-up. The daily fixed vessel management fee remained unchanged for the year <div style="display: inline; font-style: italic; font: inherit;">2019</div> and will be adjusted annually for inflation in the Eurozone. The fee remains unchanged for <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 30; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the vessel management services, the Manager provides executive services to the Company. In <div style="display: inline; font-style: italic; font: inherit;">2017</div> and <div style="display: inline; font-style: italic; font: inherit;">2018</div> up to the Spin-off, compensation for such services to the Company as a public company was <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> per annum for the Company pre Spin-off. The amount of such executive compensation allocated to the Company prior to the Spin-off was based on the proportion of the number of calendar days that related to Euroseas post Spin-off vessels to the number of days of the entire fleet of Euroseas. After the Spin-off, the annual compensation for such services was set at <div style="display: inline; font-style: italic; font: inherit;">$1,250,000.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2019, </div>the Company signed an addendum adjusting the fixed annual executive compensation to <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> to compensate the Manager for the increase in the fleet and certain management services provided by Synergy Marine Ltd., a company controlled by Andreas Papathomas and which became affiliated with the Company post-acquisition as a result of his appointment to the Board of Directors of the Company in <div style="display: inline; font-style: italic; font: inherit;"> November 2019. </div>As a result, for the year <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the fixed cost was calculated at <div style="display: inline; font-style: italic; font: inherit;">$1,250,000</div> pro-rated for the period of <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>until <div style="display: inline; font-style: italic; font: inherit;"> November 15, 2019 </div>and at <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> for the period of <div style="display: inline; font-style: italic; font: inherit;"> November 16, 2019 </div>until <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>The Company incurred costs of <div style="display: inline; font-style: italic; font: inherit;">$1,306,476,</div> <div style="display: inline; font-style: italic; font: inherit;">$1,561,126</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,344,250</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, which are recorded in “General and administrative expenses” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the amounts due to related company were <div style="display: inline; font-style: italic; font: inherit;">$2,672,895</div> and <div style="display: inline; font-style: italic; font: inherit;">$795,562,</div> respectively. Based on the MMA between Euroseas Ltd. and Euroseas’ ship owning subsidiaries and the Manager an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced by the Company’s ship-owning subsidiaries in the beginning of each quarter to the Manager.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2019, </div>the Company reached an agreement with a related party, Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company’s Chief Executive Officer, to draw a <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance the special survey and WBT system installation on M/V “Akinada Bridge”. The interest rate applied is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum. Interest on the loan is payable quarterly. For further details refer to Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-g.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> November 1, 2019, </div>the Company entered into a <div style="display: inline; font-style: italic; font: inherit;">second</div> agreement with Colby Trading Ltd., to draw another <div style="display: inline; font-style: italic; font: inherit;">$2.5</div> million loan to finance working capital needs. The interest rate applied is <div style="display: inline; font-style: italic; font: inherit;">8%</div> per annum. Interest on the loan is payable quarterly. For further details refer to Note <div style="display: inline; font-style: italic; font: inherit;">8</div>-g.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 31; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of <div style="display: inline; font-style: italic; font: inherit;">1%</div> of the vessel sales price and <div style="display: inline; font-style: italic; font: inherit;">1.25%</div> of charter revenues. Commissions to Eurochart S.A. for vessel sales were <div style="display: inline; font-style: italic; font: inherit;">$70,640,</div> <div style="display: inline; font-style: italic; font: inherit;">$64,500</div> and <div style="display: inline; font-style: italic; font: inherit;">nil</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, recorded in “Net gain on sale of vessels” in the consolidated statements of operations. A commission of <div style="display: inline; font-style: italic; font: inherit;">1%</div> of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the Company makes using Eurochart’s services. The Company withheld, on behalf of Eurochart, commissions of <div style="display: inline; font-style: italic; font: inherit;">$118,526,</div> <div style="display: inline; font-style: italic; font: inherit;">nil</div> and <div style="display: inline; font-style: italic; font: inherit;">nil</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, for vessels the Company acquired. Commissions to Eurochart S.A. for chartering services were, <div style="display: inline; font-style: italic; font: inherit;">$310,467,</div> <div style="display: inline; font-style: italic; font: inherit;">$453,361</div> and <div style="display: inline; font-style: italic; font: inherit;">$493,341</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> respectively, recorded in “Commissions” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”); and with a crewing agent Technomar Crew Management Services Corp (“Technomar”). Technomar is a company owned by certain members of the Pittas family, together with <div style="display: inline; font-style: italic; font: inherit;">two</div> other unrelated ship management companies. Sentinel is paid a commission on insurance premiums <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding <div style="display: inline; font-style: italic; font: inherit;">5%;</div> Technomar is paid a fee of about <div style="display: inline; font-style: italic; font: inherit;">$50</div> per crew member per month. Total fees charged by Sentinel and Technomar were <div style="display: inline; font-style: italic; font: inherit;">$89,329</div> and <div style="display: inline; font-style: italic; font: inherit;">$101,394</div> in <div style="display: inline; font-style: italic; font: inherit;">2017,</div> <div style="display: inline; font-style: italic; font: inherit;">$118,684</div> and <div style="display: inline; font-style: italic; font: inherit;">$137,385</div> in <div style="display: inline; font-style: italic; font: inherit;">2018,</div> and <div style="display: inline; font-style: italic; font: inherit;">$106,749</div> and <div style="display: inline; font-style: italic; font: inherit;">$142,332</div> in <div style="display: inline; font-style: italic; font: inherit;">2019</div> respectively. These amounts are recorded in “Vessel operating expenses” in the consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2019, </div>the Company completed the acquisition of the <div style="display: inline; font-style: italic; font: inherit;">four</div> feeder containerships, owned by affiliates of the Pittas family including the Company’s CEO (see Note <div style="display: inline; font-style: italic; font: inherit;">1</div>), for a consideration of <div style="display: inline; font-style: italic; font: inherit;">$28.2</div> million that included a cash payment of <div style="display: inline; font-style: italic; font: inherit;">$15</div> million and the issuance of <div style="display: inline; font-style: italic; font: inherit;">2,816,901</div> common shares to the sellers. The vessels acquisition transactions were evaluated and approved by a special committee of independent members of the Board of Directors.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 17; Value: 2 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2018, </div>including interim periods within those fiscal periods. The Company adopted ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have <div style="display: inline; font-style: italic; font: inherit;">not</div> been impacted by the adoption.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all of the Company’s vessels are employed under time charters with remaining terms ranging from less than <div style="display: inline; font-style: italic; font: inherit;">one</div> month to <div style="display: inline; font-style: italic; font: inherit;">12</div> months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms ranging from <div style="display: inline; font-style: italic; font: inherit;">8</div> months to <div style="display: inline; font-style: italic; font: inherit;">23</div> months. A time charter generally provides typical warranties and owner protective restrictions. The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, the transition guidance associated with ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> allows for certain practical expedients to lessors. The Company elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the timing and recognition of earnings from time charter contracts to which the Company is party did <div style="display: inline; font-style: italic; font: inherit;">not</div> change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in “Time charter revenue” in the consolidated statements of operations for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and determined that its voyage charter agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain a lease because the charterer under such contracts does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company’s consent. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font: inherit;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -35.45pt"> </div><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top"><td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font: inherit;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div>
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1745599
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">As of December 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> <td> </td> <td colspan="3" style="text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">93,404</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">231,093</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">565,623</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">590,216</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">348,761</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,720</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,545</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">67,682</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 0.4pt">Other accrued expenses</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">254,472</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">724,610</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; padding-left: 0.4pt">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,301,805</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,725,321</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Borrower</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, <br /> 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, <br /> 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Noumea Shipping Ltd.</td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(a)</div></td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,341,000</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gregos Shiping Ltd. </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(b)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,150,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd. / Noumea Shipping Ltd. / Gregos Shiping Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(c)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">30,000,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,650,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diamantis Shipowners Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(d)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,507,220</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(e)</div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,050,000</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(f)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,491,000</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">85,207,220</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Less: Current portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,212,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,541,840</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,279,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,665,380</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred charges, current portion</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">125,357</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">246,520</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred charges, long-term portion</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">237,848</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">477,595</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Debt discount, current portion</td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">216,402</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Debt discount, long-term portion</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">324,603</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, current portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,870,241</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,295,320</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Long-term bank loans, long-term portion net of deferred charges and debt discount</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31,716,549</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">72,187,785</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Loan from related party, current</td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Euroseas Ltd.</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(g)</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Location of gain (loss) recognized</div></div></td> <td style="border-top: Black 1pt solid; font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Year Ended December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-bottom: 1pt">Interest rate swap contract– Unrealized (loss) / gain</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 19%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">(Gain) / loss on derivativtes, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"></td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,901</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">204,647</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Interest rate swap contract - Realized gain / (loss)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,071</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(201,745</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total net gain / (loss) on interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,170</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,902</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,885</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">FFA contracts not designated as hedging instruments</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: justify">Location of gain (loss) recognized</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2017</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2018</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-right: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold">Year Ended December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 21%; text-align: justify; padding-bottom: 1pt">FFA contracts – Unrealized loss</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 17%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-bottom: 1pt">FFA contracts – Realized loss</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Gain / (loss) on derivatives, net</div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total loss on FFA contracts</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(781</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance Sheet Location</div></div></td> <td style="border-top: Black 1pt solid; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"></div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-left: Black 1pt solid; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2019</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: left; padding-bottom: 1pt">Interest rate swap contract</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 24%; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;">Current liabilities – Derivatives</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 22%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left; padding-bottom: 1pt">Total derivative liabilities</td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">41,435</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-left: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">Year Ended December 31 </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">(discontinued operations)</div></div> </td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Statement of Operations Data</td> <td> </td> <td colspan="3"> </td> <td> </td> <td colspan="7"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; text-align: left">Voyage revenue</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,280,215</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,934,204</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Commissions (including, $253,503, $324,178 and nil respectively, to related party)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,122,196</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,411,333</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Voyage expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,396,318</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(410,676</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vessel operating expenses (including, $102,131, $115,026 and nil, respectively, to related party)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,892,388</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(9,183,152</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drydocking expenses</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(127,509</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,465,079</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Related party management fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,409,716</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,701,340</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vessel depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(4,786,272</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5,422,155</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">General and administrative expenses (including $693,524, $731,456 and nil, respectively, to related party)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(917,160</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,346,502</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Operating income</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,628,656</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,993,967</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total other expenses, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,778,955</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(2,874,232</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,119,735</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Series B Preferred Shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(565,229</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Net income attributable to common shareholders</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-left: 0.4pt">Income:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; text-align: left; padding-left: 0.4pt">Net loss, continuing operations</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6,944,261</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(663,396</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,682,671</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Dividends to Series B preferred shares</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,808,811</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,335,733</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,271,782</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Preferred deemed dividend</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(504,577</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,753,072</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,999,129</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Weighted average common shares –outstanding , basic and diluted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,383,440</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,414,775</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,861,928</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share, continuing operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(6.33</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.41</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Net income attributable to common shareholders, discontinued operations</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">849,701</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">554,506</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(7,903,371</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,444,623</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,459,030</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0.4pt">Basic and diluted loss per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(5.72</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.02</div></td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1.21</div></td> <td style="text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%">Lubricants</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,043,763</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,728,861</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Victualing</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">79,965</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">160,303</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Bunkers</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">580,663</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-indent: 0in">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,704,391</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,889,164</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Non-vested Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 62%; padding-bottom: 1pt">Non-vested on January 1, 2019</td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 16%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10.16</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Granted</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,444</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5.84</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Vested</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,108</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.01</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Non-vested on December 31, 2019</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23,284</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6.77</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Number</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">of</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Shares</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Preferred Shares</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Amount</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.2pt 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;">Dividends paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> </div><div style=" text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"> </div><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Total</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; width: 48%; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">January 1, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,505</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,804,948</div></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,809</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,314</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,000,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,613,759</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,333</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Shares distributed to EuroDry</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(19,042</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,692,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(18,192,131</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,605</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,500,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,257,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,757,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Dividends declared</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">78,639</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt">Redemption of shares</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(8,155,055</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,530,945</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(11,686,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt">Preferred deemed dividend</td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">504,577</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Balance,</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">December 31, 2019</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,000</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,849,522</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">805,055</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,654,577</div></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="11" style="font-weight: bold; text-align: center">Year ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Charterer</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-weight: bold; text-align: left">CMA CGM, Marseille</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">34</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">51</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">New Golden Sea Shipping Pte. Ltd., Singapore</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">31</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">21</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Hapag-Lloyd AG, Hamburg</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">MSC Geneva</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">17</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Maersk Line A/S</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11</div></td> <td style="text-align: left">%</td> </tr> </table></div>
5000000
1000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font: inherit;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font: inherit;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font: inherit;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div></div></div></div></div></div></div>
116562
124487
97919
538
0
0
22.24
12534
7213
5321
15681
9021
6660
15444
8713
6731
12534
15681
15444
15444
5.84
21948
23284
10.16
6.77
14108
11.01
75000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font: inherit;">718</div>). ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div></div></div></div></div></div></div>
0.5
0.5
0.5
0.5
0.5
0.5
5.68
1359514
1409266
1564456
5600259
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"><div style="display: inline; font-family: Symbol"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Significant Accounting Policies</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has <div style="display: inline; font-style: italic; font: inherit;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font: inherit;">no</div> statement of comprehensive income / (loss) has been presented.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 15; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. <div style="display: inline; font-family: Times New Roman, Times, Serif">Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Assets Held for Sale </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company <div style="display: inline; font-style: italic; font: inherit;"> may </div>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within <div style="display: inline; font-style: italic; font: inherit;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are <div style="display: inline; font-style: italic; font: inherit;">no</div> longer depreciated once they meet the criteria of being held for sale.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 16; Value: 2 --> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font: inherit;">25</div> years from the completion of their construction. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$0.25</div></div> per light weight ton as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 </div>and <div style="display: inline; font-style: italic; font: inherit;">2018,</div> which is based on the historical average demolition prices.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font: inherit;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font: inherit;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> as amended, subject to certain transition relief options, allows a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font: inherit;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font: inherit;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met: i) the timing and pattern of transfer for the lease</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 17; Value: 2 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2018, </div>including interim periods within those fiscal periods. The Company adopted ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019 </div>and has elected to use the optional new transition method that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have <div style="display: inline; font-style: italic; font: inherit;">not</div> been impacted by the adoption.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Time charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>all of the Company’s vessels are employed under time charters with remaining terms ranging from less than <div style="display: inline; font-style: italic; font: inherit;">one</div> month to <div style="display: inline; font-style: italic; font: inherit;">12</div> months based on the minimum duration of the time charter contracts and certain time charter contracts include renewal options for terms ranging from <div style="display: inline; font-style: italic; font: inherit;">8</div> months to <div style="display: inline; font-style: italic; font: inherit;">23</div> months. A time charter generally provides typical warranties and owner protective restrictions. The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, the transition guidance associated with ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> allows for certain practical expedients to lessors. The Company elected <div style="display: inline; font-style: italic; font: inherit;">not</div> to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The nature of the lease component and non-lease component that are combined as a result of applying the respective practical expedient are the hire rate for a bareboat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubricants, respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font: inherit;">842.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both the lease component and non-lease component are earned by the passage of time. Since lessor accounting remains largely unchanged from previous U.S. GAAP, upon adoption of ASC <div style="display: inline; font-style: italic; font: inherit;">842,</div> the timing and recognition of earnings from time charter contracts to which the Company is party did <div style="display: inline; font-style: italic; font: inherit;">not</div> change from prior policy, with the exception of ballast bonuses which were recognized during the ballast leg while they are now deferred and recognized over time during the charter period. The performance obligations in a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded in “Time charter revenue” in the consolidated statements of operations for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company considered the provisions of ASC <div style="display: inline; font-style: italic; font: inherit;">842</div> and determined that its voyage charter agreements do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain a lease because the charterer under such contracts does <div style="display: inline; font-style: italic; font: inherit;">not</div> have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms are pre-determined and any change requires the Company’s consent. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font: inherit;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. The majority of revenue from voyage charter agreements is usually collected in advance.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter agreement and is recognized when earned and collection is reasonably assured. Demurrage income for the years ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font: inherit;">2018</div> and <div style="display: inline; font-style: italic; font: inherit;">2019</div> was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -35.45pt"> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage are deferred by the Company if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font: inherit;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dry-docking and special survey expenses are expensed as incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font: inherit;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font: inherit;">not</div> liable for any pension or post-retirement benefits.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 20; Value: 2 --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Offering expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to “General and administrative expenses” in the consolidated statements of operations when the offering is aborted.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of above/below market time charters acquired</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. In <div style="display: inline; font-style: italic; font: inherit;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font: inherit;">718</div>). ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. Following the adoption of this ASU, the shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. Prior to the adoption of this ASU, the fair value of the awards granted to non-employees was measured at the fair value at each reporting period until the non-vested shares vested and performance was complete.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 21; Value: 2 --> </div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reviews its long-lived assets held for use and their related intangible assets and liabilities for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related long-lived assets. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use and eventual disposition of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font: inherit;">not</div> met.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Evaluation of purchase transactions</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was for the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">01,</div> Business Combinations (Topic <div style="display: inline; font-style: italic; font: inherit;">805</div>): Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired in an acquisition transaction are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is <div style="display: inline; font-style: italic; font: inherit;">not</div> a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. For asset acquisitions, the cost of the acquisition is allocated to individual assets and liabilities on a relative fair value basis. Acquisition costs associated with business combinations are expensed as incurred. Acquisition costs associated with asset acquisitions are capitalized.<br style="clear: both" /> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 22; Value: 2 --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font: inherit;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019,</div> are considered contingently returnable until the restrictions lapse and will <div style="display: inline; font-style: italic; font: inherit;">not</div> be included in the basic earnings / (loss) per share calculation until the shares are vested.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font: inherit;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font: inherit;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font: inherit;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued Accounting Standards Update (“ASU”) <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> “Financial Instruments - Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>): Measurement of Credit Losses on Financial Instruments”. The main objective of this update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> “Codification Improvements to Topic <div style="display: inline; font-style: italic; font: inherit;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font: inherit;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font: inherit;">326</div>-<div style="display: inline; font-style: italic; font: inherit;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font: inherit;">842.</div> For public business entities, the amendments in this update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> “Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement”. The amendments in this update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">18.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Common Stock</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As per the Company’s Amended and Restated Articles of Incorporation, the Company is authorized to issue <div style="display: inline; font-style: italic; font: inherit;">200,000,000</div> shares of common stock, par value <div style="display: inline; font-style: italic; font: inherit;">$0.03</div> per share.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each outstanding share of common stock is entitled to <div style="display: inline; font-style: italic; font: inherit;">one</div> vote, either in person or by proxy, on all matters that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be voted upon by their holders at meetings of the shareholders. Subject to preferences that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be applicable to any outstanding preferred shares, holders of our common stock (i) have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors; (ii) are entitled to share ratably in all of the Company’s assets available for distribution upon liquidation, dissolution or winding up; and (iii) do <div style="display: inline; font-style: italic; font: inherit;">not</div> have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued shares of our common stock when issued will be fully paid for and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company has issued or <div style="display: inline; font-style: italic; font: inherit;"> may </div>issue in the future.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;"> January 2017, </div>following the Company’s prospectus filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2016, </div>as further supplemented by the prospectus dated <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017, </div>the Company issued and sold at-the-market (ATM) <div style="display: inline; font-style: italic; font: inherit;">37,723</div> shares of common stock for gross proceeds net of commissions of <div style="display: inline; font-style: italic; font: inherit;">$0.6</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2017, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">12,534</div> common shares to the Company’s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>following the Company’s prospectus supplement filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2016, </div>as further supplemented by the prospectus dated <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017 </div>and <div style="display: inline; font-style: italic; font: inherit;"> October 30, 2018, </div>the Company issued and sold at-the-market (ATM) <div style="display: inline; font-style: italic; font: inherit;">139,509</div> shares of common stock for gross proceeds net of commissions of <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2018, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">15,681</div> common shares to the Company’s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;"> October 2019, </div>following the Company’s prospectus supplement filed with the SEC on <div style="display: inline; font-style: italic; font: inherit;"> December 20, 2016, </div>as further supplemented by the prospectus dated <div style="display: inline; font-style: italic; font: inherit;"> January 13, 2017, </div><div style="display: inline; font-style: italic; font: inherit;"> October 30, 2018 </div>and <div style="display: inline; font-style: italic; font: inherit;"> May 30, 2019, </div>the Company issued and sold at-the-market (ATM) <div style="display: inline; font-style: italic; font: inherit;">144,727</div> shares of common stock for gross proceeds net of commissions of <div style="display: inline; font-style: italic; font: inherit;">$0.9</div> million.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As further discussed in Note <div style="display: inline; font-style: italic; font: inherit;">1,</div> during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">2,816,901</div> common shares and <div style="display: inline; font-style: italic; font: inherit;">1,056,338</div> common shares in connection with the Trinity/Diamantis Vessel Acquisition and the Synergy Vessel Acquisition.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, during the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">15,444</div> common shares to the Company’s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <div style="display: inline; font-style: italic; font: inherit;">11</div>).</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> December 19, 2019, </div>the Company announced that it has completed a <div style="display: inline; font-style: italic; font: inherit;">1</div>-for- <div style="display: inline; font-style: italic; font: inherit;">8</div> reverse stock split, effective at the close of trading on <div style="display: inline; font-style: italic; font: inherit;"> December 18, 2019. </div>The Company’s common shares began trading on a split-adjusted basis on <div style="display: inline; font-style: italic; font: inherit;"> December 19, 2019.</div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div></div></div></div></div></div></div>
8
8
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">19.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Subsequent Events </div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following events occurred after <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(a)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> January 2020, </div>M/V EM Oinousses experienced an engine room fire while sailing off Mozambique carrying empty containers. The fire was extinguished without any injuries to the crew. The vessel is currently undergoing evaluation for the type of repairs required and is idle during the evaluations. It is expected that the Company’s insurance will cover the majority of the costs. It is possible that the vessel <div style="display: inline; font-style: italic; font: inherit;"> may </div>be scraped after the insurance process is complete.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(b)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> February 2020, </div>we entered into an agreement to sell the M/V Manolis P for scrap. The vessel reached her destination port on <div style="display: inline; font-style: italic; font: inherit;"> April 7, 2020, </div>but so far has <div style="display: inline; font-style: italic; font: inherit;">not</div> been delivered to her new owners due to COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> restrictions and port lockdowns in the territory of arrival (Alang, India). The scrap price has dropped since the date of the agreement to sell the M/V Manolis P, and the new buyers are now seeking to terminate the agreement on the basis that timely delivery did <div style="display: inline; font-style: italic; font: inherit;">not</div> occur. We are in the process of seeking a settlement with the new buyers.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt"> </td> <td style="width: 24px; font-size: 10pt"><div style="display: inline; font-size: 10pt">(c)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt">In <div style="display: inline; font-style: italic; font: inherit;"> April 2020, </div>the Company entered into <div style="display: inline; font-style: italic; font: inherit;">one</div> interest rate swap with Eurobank for a notional amount of <div style="display: inline; font-style: italic; font: inherit;">$30.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the Company’s loans. Under the terms of the swap, Eurobank makes a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font: inherit;">3</div>-month LIBOR while the Company pays a fixed rate of <div style="display: inline; font-style: italic; font: inherit;">0.78%</div> based on the notional amount. The SWAP is effective from <div style="display: inline; font-style: italic; font: inherit;"> April 24, 2020 </div>until <div style="display: inline; font-style: italic; font: inherit;"> April 24, 2025.</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div> <table style="font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="font-size: 10pt; width: 24px"><div style="display: inline; font-size: 10pt">(d)</div></td> <td style="font-size: 10pt; text-align: justify"><div style="display: inline; font-size: 10pt; color: #212529"><div style="display: inline; font-weight: bold;">Coronavirus Outbreak:</div> On <div style="display: inline; font-style: italic; font: inherit;"> March 11, 2020, </div>the World Health Organization declared the <div style="display: inline; font-style: italic; font: inherit;">2019</div> Novel Coronavirus (the “COVID-<div style="display: inline; font-style: italic; font: inherit;">19”</div>) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> will impact the Company’s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which <div style="display: inline; font-style: italic; font: inherit;"> may </div>emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div></div></div></div></div></div></div>
-5901
204647
41435
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify; text-indent: -28.35pt"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div>
1383440
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2861928
On December 22, 2016, the supplemental agreement between Credit Agricole and Noumea Shipping Ltd., owner of M/V "Evridiki G" was signed in order to refinance the final quarterly instalment of $720,000 and the balloon payment of $6,360,000 originally due in December 2016. The borrower and the lender agreed to amend the repayment profile in respect of the loan of which $7,080,000 remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to January 2018. The loan will be repaid with three repayments of $720,000 each, due in December 2016, in July 2017 and in January 2018 together with the balloon payment of $4,920,000 due in January 2018. On February 27, 2018, the Company signed and drew a term loan facility of $4,250,000 with Credit Agricole in order to partly refinance the existing indebtedness of M/V "Evridiki G" with the bank. The loan was payable in thirteen consecutive quarterly instalments of $303,000 each and a final instalment in the amount of $311,000. The margin of the loan was 3.00% above LIBOR. The loan was secured with the following: (i) first priority mortgages over M/V “Evridiki G” and collateral vessel (M/V "EM Astoria"), (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company completed the refinancing of the specific loan using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below.
On June 15, 2017, the Company signed a term loan facility with Credit Agricole and on June 19, 2017 a loan of $4,750,000 was drawn by Gregos Shipping Ltd. to partly finance the acquisition of M/V "EM Astoria". The loan was payable in twenty or sixteen consecutive equal quarterly installments of $100,000 plus a balloon amount of $2,750,000 or $3,150,000. The margin of the loan was 2.65% above LIBOR. The loan was secured with (i) first priority mortgage over M/V "EM Astoria", (ii) first assignment of earnings and insurance of M/V "EM Astoria", (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $50,000 in 2017 for this loan. The Company had also entered into a profit sharing agreement with Credit Agricole whereby it would share with the bank, 35% of the excess of the fair market value of the vessel over the outstanding loan when the vessel was sold or when the loan matured. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company recognized a participation liability of an amount of $1,067,500 as of December 31, 2018, presented in "Vessel profit participation liability" in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, 35% of the cash flow after debt service would be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank. The Company completed the refinancing of the specific loan in June 2019 using its revolving loan facility with Eurobank Ergasias S.A., as explained in note (c) below, with the final participation liability paid amounting to $950,000 included in the "Repayment of long-term bank loans and vessel profit participation liability" in the consolidated statement of cash flows. The portion of debt discount remaining unamortized at the time of the refinancing was written-off and presented as "Loss on debt extinguishment" in the consolidated statement of operations, partly offset by the lower amount of $950,000 at which the vessel profit participation liability was finally settled as described above.
On November 21, 2018, the Company signed a reducing revolving credit facility with Eurobank Ergasias S.A (the "Lender") for an amount of up to $45,000,000. A loan of $30,000,000 was drawn on November 21, 2018 by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company’s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of 18 months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank's approval and a fee to be determined. The loan is payable in 12 equal consecutive quarterly principal installments of $900,000 and the balance will be repaid through balloon payment of $19,200,000 together with the last principal installment in November 2021. Each quarterly principal instalment paid is added to the revolving tranche and may be redrawn. The interest rate margin is 3.90% over LIBOR, reduced from 4.40% as described below. The loan is secured with (i) first priority mortgages over M/V "Ninos”, M/V “Kuo Hsiung", M/V "Aegean Express", M/V "Manolis P." M/V "Joanna", M/V "EM Athens", M/V "EM Oinousses", M/V "EM Corfu" and M/V "Akinada Bridge", (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company has the option (at the Lender’s absolute discretion) to substitute a mortgaged vessel by notifying the Lender in writing at least one (1) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be 100% owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a first preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as may be requested by the Lender at its discretion. The Company paid loan arrangement fees of $300,000 within 2018 for this tranche. On May 30, 2019, the Lender made available to the Company two new ship-related (M/V "EM Astoria" and M/V "Evridiki G") advances totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels, with a simultaneous reduction of the margin of the loan, from 4.40% to 3.90% per annum. The borrower also agreed, during the remaining facility period, to reduce the amount held as cash collateral from $5.0 million to $1.0 million and release the balance in favor of the borrower. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shiping Ltd. and to provide working capital. The loan is payable in 16 equal consecutive quarterly principal installments of $375,000 and the balance will be repaid through a balloon payment of $6,000,000 together with the last principal installment in May 2023. The loan is secured with (i) first priority mortgages over M/V "Evridiki G" and M/V "EM Astoria", (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this tranche. The security cover ratio covenant for the facility is set to 140%. The remaining $7,350,000 of the revolving facility, after including principal repayments up to December 31, 2019, remains available to the company in order to finance up to 55% of the market value of post 2001-built ships. The new tranches will be repaid through sixteen quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to 50% of the initially drawn relevant tranche. The undrawn amounts available under the revolving facility pay an annual commitment of 0.40% and any amount drawn will pay a 1% underwriting fee.
On July 29, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount not exceeding the lesser between $4,000,000 and 90% of the scrap value pf M/V "Diamantis P". On July 31, 2019, a loan of $3,667,680 was drawn by Diamantis Shipping Ltd. to partly finance the acquisition of M/V "Diamantis P". The loan is payable in twelve equal consecutive quarterly instalments of $160,460 plus a balloon amount of $1,742,160 paid together with the last instalment in July 2022. The margin of the loan is 3.50% over LIBOR. The loan is secured with (i) first priority mortgage over M/V "Diamantis P", (ii) first assignment of earnings and insurance of M/V "Diamantis P", (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of $32,000 within 2019 for this loan. The security cover ratio covenant for the facility is set to 110% until the first anniversary of the drawdown date and 120% thereafter.
On July 30, 2019, the Company signed a term loan facility with HSBC Bank plc. for an amount of $12,500,000. The loan was used to partly finance the acquisition of M/V "EM Hydra", M/V "EM Kea" and M/V "EM Spetses". The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on August 8, 2019.The loan is payable in fourteen consecutive equal quarterly installments of $450,000 and a balloon payment of $6,200,000 paid with the last instalment in February 2023. The loan bears interest at LIBOR plus a margin of 2.95%. The loan is secured with (i) first priority mortgages over M/V "EM Hydra", M/V "EM Kea" and M/V "EM Spetses" (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $62,500 within 2019 for this loan. The security cover ratio covenant for the facility is set to 130%.
On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. for an amount of $32,000,000. The loan was used to partly finance the acquisition of M/V "Synergy Antwerp", M/V "Synergy Busan", M/V “Synergy Keelung” and M/V "Synergy Oakland". The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on November 18, 2019. The loan is payable in three consecutive equal quarterly instalments of $1,400,000 followed by thirteen consecutive equal quarterly instalments of $800,000 and a balloon payment of $17,400,000 paid with the last instalment. The loan bears interest at LIBOR plus a margin of 3.50%. The loan is secured with (i) first priority mortgages over M/V "Synergy Antwerp", M/V "Synergy Busan", M/V "Synergy Keelung" and M/V "Synergy Oakland" (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $352,000 within 2019 for this loan. The security cover ratio covenant for the facility is set to 125%.
On September 30, 2019, Euroseas signed an agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company's Chief Executive Officer, as further supplemented on December 20,2019 and March 30, 2020, to draw down a $2.5 million loan to finance the special survey and WBT system installation on M/V "Akinada Bridge". Interest on the loan is 8% per annum and is payable quarterly. Euroseas will repay the loan in four repayment instalments of a principal amount of $625,000 each. The first repayment instalment will be due on May 15, 2020 and the remaining three instalments will be paid on a quarterly basis thereafter and the loan will be paid in full by November 2020. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The first instalment of $312,500 payable on December 31, 2019 was waived by the lender and will be paid at the maturity of the loan. The Company paid $51,111 in interest for this loan for the fiscal year 2019. On November 1, 2019, Euroseas signed a second agreement with Colby Trading Ltd. to draw another $2.5 million loan to finance working capital needs. Interest on the loan is 8% per annum and is payable quarterly. There are no principal repayments until December 31, 2020, when the loan matures. Under certain circumstances, the Company can pay principal in equity, and the loan is convertible in common stock of the Company at the option of the lender at certain times. The Company paid $33,333 in interest for this loan for the fiscal year 2019.
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