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Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements.</div><div> </div><div style="text-align: justify; color: #000000;">The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets specified in <font style="background-color: #FFFFFF;">Accounting Standards Codification (ASC or Codification) </font>810-10-40-3A. When control is lost, the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. The Financial Accounting Standards Board (“FASB”) concluded that the loss of control and the related deconsolidation of a subsidiary or derecognition of a group of assets specified in ASC 810-10-40-3A is a significant economic event that changes the nature of the investment held in the subsidiary or group of assets. Based on this consideration, a gain or loss is recognized upon the deconsolidation of a subsidiary or derecognition of a group of assets.</div><div style="text-align: justify; text-indent: -27pt; margin-left: 27pt;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Use of Estimates</div></td></tr></table><div><br /></div><div><div style="text-align: justify; color: #000000;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels’ impairment and determination of goodwill impairment.</div></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(c)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Foreign Currency Translation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy’s functional currency is the United States dollar since the Company’s vessels operate in international shipping markets and therefore primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of loss.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(d)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Concentration of Credit Risk</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and generally does not require collateral for its accounts receivable.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(e)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Cash and Cash Equivalents</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(f)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Restricted Cash</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(g)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Accounts Receivable Trade, Net</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. Receivables related to spot voyages are determined to be unconditional and include in Accounts Receivable Trade, Net. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2019 and 2018.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(h)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Inventories</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Inventory is measured at the lower of cost or net realizable value according to the provisions of ASU 2015-11, <font style="font-style: italic;">Inventory</font>. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.  Cost is determined by the first in, first out method.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Insurance Claims</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors’ and officers’ liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management’s expectations as to their collection dates</font>.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(j)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessels</div></td></tr></table><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(k)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessel Depreciation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(l)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Impairment of Long-Lived Assets (Vessels)</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus unamortized dry-docking costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its vessels.</div><div> </div><div style="text-align: justify; color: #000000;">The Company determines undiscounted projected operating cash flows for each vessel and compares it to the vessel’s carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than the vessel’s carrying amount, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due to scheduled maintenance and estimated unexpected breakdown off hires. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(m)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dry-Docking and Special Survey Costs</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3 years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed.</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(n)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Commitments and Contingencies</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(o)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Revenue Recognition</div></td></tr></table><div></div><div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel’s off hire days due to major repairs, dry dockings or special or intermediate surveys (Note 2(p)). Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Demurrage income, which is considered a form of variable consideration</font><font style="background-color: #FFFFFF;"> and is recognized as the performance obligation is satisfied</font><font style="background-color: #FFFFFF;">, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2019, 2018 and 2017 was $1,528, $2,108 and $1,935, respectively.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Despatch expense, which is considered a form of variable consideration</font><font style="background-color: #FFFFFF;"> and is recognized as the performance obligation is satisfied</font><font style="background-color: #FFFFFF;">, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Despatch expense for the years ended December 31, 2019, 2018 and 2017 was $432, $612 and $501, respectively.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">On January 1, 2018, the Company adopted ASU No. 2014-09, </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Revenue from Contracts with Customers</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> and the related amendments (“ASC 606” or “the new revenue standard”). The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company analyzed its contacts with charterers as at the adoption date, and determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements contain leases which are evaluated under lease guidance as discussed in Note 2(p).</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Under the new revenue standard, voyage revenue is recognized from the time when the vessel arrives at the load port until completion of cargo discharge.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">The adoption of new standard resulted in an increase in the opening Accumulated deficit balance as of January 1, 2018 of approximately $1,788 as a result of the adjustment of Vessels revenue and Voyage expenses. Having not adopted ASC 606, the Company’s consolidated net loss would have been $352 (approximately $0.14 per share) less for the year ended December 31, 2018.</font></div></div><div style="color: #000000; font-style: italic;"><font style="background-color: #FFFFFF;"><br /> Remaining Performance Obligations</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</font></div><div><br /></div><div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Disaggregation of Revenue</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at December 31, 2019 and 2018:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from spot charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,332</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from time charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">1,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">317</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The current portion of Deferred revenue as of December 31, 2019 was $1,663 under ASC 606 and $2,633 under ASC 842. The non-current portion of Deferred revenue as of December 31, 2019 relates entirely to ASC 606. Revenue recognized in 2019 from amounts included in deferred revenue at the beginning of the period was $890. Revenue recognized in 2018 from amounts included in deferred revenue at the beginning of the period was approximately $1,741.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(p)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Leases</div></td></tr></table><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2016, the <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">FASB</font> issued ASU No. 2016-02 - <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leases (ASC 842)</font>, and as amended, it requires lessees to recognize most leases on the balance sheet. <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company early adopted ASC 842, as amended from time to time, retrospectively from January 1, 2018. </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also elected to apply the additional and optional transition method to new and existing leases at the adoption date as well as all the practical expedients which allowed the Company’s existing lease arrangements, in which it was a lessee or lessor, classified as operating leases under ASC 840 to continue to be classified as operating leases under ASC 842. The Company concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. In this respect, the Company accounts for the combined component as an operating lease in accordance with ASC 842. The Company recognizes income from lease payments over the lease term on a straight line basis.</font> <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. </font>The Company recognizes income for variable lease payments in the period when changes in facts and circumstances on which the variable lease payments occur. Rental income on the Company’s time charterers is mostly calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company recognized a right of use asset for rental of office space at the adoption date.</font></div></div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);">The following table presents the Company’s income statement figures derived from spot charters for the year ended December 31, 2019:</div><div style="text-align: justify; color: #000000;"><font style="background-color: rgb(255, 255, 255);"><br /></font></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000;"><div style="color: #000000;">December 31,</div>2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">55,701</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(33,109</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">22,592</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table><div><br /></div><div style="text-align: justify;">The following table presents the Company’s income statement figures derived from time charters for the year ended December 31, 2019:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">30,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(3,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">27,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table><div> </div><div style="text-align: justify;">Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2019, 2018 and 2017 were:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 63%;"><div style="color: rgb(0, 0, 0);">Customer</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(204, 238, 255);">A</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;"><br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">26</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(255, 255, 255);">B <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(204, 238, 255);">C <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">D <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">11</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 63%;"><div style="color: rgb(0, 0, 0);">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">34</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">As of December 31, 2019, the Company has entered into </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">five</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> long-term time charter agreements for periods of thirty-three to sixty months, with charterer’s option to extend all time charters. The first time charter commenced on November 5, 2018. Two time charters commenced in the third quarter of 2019. </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The remaining </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">two time charters commenced in the fourth quarter or 2019. </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">During 2019, the Company successfully installed </font>exhaust gas cleaning systems, or scrubbers, on <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">these</font> five vessels.<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> A portion of the scrubbers cost was paid for by the charterers, where such portion is provided for by the chartering agreements as an increased daily rate, which the Company </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">accounts</font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> for on a straight-line basis over the minimum duration of each charter party</font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">. Amounts received in advance related to scrubber increased daily rates are recorded in Other current assets </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">in the accompanying balance sheets</font>.</div></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic;">Office lease</div><div><br /></div><div style="text-align: justify; color: #000000;">In April 2018, the Company moved into new office spaces. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The Company has assessed the lease for impairment, and since no impairment indicators existed, no impairment charge was recorded.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(q)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Sale and Leaseback Transactions</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(r)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Commissions</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions while brokerage commissions to third parties are included in Voyage expenses.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(s)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessel Voyage Expenses</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements, bareboat charters and other non-specified voyage expenses</font>. <font style="background-color: #FFFFFF;">Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company has adopted the practical expedient not to capitalize incremental costs when the amortization period (voyage period) is less than one year. Costs to fulfill the contract prior to arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Voyage costs arising as performance obligation are expensed as incurred.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(t)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Repairs and Maintenance</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(u)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Financing Costs</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. The Company presents unamortized deferred financing costs as a reduction of long-term debt in the accompanying balance sheets.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(v)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Income Taxes</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized, when applicable, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses.</div><div><br /></div><div style="text-align: justify; color: #000000;">Maritime Capital Shipping (HK) Limited, the Company’s management office in Hong Kong, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. The estimated profits tax for the year ended December 31, 2019 is $NIL.</div><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy Management Corp. (“Seanergy Management”), the Company’s management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2020 by Seanergy Management for 2019 is estimated at $80.</div><div><br /></div><div style="text-align: justify; color: #000000;">Two of the Company’s vessel-owning subsidiaries are registered in Malta since May 23, 2018. The subsidiaries are subject to a corporate flat tax rate.</div><div><br /></div><div style="text-align: justify; color: #000000;">Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company’s 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 (Publicly-Traded Test).</div><div><br /></div><div style="text-align: justify; color: #000000;">Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company’s stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company’s outstanding stock (“5 Percent Override Rule”).</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company and each of its subsidiaries did not qualify for this statutory tax exemption for the 2019 taxable year, as the Company did not meet the 50% Ownership Test requirement and was subject to the 5 Percent Override Rule for 2019.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company estimates that since no more than the 50% of its shipping income will be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. Some of the charterparties contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The Company has sought reimbursement and has secured payment from most of its charterers. The Company’s U.S. federal income tax based on its U.S. source shipping income for 2019 2018 and 2017, taking into consideration charterers’ reimbursement, was $22, $NIL and $NIL, respectively.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(w)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Stock-based Compensation</div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to non-employees. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. The Company assumes that all non-vested shares will vest. The Company does not include estimated forfeitures in determining the total stock-based compensation expense because it estimates the forfeitures of non-vested shares to be immaterial. The Company re-evaluates the reasonableness of its assumption at each reporting period.</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(x)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Earnings (Losses) per Share</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy’s shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible notes. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(y)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Segment Reporting</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. 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, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable</font>.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;"> (z)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Fair Value Measurements</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The Company follows the provisions of ASC 820, <font style="font-style: italic;">Fair Value Measurement</font>, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories:</div><div style="text-align: justify; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 20.15pt;"><br /></td><td style="width: 24.85pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 20.15pt;"><br /></td><td style="width: 24.85pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 20.15pt;"><br /></td><td style="width: 24.85pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Level 3: Unobservable inputs that are not corroborated by market data.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(aa)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Debt Modifications and <font style="color: #000000;">E</font>xtinguishments</div></td></tr></table><div><br /></div><div style="text-align: justify;">The Company follows the provisions of ASC 470-50, <font style="font-style: italic;">Modifications and Extinguishments</font>, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment. Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(ab)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Convertible Notes and related Beneficial Conversion Features</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The convertible notes are accounted for in accordance with ASC 470-20 “Debt with Conversion and Other Options.” The terms of each convertible  note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate.  The Company determined that the conversion features were beneficial conversion features (“BCF”) pursuant to ASC 470-20. The Company considered the BCF guidance only after determining that the features did not need to be bifurcated under ASC 815 “Derivatives and Hedging” or separately accounted for under the cash conversion literature of ASC 470-20.</div><div style="text-align: justify; color: #000000;"><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounting for an embedded BCF in a convertible instrument requires that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective yield method. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> </font>The intrinsic value of the BCF is determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price.</div><div><br /></div></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(ac)</td><td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';"><div style="font-size: 10pt;">Distinguishing Liabilities from Equity</div></td></tr></table><div style="font-family: 'Times New Roman';"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. </font>The Company in its assessment for the accounting of the warrants issued in connection with the May 13, 2019 public offering and the Jelco Private Placement has taken into consideration ASC 480 “Distinguishing liabilities from equity” and determined that the warrants should be classified as equity instead of liability. The Company further analyzed key features of the warrants to determine whether these are more akin to equity or to debt and concluded that the warrants are equity-like. In its assessment, the Company identified certain embedded features, examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed. Upon exercise of the warrants, the holder is entitled to receive common shares. ASC 480 requires that a warrant which contains an obligation that may require the issuer to redeem the shares in cash, be classified as a liability and accounted for at fair value. No warrants were classified as liabilities.</div></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(ad)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Going Concern</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">In August 2014, the FASB issued ASU No. 2014-15, <font style="font-style: italic;">Presentation of Financial Statements - Going Concern</font>. ASU No. 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures.  For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued.</div><div> </div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements Adopted</div><div> </div><div style="text-align: justify;">On January 1, 2019, the Company adopted <font style="background-color: #FFFFFF;">ASU No. 2018-07, </font><font style="background-color: #FFFFFF; font-style: italic;">Compensation—Stock Compensation</font><font style="background-color: #FFFFFF;">, which concerns improvements to nonemployee share-based payment accounting. The amendments in this Update affect all entities that enter into share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, </font><font style="background-color: #FFFFFF; font-style: italic;">Revenue from Contracts with Customers</font><font style="background-color: #FFFFFF;">. The classification of equity-classified nonemployee share-based payment awards will continue to be subject to the requirements of Topic 718 unless modified after the good has been delivered, the service has been rendered, any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the nonemployee is no longer providing goods or services. This eliminates the requirement to reassess classification of such awards upon vesting. The adoption of ASU No. 2018-07 did not have a material effect in the Company’s consolidated financial statements and disclosures.</font></div><div> </div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements Not Yet Adopted</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">In June 2016, the FASB issued ASU No.  2016-13, </font><font style="background-color: #FFFFFF; font-style: italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font><font style="background-color: #FFFFFF;">. This standard, including the codification improvements issued in November 2018, requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In November 2018, FASB issued ASU 2018-19, </font><font style="background-color: #FFFFFF; font-style: italic;">Codification Improvements to topic 326, Financial Instruments-Credit Losses</font><font style="background-color: #FFFFFF;">. The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments</font><font style="background-color: #FFFFFF; font-weight: bold;">, </font><font style="background-color: #FFFFFF;">the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU 2019-05, Financial Instruments</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Credit Losses (Topic 326)</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Targeted Transition Relief for Topic 326, Financial Instruments</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Credit Losses, which has been deleted. This Update provides entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for certain financial assets upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. </font><font style="background-color: #FFFFFF; color: #000000;">An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement-Overall, and 825-10. In December 2019, FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU does not have a material impact on the Company’s consolidated financial statements.</font></div><div> </div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">In August 2018, the FASB issued ASU No. 2018-13, </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">, which improves the effectiveness of fair value measurement disclosures. The amendments in the Update apply to all entities that are required under existing GAAP, to make disclosures about recurring and non-recurring fair value measurements.  ASU No. 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements and related disclosures.</font></div><div> </div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">In November 2019, the FASB issued ASU 2019-08, </font><font style="font-size: 10pt; font-family: 'Times New Roman';">Codification Improvements—Share-Based Consideration Payable to a Customer</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. </font><font style="font-size: 10pt; font-family: 'Times New Roman';">The amendments in this update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718.</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="font-size: 10pt; font-family: 'Times New Roman';">The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of a share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer.</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> The new guidance is effective in the first quarter of 2020 for entities that have adopted ASU 2018-07. The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements and the related disclosures.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(f)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Restricted Cash</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</div></div>
11039000
15908000
7444000
14554000
7500000
2038000
8859000
842000
7213000
6684000
13654000
7163000
792000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">5.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Cash and Cash Equivalents and Restricted Cash:</div></td></tr></table><div> </div><div style="text-align: justify;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="color: #000000;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">13,654</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">6,684</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="color: #000000;">Restricted cash</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">260</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Restricted cash, non-current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">14,554</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">7,444</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Restricted cash as of December 31, 2019 includes $500 of minimum liquidity requirements as per the New ATB Loan Facility (Note 8), $350 in a dry-docking reserve account as per the New ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of December 31, 2019, of $4,000 as per the Company’s credit facilities covenants, calculated as $500 per owned vessel, is included in Cash and cash equivalents. An aggregate amount of $2,925, not legally restricted, as per the sale and leaseback transactions is included in Cash and cash equivalents as of December 31, 2019 (Note 8).</font><font style="background-color: #FFFFFF;"> An aggregate amount of $200, not legally restricted, as per the New ATB Loan Facility, is included in Cash and cash equivalents as of December 31, 2019. </font><font style="background-color: #FFFFFF;">Restricted cash as of December 31, 2018 includes $500 of minimum liquidity requirements as per the New ATB Loan Facility (Note 8), $210 in a dry-docking reserve account as per the New ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of December 31, 2018, of $4,000 as per the Company’s credit facilities covenants, calculated as $500 per owned vessel, is included in Cash and cash equivalents in the accompanying consolidated balance sheets. An aggregate amount of $2,925, not legally restricted, as per the sale and leaseback transactions is included in Cash and cash equivalents in the accompanying consolidated balance sheets as of December 31, 2018 (Note 8).</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(e)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Cash and Cash Equivalents</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents.</div></div>
-3595000
7110000
-4869000
-1196000
6371000
-6821000
0
0
0
210000
7630195
6653529
766666
1
1
210000
0.01
1
3.74
4.25
1
3.74
30.00
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(r)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Commissions</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in Commissions while brokerage commissions to third parties are included in Voyage expenses.</div></div>
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(n)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Commitments and Contingencies</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt; vertical-align: top; align: right;">10.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Commitments and Contingencies:</div></td></tr></table><div> </div><div style="text-align: justify; font-weight: bold;">Contingencies</div><div> </div><div style="text-align: justify;">Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.</div><div> </div><div style="text-align: justify;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.</div><div> </div><div style="text-align: justify; font-weight: bold;">Commitments</div><div> </div><div style="text-align: justify;">The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 1 to 60 months and extension periods vary from 11 to 27 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.</div><div> </div><div style="text-align: justify;">The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at <font style="color: #000000;">December 31</font>, 2019 (these amounts do not include any assumed off-hire):</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td rowspan="1" valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-weight: bold;">Twelve month periods ending December 31,</td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: top; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">Amount<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">45,736</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">44,234</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">29,475</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">2023</div></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">5,035</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 4px;"><div style="color: #000000; font-weight: bold;">Total</div></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: bold; border-bottom: 4px double rgb(0, 0, 0);">124,480<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">In April 2018, the Company moved into its new office spaces under a five-year lease term, with a Company’s option to extend the lease term for another five year term. The monthly rent is Euro 13,000 (or $15 based on the Euro/U.S. dollar exchange rate of €1.0000:$1.1234 as of December 31, 2019), which is adjusted annually by one percent for inflation. The first year’s rent payments had been prepaid as of December 31, 2018. </font>The second year’s rent payments were prepaid in April 2019. <font style="background-color: #FFFFFF;">Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses.</font></div><div> </div><div style="text-align: justify;">The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2019:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve month periods ending December 31,</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">127</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2023</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">542</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: imputed interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">108</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, non-current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">318</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
200000
3000000
56000
0.0001
0.0001
0.0001
0.0001
0.0001
2666184
26900050
2666184
26900050
500000000
500000000
500000000
500000000
26900050
2666184
26900050
2666184
3000
0
3000
0
0.34
0.11
0
0
0.15
0.58
0.17
0.17
0.19
0.21
0
0.18
0
0.52
0.26
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(d)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Concentration of Credit Risk</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and generally does not require collateral for its accounts receivable.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="color: rgb(0, 0, 0); font-weight: bold; text-align: center;">Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only)</div><div style="text-align: center; color: #000000;">Balance Sheets</div><div style="text-align: center; color: #000000;">December 31, 2019 and 2018</div><div style="text-align: center; color: #000000; font-style: italic;">(In thousands of US Dollars, except for share and per share data)</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle;"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">ASSETS</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle;"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Current assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">7,163</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">792</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">278</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">222</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">7,491</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">1,064</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Non-current assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Investments in subsidiaries*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">62,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">52,999</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total non-current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">62,484</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">52,999</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">TOTAL ASSETS</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">69,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">54,063</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">LIABILITIES AND STOCKHOLDERS EQUITY</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Current liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Convertible notes, net of deferred finance costs of $17 and NIL, respectively</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,588</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Due to related parties, net of deferred finance costs of $113 and NIL, respectively</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">24,237</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Trade accounts and other payables</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">883</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">433</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accrued liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,854</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total current liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">28,097</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Non-current liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Due to related parties, non-current, net of deferred finance costs of NIL and NIL, respectively</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">19,349</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Long-term portion of convertible notes, net of deferred finance costs of $212 and NIL, respectively</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">12,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">11,124</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">40,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">32,760</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Commitments and contingencies</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">STOCKHOLDERS EQUITY</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Preferred stock, $0.0001 par value; 25,000,000 shares authorized; none issued</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2019 and 2018; 26,900,050 and 2,666,184 shares issued and outstanding as at December 31, 2019 and 2018, respectively</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">3</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Additional paid-in capital</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">406,096</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">385,846</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accumulated deficit</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(376,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(364,543</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Stockholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">29,858</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">21,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">TOTAL LIABILITIES AND STOCKHOLDERS EQUITY</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">69,975</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">54,063</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="color: #000000;">* Eliminated in consolidation</div><div style="color: #000000;"><br /></div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only)</div><div style="text-align: center; color: #000000;"><font style="font-weight: bold;"> </font>Statements of Loss</div><div style="text-align: center; color: #000000;">For the years ended December 31, 2019, 2018 and 2017</div><div style="text-align: center; color: #000000; font-style: italic;">(In thousands of US Dollars, except for share and per share data)</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="color: #000000; font-weight: bold;">Expenses:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">General and administration expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(3,136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(3,380</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(2,642</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Operating loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(3,136</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(3,380</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(2,642</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Other (expenses) / income, net:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Interest and finance cost – related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(8,629</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(8,881</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(5,122</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Gain on debt refinancing</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">11,392</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(22</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(327</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(29</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total other (expenses) / income, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(8,651</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(9,208</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">6,241</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Equity in loss of subsidiaries*</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">89</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(8,470</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(6,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(11,698</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(21,058</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(3,235</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net loss per common share</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">(0.76</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">(8.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">(1.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Weighted average common shares outstanding</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Basic</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">15,332,755</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,507,087</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,389,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="color: #000000;">* Eliminated in consolidation</div><div><br /></div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only)</div><div style="text-align: center; color: #000000;">Statements of Cash Flows</div><div style="text-align: center; color: #000000;">For the years ended December 31, 2019, 2018 and 2017</div><div style="text-align: center; color: #000000;">(In thousands of US Dollars)</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net cash (used in) / provided by operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(4,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(5,609</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">6,314</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cash flows used in investing activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Investments in subsidiaries</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(7,764</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(40,972</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net cash (used in) / provided by investing activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(7,764</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,413</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(40,972</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cash flows from financing activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">13,225</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,637</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Proceeds from convertible notes</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Proceeds from related party debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">5,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">16,200</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net cash provided by financing activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">18,225</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">27,837</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Net increase / (decrease) in cash and cash equivalents and restricted cash</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">6,371</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(1,196</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(6,821</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents and restricted cash at beginning of period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">842</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,038</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">8,859</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents and restricted cash at end of period</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">7,213</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">842</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,038</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">SUPPLEMENTAL CASH FLOW INFORMATION</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cash paid during the period for:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">164</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">3,648</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,773</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Noncash financing activities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares issued to settle unpaid interest in connection with financing – related party<br /></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,115</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares issued in lieu of interest payments in connection with financing – related party<br /></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">3,846</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares issued to settle deferred finance cost in connection with financing – related party<br /></div></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">239</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Unpaid interest waived – related party<br /></div></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">96<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">-<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">-<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);">Related party debt drawdown<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);">2,000<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);">Related party debt refinanced<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">(2,000<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">) <br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Shares issued in connection with financing</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">1,541</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Conversion of related party debt into convertible note</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(4,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr></table><div><br /></div><div style="text-align: center; color: #000000; font-weight: bold;">Schedule I- Condensed Financial Information of Seanergy Maritime Holdings Corp. (Parent Company Only)</div><div style="text-align: center; color: #000000; font-weight: bold;">Notes To The Condensed Financial Statements</div><div style="text-align: center; color: #000000;">(All amounts in footnotes in thousands of US Dollars)</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Basis of Presentation</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;">In the parent-company-only condensed financial statements, the Parent Company’s (the “Company”) investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries. The Parent Company did not receive cash dividends from its subsidiaries during the years ended December 31, 2019, 2018 and 2017.</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">The parent-company-only condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Transactions with Related Parties</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000; font-style: italic;">Securities Purchase Agreement:</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On May 9, 2019, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Jelco in exchange for, among other things, the full and final settlement of certain unpaid interest and the neutralization of the interest rate under the Jelco Notes and the Jelco Loans for the period of April 1, 2019 until December 31, 2019 and a waiver under the Fourth Jelco Loan. In particular, in exchange for: (a) 621,958 Units, Jelco settled $2,115 of unpaid interest through March 31, 2019 and (b) 1,201,571 Units, Jelco (i) amended the interest rate at 0% per annum under each of the Jelco Notes and Jelco Loans for the period between April 1, 2019 and December 31, 2019, resulting in a reduction of interest payments in an aggregate estimated amount of $3,846, and (ii) waived the mandatory prepayment obligation under the Fourth Jelco Loan to prepay the full or any part of the loan by utilizing at least 25% of the net proceeds of any public offering of securities, resulting in a deferred finance cost of $239.</font></div><div> </div><div style="text-align: justify;">See Note 4 “Transactions with Related Parties” to the consolidated financial statements for further information.</div><div> </div><div style="text-align: justify; color: #000000; font-style: italic;">Convertible Notes</div><div><br /></div><div style="text-align: justify; color: #000000;">On March 12, 2015, the Company issued a convertible note of $4,000 to Jelco for general corporate purposes (First Jelco Note).</div><div><br /></div><div style="text-align: justify; color: #000000;">On September 7, 2015, the Company issued a revolving convertible note of up to $6,765 to Jelco for general corporate purposes (Second Jelco Note). As amended, the maximum principal amount available to be drawn was increased to $24,665. Following an amendment on March 26, 2019, a <font style="background-color: #FFFFFF;">drawdown request of up to $3,500 may be made by April 10, 2020 (the “Final Revolving Advance Date”). If the request is not made by the Final Revolving Advance Date, the advance will not be available to be drawn and the principal amount will be decreased to $21,165.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">On September 27, 2017, the Company issued a convertible note of $13,750 to Jelco (Third Jelco Note). <font style="background-color: #FFFFFF;">Of the $13,750 </font>under the note, $4,750 were used to make a mandatory prepayment under the May 2017 Jelco loan facility.</div><div style="text-align: justify; color: #000000;">The Company refers to the First Jelco Note, the Second Jelco Note and the Third Jelco Note as the “Jelco Notes”. At Jelco’s option, the Company’s obligation to repay the principal amount(s) under the Jelco Notes or any part thereof may be paid in common shares at a conversion price of $13.50 per share.</div><div><br /></div><div style="text-align: justify; color: #000000;">See Note 4 “Transactions with Related Parties” to the consolidated financial statements for further information.</div><div><br /></div><div style="color: #000000; font-style: italic;">Loan Agreements</div><div><br /></div><div style="text-align: justify; color: #000000;">On October 4, 2016, the Company entered into a $4,150 secured loan facility with Jelco to finance the initial deposits for the vessels Lordship and the Knightship (First Jelco Loan). On November 17, 2016 and November 28, 2016, the Company entered into amendments to this facility, which, among other things, increased the aggregate amount that may be borrowed under the facility to up to $12,800.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 24, 2017, the Company entered into an up to $16,200 secured loan facility with Jelco to partially finance the acquisition of the<font style="font-style: italic;"> Partnership</font> (Second Jelco Loan). The Company drew down the $16,200 on May 24, 2017. On June 22, 2017 and on August 22, 2017, the Company entered into supplemental letters with Jelco to amend the terms of this loan facility, whereby a mandatory repayment of $4,750 was deferred until September 29, 2017. On September 27, 2017, the facility was amended and restated. The mandatory repayment of $4,750 was financed by the convertible note issued to Jelco on September 27, 2017.</div><div><br /></div><div style="text-align: justify; color: #000000;">On April 10, 2018, the Company entered into a $2,000 loan facility with Jelco (Third Jelco Loan) for working capital purposes <font style="background-color: #FFFFFF;">which was refinanced on March 27, 2019 by the Fourth Jelco Loan, described below. All obligations thereunder, including unpaid interest of $96 (which was recorded in equity), were irrevocably and unconditionally discharged pursuant to the deed of release of March 27, 2019.</font></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;"><br /></font></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On March 26, 2019, the Company entered into a $7,000 loan facility with Jelco (Fourth Jelco Loan), the proceeds of which were utilized (i) to refinance the Third Jelco Loan and (ii) for general corporate purposes. The Company drew down the entire $7,000 on March 27, 2019.</font></div><div> </div><div style="text-align: justify;">The Company refers to the First Jelco Loan, the Second Jelco Loan and the Fourth Jelco Loan as the “Jelco Loans”.</div><div> </div><div style="text-align: justify;">See Note 4 “Transactions with Related Parties” to the consolidated financial statements for further information.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Guarantee</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;">The Company has guaranteed the payment of principal and interest under the terms of the following loan agreements: the <font style="background-color: #FFFFFF;">March 6, 2015 loan agreement with Alpha Bank A.E.</font>, the S<font style="background-color: #FFFFFF;">eptember 1, 2015 loan agreement with </font>Hamburg Commercial Bank AG, formerly known as <font style="background-color: #FFFFFF;">HSH Nordbank AG, the September 11, 2015 facility agreement with UniCredit Bank AG, the November 4, 2015 loan agreement with Alpha Bank A.E., the February 13, 2019 facility agreement with Amsterdam Trade Bank N.V, the June 11, 2018 loan agreement with </font>Blue Ocean maritime lending funds managed by EnTrustPermal and the June 28, 2018 sale and leaseback agreement with Hanchen Limited<font style="background-color: #FFFFFF;">. </font>In the event of a default under these loan agreements, the Company will be directly liable to the lenders. These facilities mature at various times between 2020 and 2026. The maximum potential amount that the Company could be liable for under these guarantee as of December 31, 2019 is $161,287.</div><div><br /></div><div style="color: #000000;">See Note 8 “Long-Term Debt” to the consolidated financial statements for further information.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td><td style="width: auto; vertical-align: top;"><div style="color: #000000;">Restrictions Which Limit the Payment of Dividends</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000; font-style: italic;">Restrictions on Payment of Dividends</div><div><br /></div><div style="text-align: justify; color: #000000;">The Alpha Bank A.E. loan facility dated March 6, 2015 places a restriction on the Company’s ability to distribute dividends to its shareholders. The amount of the dividends so declared shall not exceed 50% of Seanergy’s net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy’s consolidated installment and debt interest payments for the following eighteen-month period.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Alpha Bank A.E. loan facility dated November 4, 2015 places a restriction on the Company’s ability to distribute dividends to its shareholders. The amount of the dividends so declared shall not exceed 50% of Seanergy’s net income except in case the cash and marketable securities are equal or greater than the amount required to meet Seanergy’s consolidated installment and debt interest payments for the following eighteen-month period.</div><div><br /></div><div style="text-align: justify;">Pursuant to the terms of the commitment letters signed on February 24, 2020, we expect the restrictions on the Company’s ability to distribute dividends to be removed.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic;">Restricted Net Assets of Consolidated Subsidiaries</div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, t</font>he restricted net assets of the vessel owning subsidiary of <font style="background-color: #FFFFFF; font-style: italic;">Geniuship</font><font style="background-color: #FFFFFF;"> </font>under the <font style="background-color: #FFFFFF;">September 1, 2015 </font>loan agreement with Hamburg Commercial Bank AG<font style="background-color: #FFFFFF;"> amounted to $3,753. As of December 31, 2019, t</font>he restricted net assets of the vessel owning subsidiary of <font style="background-color: #FFFFFF; font-style: italic;">Gloriuship</font><font style="background-color: #FFFFFF;"> </font>under the <font style="background-color: #FFFFFF;">September 1, 2015 loan agreement with </font>Hamburg Commercial Bank<font style="background-color: #FFFFFF;"> amounted to $4,277. The </font>Hamburg Commercial Bank AG<font style="background-color: #FFFFFF;"> loan agreement places a restriction on the </font>vessel owning subsidiaries<font style="background-color: #FFFFFF;">’ ability to distribute dividends to the Company, in case the market values of </font><font style="background-color: #FFFFFF; font-style: italic;">Geniuship</font><font style="background-color: #FFFFFF;"> and </font><font style="background-color: #FFFFFF; font-style: italic;">Gloriuship</font><font style="background-color: #FFFFFF;"> plus any additional security is less than 145% of total loan outstanding.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, the restricted net assets of the vessel owning subsidiary of </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership</font><font style="background-color: #FFFFFF;"> that has entered into the February 13, 2019 loan agreement with Amsterdam Trade Bank NV (ATB) amounted to $11,666. The ATB loan agreement places a restriction on the vessel owning subsidiary’s ability to distribute dividends to the Company, unless an additional repayment in an aggregate amount of $3,190 has been made.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Principles of Consolidation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All significant intercompany balances and transactions and any intercompany profit or loss on assets remaining with the Group have been eliminated in the accompanying consolidated financial statements.</div><div> </div><div style="text-align: justify; color: #000000;">The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets specified in <font style="background-color: #FFFFFF;">Accounting Standards Codification (ASC or Codification) </font>810-10-40-3A. When control is lost, the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. The Financial Accounting Standards Board (“FASB”) concluded that the loss of control and the related deconsolidation of a subsidiary or derecognition of a group of assets specified in ASC 810-10-40-3A is a significant economic event that changes the nature of the investment held in the subsidiary or group of assets. Based on this consideration, a gain or loss is recognized upon the deconsolidation of a subsidiary or derecognition of a group of assets.</div></div>
0
3074000
890000
1741000
407000
96000
890000
4296000
1663000
2663000
12020000
11124000
11124000
12020000
4578000
9162000
6962000
2207000
5675000
4162000
2588000
0
0
2588000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The debt movement of the First and Third Jelco Notes is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Applicable </div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">limit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Debt</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">discount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Accumulated </div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">deficit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Debt</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,217<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">4,578<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;"><div style="color: #000000;">-</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">2,384<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">2,384<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">17,750</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">)</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,601<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">6,962<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,200<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,200<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">5,801<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">9,162<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">The equity movement of the First and Third Jelco Notes is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" style="vertical-align: bottom; white-space: nowrap;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Additional</div><div style="text-align: center; color: #000000; font-weight: bold;">paid-in capital</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The debt movement of the Second Jelco Note is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Applicable</div><div style="text-align: center; color: #000000; font-weight: bold;">limit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Debt</div><div style="text-align: center; color: #000000; font-weight: bold;">discount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Accumulated </div><div style="text-align: center; color: #000000; font-weight: bold;">deficit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Debt</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,207</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,207</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="color: #000000;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">3,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,955</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,955</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">The equity movement of the Second Jelco Note is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Additional</div><div style="text-align: center; color: #000000; font-weight: bold;">paid-in capital</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
0
-1788000
-1788000
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: rgb(0, 0, 0);">The following table presents the Company’s income statement figures derived from spot charters for the year ended December 31, 2019:</div><div style="text-align: justify; color: #000000;"><font style="background-color: rgb(255, 255, 255);"><br /></font></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000;"><div style="color: #000000;">December 31,</div>2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">55,701</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(33,109</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">22,592</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
0.05
0.05
0.05
0.085
0.06
0.0320
0.0420
0.0400
60470000
65523000
6000000
28837000
20250000
13190000
9500000
15300000
14051000
5299000
13.50
13.50
3800000
13750000
21165000
5900000
11450000
7000000
198607000
185509000
5303000
30936000
37841000
27000000
19765000
23300000
21515000
2708000
17142000
0
0
4750000
0
4750000
0
13750000
4000000
24665000
16200000
2000000
7000000
13750000
24665000
4000000
16200000
2000000
7000000
0.0471
0
0
0
0
0
0
0
0.060
0
2022-12-31
2022-12-31
2020-12-31
2020-09-27
2020-03-17
2020-06-30
2020-12-28
2021-11-10
2022-08-26
2022-11-27
2022-08-26
2025-06-30
2023-06-30
2026-06-29
2023-11-07
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Monthly
14189000
14189000
14189000
21165000
21165000
21165000
6000
100000
250000
1049000
844000
919000
162500
162500
189800
200000
189800
456000
167000
4750000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(m)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dry-Docking and Special Survey Costs</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the expected date of the next dry-docking which is scheduled to become due in 2 to 3 years. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed.</font></div></div>
3386000
2443000
2323000
4677000
2443000
113000
17000
1078000
0
0
17000
113000
0
0
0
0
2308000
212000
0
0
212000
0
0
0
1325000
3495000
248000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(k)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessel Depreciation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font></div></div>
10518000
11016000
10876000
10899000
10793000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">14.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Equity Incentive Plan:</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On February 1, 2018, the Compensation Committee granted an aggregate of 84,000 restricted shares of common stock pursuant to the 2011 Equity Incentive Plan, as amended. Of the total 84,000 shares issued, 38,334 shares were granted to the Company’s board of directors, 44,333 shares were granted to certain of the Company’s employees and 1,333 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $15.53. All the shares vest over a period of two years.</font></div><div> </div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">On January 10, 2019, the Company’s Equity Incentive Plan <font style="background-color: rgb(255, 255, 255);">was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 200,000 shares.</font> On January 10, 2019, the Compensation Committee granted an aggregate of 144,000 restricted shares of common stock pursuant to the Plan. Of the total 144,000 shares issued, 66,667 shares were granted to the board of directors, 70,666 shares were granted to certain of the Company’s employees and 6,667 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $9.15. All the shares vest over a period of two years. 48,000 shares vested on January 10, 2019, 48,000 shares vested on October 1, 2019 and 48,000 shares will vest on October 1, 2020.</div></div><div> </div><div style="text-align: justify;">On December 30, 2019, the Company’s Equity Incentive Plan <font style="background-color: #FFFFFF;">was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan from 56,000 shares to 3,000,000 shares.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">Restricted shares during 2019, 2018 and 2017 are analyzed as follows:</div><div style="text-align: justify; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000; font-weight: bold;">Number of </div><div style="text-align: center; color: #000000; font-weight: bold;">Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000; font-weight: bold;">Weighted</div><div style="text-align: center; color: #000000; font-weight: bold;">Average</div><div style="text-align: center; color: #000000; font-weight: bold;">Grant</div><div style="text-align: center; color: #000000; font-weight: bold;">Date Price</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">43,514</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">25.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vested</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(18,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">26.55</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">25,174</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">24.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">84,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">15.53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vested</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(71,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">15.53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(3,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">18.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">34,501</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">16.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">144,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">9.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vested</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(130,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">7.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">9.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">47,669</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">8.36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The fair value of the restricted shares has been determined with reference to the closing price of the Company’s common share on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of loss over the respective vesting periods. The related expense for shares granted to the Company’s board of directors and certain of its employees for the years ended December 31, 2019, 2018 and 2017 amounted to $1,295, $1,281 and $591, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the years ended December 31, 2019, 2018 and 2017, amounted to $15, $21 and $24, respectively, and is included under voyage expenses.</div><div><br /></div><div style="text-align: justify; color: #000000;">The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its employees as of December 31, 2019 and 2018 amounted to $181 and $221, respectively. At December 31, 2019, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s board of directors and its other employees not yet recognized is expected to be recognized is 0.75 year.</div></div>
0
19349000
0
19349000
0
24237000
24237000
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">13.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Loss per Share:</div></td></tr></table><div> </div><div style="text-align: justify;">The calculation of net loss per common share is summarized below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">For the years ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-indent: -13.5pt; margin-left: 13.5pt; color: #000000;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(11,698</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(21,058</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(3,235</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-indent: -13.5pt; margin-left: 13.5pt; color: #000000;">Weighted average common shares outstanding – basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">15,332,755</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,507,087</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,389,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -13.5pt; margin-left: 13.5pt; color: #000000;">Net loss per common share – basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(0.76</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(8.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(1.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;">As of December 31, 2019, 2018 and 2017, securities that could potentially dilute basic LPS in the future that were not included in the computation of diluted LPS, because to do so would have anti-dilutive effect, are any incremental shares of non-vested equity incentive plan shares (Note 14) and of unexercised warrants (Note 11), both calculated with the treasury stock method, as well as shares assumed to be converted with respect to the convertible  notes (Note 4) calculated with the if-converted method.</div></div>
-0.76
-8.40
-1.35
-1.35
-0.76
-8.40
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(x)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Earnings (Losses) per Share</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy’s shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible notes. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share.</div></div>
221000
181000
P0Y9M
62484000
52999000
35412000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;"> (z)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Fair Value Measurements</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The Company follows the provisions of ASC 820, <font style="font-style: italic;">Fair Value Measurement</font>, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories:</div><div style="text-align: justify; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 20.15pt;"><br /></td><td style="width: 24.85pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 20.15pt;"><br /></td><td style="width: 24.85pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 20.15pt;"><br /></td><td style="width: 24.85pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Level 3: Unobservable inputs that are not corroborated by market data.</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: left;"><font style="color: #000000;">9.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: left;"><font style="color: #000000;">Financial Instruments:</font></div></td></tr></table><div> </div><div style="text-align: justify;">The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance 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 same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Level 1: Quoted market prices in active markets for identical assets or liabilities;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>Level 3: Unobservable inputs that are not corroborated by market data.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">(a)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Significant Risks and Uncertainties, including Business and Credit Concentration</div></td></tr></table><div> </div><div style="text-align: justify;">The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">(b)</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Fair Value of Financial Instruments</div></td></tr></table><div> </div><div style="text-align: justify;">The fair values of the financial instruments shown in the consolidated balance sheets as of December 31, 2019 and 2018, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date.</div><div> </div><div style="text-align: justify;">Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances.</div><div> </div><div style="text-align: justify;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments:</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments.<font style="background-color: #FFFFFF;"> The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">b.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. <font style="background-color: #FFFFFF;">The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt are similar to those that could be procured as of December 31, 2019, </font>and the carrying value of $7,000 approximates the fair market value <font style="background-color: #FFFFFF;">of $6,907. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy.</font></div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(c)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Foreign Currency Translation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy’s functional currency is the United States dollar since the Company’s vessels operate in international shipping markets and therefore primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of loss.</div></div>
1.1234
-104000
-77000
-52000
5081000
6500000
5989000
2642000
3380000
3136000
161287000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(l)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Impairment of Long-Lived Assets (Vessels)</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus unamortized dry-docking costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its vessels.</div><div> </div><div style="text-align: justify; color: #000000;">The Company determines undiscounted projected operating cash flows for each vessel and compares it to the vessel’s carrying value. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than the vessel’s carrying amount, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due to scheduled maintenance and estimated unexpected breakdown off hires. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance.</div></div>
0
0
7267000
0
7267000
-11644000
-3235000
-21042000
89000
-8470000
-6834000
16000
0
54000
22000
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(v)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Income Taxes</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized, when applicable, for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses.</div><div><br /></div><div style="text-align: justify; color: #000000;">Maritime Capital Shipping (HK) Limited, the Company’s management office in Hong Kong, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. The estimated profits tax for the year ended December 31, 2019 is $NIL.</div><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy Management Corp. (“Seanergy Management”), the Company’s management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2020 by Seanergy Management for 2019 is estimated at $80.</div><div><br /></div><div style="text-align: justify; color: #000000;">Two of the Company’s vessel-owning subsidiaries are registered in Malta since May 23, 2018. The subsidiaries are subject to a corporate flat tax rate.</div><div><br /></div><div style="text-align: justify; color: #000000;">Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company’s 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 (Publicly-Traded Test).</div><div><br /></div><div style="text-align: justify; color: #000000;">Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company’s stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company’s outstanding stock (“5 Percent Override Rule”).</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company and each of its subsidiaries did not qualify for this statutory tax exemption for the 2019 taxable year, as the Company did not meet the 50% Ownership Test requirement and was subject to the 5 Percent Override Rule for 2019.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company estimates that since no more than the 50% of its shipping income will be treated as being United States source income, the effective tax rate is expected to be 2% and accordingly it anticipates that the impact on its results of operations will not be material. Some of the charterparties contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The Company has sought reimbursement and has secured payment from most of its charterers. The Company’s U.S. federal income tax based on its U.S. source shipping income for 2019 2018 and 2017, taking into consideration charterers’ reimbursement, was $22, $NIL and $NIL, respectively.</div></div>
-52000
534000
212000
-109000
-851000
3406000
26000
-2000
0
-311000
707000
0
1679000
5499000
2345000
-845000
511000
843000
-760000
1705000
-5502000
2297000
144000
32000
-1427000
748000
492000
424000
-307000
-401000
2115000
155000
540000
901000
159000
354000
96000
6000
2115000
96000
1182000
420000
1800000
2811000
1724000
751000
12277000
15216000
16415000
446000
61000
423000
13630000
14819000
11698000
18504000
14661000
14144000
164000
3648000
2773000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">6.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Inventories:</div></td></tr></table><div> </div><div style="text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Lubricants</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">522</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">556</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Bunkers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">4,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">3,862</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">5,289</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(h)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Inventories</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Inventory is measured at the lower of cost or net realizable value according to the provisions of ASU 2015-11, <font style="font-style: italic;">Inventory</font>. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.  Cost is determined by the first in, first out method.</div></div>
3862000
5289000
522000
556000
3340000
4733000
124480000
5035000
45736000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at <font style="color: #000000;">December 31</font>, 2019 (these amounts do not include any assumed off-hire):</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td rowspan="1" valign="bottom" style="vertical-align: top; padding-bottom: 2px; font-weight: bold;">Twelve month periods ending December 31,</td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: top; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">Amount<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">45,736</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">44,234</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">29,475</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">2023</div></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">5,035</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255); padding-bottom: 4px;"><div style="color: #000000; font-weight: bold;">Total</div></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); font-weight: bold; border-bottom: 4px double rgb(0, 0, 0);">124,480<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;"> </td></tr></table></div>
44234000
29475000
P27M
P11M
P33M
P60M
P60M
P1M
127000
53000
542000
P5Y
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2019:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve month periods ending December 31,</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Amount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">127</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">180</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">2023</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">542</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: imputed interest</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">116</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">108</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, non-current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">318</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">426</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
116000
182000
180000
P5Y
252693000
246259000
32760000
40117000
282551000
267562000
54063000
69975000
237281000
36263000
2287000
28097000
15700000
16390000
43960000
21011000
0.114
0.112
82726000
7000000
6907000
14058000
183066000
195221000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">8.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Long-Term Debt and Other Financial Liabilities:</div></td></tr></table><div> </div><div style="text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Long-term debt and other financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">185,509</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">198,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Deferred financing costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(2,443</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,386</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">183,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">195,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less - current portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(183,066<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">)<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(16,195</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Long-term portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">-<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">179,026</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div> </div><div style="text-align: justify; font-style: italic; font-weight: bold;">Long-term debt</div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On March 6, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility in an amount of $8,750 or the Leader Alpha Bank Loan Facility. The loan was used to partially finance the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic;">Leadership</font><font style="background-color: #FFFFFF;">. On July 1, 2019, the Company entered into a supplemental agreement to the facility, whereby, among other things, (i) the amount of the four scheduled quarterly amortization payments falling due within 2019 was reduced from $250 to $100 and (ii) an amount of $503 due to be repaid in the first quarter of 2019 was deferred to the final balloon installment due on March 17, 2020. As of December 31, 2019, the amount outstanding under the facility was $5,303.</font></div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On September 1, 2015, the Company entered into a loan agreement with Hamburg Commercial Bank AG, formerly known as HSH Nordbank AG, for a secured loan facility of $44,430, or the HCOB Facility. The loan was fully drawn down in 2015 and was used to pay for the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic;">Geniuship</font><font style="background-color: #FFFFFF;"> and the </font><font style="background-color: #FFFFFF; font-style: italic;">Gloriuship</font><font style="background-color: #FFFFFF;">. The loan is repayable in quarterly installments being approximately $1,049 each, along with a balloon installment of $28,837 payable on the final maturity date, June 30, 2020.  As of December 31, 2019, the amount outstanding under the facility was $30,936.</font></div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On September 11, 2015, the Company entered into a facility agreement with UniCredit Bank AG, for a secured loan facility of $52,705. The loan was fully drawn down in 2015 and was made available to partially finance the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic;">Premiership</font><font style="background-color: #FFFFFF;">, </font><font style="background-color: #FFFFFF; font-style: italic;">Gladiatorship</font><font style="background-color: #FFFFFF;"> and </font><font style="background-color: #FFFFFF; font-style: italic;">Guardianship</font><font style="background-color: #FFFFFF;">. On November 22, 2018, the Company entered into an amendment and restatement of the facility, referred to as the Amended and Restated UniCredit Loan Facility, in order to (i) release the respective vessel-owning subsidiaries of the </font><font style="background-color: #FFFFFF; font-style: italic;">Gladiatorship</font><font style="background-color: #FFFFFF;"> and the </font><font style="background-color: #FFFFFF; font-style: italic;">Guardianship</font><font style="background-color: #FFFFFF;"> as borrowers and (ii) include as replacement borrower the vessel-owning subsidiary of the </font><font style="background-color: #FFFFFF; font-style: italic;">Fellowship</font><font style="background-color: #FFFFFF;">. On July 3, 2019, the Company entered into a supplemental agreement to the Amended and Restated UniCredit Bank Loan Facility. Pursuant to its terms, among other things: (i) $2,208 of installments originally falling due within 2019 were deferred to the balloon installment on December 28, 2020, (ii) the applicable margin was increased by 1% from 3.20% to 4.20% with effect from March 26, 2019 until December 27, 2019 inclusive and reinstated to the original levels subsequently and (iii) the requirement for each borrower to hold minimum liquidity of $500 cash was cancelled. As of December 31, 2019, the amount outstanding under this facility was $37,841.</font></div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On November 4, 2015, the Company entered into a loan agreement with Alpha Bank A.E., for a secured loan facility of $33,750, or the Squire Alpha Bank Loan Facility. The loan was used to partially finance the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic;">Squireship</font><font style="background-color: #FFFFFF;">. On July 1, 2019, the Company entered into a supplemental agreement to the Squire Alpha Bank Loan Facility. Pursuant to its terms, among other things: (i) the amount of the eight scheduled quarterly amortization payments falling due within 2020 and 2021 was increased from $844 to $919 (and as a result the balloon installment was reduced accordingly) and (ii) the requirement for the borrower to hold minimum liquidity of $500 cash was cancelled for 2019. The loan is repayable in eight quarterly installments of $919 each along with a balloon installment of $20,250 payable on the final maturity date, November 10, 2021. As of December 31, 2019, the amount outstanding under this facility was $27,000.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On December 2, 2015, the Company entered into a facility agreement with Natixis, for a secured loan facility of $39,412. The loan was used to partially finance the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic;">Championship</font><font style="background-color: #FFFFFF;">. On September 29, 2017, Natixis entered into a deed of release and fully discharged the then outstanding balance of $35,412 of the secured term loan facility obligations to the lender for a total settlement amount of $24,000 on September 29, 2017. The first-priority mortgage over the </font><font style="background-color: #FFFFFF; font-style: italic;">Championship</font><font style="background-color: #FFFFFF;"> and all other securities created in favor of Natixis were irrevocably and unconditionally released pursuant to the deed of release. In the third quarter of 2017, the Company recognized a gain from the Natixis refinancing of $11,392, net of $6 refinancing charges and $14 write-off of unamortized deferred financing charges which is presented in “Gain on debt refinancing” in the consolidated statements of loss.</font></div><div> </div><div style="text-align: justify; color: #000000;">On May 24, 2017, the Company entered into a loan agreement with Amsterdam Trade Bank N.V. <font style="background-color: #FFFFFF;">for a secured loan facility of</font> up to $18,000 to partially finance the acquisition of the <font style="font-style: italic;">Partnership</font>. On September 25, 2017, in order to partially fund the refinancing of the previous loan facility with Natixis dated December 2, 2015, the facility was amended and restated (the “Amended and Restated ATB Loan Facility”), increasing the loan amount by an additional tranche of $16,500, or Tranche B. The amendment and restatement of the facility did not alter the interest rate, the maturity date, the amortization and the repayment terms of the existing tranche under the loan facility, or the financial covenants applicable to the Company as guarantor. <font style="background-color: #FFFFFF;">On November 7, 2018, ATB entered into a deed of release with respect to the</font><font style="background-color: #FFFFFF; font-style: italic;"> Championship</font><font style="background-color: #FFFFFF;">, releasing the underlying borrower in full after the settlement of the outstanding balance of $15,700 pertaining to the specific vessel tranche. The first-priority mortgage over the</font><font style="background-color: #FFFFFF; font-style: italic;"> Championship</font><font style="background-color: #FFFFFF;"> and all other securities created in favor of ATB for the specific vessel’s tranche were irrevocably and unconditionally released pursuant to the deed of release. On February 15, 2019, Amsterdam Trade Bank N.V. entered into a further deed of release with respect to the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership</font><font style="background-color: #FFFFFF;"> resulting in a complete release of the facility agreement after full settlement of the outstanding balance of $16,390.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On February 13, 2019, the Company entered into a new loan facility with ATB, or the </font>New ATB Loan Facility,<font style="background-color: #FFFFFF;"> in order to (i) refinance the existing indebtedness over the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership</font><font style="background-color: #FFFFFF;"> under the Amended and Restated ATB Loan Facility and (ii) for the financing of installation of open loop scrubber systems on the </font><font style="background-color: #FFFFFF; font-style: italic;">Squireship</font><font style="background-color: #FFFFFF;"> and </font><font style="background-color: #FFFFFF; font-style: italic;">Premiership</font><font style="background-color: #FFFFFF;">. The New ATB Loan Facility is divided in Tranche A, relating to the refinancing of the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership</font><font style="background-color: #FFFFFF;">, and Tranches B and C for the financing of the scrubber systems on the </font><font style="background-color: #FFFFFF; font-style: italic;">Squireship</font><font style="background-color: #FFFFFF;"> and the </font><font style="background-color: #FFFFFF; font-style: italic;">Premiership</font><font style="background-color: #FFFFFF;">, respectively. Pursuant to the terms of the facility, Tranche A is repayable in sixteen equal quarterly installments being $200 each starting from February 26, 2019 and a balloon payment of $13,190 payable on November 27, 2022 and each of Tranche B and C is repayable in one quarterly installment of $162.5 and eleven quarterly installments of $189.8 starting from November 28, 2019 until August 26, 2022. As of December 31, 2019, the amount outstanding under this facility was $19,765.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">On June 11, 2018, the Company entered into a $24,500 loan agreement with Blue Ocean maritime lending funds managed by EnTrustPermal for the purpose of refinancing the outstanding indebtedness of the<font style="font-style: italic;"> Lordship</font> under the previous loan facility with NSF dated November 28, 2016. The facility matures in June 2023 and can be extended until June 2025 subject to certain conditions. Specifically, the borrower has the right to sell the vessel back to the lender at a pre-agreed price of $20,800 on the fifth anniversary of the loan utilization (“Year-5 Put Option”). If the borrower elects to exercise the Year-5 Put Option, the lender has the right to extend the termination date of the loan by a further two years, in which case the exercise of the Year-5 Put Option by the borrower shall be cancelled in its entirety. Furthermore, the borrower has the right to sell the ship back to the lender at a pre-agreed price of $15,000 on the seventh anniversary of the loan utilization (“Year-7 Put Option”). If the borrower elects to exercise the Year-7 Put Option then the lenders will be obliged to purchase the ship at the pre-agreed price. The loan facility bears a weighted average all-in interest rate of 11.4% and 11.2% assuming a maturity date in June 2023 or in June 2025, respectively. The principal obligation amortizes in 20 or 28 quarterly installments, with a balloon payment of $15,300 or $9,500 due at maturity, assuming a maturity date in June 2023 or in June 2025, respectively.  As of December 31, 2019, the amount outstanding under this facility was $23,300.</div><div><br /></div><div style="text-align: justify; color: #000000;">Each of the facilities mentioned above is secured by a first priority mortgage over the respective vessel. The Squire Alpha Bank Loan Facility is additionally secured by a second priority mortgage over the <font style="font-style: italic;">Leadership</font>. As of December 31, 2019, the Company was in compliance with all covenants relating to its loan facilities, except for the security cover ratio covenant under the HCOB Loan Facility. Such covenant breach can be rectified by the Company by paying the lender an amount equal to the difference of the value secured and the security requirement of approximately $936, or by providing additional security of $1,123 (Note 3).<font style="background-color: #FFFFFF;"> Even though as of the date of issuance of the consolidated financial statements the lenders have not declared an event of default under the loan agreement, the breach of this financial covenant constitutes an event of default</font><font style="background-color: #FFFFFF;"> with the passage of time and under certain circumstances</font><font style="background-color: #FFFFFF;"> and could result in the lender requiring immediate repayment of the outstanding loan, which matures in late June 2020. Management believes that the lender will not demand payment of the loan before its maturity, since the Company will continue to pay interest and loan installments, as they fall due under the existing loan facility.</font> </div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;"><font style="background-color: #FFFFFF;">Other Financial Liabilities - Sale and Leaseback Transactions</font></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">On June 28, 2018, the Company entered into a $26,500 sale and leaseback agreement for the</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Knightship</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> with Hanchen Limited (“Hanchen”), an affiliate of AVIC International Leasing Co., Ltd., for the purpose of refinancing the outstanding indebtedness of the</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Knightship</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> under the previous loan facility with NSF dated November 28, 2016. The Company’s wholly-owned subsidiary, Knight Ocean Navigation Co (“Knight”) sold and chartered back the vessel on a bareboat basis for an eight year period, having a purchase obligation of $5,299 at the end of the eighth year and having the option to repurchase the</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Knightship</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> at any time following the second anniversary of the bareboat charter. Under ASC 842-40, the transaction was accounted for as a financial liability.</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The bareboat charter is secured by a general assignment covering earnings, insurances and requisition compensation, an account pledge agreement, a share pledge agreement of the shares of the Charterer, technical and commercial managers’ undertakings and a guarantee from the Company. </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Of the $26,500, $18,550 were cash proceeds, $6,625 was withheld by Hanchen as an upfront charterhire upon the delivery of the vessel, and an amount of $1,325</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">, or Charterer’s Deposit</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">, included in “Deposits assets, non-current” in the consolidated balance sheet, was given as a deposit by Knight to Hanchen upon the delivery of the vessel in order to secure the due observance and performance by Knight of its obligations and undertakings as per the sale and leaseback agreement. The </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Charterer’s Deposit</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> can be set off against the balloon payment at maturity. The bareboat charter requires Knight to maintain an amount of $1,325 (Note 5) until June 28, 2020 or if earlier, a sub-charter in form and substance acceptable to Hanchen is available. The charterhire principal</font><font style="background-color: rgb(255, 255, 255); font-size: 12pt; font-family: 'Times New Roman',Times,serif;"> </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">bears interest at LIBOR plus a margin of 4% and amortizes in thirty</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">-</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">two consecutive equal quarterly installments of approximately $456 along with a balloon payment of $5,299 at maturity on June 29, 2026. The Charterer is required to maintain a value maintenance ratio (as defined in the additional clauses of the bareboat charter) of at least 120% of the charterhire principal minus the </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Charterer’s Deposit and the additional </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">amount of </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">$1,325 (Note 5)</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">. </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The charterhire principal, as of December 31, 2019, was $17,142.</font></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">On November 7, 2018, the Company entered into a $23,500 sale and leaseback agreement for the</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Championship</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> with Cargill International SA (“Cargill”) for the purpose of refinancing the outstanding indebtedness of the</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Championship</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> under the Amended and Restated ATB Loan Facility. The Company sold and chartered back the vessel from Cargill on a </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">bareboat basis for a five year period, having a purchase obligation at the end of the fifth year</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">. Under ASC 842-40, the transaction was accounted for as a financial liability. The Company is required to maintain an amount of $1,600 which may be set-off against the vessel repurchase price (Note 5). Moreover, under the subject sale and leaseback agreement, an additional tranche was provided to the Company for an amount of up to $2,750 for the purpose of financing the cost associated with the acquisition and installation on board the </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Championship</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> of an open loop scrubber system. The subject tranche has been placed in an escrow account and is made available gradually subject to certain progress milestones. As of December 31, 2019, $248 remained from this additional tranche, which is included in “Other current assets” in the consolidated balance sheet. The cost of the financing is equivalent to an expected fixed interest rate of 4.71% for five years. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The Company has continuous options to buy back the vessel during the whole five-year sale and leaseback period at predetermined prices as set forth in the agreement and at the end of which period it has a purchase obligation at $14,051. Additionally, at the time of purchase, if the market value of the vessel is greater than a floor price, as set forth in the agreement, the Company will pay to Cargill 20% of the difference between the market price and the floor price. The floor price started at $30,000 on November 7, 2018</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> and reduces to to $22,773 at the end of the five year term.  The Company has concluded that such contingent payment shall not be accrued in the consolidated financial statements, since information available does not indicate that it is probable that a liability has been incurred (i.e., buy back option) as of the latest balance sheet date and cannot be estimated. Moreover, as part of the transaction, the Company issued 120,000 of its common shares to Cargill which were subject to customary statutory registration requirements. The fair market value of the shares on the date issued to Cargill was $1,541 and amortize over the lease term using the effective interest method.  The unamortized balance is accounted for as a deferred finance cost and is classified in other financial liabilities on the consolidated balance sheet. The charterhire principal amortizes in sixty monthly installments averaging approximately $167 each along with a balloon payment of $14,051, including the additional scrubber tranche, at maturity on November 7, 2023. The charterhire principal and the scrubber tranche, as of December 31, 2019, was $21,515 and $2,708, respectively</font><font style="background-color: rgb(255, 255, 255);">.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR plus a margin or fixed interest.</div><div><br /></div><div style="text-align: justify; color: #000000;">Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including:</div><div style="text-align: justify; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>a minimum earnings before interest, taxes, depreciation and amortization (“EBITDA”) to interest coverage ratio;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>a minimum borrower’s liquidity;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>a minimum guarantor’s liquidity;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>a security coverage requirement; and</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 36pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">•</td><td style="width: auto; vertical-align: top;"><div>a leverage ratio.</div></td></tr></table><div><br /></div><div style="text-align: justify;">The Leader and Squire Alpha Bank Loan Facilities place a restriction on the Company’s ability to distribute dividends to its shareholders, pursuant to which the amount of the dividends so declared shall not exceed 50% of the Company’s net income except in case the cash and marketable securities are equal or greater than the amount required to meet the Company’s consolidated debt installments and interest payments until maturity for the Leader Alpha Bank Loan Facility and for the following eighteen-month period for the Squire Alpha Bank Loan Facility. Pursuant to the terms of the commitment letters signed on February 24, 2020, the Company expects the restrictions on its ability to distribute dividends to be removed (Note 15).</div><div><br /></div><div style="text-align: justify;">At December 31, 2019, eight of the Company’s owned vessels, having a net carrying value of $195,993, were subject to first and second priority mortgages as collateral to their long-term debt facilities. In addition, the Company’s two bareboat chartered vessels, having a net carrying value of $57,788 at December 31, 2019, have been financed through other financial liabilities (i.e., sale and leaseback agreements).</div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br /></font></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </font>annual principal payments required to be made after<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> December 31, 2019, without taking into consideration the classification of all </font>long-term debt and other financial liabilities as current as discussed in Note 3, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are as follows:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td rowspan="1" style="width: 87.99%; vertical-align: top; font-weight: bold; padding-bottom: 2px;">Twelve month periods ending</td><td rowspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" rowspan="1" style="width: 1%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">Amount</font><br /></td><td rowspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2020</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">82,726</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2021</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,058</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2022</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">43,960</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2023</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,011</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td rowspan="1" style="width: 87.99%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;">Thereafter<br /></td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="1" style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"> 23,754</td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td rowspan="1" style="width: 87.99%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><font style="font-weight: bold;">Total</font><br /></td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="1" style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"> 185,509</td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr></table><div><br /></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(t)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Repairs and Maintenance</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in Vessel operating expenses.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Basis of Presentation and General Information:</div></td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Athens, Greece and an office in Hong Kong. The Company provides global transportation solutions in the dry bulk shipping sector through its subsidiaries.</font></div><div> </div><div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF;">The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).</font></div><div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">In 2019, the Company changed the presentation of “Prepaid expenses and other current assets”  and reclassified “Other current assets” into a separate line on the consolidated balance sheet. Comparative figures have been recast to reflect this change in presentation.</font></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;"></font></div><div style="text-align: justify;">On March 20, 2019, the Company’s common stock began trading on a split-adjusted basis, following a February 26, 2019 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-fifteen (Note 11). No fractional shares were issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company’s common stock received a cash payment in lieu of such fractional share. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Subsidiaries in Consolidation:</div></td></tr></table><div> </div><div style="text-align: justify;">Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2019:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"><tr><td style="width: 35.08%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Company</div></td><td style="width: 1.23%; vertical-align: bottom;"> </td><td nowrap="nowrap" style="width: 16.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Country of Incorporation</div></td><td style="width: 1.04%; vertical-align: bottom;"> </td><td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Vessel name</div></td><td style="width: 1.23%; vertical-align: bottom;"> </td><td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Date of Delivery</div></td><td style="width: 1.17%; vertical-align: bottom;"> </td><td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Date of Sale/Disposal</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Management Corp. (1)(3)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Shipmanagement Corp. (1)(3)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Glorius Shipping Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Gloriuship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 3, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Genius Shipping Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Geniuship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">October 13, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Leader Shipping Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Leadership</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">March 19, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Premier Marine Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Premiership</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">September 11, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Gladiator Shipping Co. (1)(Note 7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Gladiatorship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">September 29, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">October 11, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Guardian Shipping Co. (1)(Note 7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Guardianship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">October 21, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">November 19, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Ocean Navigation Co. Limited (1)(6)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Malta</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Championship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">December 7, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 7, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Squire Ocean Navigation Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Squireship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">November 10, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Emperor Holding Ltd. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Knight Ocean Navigation Co. (1)(8)(Note 8)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Knightship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">December 13, 2016</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">June 29, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lord Ocean Navigation Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Lordship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 30, 2016</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Partner Shipping Co. Limited (1)(7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Malta</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Partnership</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">May 31, 2017</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Pembroke Chartering Services Limited (1)(4)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Malta</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Martinique International Corp. (1)(5)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Bremen Max</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">September 11, 2008</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">March 7, 2014</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Harbour Business International Corp. (1)(5)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Hamburg Max</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">September 25, 2008</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">March 10, 2014</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Capital Shipping Limited (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Bermuda</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Capital Shipping (HK) Limited (2)(3)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Hong Kong</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Glory Shipping Limited (2)</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 16.99%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top;"> </td><td style="width: 14%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Clipper Glory</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">May 21, 2010</div></td><td style="width: 1.17%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">December 4, 2012</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Grace Shipping Limited (2)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Clipper Grace</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">May 21, 2010</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">October 15, 2012</div></td></tr><tr><td style="width: 35.08%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Atlantic Grace Shipping Limited (2)(5)</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 16.99%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top;"> </td><td style="width: 14%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Fellow Shipping Co. (1)(Note 7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000; font-style: italic;">Fellowship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">November 22, 2018</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 16.99%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top;"> </td><td style="width: 14%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)(8)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(1)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Subsidiaries wholly owned</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(2)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “<font style="background-color: #FFFFFF;">MCS”)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(3)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Management companies</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(4)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Chartering services company</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(5)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Dormant companies</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(6)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(7)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(8)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Bareboat charterers</div></td></tr></table></div>
2782000
13108000
5723000
6314000
-4090000
-5609000
-8827000
-12349000
-32992000
-7764000
-40972000
2413000
6351000
-491000
25341000
2000000
27837000
18225000
-3235000
-11698000
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0
0
-11698000
0
-3235000
0
0
0
-21058000
-11698000
-3235000
-21058000
0.14
352000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements Adopted</div><div> </div><div style="text-align: justify;">On January 1, 2019, the Company adopted <font style="background-color: #FFFFFF;">ASU No. 2018-07, </font><font style="background-color: #FFFFFF; font-style: italic;">Compensation—Stock Compensation</font><font style="background-color: #FFFFFF;">, which concerns improvements to nonemployee share-based payment accounting. The amendments in this Update affect all entities that enter into share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, </font><font style="background-color: #FFFFFF; font-style: italic;">Revenue from Contracts with Customers</font><font style="background-color: #FFFFFF;">. The classification of equity-classified nonemployee share-based payment awards will continue to be subject to the requirements of Topic 718 unless modified after the good has been delivered, the service has been rendered, any other conditions necessary to earn the right to benefit from the instruments have been satisfied, and the nonemployee is no longer providing goods or services. This eliminates the requirement to reassess classification of such awards upon vesting. The adoption of ASU No. 2018-07 did not have a material effect in the Company’s consolidated financial statements and disclosures.</font></div><div> </div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements Not Yet Adopted</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">In June 2016, the FASB issued ASU No.  2016-13, </font><font style="background-color: #FFFFFF; font-style: italic;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font><font style="background-color: #FFFFFF;">. This standard, including the codification improvements issued in November 2018, requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a more timely manner. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In November 2018, FASB issued ASU 2018-19, </font><font style="background-color: #FFFFFF; font-style: italic;">Codification Improvements to topic 326, Financial Instruments-Credit Losses</font><font style="background-color: #FFFFFF;">. The amendments in this update clarify that operating lease receivables are not within the scope of ASC 326-20 and should instead be accounted for under the new leasing standard, ASC 842. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments</font><font style="background-color: #FFFFFF; font-weight: bold;">, </font><font style="background-color: #FFFFFF;">the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU 2019-05, Financial Instruments</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Credit Losses (Topic 326)</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Targeted Transition Relief for Topic 326, Financial Instruments</font><font style="background-color: #FFFFFF;">—</font><font style="background-color: #FFFFFF;">Credit Losses, which has been deleted. This Update provides entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for certain financial assets upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. </font><font style="background-color: #FFFFFF; color: #000000;">An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement-Overall, and 825-10. In December 2019, FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. This update introduced an expected credit loss model for the impairment of financial assets measured at amortized cost basis. That model replaces the probable, incurred loss model for those assets. The standard is effective for interim and annual reporting periods beginning after December 15, 2019, although early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company has assessed all the expected credit losses of its financial assets and the adoption of this ASU does not have a material impact on the Company’s consolidated financial statements.</font></div><div> </div><div style="text-align: justify;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">In August 2018, the FASB issued ASU No. 2018-13, </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">, which improves the effectiveness of fair value measurement disclosures. The amendments in the Update apply to all entities that are required under existing GAAP, to make disclosures about recurring and non-recurring fair value measurements.  ASU No. 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements and related disclosures.</font></div></div><div> </div><div style="text-align: justify;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">In November 2019, the FASB issued ASU 2019-08, </font><font style="font-size: 10pt; font-family: 'Times New Roman';">Codification Improvements—Share-Based Consideration Payable to a Customer</font><font style="font-size: 10pt; font-family: 'Times New Roman';">. </font><font style="font-size: 10pt; font-family: 'Times New Roman';">The amendments in this update require that an entity measure and classify share-based payment awards granted to a customer by applying the guidance in Topic 718.</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="font-size: 10pt; font-family: 'Times New Roman';">The amount recorded as a reduction of the transaction price is required to be measured on the basis of the grant-date fair value of the share-based payment award in accordance with Topic 718. The grant date is the date at which a grantor (supplier) and a grantee (customer) reach a mutual understanding of the key terms and conditions of a share-based payment award. The classification and subsequent measurement of the award are subject to the guidance in Topic 718 unless the share-based payment award is subsequently modified and the grantee is no longer a customer.</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> The new guidance is effective in the first quarter of 2020 for entities that have adopted ASU 2018-07. The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements and the related disclosures.</font></div></div></div>
-23684000
-25317000
-6037000
-8651000
-9208000
6241000
1
18980000
19598000
20742000
615000
426000
2802000
4275000
12040000
-3380000
-2642000
-3136000
108000
118000
318000
497000
0
426000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The following table presents the Company’s income statement figures derived from time charters for the year ended December 31, 2019:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">30,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(3,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">27,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
887000
1252000
278000
222000
29000
29000
-22000
-29000
-327000
561000
1153000
698000
86000
7764000
40972000
-2413000
32992000
30921000
12349000
0.0001
0.0001
0.0001
0.0001
0
0
0
0
0
0
0
0
25000000
25000000
25000000
25000000
400000
707000
2597000
0
0
9000000
0
0
9000000
44430000
6422000
67130000
34500000
52705000
13225000
2637000
0
14293000
2637000
13225000
0
16200000
2000000
5000000
7000000
5000000
2000000
16200000
16200000
7000000
22652000
0
0
10332000
9505000
18550000
P25Y
28789000
21466000
28700000
21435000
89000
31000
275582000
270814000
292280000
503000
386000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">7.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Vessels, Net:</div></td></tr></table><div> </div><div style="text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: justify; color: #000000; font-weight: bold;">Cost:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Beginning balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">270,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">275,582</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000;">- Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">21,466</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">28,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000;">- Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(26,290</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000;">- Impairment charges</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(7,267</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">292,280</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">270,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Accumulated depreciation:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Beginning balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">(27,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">(20,852</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000;">- Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(10,899</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000;">- Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">4,045</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(38,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(27,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">253,781</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">243,214</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table><div> </div><div style="text-align: justify;">On August 31, 2018, the Company entered into an agreement with an unaffiliated third party for the purchase of one second hand Capesize vessel, the <font style="font-style: italic;">Fellowship</font>, for a gross purchase price of $28,700. The vessel was delivered to the Company on November 22, 2018. The acquisition of the vessel was financed through the Amended and Restated UniCredit Loan Facility (Note 8) and by cash on hand.</div><div> </div><div style="text-align: justify;">On September 20, 2018, the Company entered into two separate agreements with unaffiliated third parties for the sale of its two Supramax vessels, namely <font style="background-color: #FFFFFF;">the </font><font style="font-style: italic;">Gladiatorship</font> and <font style="background-color: #FFFFFF;">the</font><font style="font-style: italic;"> Guardianship</font> for a gross sale price of $10,960 and $11,700, respectively. The <font style="font-style: italic;">Gladiatorship</font> and the <font style="font-style: italic;">Guardianship</font> were delivered to their new owners on October 11, 2018 and on November 19, 2018, respectively. <font style="background-color: #FFFFFF; color: #000000;">Proceeds of $9,505 from the sale of </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Gladiatorship</font><font style="background-color: #FFFFFF; color: #000000;"> and $10,332 from the sale of </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Guardianship</font><font style="background-color: #FFFFFF; color: #000000;"> were retained with UniCredit to fund the acquisition of </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Fellowship</font><font style="background-color: #FFFFFF; color: #000000;">. </font>The <font style="font-style: italic;">Gladiatorship</font> and <font style="background-color: #FFFFFF;">the</font><font style="font-style: italic;"> Guardianship</font> were impaired since their carrying amount on the sale agreement date was higher than their fair value less cost to sell in accordance with the provisions of ASC 360. Accordingly, an impairment loss of $7,267 was recognized in the accompanying <font style="background-color: #FFFFFF;">consolidated statements of loss</font>. The fair value of the vessels was determined based on the agreed sale prices (Note 9).</div><div> </div><div style="text-align: justify;">During 2019, the Company <font style="background-color: #FFFFFF; color: #000000;">installed exhaust gas cleaning systems, or scrubbers, on five of its vessels. The cost of these scrubbers amounted to $21,435 in the aggregate. The cost of the scrubbers was accounted as major improvement and was capitalized to vessels’ cost and will be depreciated over the remaining useful life of each vessel. Additionally, an amounts of</font> $31 and $89 of expenditures were capitalized <font style="background-color: #FFFFFF;">during the years ended December 31, 2019 and December 31, 2018</font>, respectively.</div><div> </div><div style="text-align: justify;">As of December 31, 2019, all vessels, except for <font style="background-color: #FFFFFF;">the </font><font style="font-style: italic;">Knightship</font> and the <font style="font-style: italic;">Championship </font>that are financed through other financial liabilities (sale and leaseback agreements), are mortgaged to secured loans of the Company (Note 8).</div></div>
26290000
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="text-align: justify; color: #000000; font-weight: bold;">Cost:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Beginning balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">270,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">275,582</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000;">- Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">21,466</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">28,789</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000;">- Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(26,290</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000;">- Impairment charges</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(7,267</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">292,280</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">270,814</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Accumulated depreciation:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Beginning balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">(27,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">(20,852</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000;">- Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(10,899</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(10,793</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="text-align: justify; color: #000000;">- Disposals</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">4,045</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(38,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">(27,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-align: justify; color: #000000; font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">253,781</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">243,214</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
254167000
243717000
253781000
243214000
57788000
195993000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(j)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessels</div></td></tr></table><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);">Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Vessels acquired from entities under common control are recorded at historical cost. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred.</div></div>
5299000
14051000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right;">4.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Transactions with Related Parties:</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-style: italic; font-weight: bold;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-style: italic; font-weight: bold;">Securities Purchase Agreement:</div></td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On May 9, 2019, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Jelco Delta Holding Corp., or Jelco, </font>a company affiliated with Claudia Restis, who is the Company’s principal shareholder, <font style="background-color: #FFFFFF;">in exchange for, among other things, the full and final settlement of certain unpaid interest and the neutralization of the interest rate under the Jelco Notes and the Jelco Loans (see below) for the period of April 1, 2019 until December 31, 2019 inclusive and a waiver of a mandatory prepayment requirement under the Fourth Jelco Loan (Note 4(c) & 11). In particular, in exchange for: (a) 621,958 Units (Note 11), Jelco settled $2,115 of accrued unpaid interest through March 31, 2019 and (b) 1,201,571 Units, Jelco (i) amended the interest rate at 0% per annum under each of the Jelco Notes and Jelco Loans for the period between April 1, 2019 and December 31, 2019 inclusive, resulting in an </font><font style="background-color: #FFFFFF;">elimination of interest payments in an aggregate amount of $</font><font style="background-color: #FFFFFF;">3,846 (which was accounted for as a deferred finance cost), and (ii) waived the mandatory prepayment obligation under the Fourth Jelco Loan to prepay the full or any part of the loan by utilizing at least 25% of the net proceeds of any public offering of securities, resulting in a deferred finance cost of $239. </font><font style="background-color: #FFFFFF;">The $2,115 accrued unpaid interest settled was written off and an equal amount was recorded in equity at a price of $3.40 per unit which was determined as the fair value of the units at the date of the transaction, by reference to the public offering of units (Note 11) that took place concurrently with the private placement. In this respect, no gain or loss was recognized in the accompanying consolidated financial statements in relation with this transaction. The Company considered the guidance under ASC 470-50 “Debt Modifications and Extinguishments” regarding the elimination of interest payments and the deferred finance cost for the waiver of the prepayment of $3,846 and $239, respectively, </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">Such amounts were deemed equivalent to the fair value of the shares issued to Jelco under the Purchase Agreement. The transaction was accounted for as debt modification,</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">and as such, both amounts were recorded in equity and were deferred and amortized over the duration of the related facilities (and presented on the balance sheet against the respective balances as “net of deferred finance costs”).</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-style: italic; font-weight: bold;">b.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-style: italic; font-weight: bold;">Convertible Notes:</div></td></tr></table><div> </div><div style="text-align: justify; font-style: italic;">March 12, 2015 - $4,000 Convertible Note (<font style="background-color: #FFFFFF;">First Jelco Note)</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">On March 12, 2015, the Company issued a convertible note of $4,000 to Jelco for general corporate purposes. The aggregate outstanding principal is repayable in December 2020. The First Jelco Note is secured by a guarantee from the Company’s wholly-owned subsidiary, Emperor Holding Ltd. (“Emperor”), which is the holding company of the vessel-owning subsidiary that owns the</font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;"> Lordship</font><font style="background-color: #FFFFFF; color: #000000;"> and of the bareboat charterer of the</font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;"> Knightship</font><font style="background-color: #FFFFFF; color: #000000;">. </font><font style="background-color: #FFFFFF;">On March 26, 2019, the Company and Jelco amended the First Jelco Note, in order to, among other things, (i) extend the maturity to December 31, 2020 and (ii) provide that the aggregate outstanding principal amount along with accrued interest shall be repaid in one bullet payment on the maturity date. On May 29, 2019, the Company and Jelco further amended the First Jelco Note, in order to reflect the changes agreed with Jelco in the Purchase Agreement: (i) interest of $155 unpaid and accrued up to March 31, 2019 inclusive was deemed fully and finally settled, (ii) the interest rate was amended to 0% per annum for the period between April 1, 2019 and December 31, 2019 inclusive and (iii) the interest rate from January 1, 2020 until maturity was set at three-month LIBOR plus a margin of 5% with quarterly interest payments. As of December 31, 2019, $3,800 was outstanding under the First Jelco Note.</font></div><div> </div><div style="text-align: justify; font-style: italic;">September 27, 2017 - $13,750 Convertible Note (Third<font style="background-color: #FFFFFF;"> Jelco Note)</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">On September 27, 2017, the Company issued a convertible note of $13,750 to Jelco for, inter alia, general corporate purposes. The aggregate outstanding principal is repayable in December 2022. The Third Jelco Note is secured by a second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the</font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;"> Partnership </font><font style="background-color: #FFFFFF; color: #000000;">and a guarantee from the Company’s vessel-owning subsidiary that owns the </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Partnership</font><font style="background-color: #FFFFFF; color: #000000;">; all cross collateralized with the First and the Second Jelco Loans (see below) and secured by a guarantee from Emperor. </font>On February 13, 2019, the Company and Jelco amended the Third Jelco Note, in order to, among other things, (i) extend the note’s maturity to December 31, 2022, (ii) provide that the aggregate outstanding principal amount along <font style="background-color: #FFFFFF;">with unpaid and accrued interest </font>shall be repaid in one bullet payment on the maturity date and (iii) record the second priority securities and the first guarantee mentioned above. The second priority mortgage, second priority general assignment covering earnings, insurances and requisition compensation over the <font style="font-style: italic;">Partnership</font> and the guarantee issued from the vessel’s owning subsidiary were executed on February 15, 2019. Additionally, an option was given to the Company to prepay at any time the whole or any part of the note in a number of fully paid and non-assessable shares in the Company equal to an amount of the note being prepaid divided by a price per share to be agreed with Jelco. <font style="background-color: #FFFFFF;">On May</font> <font style="background-color: #FFFFFF;">29, 2019, the Company and Jelco further amended the Third Jelco Note, in order to reflect the changes agreed with Jelco in the Purchase Agreement: (i) interest of $540 unpaid and accrued up to March 31, 2019 inclusive was deemed fully and finally settled, (ii) the interest rate was amended to 0% per annum for the period between April 1, 2019 and December 31, 2019 inclusive and (iii) the interest rate from January 1, 2020 until the note’s maturity was set at three-month LIBOR plus a margin of 5% with quarterly interest payments. </font>As of December 31, 2019, $13,750 was outstanding under the Third Jelco Note.</div><div> </div><div style="text-align: justify;">The debt movement of the First and Third Jelco Notes is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Applicable </div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">limit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Debt</div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">discount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Accumulated </div><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">deficit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Debt</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,217<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">4,578<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;"><div style="color: #000000;">-</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">2,384<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">2,384<br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">17,750</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">)</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,601<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">6,962<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,200<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">2,200<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">5,801<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">9,162<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">The equity movement of the First and Third Jelco Notes is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" style="vertical-align: bottom; white-space: nowrap;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Additional</div><div style="text-align: center; color: #000000; font-weight: bold;">paid-in capital</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div> </div><div style="text-align: justify; font-style: italic;">September 7, 2015 - $24,665 Revolving Convertible Note (Second Jelco Note)</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">On September 7, 2015, the Company issued a revolving convertible note of $6,765 (the “Applicable Limit”) to Jelco for general corporate purposes. Following twelve amendments to the Second Jelco Note between December 2015 and May 2019, the Applicable Limit was raised to $24,665. Following the eleventh amendment on </font><font style="background-color: #FFFFFF;">March 26, 2019</font><font style="background-color: #FFFFFF; color: #000000;">, a drawdown request of up to $3,500 can be made by April 10, 2020 (the “Final Revolving Advance Date”). If the request is not made by the Final Revolving Advance Date, the advance will not be available to be drawn. The aggregate outstanding principal is repayable in December 2022. The Second Jelco Note is secured by a guarantee from Emperor. </font><font style="background-color: #FFFFFF;">On May 29, 2019, the Company and Jelco amended the Second Jelco Note, in order to reflect the changes agreed with Jelco in the Purchase Agreement: (i) interest of $901 unpaid and accrued up to March 31, 2019 inclusive was deemed fully and finally settled, (ii) the interest rate was amended to 0% per annum for the period between April 1, 2019 and December 31, 2019 inclusive and (iii) the interest rate from January 1, 2020 until the note’s maturity was set at three-month LIBOR plus a margin of 5% with quarterly interest payments.  As of December 31, 2019, $21,165 was outstanding under the Second Jelco Note.</font></div><div> </div><div style="text-align: justify;">The debt movement of the Second Jelco Note is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Applicable</div><div style="text-align: center; color: #000000; font-weight: bold;">limit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Debt</div><div style="text-align: center; color: #000000; font-weight: bold;">discount</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Accumulated </div><div style="text-align: center; color: #000000; font-weight: bold;">deficit</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Debt</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,207</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">2,207</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="color: #000000;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">3,500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,955</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">1,955</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Amortization (Note 12)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">The equity movement of the Second Jelco Note is presented below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Additional</div><div style="text-align: center; color: #000000; font-weight: bold;">paid-in capital</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div> </div><div style="text-align: justify;"><font style="color: #000000;">The </font>Company refers to the First Jelco Note, the Second Jelco Note and the Third Jelco Note as the “Jelco Notes”.</div><div> </div><div style="text-align: justify;">The Company may, by giving five business days prior written notice to Jelco at any time, prepay the whole or any part of the Jelco Notes in cash or, subject to Jelco’s prior written agreement on the price per share, in a number of fully paid and nonassessable shares of the Company equal to the amount of the note(s) being prepaid divided by the agreed price per share. At Jelco’s option, the Company’s obligation to repay the principal amount(s) under the Jelco Notes or any part thereof may be paid in common shares at a conversion price of $13.50 per share. Jelco has also received customary registration rights with respect to any shares to be received upon conversion of the Jelco Notes.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">c.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Loan Agreements:</font></div></td></tr></table><div> </div><div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">First Jelco Loan originally entered into on October 4, 2016</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">On October 4, 2016, the Company entered into a loan facility with Jelco to partly finance the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Lordship</font><font style="background-color: #FFFFFF; color: #000000;"> and </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Knightship</font><font style="background-color: #FFFFFF; color: #000000;">. As amended, the aggregate amount borrowed was $12,800. As further amended, the facility is repayable in one bullet payment together with accrued interest on the maturity date. The Company is the borrower under the First Jelco Note. </font>On February 13, 2019, the Company and Jelco amended and restated the First Jelco Loan, in order to, among other things, extend the final repayment date to June 30, 2020. <font style="background-color: #FFFFFF;">On May 29, 2019, the Company and Jelco further amended the First Jelco Loan in order to reflect the changes agreed with Jelco in the Purchase Agreement: (i) interest of $159 unpaid and accrued up to March 31, 2019 inclusive was deemed fully and finally settled, (ii) the interest rate was amended to 0% per annum for the period between April 1, 2019 and December 31, 2019 inclusive, and (iii) the interest rate from January 1, 2020 until maturity was set at three-month LIBOR plus a margin of 8.5%.</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The First Jelco Loan is secured by a second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership</font><font style="background-color: #FFFFFF;"> and a guarantee from the vessel-owning subsidiary of the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership,</font> all cross collateralized with the Third Jelco Note and the Second Jelco Loan, and a guarantee from Emperor<font style="background-color: #FFFFFF;">. As of December 31, 2019, an amount of $5,900, gross of deferred fi</font>nancing costs, was outstanding under the First Jelco Loan.</div><div> </div><div style="text-align: justify; font-style: italic;">Second Jelco Loan <font style="background-color: #FFFFFF;">originally entered into on </font>May 24, 2017</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">On May 24, 2017, the Company entered into a $16,200 loan facility with Jelco to partially finance the acquisition of the </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Partnership</font><font style="background-color: #FFFFFF; color: #000000;">. </font>On February 13, 2019, the Company and Jelco amended the Second Jelco Loan, in order to, among other things, extend the final repayment date to December 30, 2020. <font style="background-color: #FFFFFF;">On May 29, 2019, the Company and Jelco further amended the Second Jelco Loan to reflect the changes agreed with Jelco in the Purchase Agreement: (i) interest of $354 unpaid and accrued up to March 31, 2019 was deemed fully and finally settled, (ii) the interest rate was amended to 0% per annum for the period between April 1, 2019 and December 31, 2019 inclusive and (iii) the interest rate from January 1, 2020 until maturity was set at three-month LIBOR plus a margin of 6.0%. The Second Jelco Loan is secured by a second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership</font><font style="background-color: #FFFFFF;"> and a guarantee from the vessel-owning subsidiary of the </font><font style="background-color: #FFFFFF; font-style: italic;">Partnership;</font> all cross collateralized with the Third Jelco Note and the First Jelco Loan, and a guarantee from Emperor<font style="background-color: #FFFFFF; font-style: italic;">.</font><font style="background-color: #FFFFFF;"> </font>As of December 31, 2019, an amount of $11,450, <font style="background-color: #FFFFFF;">gross of deferred fi</font>nancing costs, was outstanding under the Second Jelco Loan.</div><div> </div><div style="text-align: justify; font-style: italic;">Third Jelco Loan <font style="background-color: #FFFFFF;">originally entered into on </font>April 10, 2018</div><div> </div><div style="text-align: justify;">On April 10, 2018, the Company entered into a $2,000 loan facility with Jelco for working capital purposes <font style="background-color: #FFFFFF;">which was refinanced on March 27, 2019 by the Fourth Jelco Loan, described below. All obligations thereunder, including unpaid interest of $96 as of December 31, 2018 (which was written off in the year ended December 31, 2019 and was recorded in equity under the provisions of ASC 470-50), were irrevocably and unconditionally discharged pursuant to the deed of release of March 27, 2019.</font></div><div> </div><div style="text-align: justify; font-style: italic;">Fourth Jelco Loan <font style="background-color: #FFFFFF;">originally entered into on </font>March 26, 2019</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On March 26, 2019, the Company entered into a $7,000 loan facility with Jelco, the proceeds of which were utilized (i) to refinance the Third Jelco Loan and (ii) for general corporate purposes. The Company drew down the entire $7,000 on March 27, 2019. The facility has a maturity date of September 27, 2020 and was repayable through one installment of $1,000 due on January 5, 2020 and a balloon installment of $6,000 payable at maturity. If the balance of Cash and Cash Equivalents (including Restricted Cash) as of December 31, 2019 was lower than $7,500, the Company had the option to request the deferral of the first repayment installment to the balloon installment; the Company repaid the $1,000 to Jelco in January 2020. On May 29, 2019, the Company and Jelco amended the Fourth Jelco Loan to reflect the changes agreed with Jelco in the Purchase Agreement: (i) interest of $6 unpaid and accrued</font><font style="background-color: #FFFFFF;">up to March 31, 2019 inclusive was deemed fully and finally settled, (ii) the interest rate was amended to 0% per annum for the period between April 1, 2019 and December 31, 2019 inclusive, (iii) the interest rate from January 1, 2020 until maturity was set at 6.0% per annum and (iv) the mandatory obligation to prepay the full or any part of the Fourth Jelco Loan by utilizing an amount equal to not less than 25% of the net proceeds of any public offering of securities was waived. The Fourth Jelco Loan is secured by a guarantee from Emperor. As of December 31, 2019, an amount of $7,000, gross of deferred fi</font>nancing costs, was outstanding under the Fourth Jelco Loan.</div><div> </div><div style="text-align: justify;">The Company refers to the First Jelco Loan, the Second Jelco Loan and the Fourth Jelco Loan as the “Jelco Loans”.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">d.</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;"><font style="background-color: #FFFFFF;">Frontier Services Agreement:</font></font></div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;">On December 19, 2019, the Company entered into a services agreement with Frontier Tankers Corp., or Frontier, a corporation controlled by Claudia Restis, engaged in the ownership of tanker vessels through wholly owned vessel-owning subsidiaries. Pursuant to the Frontier Services Agreement, the Company and Seanergy Management assist Frontier and Frontier’s vessel-owning subsidiaries in their dealings with third parties and provide certain administration and management services. Each of Frontier’s vessel-owning subsidiaries shall pay Seanergy Management a quarterly fee of $0.90.</div></div>
17598000
36435000
68468000
24000000
900000
260000
50000
50000
500000
0
-376241000
-364543000
-364543000
-376241000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(o)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Revenue Recognition</div></td></tr></table><div></div><div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is adjusted for a vessel’s off hire days due to major repairs, dry dockings or special or intermediate surveys (Note 2(p)). Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Demurrage income, which is considered a form of variable consideration</font><font style="background-color: #FFFFFF;"> and is recognized as the performance obligation is satisfied</font><font style="background-color: #FFFFFF;">, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2019, 2018 and 2017 was $1,528, $2,108 and $1,935, respectively.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Despatch expense, which is considered a form of variable consideration</font><font style="background-color: #FFFFFF;"> and is recognized as the performance obligation is satisfied</font><font style="background-color: #FFFFFF;">, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Despatch expense for the years ended December 31, 2019, 2018 and 2017 was $432, $612 and $501, respectively.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';">On January 1, 2018, the Company adopted ASU No. 2014-09, </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Revenue from Contracts with Customers</font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman';"> and the related amendments (“ASC 606” or “the new revenue standard”). The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company analyzed its contacts with charterers as at the adoption date, and determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements contain leases which are evaluated under lease guidance as discussed in Note 2(p).</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">Under the new revenue standard, voyage revenue is recognized from the time when the vessel arrives at the load port until completion of cargo discharge.</font></div><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="background-color: #FFFFFF;">The adoption of new standard resulted in an increase in the opening Accumulated deficit balance as of January 1, 2018 of approximately $1,788 as a result of the adjustment of Vessels revenue and Voyage expenses. Having not adopted ASC 606, the Company’s consolidated net loss would have been $352 (approximately $0.14 per share) less for the year ended December 31, 2018.</font></div></div><div style="color: #000000; font-style: italic;"><font style="background-color: #FFFFFF;"><br /> Remaining Performance Obligations</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less.</font></div><div><br /></div><div style="text-align: justify; font-style: italic;"><font style="background-color: #FFFFFF;">Disaggregation of Revenue</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The Company disaggregates its revenue from contracts with customers by the type of charter (time charters and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at December 31, 2019 and 2018:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from spot charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,332</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from time charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">1,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">317</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The current portion of Deferred revenue as of December 31, 2019 was $1,663 under ASC 606 and $2,633 under ASC 842. The non-current portion of Deferred revenue as of December 31, 2019 relates entirely to ASC 606. Revenue recognized in 2019 from amounts included in deferred revenue at the beginning of the period was $890. Revenue recognized in 2018 from amounts included in deferred revenue at the beginning of the period was approximately $1,741.</font></div></div>
77710000
89523000
94859000
74834000
91520000
86499000
55701000
30798000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right;">3.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Going Concern:</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As described </font>in Note 2, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">management is required under ASC 205-40, Going Concern, to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued.</font><div style="background-color: #FFFFFF;"><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF;">As of December 31, 2019, the Company has scheduled installments and balloon payments that are due within one year as follows:</font></div><div><br /><div style="background-color: #FFFFFF;"><div style="text-align: justify;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">$65,523 </font>final<font style="background-color: #FFFFFF;"> balloon installments with respect to three of the Company’s debt facilities.</font></div></td></tr></table></div></div><div style="text-align: justify;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">$20,506 debt and other financial liabilities installments with respect to third party lenders.</font></div></td></tr></table></div></div><div style="text-align: justify;"><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">$28,150 related party loans and notes installments and final balloon installments.</font></div></td></tr></table></div></div></div></div><br /><div style="background-color: #FFFFFF;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF;">The Company’s cash flow projections for the period after one year after the date that the financial statements are issued indicated that cash on hand and cash provided by operating activities will not be sufficient to cover the liquidity needs that become due within one year after the date that the financial statements are issued mainly due to the balloon payments that are due within the respective period.</font></div></div></div><div style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br /></font></div><div style="background-color: #FFFFFF;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On February 24, 2020, </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Company received approval from the credit committee of one of its lenders to, inter alia, extend the maturities of two of its credit facilities to December 31, 2022. This approval is subject to completion of definitive documentation, following of which, the balloon installments due within one year after the issuance of the financial statements shall refer to only two facilities and shall amount to $60,470 instead of $65,523.</font><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any failure on </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the part of the Company to timely</font><font style="background-color: #FFFFFF;"> repay the balloons falling due within one year</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> will result in the lenders demanding payment, which can potentially result in payment default that would trigger cross-default provisions in the Company’s remaining facilities. As such, as of December 31, 2019, the Company has classified the long-term portion of its bank debt and other financial liabilities in current liabilities and reported a working capital deficit of $215,354. Since as of the date of the issuance of these financial statements no definite plan has crystalized, the above conditions raised substantial doubts about the Company's ability to continue as a going concern.</font></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management plans to settle the loan interest and scheduled loan repayments with cash on hand and cash expected to be generated from operations. Concerning the final balloon payments, management has engaged in advanced discussions with its existing lenders which it believes they will have a positive outcome and is exploring, on an ongoing basis, several alternatives, including refinancing the existing third party and related party facilities and extending the respective maturities, issuing additional debt or equity securities or a combination of the foregoing. In addition, in the event that none of the above materialize, Management may consider the sale of all the underlying collaterals (i.e., four vessels) and repay in full the loans the</font><font style="background-color: #FFFFFF;"> maturity of which falls within 2020, rectifying as such the underlying defaults and consequently the cross default provisions that might be triggered under the remaining facilities.</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> These alternatives are supported by the fair market valuation of the vessels, as assessed by third party valuators, which cover sufficiently the underlying loans.</font></div><div><br /></div></div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="background-color: rgb(255, 255, 255);">The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, they do not include any adjustments that might result in the event the Company is unable to continue as a going concern.</font></div></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;"><br /></font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(q)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Sale and Leaseback Transactions</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</font></div></div>
12647000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">December 31, </div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Lubricants</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">522</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">556</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Bunkers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">4,733</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">3,862</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">5,289</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">Interest and finance costs-related party are analyzed as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">Year ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Interest on long-term debt - related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,724</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="color: #000000;">Amortization of debt issuance costs related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Convertible notes interest expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,811</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="color: #000000;">Convertible notes amortization of debt discount (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,127</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Amortization of shares issued to related party (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">3,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">8,629</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">8,881</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">5,122</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </font>annual principal payments required to be made after<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> December 31, 2019, without taking into consideration the classification of all </font>long-term debt and other financial liabilities as current as discussed in Note 3, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are as follows:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td rowspan="1" style="width: 87.99%; vertical-align: top; font-weight: bold; padding-bottom: 2px;">Twelve month periods ending</td><td rowspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" rowspan="1" style="width: 1%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-weight: bold;">Amount</font><br /></td><td rowspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2020</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">82,726</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2021</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,058</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2022</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">43,960</div></td><td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 87.99%; vertical-align: top; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">December 31, 2023</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td style="width: 9%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,011</div></td><td style="width: 1%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td rowspan="1" style="width: 87.99%; vertical-align: top; background-color: rgb(204, 238, 255); padding-bottom: 2px;">Thereafter<br /></td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="1" style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"> 23,754</td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td rowspan="1" style="width: 87.99%; vertical-align: top; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><font style="font-weight: bold;">Total</font><br /></td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="1" style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right; border-bottom: 2px solid rgb(0, 0, 0);"> 185,509</td><td rowspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2019, 2018 and 2017 were:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 63%;"><div style="color: rgb(0, 0, 0);">Customer</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(204, 238, 255);">A</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;"><br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">26</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(255, 255, 255);">B <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(204, 238, 255);">C <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">D <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">11</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 63%;"><div style="color: rgb(0, 0, 0);">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">34</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;">Restricted shares during 2019, 2018 and 2017 are analyzed as follows:</div><div style="text-align: justify; color: #000000;"><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000; font-weight: bold;">Number of </div><div style="text-align: center; color: #000000; font-weight: bold;">Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000; font-weight: bold;">Weighted</div><div style="text-align: center; color: #000000; font-weight: bold;">Average</div><div style="text-align: center; color: #000000; font-weight: bold;">Grant</div><div style="text-align: center; color: #000000; font-weight: bold;">Date Price</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2016</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">43,514</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">25.05</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vested</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(18,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">26.55</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">25,174</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">24.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">84,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">15.53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vested</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(71,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">15.53</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(3,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">18.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">34,501</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">16.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Granted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">144,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">9.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vested</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">(130,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">7.02</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">(333</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">9.15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Outstanding at December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">47,669</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">$<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">8.36</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Long-term debt and other financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">185,509</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">198,607</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Deferred financing costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(2,443</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(3,386</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">183,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">195,221</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less - current portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(183,066<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">)<br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">(16,195</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Long-term portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">-<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">179,026</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The calculation of net loss per common share is summarized below:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">For the years ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-indent: -13.5pt; margin-left: 13.5pt; color: #000000;">Net loss</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(11,698</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(21,058</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">(3,235</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-indent: -13.5pt; margin-left: 13.5pt; color: #000000;">Weighted average common shares outstanding – basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">15,332,755</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,507,087</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">2,389,719</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-indent: -13.5pt; margin-left: 13.5pt; color: #000000;">Net loss per common share – basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(0.76</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(8.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(1.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="color: #000000;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">13,654</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">6,684</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="color: #000000;">Restricted cash</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">260</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Restricted cash, non-current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">500</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">14,554</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">7,444</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>As of December 31, 2019, the number of common shares that can potentially be issued under each outstanding warrant are:</div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 30%;"><div style="text-align: center; color: #000000;">Warrant</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 8%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">Shares to be issued upon</div><div style="text-align: center; color: #000000;">exercise of remaining warrants</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(204, 238, 255);"><div style="text-align: center; color: #000000;">Class A</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">766,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(255, 255, 255);"><div style="text-align: center; color: #000000;">Class B</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">6,653,529</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">Representative Warrant<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">210,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(255, 255, 255); padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">7,630,195</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at December 31, 2019 and 2018:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from spot charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">653</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,332</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from time charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">1,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">317</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">1,763</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
183066000
16195000
0
179026000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(y)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Segment Reporting</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. 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, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable</font>.</div></div>
1295000
1310000
730000
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3.40
P2Y
P2Y
18.60
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84000
44333
144000
38334
84000
66667
1333
6667
144000
70666
125000
685000
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970000
3066
333
48000
48000
48000
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15.53
9.15
0.32
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26.55
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(w)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Stock-based Compensation</div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to non-employees. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. The Company assumes that all non-vested shares will vest. The Company does not include estimated forfeitures in determining the total stock-based compensation expense because it estimates the forfeitures of non-vested shares to be immaterial. The Company re-evaluates the reasonableness of its assumption at each reporting period.</font></div></div>
2271479
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80895
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0
0
1541000
193810
120000
1201571
621958
120000
185477
2765000
1435000
1823529
8333
18067631
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1435000
630000
630000
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2597000
0
0
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2597000
0
1541000
1541000
1541000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">11.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Capital Structure:</div></td></tr></table><div> </div><div style="text-align: justify;"><font style="font-weight: bold;">(a)  Common Stock</font></div><div> </div><div style="text-align: justify; color: rgb(0, 0, 0);"><font style="background-color: rgb(255, 255, 255);">On February 3, 2017, the Company entered into an Equity Distribution Agreement with Maxim Group LLC, or “Maxim”, as sales agent, under which the Company would offer and sell, from time to time through Maxim up to $20,000 of its common shares. On June 27, 2017, the Company and Maxim mutually terminated the Equity Distribution Agreement. As of June 27, 2017, the Company has sold a total of 185,477 of its common shares for aggregate net proceeds of $2,597 in connection with this public at-the-market offering. Maxim has received aggregate compensation for such sales of $86 as of June 27, 2017.</font></div><div> </div><div style="text-align: justify; color: #000000;">On April 10, 2017, the Company issued 8,333 of its common shares to an unaffiliated third party for the provision of investor relations services.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 18, 2017, the Company was notified by NASDAQ Stock Market that it was no longer in compliance with NASDAQ Listing Rule 5550(a)(2) because the closing bid price of the Company’s common stock for 30 consecutive business days, from April 5, 2017 to May 17, 2017, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market. This notification had no effect on the listing of the Company’s common stock, and the applicable grace period to regain compliance was 180 days, <font style="background-color: #FFFFFF;">expiring on November 14, 2017. The Company could cure this deficiency if the closing bid price of its common stock was $1.00 per share or higher for at least ten consecutive business days during the grace period. On September 5, 2017, the Company received a letter from The Nasdaq Stock Market confirming that it had regained compliance with the minimum bid price requirement.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">On April 23, 2018, the Company received written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from March 8, 2018 to April 20, 2018, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). The Company cured the deficiency with a reverse stock split which became effective on March 20, 2019.</div><div><br /></div><div style="text-align: justify;">On March 20, 2019, the Company’s common stock began trading on a split-adjusted basis, following a February 26, 2019 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-fifteen. No fractional shares were issued in connection with the reverse split. Shareholders who would otherwise hold a fractional share of the Company’s common stock received a cash payment in lieu of such fractional share. As a result, 961 shares were cancelled in order not to issue fractional shares. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented.</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On May 13, 2019, the Company completed a public offering of 4,200,000 Units, each unit consisting of (i) one common share, par value $0.0001 per share (a “Common Share”) or a pre-funded warrant to purchase one Common Share at an exercise price equal to $0.01 per common share (a “Pre-Funded Warrant”), (ii) one Class B Warrant to purchase one common share (a “Class B Warrant”) and (iii) one Class C Warrant to purchase one common share (a “Class C Warrant”), for $3.40 per unit. Under (i) above, the Company issued 2,765,000 common shares and 1,435,000 pre-funded warrants. </font>All Pre-Funded Warrants have been exercised as of June 30, 2019 resulting in issuance of 1,435,000 Common Shares.<font style="background-color: #FFFFFF;">  The offering was consummated in connection with the Company’s form F-1 originally filed with the SEC on October 20, 2017, which was further amended. The gross proceeds of the offering, before underwriting discounts and commissions and estimated offering expenses, were approximately $14,293. The net proceeds from the sale of common shares and warrants, after deducting underwriters’ fees and expenses, were approximately $12,647, which proceeds were used for general corporate purposes, including, among other things, prepaying debt.</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On May 13, 2019, the Company sold 1,823,529 Units of the Company in a separate private placement to Jelco, or the Jelco Private Placement, each Unit consisting of (i) one Common Share, (ii) one Class B Warrant, and (iii) one Class C Warrant, for $3.40 per unit, to Jelco in exchange for, among other things, the waiver or forgiveness of certain payment obligations of the Company, pursuant to the Purchase Agreement (Note 4).</font></div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On July 15, 2019, the Company received a written notification from the NASDAQ Stock Market, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from May 31, 2019 to July 12, 2019, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until January 13, 2020 (Note 15). The Company could cure this deficiency if the closing bid price of its common stock was $1.00 per share or higher for at least ten consecutive business days during the grace period. During that time, the Company’s common stock would continue to be listed and trade on the Nasdaq Capital Market (Note 15).</font></div><div style="text-align: justify; font-weight: bold;"><br /></div><div style="text-align: justify; font-weight: bold;">(b)  Warrants</div><div> </div><div style="text-align: justify;">In December 2016, in connection with <font style="color: #000000;">the</font> public offering of December 13, 2016, the Company granted 11,500,000 class A warrants with an exercise price of $30.00 each. The class A warrants were approved for listing on the Nasdaq Capital Market and trade under the ticker symbol “SHIPW” beginning on December 8, 2016. The class A warrants are immediately exercisable and expire on December 13, 2021. If and only if an effective registration statement covering the issuance of the common shares under the class A warrants is not available, the class A warrants may be exercised, at the holder’s option, pursuant to the “cashless exercise” clause of the class A warrant agreement. Under the “cashless exercise”, the holder will receive a net number of common shares determined according to class A warrant agreement. The Company may call the class A warrants for cancellation upon ten trading days prior written notice commencing thirteen months after issuance, subject to certain conditions, including the volume weighted average price of the Company’s common shares exceeding $105.00 for a period of ten consecutive trading days.</div><div><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></font></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div style="text-align: justify;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">On May 13, 2019, the Company sold a total of 6,023,529 Units in connection with the public offering and the Jelco Private Placement, with each Unit consisting of (i) one Common Share or Pre-Funded Warrant, (ii) one Class B Warrant and (iii) one Class C Warrant. Each Class B Warrant had an exercise price of $3.74 per share, which was adjusted to $1.00 on December 13, 2019 pursuant to the terms of the warrant agreement, is exercisable upon issuance and expires three years from issuance. </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The underwriters partially exercised an over-allotment option granted in connection with the offering and purchased an additional 630,000 Class B Warrants and 630,000 Class C Warrants.  In connection with the Offering, the Company issued the representative of the underwriters a warrant to purchase 210,000 Common Shares (</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Representative </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Warrant</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">). </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Each Class C Warrant has an exercise price of $3.74 per share, is exercisable upon issuance, and expires six months from issuance. Beginning on June 14, 2019, each Class C Warrant was exercisable on a cashless basis under certain circumstances for a number of common shares calculated according to a formula based on the market price at the time of exercise. Each </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Representative </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Warrant had an exercise price of $4.25 per share, which was adjusted to $1.00 on December 13, 2019 pursuant to the terms of the warrant agreement, and is exercisable at any time between November 9, 2019 and May 9, 2022.</font></div></div><div> </div><div style="text-align: justify;">In connection to the public offering and private placement that took place on May 13, 2019, 6,653,529 Class C Warrants and 6,653,529 Class B Warrants were issued. As of December 31, 2019, 6,594,029 Class C Warrants have been exercised in a cashless exercise that resulted in the issuance of 18,067,631 common shares according to the terms of the Warrants’ Agreement. On November 13, 2019, all remaining unexercised Class C Warrants expired. No Class B Warrants and Representative Warrant have been exercised. As of December 31, 2019, the number of common shares that can potentially be issued under each outstanding warrant are:</div><div> </div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 50%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 30%;"><div style="text-align: center; color: #000000;">Warrant</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 8%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">Shares to be issued upon</div><div style="text-align: center; color: #000000;">exercise of remaining warrants</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(204, 238, 255);"><div style="text-align: center; color: #000000;">Class A</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">766,666</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(255, 255, 255);"><div style="text-align: center; color: #000000;">Class B</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">6,653,529</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">Representative Warrant<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000;">210,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; padding-left: 9pt; width: 30%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 8%; background-color: rgb(255, 255, 255); padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">7,630,195</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify;">No expenses were recorded in connection with these warrants which are classified in equity.</div><div> </div><div style="text-align: justify;">The Class A Warrants and Class B Warrants are listed on the Nasdaq Capital Market under the symbols “SHIPW” and “SHIPZ”, respectively.</div></div>
29858000
21303000
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0
30832000
369294000
0
385846000
3000
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0
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383010000
41313000
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406096000
21303000
29858000
0.067
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">15.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Subsequent Events</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">On January 14, 2020, the Company received a second written notification from the NASDAQ Stock Market, indicating that the Company is eligible for an additional 180 calendar day period, from January 13, 2020 to July 13, 2020, to regain compliance with the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, as the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. During this time, the Company’s common stock will continue to be listed and trade on the Nasdaq Capital Market.</font></div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 24, 2020, the Compensation Committee granted an aggregate of 2,500,000 restricted shares of common stock pursuant to the Plan. Of the total 2,500,000 shares issued, 720,000 shares were granted to the non-executive members of the board of directors, 685,000 were granted to the executive officers, 970,000 shares were granted to certain of the Company’s non-executive employees and 125,000 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $0.32. All the shares will vest in equal tranches on each of the grant date, October 1, 2020 and October 1, 2021.</div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">c)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 24, 2020, the Company <font style="background-color: #FFFFFF;">received approval from the credit committee of Alpha Bank A.E. to, inter alia, amend the applicable thresholds and extend the maturities of the two credit facilities with the bank to December 31, 2022. This approval is subject to completion of definitive documentation.</font></div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(g)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Accounts Receivable Trade, Net</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. Receivables related to spot voyages are determined to be unconditional and include in Accounts Receivable Trade, Net. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, 2019 and 2018.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Insurance Claims</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors’ and officers’ liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management’s expectations as to their collection dates</font>.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Use of Estimates</div></td></tr></table><div><br /></div><div><div style="text-align: justify; color: #000000;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels’ impairment and determination of goodwill impairment.</div></div></div>
P3Y
P6M
15332755
2507087
2389719
15332755
2507087
2389719
14000
P2Y
15000000
12800000
8750000
44430000
52705000
33750000
39412000
18000000
16500000
24500000
4150000
12800000
1
4
8
11
11
1
1
16
28
20
60
32
936000
20800000
1123000
0
0
11392000
11392000
0
0
11392000
23754000
253781000
243214000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 27pt;"><div style="text-align: justify;">12.</div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify;">Interest and Finance Costs:</div></td></tr></table><div> </div><div style="text-align: justify;">Interest and finance costs are analyzed as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">Year ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Interest on long-term debt and other financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">13,630</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">14,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">11,698</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="color: #000000;">Amortization of debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">738</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,173</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Amortization of shares issued to third party (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">402</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">61</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">15,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">16,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">12,277</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">Interest and finance costs-related party are analyzed as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">Year ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Interest on long-term debt - related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">420</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,724</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,182</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="color: #000000;">Amortization of debt issuance costs related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">13</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Convertible notes interest expense</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">751</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">2,811</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">1,800</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="color: #000000;">Convertible notes amortization of debt discount (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">4,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">2,127</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="color: #000000;">Amortization of shares issued to related party (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">3,505</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">8,629</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">8,881</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div style="color: #000000;">5,122</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"> </td></tr></table></div>
738000
1173000
518000
5122000
8629000
8881000
8629000
5122000
8881000
240000
13000
7000
0
402000
0
0
3505000
0
2
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">Interest and finance costs are analyzed as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-align: center; color: #000000;">Year ended December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Interest on long-term debt and other financial liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">13,630</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">14,819</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">11,698</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="color: #000000;">Amortization of debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">738</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">1,173</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="color: #000000;">518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="color: #000000;">Amortization of shares issued to third party (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">402</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="color: #000000;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">446</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">423</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="color: #000000;">61</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">15,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">16,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000;">12,277</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
3500000
3500000
17750000
17750000
17750000
6765000
21165000
24665000
24665000
21165000
6765000
4750000
P3Y
P2Y
1528000
2108000
1935000
501000
612000
432000
0
3000
18847000
18844000
0
96000
0
96000
24090199
34949000
36641000
40184000
3532000
33109000
27266000
22592000
0
0
4075000
1325000
2750000
0
0
2000000
0
0
2000000
0
2000000
0
0
0
2000000
239000
0
0
239000
0
0
3846000
0
0
0
0
3846000
0
2115000
0
2115000
0
0
3745000
7000
13000
0
3074000
0
96000
0
0
96000
0
0
0
0
558000
3339000
2876000
3024000
47000
83000
213000
1042000
1016000
989000
500000
500000
500000
500000
1
1
50000
50000
4000000
4000000
2925000
2925000
1600000
350000
210000
200000
5
5
2
2
1
P1Y
P10Y
2012-12-04
2014-03-07
2012-10-15
2018-11-19
2014-03-10
2018-11-07
2018-06-29
2018-10-11
2008-09-11
2016-11-30
2015-10-21
2015-12-07
2010-05-21
2010-05-21
2015-10-13
2015-09-29
2018-11-22
2008-09-25
2015-11-10
2015-09-11
2016-12-13
2015-03-19
2015-11-03
2017-05-31
Lordship
Fellowship
Hamburg Max
Gloriuship
Gladiatorship
Bremen Max
Clipper Glory
Squireship
Knightship
Leadership
Premiership
Clipper Grace
Guardianship
Championship
Geniuship
Partnership
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2019:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);"><tr><td style="width: 35.08%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Company</div></td><td style="width: 1.23%; vertical-align: bottom;"> </td><td nowrap="nowrap" style="width: 16.99%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Country of Incorporation</div></td><td style="width: 1.04%; vertical-align: bottom;"> </td><td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Vessel name</div></td><td style="width: 1.23%; vertical-align: bottom;"> </td><td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Date of Delivery</div></td><td style="width: 1.17%; vertical-align: bottom;"> </td><td style="width: 15.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Date of Sale/Disposal</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Management Corp. (1)(3)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Shipmanagement Corp. (1)(3)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Glorius Shipping Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Gloriuship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 3, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Genius Shipping Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Geniuship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">October 13, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Leader Shipping Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Leadership</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">March 19, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Premier Marine Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Premiership</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">September 11, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Gladiator Shipping Co. (1)(Note 7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Gladiatorship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">September 29, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">October 11, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Guardian Shipping Co. (1)(Note 7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Guardianship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">October 21, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">November 19, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Ocean Navigation Co. Limited (1)(6)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Malta</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Championship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">December 7, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 7, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Squire Ocean Navigation Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Squireship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">November 10, 2015</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Emperor Holding Ltd. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Knight Ocean Navigation Co. (1)(8)(Note 8)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Knightship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">December 13, 2016</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">June 29, 2018</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lord Ocean Navigation Co. (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Lordship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 30, 2016</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Partner Shipping Co. Limited (1)(7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Malta</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Partnership</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">May 31, 2017</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Pembroke Chartering Services Limited (1)(4)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Malta</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Martinique International Corp. (1)(5)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-style: italic;">Bremen Max</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">September 11, 2008</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">March 7, 2014</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Harbour Business International Corp. (1)(5)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Hamburg Max</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">September 25, 2008</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">March 10, 2014</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Capital Shipping Limited (1)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">Bermuda</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(255, 255, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">N/A</div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Capital Shipping (HK) Limited (2)(3)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Hong Kong</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Glory Shipping Limited (2)</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 16.99%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top;"> </td><td style="width: 14%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Clipper Glory</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">May 21, 2010</div></td><td style="width: 1.17%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">December 4, 2012</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Grace Shipping Limited (2)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Clipper Grace</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">May 21, 2010</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">October 15, 2012</div></td></tr><tr><td style="width: 35.08%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Atlantic Grace Shipping Limited (2)(5)</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 16.99%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 1.04%; vertical-align: top;"> </td><td style="width: 14%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Fellow Shipping Co. (1)(Note 7)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000; font-style: italic;">Fellowship</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">November 22, 2018</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 16.99%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td style="width: 1.04%; vertical-align: top;"> </td><td style="width: 14%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top;"> </td><td style="width: 15.3%; vertical-align: top;"><div style="color: #000000;">N/A</div></td></tr><tr><td style="width: 35.08%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)(8)</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 16.99%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 1.04%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 14%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.23%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td><td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 236, 255);"> </td><td style="width: 15.3%; vertical-align: top; background-color: rgb(204, 236, 255);"><div style="color: #000000;">N/A</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(1)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Subsidiaries wholly owned</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(2)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “<font style="background-color: #FFFFFF;">MCS”)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(3)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Management companies</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(4)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Chartering services company</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(5)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Dormant companies</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(6)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(7)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top;">(8)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Bareboat charterers</div></td></tr></table></div>
13000
15000
0.01
0.5
2
2
0.05
0.02
0.5
0.5
0.5
80000
0.1650
500000
500000
P10D
105.00
0
6594029
0
1
1
1
1
1
1
1
1
1
1
P10D
P13M
1435000
6653529
6653529
11500000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(ad)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Going Concern</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">In August 2014, the FASB issued ASU No. 2014-15, <font style="font-style: italic;">Presentation of Financial Statements - Going Concern</font>. ASU No. 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures.  For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(u)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Financing Costs</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid are expensed in the period the repayment is made. The Company presents unamortized deferred financing costs as a reduction of long-term debt in the accompanying balance sheets.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(s)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessel Voyage Expenses</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions that are unique to a particular charter and are paid for by the charterer under time charter agreements, bareboat charters and other non-specified voyage expenses</font>. <font style="background-color: #FFFFFF;">Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company has adopted the practical expedient not to capitalize incremental costs when the amortization period (voyage period) is less than one year. Costs to fulfill the contract prior to arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Voyage costs arising as performance obligation are expensed as incurred.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(p)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Leases</div></td></tr></table><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2016, the <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">FASB</font> issued ASU No. 2016-02 - <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leases (ASC 842)</font>, and as amended, it requires lessees to recognize most leases on the balance sheet. <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company early adopted ASC 842, as amended from time to time, retrospectively from January 1, 2018. </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also elected to apply the additional and optional transition method to new and existing leases at the adoption date as well as all the practical expedients which allowed the Company’s existing lease arrangements, in which it was a lessee or lessor, classified as operating leases under ASC 840 to continue to be classified as operating leases under ASC 842. The Company concluded that the criteria for not separating lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements is the lease component. In this respect, the Company accounts for the combined component as an operating lease in accordance with ASC 842. The Company recognizes income from lease payments over the lease term on a straight line basis.</font> <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. </font>The Company recognizes income for variable lease payments in the period when changes in facts and circumstances on which the variable lease payments occur. Rental income on the Company’s time charterers is mostly calculated at an index linked rate based on the five T/C routes rate of the Baltic Capesize Index.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company recognized a right of use asset for rental of office space at the adoption date.</font></div></div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);">The following table presents the Company’s income statement figures derived from spot charters for the year ended December 31, 2019:</div><div style="text-align: justify; color: #000000;"><font style="background-color: rgb(255, 255, 255);"><br /></font></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000;"><div style="color: #000000;">December 31,</div>2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">55,701</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(33,109</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">22,592</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table><div><br /></div><div style="text-align: justify;">The following table presents the Company’s income statement figures derived from time charters for the year ended December 31, 2019:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"><div style="text-align: center; color: #000000;">December 31,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="border-bottom: 1.5pt solid;"><div style="text-align: center; color: #000000;">2019</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">30,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">(3,532</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">27,266</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"> </td></tr></table><div> </div><div style="text-align: justify;">Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2019, 2018 and 2017 were:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 63%;"><div style="color: rgb(0, 0, 0);">Customer</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(204, 238, 255);">A</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;"><br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">19</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">26</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(255, 255, 255);">B <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">18</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">21</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; background-color: rgb(204, 238, 255);">C <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">15</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 63%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">D <br /></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">11</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 63%;"><div style="color: rgb(0, 0, 0);">Total</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">58</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9%;"><div style="color: #000000;">34</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 4px; background-color: rgb(204, 238, 255); width: 1%;"><div style="color: #000000;">%</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">As of December 31, 2019, the Company has entered into </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">five</font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> long-term time charter agreements for periods of thirty-three to sixty months, with charterer’s option to extend all time charters. The first time charter commenced on November 5, 2018. Two time charters commenced in the third quarter of 2019. </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The remaining </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">two time charters commenced in the fourth quarter or 2019. </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">During 2019, the Company successfully installed </font>exhaust gas cleaning systems, or scrubbers, on <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">these</font> five vessels.<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> A portion of the scrubbers cost was paid for by the charterers, where such portion is provided for by the chartering agreements as an increased daily rate, which the Company </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">accounts</font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> for on a straight-line basis over the minimum duration of each charter party</font><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">. Amounts received in advance related to scrubber increased daily rates are recorded in Other current assets </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">in the accompanying balance sheets</font>.</div></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic;">Office lease</div><div><br /></div><div style="text-align: justify; color: #000000;">In April 2018, the Company moved into new office spaces. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The Company has assessed the lease for impairment, and since no impairment indicators existed, no impairment charge was recorded.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(ab)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Convertible Notes and related Beneficial Conversion Features</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The convertible notes are accounted for in accordance with ASC 470-20 “Debt with Conversion and Other Options.” The terms of each convertible  note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate.  The Company determined that the conversion features were beneficial conversion features (“BCF”) pursuant to ASC 470-20. The Company considered the BCF guidance only after determining that the features did not need to be bifurcated under ASC 815 “Derivatives and Hedging” or separately accounted for under the cash conversion literature of ASC 470-20.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounting for an embedded BCF in a convertible instrument requires that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective yield method. If the intrinsic value of the BCF is greater than the proceeds allocated to the convertible instrument, the amount of the discount assigned to the BCF is limited to the amount of the proceeds allocated to the convertible instrument.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> </font>The intrinsic value of the BCF is determined as the number of shares converted from the convertible note times the positive difference between the fair value of the stock on the commitment date and the contractual conversion price.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000;">(aa)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Debt Modifications and <font style="color: #000000;">E</font>xtinguishments</div></td></tr></table><div><br /></div><div style="text-align: justify;">The Company follows the provisions of ASC 470-50, <font style="font-style: italic;">Modifications and Extinguishments</font>, to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This Subtopic also provides guidance on whether an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result in extinguishment accounting, this Subtopic provides guidance on the appropriate accounting treatment. Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">(ac)</td><td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman';"><div style="font-size: 10pt;">Distinguishing Liabilities from Equity</div></td></tr></table><div style="font-family: 'Times New Roman';"><br /></div><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. </font>The Company in its assessment for the accounting of the warrants issued in connection with the May 13, 2019 public offering and the Jelco Private Placement has taken into consideration ASC 480 “Distinguishing liabilities from equity” and determined that the warrants should be classified as equity instead of liability. The Company further analyzed key features of the warrants to determine whether these are more akin to equity or to debt and concluded that the warrants are equity-like. In its assessment, the Company identified certain embedded features, examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed. Upon exercise of the warrants, the holder is entitled to receive common shares. ASC 480 requires that a warrant which contains an obligation that may require the issuer to redeem the shares in cash, be classified as a liability and accounted for at fair value. No warrants were classified as liabilities.</div></div></div>
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Subsidiaries wholly owned
Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS")
Management companies
Dormant companies
Bareboat charterers
Previously known as Partner Shipping Co., of the Republic of the Marshall Islands and redomiciled to the Republic of Malta on May 23, 2018
Chartering services company
Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018
Eliminated in consolidation