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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 style="text-align: justify;"><font style="color: #000000;"></font><br /></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 Accounting Standards Codification (ASC or Codification) 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><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; 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 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 style="text-align: justify;"><font style="color: #000000;"></font><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; 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 style="text-align: justify;"><font style="color: #000000;"></font><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; 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 style="text-align: justify;"><font style="color: #000000;"></font><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; 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 style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify;"><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; color: #000000;">(f)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Term Deposits<br /></div></td></tr></table><div><br /></div><div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Seanergy classifies time deposits and all highly liquid investments with an original maturity of more than three months as Term Deposits.</div></div><div><br /></div></div><div style="text-align: justify;"><font style="color: #000000;"></font></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; vertical-align: top; align: right; color: #000000;">(g)</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 style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(h)</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 are included 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. The Company assessed its accounts receivable, trade and its credit risk relating to its charterers, following the outbreak of COVID-19 and the effect that this could have on its accounts. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also assessed the provisions of ASC 326, Financial Instruments—Credit Losses, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020. </font>No provision for doubtful accounts was established as of December 31, 2020 and 2019.</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: 36pt; vertical-align: top; align: right; color: #000000;">(i)</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 style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(j)</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;">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. The Company assessed the provisions of ASC 326, Financial Instruments—Credit Losses, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.</div><div style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(k)</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: #000000;">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 style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">In addition, other long-term investments, referred to equipment for the vessels not yet installed, are included in “Deferred charges and other-long term investments, non-current” in the consolidated balance sheets. Amounts paid for this equipment are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows.</div></div><div style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; color: rgb(0, 0, 0); text-align: justify;">(l)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); text-align: justify;">Vessel Depreciation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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.</div><div style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(m)</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 and cost of any equipment not yet installed, 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 style="text-align: justify;"><font style="color: #000000;"></font><br /></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, plus unamortized dry-docking costs and cost of any equipment not yet installed. 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 value, plus unamortized dry-docking costs and cost of any equipment not yet installed, 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><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; vertical-align: top; align: right; color: #000000;">(n)</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;">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. Amounts are included in “Deferred charges and other long-term investments, non-current”.</div><div style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(o)</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><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; vertical-align: top; align: right; color: #000000;">(p)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Revenue Recognition</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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.</div><div><br /></div><div style="text-align: justify; color: #000000;">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 i<font style="font-family: 'Times New Roman'; font-size: 10pt;">s 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)). <br /></font><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured.  For voyage charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. 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.</div></div><div><br /></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, 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 f</font>or the years ended December 31, 2020, 2019 and 2018 was $819, $1,528 and $2,108, respectively.</div><div><br /></div><div style="text-align: justify; color: #000000;">Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents <font style="font-family: 'Times New Roman'; font-size: 10pt;">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, 2020, 2019 and 2018 was $133, $432 and $612, respectively.</font></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div><br /></div><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, 2020:</div><div><br /></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; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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: rgb(0, 0, 0);">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0);">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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: rgb(0, 0, 0);">27,033</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: rgb(0, 0, 0);">(17,099</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0);">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">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="text-align: left; 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: rgb(0, 0, 0);">9,934</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div><div><br /></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div style="text-align: justify; color: #000000; font-style: italic;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Disaggregation </font>of Revenue</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at December 31, 2020 and 2019:</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: bottom;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">801</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;">653</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable trade, net from time charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">1,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">801</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;">1,763</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;">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, 2020 was $4,510 and relates entirely to ASC 842. The non-current portion of Deferred revenue as of December 31, 2020 relates entirely to ASC 842 and is related to scrubber premiums (i.e. increased daily hire rates provided for by the chartering agreements) for scrubber-fitted vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2020 from amounts included in deferred revenue at the beginning of the period was $4,296.</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: 36pt; vertical-align: top; align: right; color: #000000;">(q)</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: #000000;">In February 2016, the FASB issued ASU No. 2016-02 - <font style="font-style: italic;">Leases (ASC 842)</font>, and as amended, it requires lessees to recognize most leases on the balance sheet. The Company early adopted ASC 842, as amended from time to time, retrospectively from January 1, 2018. 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. 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. 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.</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">The following table presents the Company’s income statement figures derived from time charters for the year ended December 31, 2020:</div><div><br /></div><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: 87.87%; vertical-align: bottom;"> </td><td style="width: 0.87%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 10.39%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">December 31,</div><div style="text-align: center; color: #000000;">2020</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom;"> </td></tr><tr><td style="width: 87.87%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel revenues, net of commissions</div></td><td style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 1.05%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 9.34%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">36,312</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 87.87%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div></td><td style="width: 0.87%; vertical-align: bottom;"> </td><td style="width: 1.05%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td><td style="width: 9.34%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">(1,468</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom;"><div style="color: #000000;">)</div></td></tr><tr><td style="width: 87.87%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 1.05%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;"> </td><td style="width: 9.34%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">34,844</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2020, 2019 and 2018 were:</div><div><br /></div><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 nowrap="nowrap" style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Customer</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2020</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2019</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2018</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">A</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">23</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">B</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">19</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">26</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">C</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">18</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">21</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">D</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">18</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">15</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCECFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">E</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">11</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">41</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">52</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">58</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, the Company has entered into six 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 7, 2018. Two time charters commenced in the third quarter of 2019. Two time charters commenced in the fourth quarter or 2019 and the remaining time charter commenced in the second quarter of 2020. Certain time charters provide for the option to extend the duration of the charter.</div><div><br /></div><div style="text-align: justify; color: #000000;">During 2020, the Company successfully installed exhaust gas cleaning systems, or scrubbers, on one of these six vessels. During 2019, the Company successfully installed exhaust gas cleaning systems, or scrubbers, on five of these six vessels. 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 or as a prepayment, which the Company accounts for on a straight-line basis over the minimum duration of each charter party. Amounts received in advance related to scrubber increased daily rates are recorded in Other current assets in the accompanying balance sheets.</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. The Company recognized a right of use asset for rental of office space at the adoption date.</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: 36pt; vertical-align: top; align: right; color: #000000;">(r)</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;">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.</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: 36pt; vertical-align: top; align: right; color: #000000;">(s)</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: 36pt; vertical-align: top; align: right; color: #000000;">(t)</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;">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. 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.</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: 36pt; vertical-align: top; align: right; color: #000000;">(u)</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: 36pt; vertical-align: top; align: right; color: #000000;">(v)</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: 36pt; vertical-align: top; align: right; color: #000000;">(w)</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 former management company, 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, 2020 is $NIL.</div><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy Management Corp. (“Seanergy<font style="font-family: 'Times New Roman';"> 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 2021 by Seanergy Management for 2020 is estimated at $93 and is included in “General and administration expenses”.</font></div><font style="font-family: 'Times New Roman';"></font><div><br /></div><div><div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;">Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”), the Company’s second 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 2021 by Seanergy Shipmanagement for 2020 is estimated at $NIL.</div></div><div><br /></div><div style="text-align: justify; color: #000000;">Two of the Company’s subsidiaries are registered in Malta since May 23, 2018. No tax expense has been recognized for the years presented in these financials statements.</div><div><br /></div><font style="font-family: 'Times New Roman';"></font><div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman';">Pursuant to the Internal Revenue Code of the United</font> 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><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; vertical-align: top; align: right; color: #000000;">(x)</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; color: #000000;">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.</div><div style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(y)</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. Unvested shares granted under the Company's incentive plan, or else, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes, using the two class method. 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: 36pt; vertical-align: top; align: right; color: #000000;">(z)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Segment Reporting</div></td></tr></table><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">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.</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: 36pt; vertical-align: top; align: right; color: #000000;">(aa)</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><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; 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: 36pt; 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: 36pt; 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: 36pt; vertical-align: top; align: right; color: #000000;">(ab)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Debt Modifications and Extinguishments</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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><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; vertical-align: top; align: right; color: #000000;">(ac)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-style: italic;">Troubled Debt Restructurings</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company’s financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company, when issuing or otherwise granting an equity interest to a lender or creditor to fully settle a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are deducted in measuring gain on restructuring or expensed for the period if no gain is recognized.</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: 36pt; vertical-align: top; align: right; color: #000000;">(ad)</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; color: #000000;">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-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. The BCF is not reassessed following any amendments to the terms of the convertible notes. If the modification or exchange of a convertible note is not accounted for as an extinguishment, the accounting for the change in the fair value of the conversion option follows the guidance of ASC 470-50-40-15.</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: 36pt; vertical-align: top; align: right; color: #000000;">(ae)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Distinguishing Liabilities from Equity</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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. The Company in its assessment for the accounting of the warrants issued in connection with the May 13, 2019 public offering, the Jelco Private Placement (mentioned below), the Class D warrants issued in connection with the April 2, 2020 public offering, the Class E warrants issued in connection with the August 20, 2020 underwritten public offering as well as the restructuring agreement with Jelco in December 2020 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><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; vertical-align: top; align: right; color: #000000;">(af)</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><br /></div><div style="text-align: justify; color: #000000;">In 2020, the outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. As of December 31, 2020, the impact of the outbreak of COVID-19 virus resulted in low time charter rates throughout the year, decreased revenues and increased crew and dry-docking costs. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a result, many of the Company’s estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption and is making necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company.</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Recent Accounting Pronouncements Adopted</div><div><br /></div><div style="text-align: justify; color: #000000;">On January 1, 2020, the Company adopted ASU No.  2016-13, <font style="font-style: italic;">Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font>. 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 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 style="font-style: italic;">Codification Improvements to topic 326, Financial Instruments-Credit Losses</font>. 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 style="font-weight: bold;">, </font>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—Credit Losses (Topic 326)—Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100—Targeted Transition Relief for Topic 326, Financial Instruments—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. 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. The adoption of this standard, as amended, did not have a material effect in the Company’s consolidated financial statements and related disclosures as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.<br /></div><div><br /></div><div style="text-align: justify; color: #000000;">On January 1, 2020, the Company adopted ASU No. 2018-13, <font style="font-style: italic;">Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement</font>, 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. The adoption of ASU No. 2018-13 did not have a material effect in the Company’s consolidated financial statements and disclosures.</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">On January 1, 2020</font><font style="color: #000000;">, the FASB issued ASU 2019-08, </font><font style="color: #000000;">Codification Improvements—Share-Based Consideration Payable to a Customer</font><font style="color: #212529;">. </font><font style="color: #000000;">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="color: #000000;"> </font><font style="color: #000000;">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="color: #000000;"> The adoption of ASU No. 2019-08 did not have a material effect in the Company’s consolidated financial statements and disclosures.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Recent Accounting Pronouncement<font style="font-family: 'Times New Roman';">s – Not Yet Adopted</font></div><font style="font-family: 'Times New Roman';"></font><div><br /></div><font style="font-family: 'Times New Roman';"></font><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.  An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. Currently the Company does not have any contracts that have been changed to a new reference rate, but will continue to evaluate its contracts and the effects of this standard on the Company’s consolidated financial position, results of operations, and cash flows.</div><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br /></div></div><div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman';">In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Sh</font>are (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</div></div>
21011000
13654000
7497000
7110000
-3595000
14554000
7444000
11039000
22051000
7500000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(g)</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 style="font-family: 'Times New Roman'; 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; 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 style="font-family: 'Times New Roman'; 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: 40.5pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Cash and Cash Equivalents, Restricted Cash and Term Deposits:</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:</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: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><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="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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;">21,011</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash, non-current</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="text-align: left; 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;">990</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">22,051</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">14,554</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">Restricted cash as of December 31, 2020 includes $500 of minimum liquidity requirements as per the ATB Loan Facility (Note 7), $490 in a dry-docking reserve account as per the 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, 2020, of $4,500 as per the Company’s credit facilities covenants, calculated as $500 per owned vessel, is included in “Cash and cash equivalents”.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Restricted cash as of December 31, 2019 includes $500 of minimum liquidity requirements as per the ATB Loan Facility (Note 7), $350 in a dry-docking reserve account as per the 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 7).</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">An aggregate amount of $1,600, not legally restricted, as per the Company’s effective sale and leaseback transaction is included in ”Term deposits” as of December 31, 2020, expiring in March 2021 (Note 7).</div></div><div style="text-align: justify; color: #000000;"></div></div>
0.70
0.70
0.01
54.40
54.40
0.70
0.01
2.72
2.72
1.92
1.60
1.60
59.84
59.84
16.00
68.00
16.00
3.40
1.44
1.28
1.92
1.60
0.70
0.0001
0
4368750
8766713
35714286
2536468
3125000
3171875
2684375
2709375
39375
39375
13125
110281
2507812
4953813
556250
3672750
614046
1
1
1
1
1
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(s)</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>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">10.</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; font-weight: bold;">Contingencies</div><div><br /></div><div style="text-align: justify; color: #000000;">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. As of December 31, 2020, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying consolidated financial statements.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">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 style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Commitments</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">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 10 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><br /></div><div style="text-align: justify; color: #000000;">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 December 31, 2020, using the initial charter rates for index-linked time charters (these amounts do not include any assumed off-hire):</div><div style="text-align: justify;"><font style="color: #000000;"></font><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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">Amount</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: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2021</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;">55,481</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">32,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2023</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;">5,703</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: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000; font-weight: bold;">93,301</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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. On September 16, 2020, the lease term was amended, whereby the lease term was set for ten years (i.e., April 2028), with a Company’s option to extend the lease term for two consecutive five-year terms thereafter. The monthly rent was Euro 13,000 (or $16 based on the Euro/U.S. dollar exchange rate of €1.0000: $1.2271 as of December 31, 2020) until the September 2020 renewal, and was amended to a constant Euro 12,747 (or $16 based on the Euro/U.S. dollar exchange rate of €1.0000: $1.2271 as of December 31, 2020) thereafter. The monthly rent was adjusted annually by one percent for inflation until the September 2020 renewal. 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 rent expense for the years December 31, 2020 and 2019 was $180 and $175, respectively.</div><div><br /></div><div style="text-align: justify; color: #000000;">The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2020:</div><div style="text-align: justify;"><font style="color: #000000;"></font><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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">Amount</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: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2021</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;">147</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2023</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;">147</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Thereafter</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;">479</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">1,067</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less: imputed interest</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;">(222</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: top; width: 88%; padding-bottom: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; 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: 88%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lease liabilities, current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lease liabilities, 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;">705</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: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(o)</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>
0.0001
0.0001
0.0001
68314985
1681253
500000000
500000000
68314985
1681253
7000
0
0.23
0
0
0
0.19
0.26
0
0.18
0.21
0.18
0.15
0
0
0
0.11
0.41
0.52
0.58
<div style="font-family: 'Times New Roman'; 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; 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'; 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; 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 style="text-align: justify;"><font style="color: #000000;"></font><br /></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 Accounting Standards Codification (ASC or Codification) 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>
4510000
4296000
4510000
621000
96000
4296000
2773000
3074000
14516000
12020000
14516000
14608000
6962000
9162000
12031000
4162000
5675000
8324000
0
2588000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The debt movement of the Second Jelco Note is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable limit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Debt discount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Accumulated deficit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;"><font style="font-weight: bold;">Debt</font></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 2px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">Deductions</td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">(3,500<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">) <br /></td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> <br /></td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization (Note 11)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,324</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">8,324</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The equity movement of the Second Jelco Note is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Additional</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">paid-in capital</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 4px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td colspan="1" nowrap="nowrap" 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-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td rowspan="1" style="margin: 0px 0px 0px 7.2pt; vertical-align: bottom; width: 76%; text-indent: 9pt; padding-bottom: 2px;">Less: beneficial conversion feature</td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">(18,360 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">) <br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">(23,878 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">)<br /></td></tr><tr><td rowspan="1" style="margin: 0px 0px 0px 7.2pt; vertical-align: bottom; width: 76%; text-indent: 9pt; background-color: rgb(204, 238, 255);"><div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes, net of beneficial conversion feature</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="text-align: left; 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);">20,355 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; 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="text-align: left; 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);">14,837 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%;"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Less: Deferred financing costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(915</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(229</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Less: Change in fair value of conversion option</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,924</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,516</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,608</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Less - current portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2,588</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Long-term portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,516</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The debt movement of the First and Third Jelco Notes is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable limit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Debt discount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Accumulated deficit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Debt</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,601</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6,962</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 2px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization (Note 11)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,200</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,200</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,801</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 2px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization (Note 11)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,670</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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);">12,031</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The equity movement of the First and Third Jelco Notes is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Additional</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">paid-in capital</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; 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, 2020:</div><div><br /></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; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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: rgb(0, 0, 0);">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0);">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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: rgb(0, 0, 0);">27,033</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: rgb(0, 0, 0);">(17,099</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0);">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">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="text-align: left; 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: rgb(0, 0, 0);">9,934</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
P5Y
2303000
20250000
14975000
13190000
15300000
9500000
5299000
14051000
6000000
1.20
216
0.032
0.035
0.0375
0.0420
0.0320
0.0350
0.0400
0.085
0.06
0.05
0.05
0.05
16200000
2000000
4000000
13750000
29056000
173289000
185509000
4303000
0
31633000
22325000
17447000
21600000
22024000
15320000
19597000
2192000
5900000
4950000
6000000
173289000
38715000
38715000
3800000
13750000
13750000
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Monthly
<div style="font-family: 'Times New Roman'; 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; color: #000000;">8.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Convertible Notes:</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company refers to the First Jelco Note, the Second Jelco Note and the Third Jelco Note (mentioned below) as the “Jelco Notes”.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td colspan="1" nowrap="nowrap" 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-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td rowspan="1" style="margin: 0px 0px 0px 7.2pt; vertical-align: bottom; width: 76%; text-indent: 9pt; padding-bottom: 2px;">Less: beneficial conversion feature</td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">(18,360 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">) <br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">(23,878 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">)<br /></td></tr><tr><td rowspan="1" style="margin: 0px 0px 0px 7.2pt; vertical-align: bottom; width: 76%; text-indent: 9pt; background-color: rgb(204, 238, 255);"><div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes, net of beneficial conversion feature</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="text-align: left; 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);">20,355 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; 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="text-align: left; 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);">14,837 <br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%;"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Less: Deferred financing costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(915</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(229</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Less: Change in fair value of conversion option</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,924</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px;"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,516</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,608</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Less - current portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2,588</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;"><div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Long-term portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,516</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On December 31, 2020, the Company entered into a supplemental agreement (the “Omnibus Notes Agreement”) pursuant to which the maturity of the Jelco Notes were extended to December 31, 2024, the interest rate was set at a fixed rate of 5.5% and the conversion price was adjusted to $1.20. In addition, pursuant to the terms of the Omnibus Notes Agreement, in 2022 and 2023, two mandatory repayments will be made towards the Jelco Notes in an amount equal to the difference between $8,000 and any repayments made towards the First, Second and Fourth Jelco Loans under the Omnibus Loans Agreement. Amounts repaid will be applied to the Jelco Notes on a pro rata basis based upon the principal amounts outstanding. Any amounts outstanding after the two mandatory repayments will be repaid at the maturity date. Furthermore, the Omnibus Notes Agreement provides for certain prepayment provisions through a cash sweep mechanism, capturing (i) corporate liquidity in excess of $25,000 or (ii) Time Charter Equivalent revenues in excess of $18,000 and up to $21,000. The total amount to be repaid on the Jelco Notes (including the mandatory repayments and any prepayments) and on the Jelco Loans shall not exceed $12,000 in any twelve-month period ending on December 31. Additionally, pursuant to the terms of the SPA, all unpaid interest accrued under the Jelco Notes through December 31, 2020 of $2,425 was deemed fully and finally settled.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">March 12, 2015 - $4,000 Convertible Note (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">First Jelco Note)</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 12, 2015, the Company issued a convertible note of $4,000 to Jelco for general corporate purposes. The First Jelco Note is secured by a guarantee from Emperor. 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, 2020, $3,800 was outstanding under the First Jelco Note. Pursuant to the terms of the SPA, all unpaid interest accrued of $238 under the First Jelco Note through December 31, 2020 was deemed fully and finally settled.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">September 27, 2017 - $13,750 Convertible Note (Third<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Jelco Note)</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On September 27, 2017, the Company issued a convertible note of $13,750 to Jelco for, inter alia, general corporate purposes. 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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Partnership </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and a guarantee from the Company’s vessel-owning subsidiary that owns the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">; all cross collateralized with the First and the Second Jelco Loans (Note 8) 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="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 guarantee from Empror mentioned above. The second priority mortgage, second priority general assignment covering earnings, insurances and requisition compensation over the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May</font> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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, 2020, $13,750 was outstanding under the Third Jelco Note. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the terms of the SPA, all unpaid interest accrued of $861 under the Third Jelco Note through December 31, 2020 was deemed fully and finally settled.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The debt movement of the First and Third Jelco Notes is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable limit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Debt discount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Accumulated deficit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Debt</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3,601</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6,962</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 2px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization (Note 11)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,200</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,200</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,801</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 2px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization (Note 11)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">17,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(14,389</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,670</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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);">12,031</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The equity movement of the First and Third Jelco Notes is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Additional</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">paid-in capital</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">14,189</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">September 7, 2015 - $21,165 Revolving Convertible Note (Second Jelco Note)</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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. Moreover, pursuant to the eleventh amendment entered into on March 26, 2019, the Company was provided with the option to drawdown up to $3,500 by April 10, 2020, or the Final Revolving Advance Date. Since such request was not made by the Final Revolving Advance Date, the Applicable Limit was reduced to $21,165. The aggregate outstanding principal was repayable in December 2022. The Second Jelco Note is secured by a guarantee from Emperor. 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, 2020, $21,165 was outstanding under the Second Jelco Note. Pursuant to the terms of the SPA, all unpaid interest accrued of $1,326 under the Second Jelco Note through December 31, 2020 was deemed fully and finally settled.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The debt movement of the Second Jelco Note is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Applicable limit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Debt discount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Accumulated deficit</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;"><font style="font-weight: bold;">Debt</font></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.1pt; margin-left: 7.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,162</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 2px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,513</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">24,665</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,675</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px;">Deductions</td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">(3,500<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">) <br /></td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> <br /></td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-<br /></td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> <br /></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Amortization (Note 11)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,649</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,324</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">8,324</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The equity movement of the Second Jelco Note is presented below:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; 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" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Additional</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">paid-in capital</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2018</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 4px;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2019</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Balance, December 31, 2020</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="text-align: left; 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="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">21,165</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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-family: 'Times New Roman', Times, serif; font-size: 10pt;">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 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">amount</font>(s) under the Jelco Notes or any part thereof may be paid in common shares at a conversion price of $1.20 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><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </font>annual principal payments required to be made after<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> December 31, 2020</font>, <font style="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; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2021</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2022</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2024</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thereafter</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 4px;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
1550000
1200000
0.055
0.0471
0
0.0550
0
0.01
0
0.060
0.0550
0
0
0
14189000
14189000
14189000
21165000
21165000
21165000
2022-11-26
2022-12-29
2022-12-31
2020-06-30
2022-12-31
2022-11-26
2022-08-26
2022-08-26
2023-06-30
2025-06-30
2025-07-31
2026-06-29
2023-11-07
250000
100000
250000
1550000
1200000
844000
919000
919000
200000
189800
189800
456000
167000
1000000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(n)</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;">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. Amounts are included in “Deferred charges and other long-term investments, non-current”.</div></div>
0
113000
0
17000
3527000
2443000
118000
772000
120000
915000
229000
248000
1325000
1325000
<div style="font-family: 'Times New Roman'; 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; color: rgb(0, 0, 0); text-align: justify;">(l)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); text-align: justify;">Vessel Depreciation</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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.</div></div>
12721000
11016000
10876000
12634000
10899000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">14.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Equity Incentive Plan:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">On January 10, 2019, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 12,500 shares. On January 10, 2019, the Compensation Committee granted an aggregate of 9,000 restricted shares of common stock pursuant to the Plan. Of the total 9,000 shares issued, 4,167 shares were granted to the board of directors, 4,416 shares were granted to certain of the Company’s employees and 417 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 $146.40. All the shares vest over a period of two years. 3,000 shares vested on January 10, 2019, 3,000 shares vested on October 1, 2019 and 2,972 shares vested on October 1, 2020.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">On December 30, 2019, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan from 3,500 shares to 187,500 shares.</div><div><br /></div><div style="text-align: justify; color: #000000;">On February 24, 2020, the Compensation Committee granted an aggregate of 156,250 restricted shares of common stock pursuant to the Plan. Of the total 156,250 shares issued, 45,000 shares were granted to the non-executive members of the board of directors, 42,812 were granted to the executive officers, 60,626 shares were granted to certain of the Company’s non-executive employees and 7,812 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 $5.12. All the shares vest over a period of two years. 52,084 shares vested on February 24, 2020, 52,083 shares vested on October 1, 2020 and 52,083 shares will vest on October 1, 2021. The related expense for shares granted to the Company’s board of directors and certain of its employees for the years ended December 31, 2020, 2019 and 2018, amounted to $826, $1,295 and $1,281, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the years ended December 31, 2020, 2019 and 2018, amounted to $43, $15 and $21, respectively, and is included under voyage expenses.</div><div><br /></div><div style="text-align: justify;">Restricted shares during 2020, 2019 and 2018 are analyzed as follows:<br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td colspan="1" nowrap="nowrap" 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-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Number of</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Weighted</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Average</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Grant</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Date Price</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2017</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,573</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">384.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Granted</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">248.48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vested</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,475</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">248.48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(191</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">297.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2018</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,157</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">261.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Granted</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">146.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vested</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(8,156</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">112.32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">146.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,981</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">133.76</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Granted</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">156,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vested</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(107,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,23</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(28</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2020</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">52,064</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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 unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its employees as of December 31, 2020 and 2019 amounted to $119 and $181, respectively. On December 31, 2020, 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 years.</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On January 18, 2021, the Company’s Equity Incentive Plan <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 4,000,000 shares (Note 15)</font>.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">13.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Loss per Share:</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The calculation of net loss per common share is summarized below:</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;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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: -7.2pt; margin-left: 7.2pt; 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;">(18,356</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;">(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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">33,436,278</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);">958,297</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);">156,692</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"><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);"><div style="color: #000000;">(0.55</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">$</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">(12.21</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">) <br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">$</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">(134.39</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">) <br /></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">As of December 30, 2020, 2019 and 2018, 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 8) calculated with the if-converted method.</div></div>
-0.55
-12.21
-134.39
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(y)</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. Unvested shares granted under the Company's incentive plan, or else, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes, using the two class method. 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>
-0.55
-12.21
-134.39
119000
181000
P0Y9M
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(aa)</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><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; 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: 36pt; 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: 36pt; 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'; 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; color: #000000;">9.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Financial Instruments:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">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 style="text-align: justify;"><font style="color: #000000;"></font><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; 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: 36pt; 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: 36pt; 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: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Significant Risks and Uncertainties, including Business and Credit Concentration</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">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 style="text-align: justify;"><font style="color: #000000;"></font><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; vertical-align: top; align: right; color: #000000;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Fair Value of Financial Instruments</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">The fair values of the financial instruments shown in the consolidated balance sheets as of December 31, 2020 and 2019, 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 style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">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><br /></div><div style="text-align: justify; color: #000000;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments:</div><div style="text-align: justify;"><font style="color: #000000;"></font><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: 18pt; vertical-align: top; align: right; color: #000000;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current.</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: 18pt; vertical-align: top; align: right; color: #000000;">b.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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. 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, 2020, and the carrying value of $38,874 is 2% lower than the fair market value of $39,634. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy.</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also considered the fair valuation measurement guidance regarding (i) the value of the Jelco units issued at $0.70 each, (ii) the value of the option granted to Jelco </font>to purchase up to 4,285,714 additional units at a price of $0.70 per unit in exchange for the settlement of principal under the Second Jelco Loan Facility<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and (iii) the change in the</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> fair value of the conversion option of the Jelco Notes to $1.20 (from $</font>216). The fair values are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. The Company used the Black-Sholes pricing model for the valuations. The Company<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> concluded</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">:</font></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br /></font></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: 36pt; vertical-align: top; align: right;"><div style="text-align: left; margin-left: 18pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">i)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">the fair value of the Jelco units to be $0.77 each, whereby the difference to the issue price of $0.70 amounted to $596 and was immediately recognized in Interest and finance costs and with a corresponding increase to additional paid-in capital;</div></td></tr></table><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: 36pt; vertical-align: top; align: right;"><div style="text-align: left; margin-left: 18pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ii)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">the fair value of the option granted to Jelco to purchase up to 4,285,714 additional units to be $0.13, whereby the carrying value of the Second Jelco Loan was reduced by $543 as a debt discount with a corresponding increase to additional paid-in capital; and</div></td></tr></table><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: 36pt; vertical-align: top; align: right;"><div style="text-align: left; margin-left: 18pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">iii)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">the change in the fair value of the conversion option of the Jelco Notes amounted to $4,924. The carrying value of the Jelco Notes was reduced by this amount with a corresponding increase to additional paid-in capital. This change in the fair value will be amortized through the effective interest rate method to the notes’ maturities.</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; 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; 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>
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<div style="font-family: 'Times New Roman'; 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; color: #000000;">(m)</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 and cost of any equipment not yet installed, 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 style="text-align: justify;"><font style="color: #000000;"></font><br /></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, plus unamortized dry-docking costs and cost of any equipment not yet installed. 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 value, plus unamortized dry-docking costs and cost of any equipment not yet installed, 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>
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<div style="font-family: 'Times New Roman'; 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; color: #000000;">(w)</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 former management company, 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, 2020 is $NIL.</div><div><br /></div><div style="text-align: justify; color: #000000;">Seanergy Management Corp. (“Seanergy<font style="font-family: 'Times New Roman';"> 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 2021 by Seanergy Management for 2020 is estimated at $93 and is included in “General and administration expenses”.</font></div><font style="font-family: 'Times New Roman';"></font><div><br /></div><div><div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;">Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”), the Company’s second 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 2021 by Seanergy Shipmanagement for 2020 is estimated at $NIL.</div></div><div><br /></div><div style="text-align: justify; color: #000000;">Two of the Company’s subsidiaries are registered in Malta since May 23, 2018. No tax expense has been recognized for the years presented in these financials statements.</div><div><br /></div><font style="font-family: 'Times New Roman';"></font><div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman';">Pursuant to the Internal Revenue Code of the United</font> 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>
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<div style="font-family: 'Times New Roman'; 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; color: rgb(0, 0, 0); text-align: justify;">5.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); text-align: justify;">Inventories:</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The amounts in the accompanying consolidated balance sheets 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: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lubricants</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;">591</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;">522</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Bunkers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">4,059</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">4,650</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;">3,862</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>
4650000
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4059000
3340000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(i)</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 style="font-family: 'Times New Roman'; 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; color: #000000;">(f)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Term Deposits<br /></div></td></tr></table><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Seanergy classifies time deposits and all highly liquid investments with an original maturity of more than three months as Term Deposits.</div></div>
4396000
4677000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">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 December 31, 2020, using the initial charter rates for index-linked time charters (these amounts do not include any assumed off-hire):</div><div style="text-align: justify;"><font style="color: #000000;"></font><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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">Amount</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: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2021</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;">55,481</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">32,117</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2023</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;">5,703</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: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000; font-weight: bold;">93,301</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
93301000
32117000
55481000
5703000
P11M
P27M
P33M
P60M
P10M
P60M
P5Y
P10Y
147000
222000
479000
P5Y
P5Y
147000
1067000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2020:</div><div style="text-align: justify;"><font style="color: #000000;"></font><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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">Amount</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: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2021</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;">147</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2023</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;">147</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">147</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Thereafter</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;">479</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">1,067</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less: imputed interest</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;">(222</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: top; width: 88%; padding-bottom: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; 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: 88%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lease liabilities, current</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">140</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lease liabilities, 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;">705</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: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Present value of lease liabilities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
147000
147000
295245000
282551000
199551000
252693000
30762000
237281000
15700000
16390000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(ac)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-style: italic;">Troubled Debt Restructurings</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company’s financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company, when issuing or otherwise granting an equity interest to a lender or creditor to fully settle a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are deducted in measuring gain on restructuring or expensed for the period if no gain is recognized.</div></div>
32471000
0
9032000
38715000
20412000
20412000
0
38874000
39634000
82216000
0
0.114
0.112
<div style="font-family: 'Times New Roman'; 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; color: #000000;">7.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Long-Term Debt and Other Financial Liabilities:</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Classification of long-term debt and other financial liabilities is presented taking into consideration amendments described in Note 15.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</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: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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; 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">173,289</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;">185,509</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less: Deferred financing costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(3,527</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(2,443</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">169,762</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;">183,066</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: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less - current portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(19,417</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(183,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">150,345</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;">-</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: italic; font-weight: bold;">Senior long-term debt</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">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="font-style: italic; color: #000000;">Leadership</font><font style="color: #000000;">. 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. On March 17, 2020, the Company entered into the fifth supplemental agreement with Alpha Bank A.E. regarding the Leader Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement: (i) the maturity date was extended from March 18, 2020 to December 31, 2022, (ii) the repayment of the facility will be made by eight consecutive quarterly repayments of $250 each followed by a balloon installment of $2,303 to be made on the maturity date, (iii) the financial covenants at the corporate guarantor level will not be applicable any longer save for the minimum liquidity covenant and (iv)</font><font style="font-size: 12pt;"> </font><font style="color: #000000;">a 30-days moving average balance of $500 is required to be maintained in the Earnings Account of the </font><font style="font-style: italic; color: #000000;">Leadership</font><font style="color: #000000;">. The interest rate of the facility remains the same and is equal to Libor plus a margin of 3.75%. An amendment fee of $50 was paid in respect of the fifth supplemental agreement. The fifth supplemental agreement was assessed based on provisions of ASC 470-50 and was treated as debt modification. As of December 31, 2020, the amount outstanding under the facility was $4,303.</font></div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">On September 1, 2015, the Company entered into a loan agreement with HCOB 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 style="font-style: italic;">Geniuship</font> and the <font style="font-style: italic;">Gloriuship</font> and had an original final maturity date of June 30, 2020. On June 26, 2020, the Company entered into a settlement agreement with HCOB. Pursuant to the terms of the settlement agreement, the Company, in order to fully settle its obligations under the loan agreement was required to pay a total amount of $23,500 out of the then outstanding amount of the loan agreement of $29,056 until July 31, 2020. On July 17, 2020, the Company settled the full amount of the HCOB Facility through a $23,500 payment with the funds obtained from the proceeds of a new loan facility (please see below) and cash on hand, following which all securities created in favor of HCOB were irrevocably and unconditionally released. As a result, the Company recognized a gain of $5,144. The settlement agreement was assessed based on provisions of ASC 470-60 and was treated as troubled debt restructuring. As of December 31, 2020, no amounts were outstanding under the HCOB Facility.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">On September 11, 2015, the Company entered into a facility agreement with UniCredit, for a secured loan facility of $52,705 to partially finance the acquisition of the <font style="font-style: italic;">Premiership</font>, <font style="font-style: italic;">Gladiatorship</font> and <font style="font-style: italic;">Guardianship</font>. On November 22, 2018 following the sale of the <font style="font-style: italic;">Gladiatorship </font>and <font style="font-style: italic;">Guardianship</font>, the Company entered into an amendment and restatement of the facility in order to (i) release the respective vessel-owning subsidiaries of the <font style="font-style: italic;">Gladiatorship</font> and the <font style="font-style: italic;">Guardianship</font> as borrowers and (ii) include as replacement borrower the vessel-owning subsidiary of the <font style="font-style: italic;">Fellowship</font>. On July 3, 2019, the Company entered into a supplemental agreement pursuant to which: (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. On September 29, 2020, the Company obtained credit committee approval from UniCredit in order to: (i) waive the application of the Leverage Ratio, the ratio of EBITDA to interest payments and the Security Cover Ratio (each term as defined therein) with retrospective effect from June 2020 onwards (January 2020 for the Security Cover Ration only) and for the remaining duration of the facility, (ii) reduce the quarterly installments from $1,550 to $1,200, effective as of the December 2020 installment, (iii) increase the applicable margin from 3.2% to 3.5% with effect as of December 29, 2020 until the maturity of the facility, and (iv) extend the maturity of the loan to December 29, 2022 from December 29, 2020 initially. The definitive documentation for these amendments became effective on February 9, 2021 following satisfaction of certain customary conditions precedent (Note 15). As of December 31, 2020, the amount outstanding under this facility was $31,633.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify;"><font style="color: #000000;">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="font-style: italic; color: #000000;">Squireship</font><font style="color: #000000;">. 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 was repayable in eight quarterly installments of $919 each along with a balloon installment of $20,250 payable on the final maturity date. On March 31, 2020, the Company entered into the fourth supplemental agreement with Alpha Bank A.E. regarding the Squire Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement: (i) the maturity date was extended from November 10, 2021 to December 31, 2022, (ii) the repayment of the facility will be made by two prepayments of $500 each on August 26, 2020 and October 1, 2020 as well as eight consecutive quarterly repayments of $919 each followed by a balloon installment of $14,975 to be made on the maturity date, (iii) the ratio of the market value of the </font><font style="font-style: italic; color: #000000;">Squireship</font><font style="color: #000000;"> plus any additional security to the total facility outstanding shall not be less than 100% for 2020, not less than 110% starting for 2021 and not less than 115% until maturity, (iv) the financial covenants at the corporate guarantor level will not be applicable any longer save for the minimum liquidity covenant and (v)</font><font style="font-size: 12pt;"> </font><font style="color: #000000;">a 30-days moving average balance of $500 is required to be maintained in the earnings account of the </font><font style="font-style: italic; color: #000000;">Squireship</font><font style="color: #000000;">. The interest rate of the facility is equal to Libor plus a margin of 3.50%. An amendment fee of $75 was paid in respect of the fourth supplemental agreement. The fourth supplemental agreement was assessed based on provisions of ASC 470-50 and was treated as debt modification. As of December 31, 2020, the amount outstanding under this facility was $22,325.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">On May 24, 2017, the Company entered into a loan agreement with ATB for a secured loan facility of 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 a 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. On November 7, 2018, ATB entered into a deed of release with respect to the<font style="font-style: italic;"> Championship</font>, 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 style="font-style: italic;"> Championship</font> 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, ATB entered into a further deed of release with respect to the <font style="font-style: italic;">Partnership</font> resulting in a complete release of the facility agreement after full settlement of the outstanding balance of $16,390.</div><div><br /></div><div style="text-align: justify; color: #000000;">On February 13, 2019, the Company entered into a new loan facility with ATB, or the New ATB Loan Facility, in order to (i) refinance the existing indebtedness over the <font style="font-style: italic;">Partnership</font> under the Amended and Restated ATB Loan Facility and (ii) for the financing of installation of open loop scrubber systems on the <font style="font-style: italic;">Squireship</font> and <font style="font-style: italic;">Premiership</font>. The New ATB Loan Facility is divided in Tranche A, relating to the refinancing of the <font style="font-style: italic;">Partnership</font>, and Tranches B and C for the financing of the scrubber systems on the <font style="font-style: italic;">Squireship</font> and the <font style="font-style: italic;">Premiership</font>, respectively. Pursuant to the terms of the facility, Tranche A is repayable in eight equal quarterly installments being $200 each and a balloon payment of $13,190 payable on November 27, 2022 and each of Tranche B and C is repayable in seven quarterly installments of $189.8 until August 26, 2022. On September 28, 2020, the Company obtained credit committee approval from ATB in order to: (i) amend the Leverage Ratio (as defined therein) to 85% from 75% previously, with retrospective effect from June 2020 onwards and for the remaining duration of the facility, (ii) waive the application of the ratio of EBITDA to interest payments (as defined therein) with retrospective effect from June 2020 onwards  and for the remaining duration of the facility and (iii) amend the Minimum required security cover (as defined therein) to (a) 140% until June 30, 2021 (inclusive), (b) 145% until December 31, 2021 (inclusive) and (c) 150% thereafter and until the maturity of the loan on November 26, 2022. The definitive documentation for these amendments became effective on February 16, 2021 following satisfaction of certain customary conditions precedent (Note 15). As of December 31, 2020, the amount outstanding under this facility was $17,447.</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);">On June 11, 2018, the Company entered into a $24,500 loan agreement with certain Blue Ocean maritime lending funds managed by EnTrustPermal for the purpose of refinancing the outstanding indebtedness of the<font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Lordship</font> under the previous loan facility with Northern Shipping Fund, of NSF, dated November 28, 2016. The facility would mature in June 2023 and could be extended until June 2025 subject to certain conditions. Specifically, the borrower had 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 elected to exercise the Year-5 Put Option, the lender had 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 would be cancelled in its entirety. Furthermore, the borrower had the right to sell the ship back to the lender at a pre-agreed price of $15,000 on <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">the seventh anniversary of the loan utilization (“Year-7 Put Option”). If the borrower elected to exercise the Year-7 Put </font>Option then the lenders would be obliged to purchase the ship at the pre-agreed price. The loan facility bore 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 would amortize 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, 2020, the amount outstanding under this facility was $21,600.</div><div><br /></div><div style="text-align: justify; color: #000000;">On July 15, 2020, the Company entered into an amendment and restatement of the $24,500 loan agreement entered into on June 11, 2018 with certain nominees of EnTrust Global as lenders and Wilmington Trust, National Association as facility agent and security agent, or the “Amended and Restated Entrust Loan Facility”. Pursuant to the terms of the Amended and Restated Entrust Loan Facility (i) Wilmington Trust, National Association resigned as facility agent and security agent and Lucid Agency Services Limited and Lucid Trustee Services Limited were appointed as successor facility agent and security agent, respectively and (ii) the facility was cross-collateralized with the New Entrust Loan Facility (mentioned below) with corporate guarantees from Sea Glorius Shipping Co. and Sea Genius Shipping Co., being the vessel-owning subsidiaries of the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font> respectively, second preferred mortgages and second priority general assignments covering the earnings, insurances and requisition compensation over the <font style="font-style: italic;">Gloriuship</font> and the <font style="font-style: italic;">Geniuship</font>, second priority account pledge agreements covering the earnings accounts of these vessels, second priority share pledge agreements concerning Sea Glorius Shipping Co.’s and Sea Genius Shipping Co.’s shares and second priority technical and commercial managers’ undertakings. The original terms and securities of the subject facility agreement were not otherwise altered by the amendment and restatement. The amendment and restatement of the agreement was assessed based on provisions of ASC 470-50 and was treated as debt modification. On March 5, 2021 the Company repaid the full balance of the Amended and Restated Entrust Loan Facility and all securities created to cross-collateralize the Amended and Restated Entrust Loan Facility with the New Entrust Loan Facility were irrevocably and unconditionally released (Note 15).</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify;"><font style="color: #000000;">On</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> July 15, 2020, the Company entered into a secured loan facility of $22,500 with Lucid Agency Services Limited and Lucid Trustee Services Limited, as facility agent and security agent, respectively, and certain nominees of EnTrust Global  as lenders, or the “New Entrust Loan Facility”, the proceeds of which were used for the settlement of the term loan facility provided by HCOB. The Company drew down the $22,500 on July 16, 2020.</font> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The New Entrust Loan Facility matures in July 2025 and is secured by first priority mortgages over the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Gloriuship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> and the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Geniuship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">, general assignments covering earnings, insurances and requisition compensation of each vessel, account pledge agreements concerning the earnings account of each vessel, share pledge agreements concerning each vessel-owning subsidiaries’ shares and relevant technical and commercial managers’ undertakings. In addition, the New Entrust Loan Facility was cross collateralized with the Amended and Restated Entrust Loan Facility. As a result, the New Entrust Loan Facility was further secured by a corporate guarantee from Lord Ocean Navigation Co., or “Lord Ocean”, being the vessel-owning subsidiary of the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Lordship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">, a second preferred mortgage over the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Lordship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">, second priority general assignment covering earnings, insurances and requisition compensation of the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Lordship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">, a second priority account pledge agreement concerning the earnings account of Lord Ocean, a second priority share pledge agreement concerning Lord Ocean’s shares and second priority technical and commercial managers’ undertakings. As of December 31, 2020, the amount outstanding under this facility was $22,024. </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">On March 5, 2021 the Company repaid the full balance of the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Amended and Restated Entrust Loan Facility and all securities created to cross-collateralize the Amended and Restated Entrust Loan Facility with the New Entrust Loan Facility were irrevocably and unconditionally released (Note 15</font>)<font style="color: #000000;">.</font></div><div style="text-align: justify;"><font style="color: #000000;"><br /></font></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">As of December 31, 2020, each of the facilities mentioned above were secured by a first priority mortgage over the respective vessel; Additionally, the Squire Alpha Bank Loan Facility was also secured by a second priority mortgage over the <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Leadership</font>, the Amended and Restated Entrust Loan Facility was also secured by cross collateralized second priority mortgages over the <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Geniuship</font> and <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Gloriuship</font> and the New Entrust Loan Facility was secured by a second priority mortgage over the Lordship.</div></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Other Financial Liabilities - Sale and Leaseback Transactions</div><div><br /></div><div style="text-align: justify; color: #000000;">On June 28, 2018, the Company entered into a $26,500 sale and leaseback agreement for the<font style="font-style: italic;"> Knightship</font> with Hanchen Limited (“Hanchen”), an affiliate of AVIC International Leasing Co., Ltd., for the purpose of refinancing the outstanding indebtedness of the<font style="font-style: italic;"> Knightship</font> under the previous loan facility with NSF dated November 28, 2016. The Company’s wholly-owned subsidiary, Knight Ocean Navigation Co (“Knight” or the “Charterer”) 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 style="font-style: italic;"> Knightship</font> at any time following the second anniversary of the bareboat charter. Under ASC 842-40, the transaction was accounted for as a financial liability. 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. 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, or Charterer’s Deposit, 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 Charterer’s Deposit can be set off against the balloon payment at maturity. The bareboat charter required Knight to maintain an amount of $1,325 (Note 4) until June 28, 2020. The charterhire principal bears interest at LIBOR plus a margin of 4% and amortizes in twenty-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 Charterer’s Deposit and the additional amount of $1,325 (Note 4). The charterhire principal, as of December 31, 2020, was $15,320.</div><div><br /></div><div style="text-align: justify; color: #000000;">On November 7, 2018, the Company entered into a $23,500 sale and leaseback agreement for the<font style="font-style: italic;"> Championship</font> with Cargill International SA (“Cargill”) for the purpose of refinancing the outstanding indebtedness of the<font style="font-style: italic;"> Championship</font> under the Amended and Restated ATB Loan Facility. The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five year period, having a purchase obligation at the end of the fifth year. 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 4). 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 style="font-style: italic;">Championship</font> of an open loop scrubber system. The subject tranche was placed in an escrow account and was made available gradually subject to certain progress milestones.</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2019, $248 remained available from this additional tranche, which is included in “Other current assets” in the consolidated balance sheet. As of December 31, 2020, this additional tranche was fully drawn. 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 and reduces 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 7,500 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 thirty-five 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, 2020, was $19,597 and $2,192, respectively.</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><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; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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; vertical-align: top; align: right; color: #000000;">•</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">a leverage ratio.</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, the Company was in compliance with all covenants relating to its loan facilities as at that date.</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, eight of the Company’s owned vessels, having a net carrying value of $186,717, 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 $58,817 as of December 31, 2020, have been financed through other financial liabilities (i.e., sale and leaseback agreements).</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Subordinated long-term debt</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Company</font> refers to the First Jelco Loan, the Second Jelco Loan and the Fourth Jelco Loan (all mentioned below) as the “Jelco Loans”.</div><div><br /></div><div style="text-align: justify; text-indent: -27pt; margin-left: 27pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Securities Purchase Agreements and Omnibus Supplemental Agreements:</div><div><br /></div><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; color: #000000;">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 Loans and the Jelco Notes (Note 8) 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 10). In particular, in exchange for: (a) 621,958 Units (Note 10), 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 elimination of interest payments in an aggregate amount of $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. 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 10) 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. 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', Times, serif; color: #FFFFFF;"> </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">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><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In December 2020, the Company and Jelco entered into a SPA, an <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Omnibus Loans Agreement</font> and an Omnibus Notes Agreement, which set forth the terms of the restructuring of the outstanding loan facilities and convertible notes between the Company and Jelco. Pursuant to these agreements, all maturities under the Jelco Loans and the Jelco Notes (as mentioned below) were extended to December 2024 and the interest rate was set at 5.5% until maturity. The conversion price under the Jelco Notes was set to $1.20 per common share. In connection with this transaction, the Company prepaid $6,500 of the principal amount of the Second Jelco Loan Facility on December 31, 2020. In exchange for the settlement of all accrued and unpaid interest under the Jelco Loans and Jelco Notes through December 31, 2020, in an aggregate amount of $4,350, and an amendment fee of $1,241, the Company issued, on January 8, 2021, 7,986,913 units at a price of $0.70 per unit, with each unit consisting of one common share of the Company (or, at Jelco’s option, one pre-funded warrant in lieu of such common share) and one warrant to purchase one common share at an exercise price of $0.70. As of December 31, 2020, all of the warrants to purchase one common share at an exercise price of $0.70 remain outstanding. Furthermore, the Company granted to Jelco an option, to purchase up to 4,285,714 additional Units at a price of $0.70 per Unit in exchange for the settlement of principal under the Second Jelco Loan Facility in an amount equal to the aggregate purchase price of the units. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, pursuant to the terms of the Omnibus Loans Agreement, in 2022 and 2023, two mandatory repayments of $8,000 will be made, which will be applied to the Jelco Loans on a pro rata basis based upon the principal amounts outstanding at that time. Any amounts outstanding after the two mandatory repayments will be repaid at the maturity date. Furthermore, the Omnibus Loans Agreement provides for certain prepayment provisions through a cash sweep mechanism, capturing (i) corporate liquidity in excess of $25,000 or (ii) Time Charter Equivalent revenues in excess of $18,000 and up to $21,000. Lastly the Jelco Loans are mandatorily prepaid on a pro rata basis from 25% of the net proceeds from any future equity offerings and warrant exercises (Note 15). Pursuant to the terms of the Omnibus Loans Agreement, the total repayments on the Jelco Loans (including the mandatory repayments and any prepayments) shall not exceed $12,000 in any twelve-month period ending on December 31.</font></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><div style="text-align: justify; color: rgb(0, 0, 0);"><div style="text-align: justify;">The Company considered the troubled debt restructuring guidance regarding the December 31, 2020 Jelco restructuring and concluded that it was not met. The Company further considered the modification and extinguishment accounting guidance and concluded that modification accounting was appropriate. The Company concluded:</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(i) amount of $1,015 was expensed as incurred in 2020, since it concerned amounts paid to third parties in relation to the restructuring, whereas the remaining amount of $166 was included in additional paid-in capital, since these costs related to the issuance of units;<br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(ii) the amendment fee of $1,241 has been accounted for as a debt deferred cost and will be amortized to each facility’s maturity;</div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iii) the fair value of the option granted to Jelco to purchase up to 4,285,714 additional units was recorded as debt discount and will be amortized to Second Jelco Loan’s maturity (Note 9);</div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iv) for the accounting treatment of the fair value of the Jelco units and the change in the fair value of the conversion option, refer to Note 9.</div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br /></div><div style="text-align: justify; color: rgb(0, 0, 0);">All amounts regarding the Jelco restructuring were recorded as of December 31, 2020, the date of the closing of the transaction.</div></div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">First Jelco Loan originally entered into on October 4, 2016</div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On October 4, 2016, the Company entered into a loan facility with Jelco to partly finance the acquisition of the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lordship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and </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;">. As amended, the aggregate amount borrowed was $12,800. As further amended, the facility was repayable in one bullet payment together with accrued interest on the maturity date. </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="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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%. The Company obtained extension of the maturity of this facility which was originally due on June 30, 2020 until November 13, 2020. </font>Following the extension, the interest rate margin of the facility was increased by 1% per annum.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the terms of the SPA, all unpaid interest accrued of $630 under the First Jelco Loan through December 31, 2020 was deemed fully and finally settled.  This facility was secured by a second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and a guarantee from the vessel-owning subsidiary of the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership,</font> all cross collateralized with the Third Jelco Note and the Second Jelco Loan, and a guarantee from <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Lordship</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and of the bareboat charterer 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;">. As of December 31, 2020, an amount of $5,900, gross of deferred fi</font>nancing costs of $118, was outstanding under the First Jelco Loan. Through payments made in February 2021, the Company prepaid the full outstanding balance of the First Jelco Loan (Note 15).</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Second Jelco Loan <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">originally entered into on </font>May 24, 2017</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">. </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="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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%.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the terms of a Securities Purchase Agreement entered into with Jelco on December 30, 2020, all unpaid interest accrued of $841 under the Second Jelco Loan through December 31, 2020 was deemed fully and finally settled.  The facility was secured by a second preferred mortgage and second priority general assignment covering earnings, insurances and requisition compensation over the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partnership</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and a guarantee from the vessel-owning subsidiary of the </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; 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="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">.</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>As of December 31, 2020, an amount of $4,950, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">gross of deferred fi</font>nancing costs of $772, was outstanding under the Second Jelco Loan. The unamortized deferred financing costs as of December 31, 2020, include an amount of $543, being the fair value of the option granted to Jelco to purchase additional securities (Note 9). Through a payment made in February 2021, the Company prepaid $100 of the outstanding balance of the Second Jelco Loan (Note 15).</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Third Jelco Loan <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">originally entered into on </font>April 10, 2018</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On April 10, 2018, the Company entered into a $2,000 loan facility with Jelco for working capital purposes <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Fourth Jelco Loan <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">originally entered into on </font>March 26, 2019</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">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 had 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 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 Company obtained an extension of the maturity of this facility which was originally due on September 27, 2020 until November 13, 2020.</div><div><br /></div><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the terms of the SPA, all unpaid interest accrued of $454 under the Fourth Jelco Loan through December 31, 2020 was deemed fully and finally settled. The Fourth Jelco Loan Facility was secured by a guarantee from Emperor. As of December 31, 2020, an amount of $6,000, gross of deferred fi</font>nancing costs of $120, was outstanding under the Fourth Jelco Loan. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Through payments made in February 2021, the Company prepaid the full outstanding balance of the Fourth Jelco Loan (Note 15)</font>.</div><div><br /></div><div style="text-align: justify; color: #000000;">The annual principal payments required to be made after December 31, 2020 for all long-term debt and other financial liabilities, taking into consideration subsequent developments described in Note 15, are as follows:</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">Amount</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: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2021</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;">20,412</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">82,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2023</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;">32,471</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">9,032</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Thereafter</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;">29,158</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: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">173,289</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
169762000
183066000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(u)</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'; 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; color: #000000;">1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Basis of Presentation and General Information:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">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 Glyfada, Greece. The Company provides global transportation solutions in the dry bulk shipping sector through its subsidiaries.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).</div><div><br /></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">On December 31, 2020, the Company concluded on a restructuring transaction with <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Jelco Delta Holding Corp., or Jelco, the Company’s junior creditor and a former affiliate and former related party (Notes 3, 7 and 8).</font> The Company considered Jelco a related party up to the date that the restructuring was concluded, since after that date, Jelco did not meet the definition of related party as per ASC 850, on the basis that Jelco was no longer able to significantly influence management nor held more than 10 per cent of the voting interests of the Company. As such, following the date that the restructuring was concluded, the Company no longer considers Jelco a related party. As of December 31, 2020, Jelco loans are classified in “Long-term debt and other financial liabilities”, whereas such loans were classified as “Due to related parties” as of December 31, 2019. Amounts in the consolidated statement of loss and consolidated statement of cash flows for 2020 until the date that Jelco ceased to be a related party were presented as transactions with related party.</div></div><div><br /></div><div style="text-align: justify; color: #000000;">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><br /></div><div style="text-align: justify; color: #000000;">On June 30, 2020, the Company’s common stock began trading on a split-adjusted basis, following a June 25, 2020 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-sixteen (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 will receive a cash payment in lieu of such fractional share (Note 11). 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><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; vertical-align: top; align: right; color: #000000;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Subsidiaries in Consolidation:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2020:</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><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: 31.95%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Company</div></td><td style="width: 1.12%; vertical-align: bottom;"> </td><td style="width: 17.96%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Country of</div><div style="text-align: center; color: #000000; font-weight: bold;">Incorporation</div></td><td style="width: 0.96%; vertical-align: bottom;"> </td><td style="width: 14.96%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Vessel name</div></td><td style="width: 1.16%; vertical-align: bottom;"> </td><td style="width: 15.1%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Date of Delivery</div></td><td style="width: 1.16%; vertical-align: bottom;"> </td><td style="width: 15.16%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Date of</div><div style="text-align: center; color: #000000; font-weight: bold;">Sale/Disposal</div></td><td style="width: 0.46%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Management Corp. (1)(3)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Shipmanagement Corp. (1)(3)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Glorius Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Gloriuship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">November 3, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Genius Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Geniuship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">October 13, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Leader Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Leadership</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">March 19, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Premier Marine Co. (1)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Premiership</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">September 11, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Gladiator Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Gladiatorship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">September 29, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">October 11, 2018</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Guardian Shipping Co. (1)(9)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Guardianship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">October 21, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">November 19, 2018</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td nowrap="nowrap" style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Ocean Navigation Co. Limited (1)(6)(10)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Malta</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Championship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">December 7, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">November 7, 2018</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Squire Ocean Navigation Co. (1)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Squireship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">November 10, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Emperor Holding Ltd. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Knight Ocean Navigation Co. (1)(8)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Knightship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">December 13, 2016</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">June 29, 2018</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lord Ocean Navigation Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Liberia</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Lordship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">November 30, 2016</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Partner Shipping Co. Limited (1)(7)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Malta</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Partnership</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">May 31, 2017</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Pembroke Chartering Services Limited (1)(4)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Malta</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Martinique International Corp. (1)(5)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Bremen Max</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">September 11, 2008</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">March 7, 2014</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">Harbour Business International Corp. (1)(5)</td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Hamburg Max</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">September 25, 2008</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">March 10, 2014</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Capital Shipping Limited (1)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Bermuda</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;">N/A<br /></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;">N/A<br /></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A<br /></td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">Maritime Capital Shipping (HK) Limited (2)(3)</td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Hong Kong</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A<br /></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Glory Shipping Limited (2)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Clipper Glory</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">May 21, 2010</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">December 4, 2012</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; 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 rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Clipper Glory</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">May 21, 2010</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">October 15, 2012</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;">Atlantic Grace Shipping Limited (11)</td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Fellow Shipping Co. (1)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);">Fellowship</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 22, 2018</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)(9)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)(8)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Good Ocean Navigation Co. (1)(Note 6)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Goodship</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">August 7, 2020</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </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: 36pt; vertical-align: top; align: right; color: #000000;">(1)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(2)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “MCS”)</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; vertical-align: top; align: right; color: #000000;">(3)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(4)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(5)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(6)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(7)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(8)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Bareboat charterers</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; vertical-align: top; align: right; color: #000000;">(9)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dissolved on October 23, 2020</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; vertical-align: top; align: right; color: #000000;">(10)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dissolved on December 22, 2020<br /></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; vertical-align: top; align: right; color: #000000;">(11)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dissolved on April 30, 2020</div></td></tr></table></div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-weight: bold;">Recent Accounting Pronouncements Adopted</div><div><br /></div><div style="text-align: justify; color: #000000;">On January 1, 2020, the Company adopted ASU No.  2016-13, <font style="font-style: italic;">Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font>. 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 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 style="font-style: italic;">Codification Improvements to topic 326, Financial Instruments-Credit Losses</font>. 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 style="font-weight: bold;">, </font>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—Credit Losses (Topic 326)—Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100—Targeted Transition Relief for Topic 326, Financial Instruments—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. 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. The adoption of this standard, as amended, did not have a material effect in the Company’s consolidated financial statements and related disclosures as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.<br /></div><div><br /></div><div style="text-align: justify; color: #000000;">On January 1, 2020, the Company adopted ASU No. 2018-13, <font style="font-style: italic;">Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement</font>, 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. The adoption of ASU No. 2018-13 did not have a material effect in the Company’s consolidated financial statements and disclosures.</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">On January 1, 2020</font><font style="color: #000000;">, the FASB issued ASU 2019-08, </font><font style="color: #000000;">Codification Improvements—Share-Based Consideration Payable to a Customer</font><font style="color: #212529;">. </font><font style="color: #000000;">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="color: #000000;"> </font><font style="color: #000000;">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="color: #000000;"> The adoption of ASU No. 2019-08 did not have a material effect in the Company’s consolidated financial statements and disclosures.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Recent Accounting Pronouncement<font style="font-family: 'Times New Roman';">s – Not Yet Adopted</font></div><font style="font-family: 'Times New Roman';"></font><div><br /></div><font style="font-family: 'Times New Roman';"></font><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020.  An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. Currently the Company does not have any contracts that have been changed to a new reference rate, but will continue to evaluate its contracts and the effects of this standard on the Company’s consolidated financial position, results of operations, and cash flows.</div><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><br /></div></div><div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman';">In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Sh</font>are (“EPS”) calculations for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</div></div>
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845000
426000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The following table presents the Company’s income statement figures derived from time charters for the year ended December 31, 2020:</div><div><br /></div><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: 87.87%; vertical-align: bottom;"> </td><td style="width: 0.87%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 10.39%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">December 31,</div><div style="text-align: center; color: #000000;">2020</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom;"> </td></tr><tr><td style="width: 87.87%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel revenues, net of commissions</div></td><td style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 1.05%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 9.34%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">36,312</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 87.87%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div></td><td style="width: 0.87%; vertical-align: bottom;"> </td><td style="width: 1.05%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td><td style="width: 9.34%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">(1,468</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom;"><div style="color: #000000;">)</div></td></tr><tr><td style="width: 87.87%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 1.05%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;"> </td><td style="width: 9.34%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">34,844</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr></table></div>
-268000
12040000
4275000
674000
1252000
32000
29000
450000
0
3640000
698000
1153000
20189000
12349000
30921000
3400000
5320000
2839000
8580000
0
0
0
0
0.0001
0.0001
25000000
25000000
1140000
400000
22491000
22500000
6422000
67130000
22500000
44430000
52705000
73750000
13225000
0
73750000
75055000
14293000
25000000
1782000
20000
6899000
6750000
6090000
5154000
5202000
3611000
6341000
1068000
5877000
982000
4100000
0
5000000
2000000
7000000
0
0
22652000
18550000
P25Y
15590000
21466000
3705000
21435000
485000
31000
11400000
373000
386000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">6.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Vessels, Net:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div style="text-align: justify;"><font style="color: #000000;"></font><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" nowrap="nowrap" 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; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">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></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cost:</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Beginning balance</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;">292,280</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;">270,814</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">- Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">15,590</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">21,466</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Ending balance</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;">307,870</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;">292,280</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%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Accumulated depreciation:</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Beginning balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(38,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(27,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">- Depreciation for the period</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;">(12,634</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;">(10,899</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: top; width: 76%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(51,133</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(38,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; 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: top; width: 76%; padding-bottom: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000; font-weight: bold;">256,737</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><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;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">On May 26, 2020, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the <font style="font-style: italic;">Goodship</font>, for a gross purchase price of $11,400. The vessel was delivered to the Company on August 7, 2020. The acquisition of the vessel was financed with cash on hand, as sourced through its equity capital raising activities in 2020 (Note 11).</div><div><br /></div><div style="text-align: justify; color: #000000;">During the year ended December 31, 2020, the Company installed an exhaust gas cleaning system, or scrubber, on one of its vessels. The cost of this scrubber amounted to $3,705 in the aggregate. During 2019, the Company installed 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 amount of $485 and $31 of expenditures were capitalized during the years ended December 31, 2020 and 2019, respectively. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows.</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, all vessels, except for the <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) and the <font style="font-style: italic;">Goodship</font> that is unencumbered, are mortgaged to secured loans of the Company (Note 7).</div></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div><div style="text-align: justify;"><font style="color: #000000;"></font><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" nowrap="nowrap" 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; font-weight: bold;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">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></tr><tr><td valign="bottom" style="vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Cost:</div></td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Beginning balance</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;">292,280</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;">270,814</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">- Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">15,590</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">21,466</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Ending balance</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;">307,870</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;">292,280</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%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Accumulated depreciation:</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Beginning balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(38,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(27,600</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">- Depreciation for the period</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;">(12,634</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;">(10,899</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: top; width: 76%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Ending balance</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(51,133</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">(38,499</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"><div style="color: #000000;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; 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: top; width: 76%; padding-bottom: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net book value</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000; font-weight: bold;">256,737</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><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;"> </td></tr></table></div>
292280000
270814000
307870000
257110000
254167000
256737000
253781000
186717000
58817000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(k)</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: #000000;">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 style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">In addition, other long-term investments, referred to equipment for the vessels not yet installed, are included in “Deferred charges and other-long term investments, non-current” in the consolidated balance sheets. Amounts paid for this equipment are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows.</div></div></div>
5299000
14051000
52514000
17598000
68468000
23500000
12000000
6500000
21600000
6500000
100000
1000000
12000000
1000000
0
0
990000
0
50000
900000
-394597000
-376241000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(p)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Revenue Recognition</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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.</div><div><br /></div><div style="text-align: justify; color: #000000;">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 i<font style="font-family: 'Times New Roman'; font-size: 10pt;">s 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)). <br /></font><div style="font-family: 'Times New Roman'; font-size: 10pt;"><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured.  For voyage charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. 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.</div></div><div><br /></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, 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 f</font>or the years ended December 31, 2020, 2019 and 2018 was $819, $1,528 and $2,108, respectively.</div><div><br /></div><div style="text-align: justify; color: #000000;">Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents <font style="font-family: 'Times New Roman'; font-size: 10pt;">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, 2020, 2019 and 2018 was $133, $432 and $612, respectively.</font></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div><br /></div><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, 2020:</div><div><br /></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; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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: rgb(0, 0, 0);">December 31,</div><div style="text-align: center; color: rgb(0, 0, 0);">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">Vessel revenues, net of commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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: rgb(0, 0, 0);">27,033</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: rgb(0, 0, 0);">(17,099</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: rgb(0, 0, 0);">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0);">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="text-align: left; 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: rgb(0, 0, 0);">9,934</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div><div><br /></div><font style="font-family: 'Times New Roman'; font-size: 10pt;"></font><div style="text-align: justify; color: #000000; font-style: italic;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Disaggregation </font>of Revenue</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at December 31, 2020 and 2019:</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: bottom;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">801</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;">653</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable trade, net from time charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">1,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">801</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;">1,763</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;">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, 2020 was $4,510 and relates entirely to ASC 842. The non-current portion of Deferred revenue as of December 31, 2020 relates entirely to ASC 842 and is related to scrubber premiums (i.e. increased daily hire rates provided for by the chartering agreements) for scrubber-fitted vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2020 from amounts included in deferred revenue at the beginning of the period was $4,296.</div></div>
65682000
89523000
94859000
63345000
86499000
91520000
27033000
36312000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">3.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Going Concern:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">As described in Note 2, 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.</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2019, the Company’s cash flow projections for the period after one year after the date that the financial statements were issued indicated that cash on hand and cash provided by operating activities would not be sufficient to cover the liquidity needs that became due within one year after the date that the financial statements were issued mainly due to the balloon payments that were due within the respective period. Any failure on the part of the Company to timely repay the balloons falling due within one year would result in the lenders demanding payment, which could 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 classified the long-term portion of its bank debt and other financial liabilities in current liabilities. Since as of the date of the issuance of those financial statements no definite plan had crystalized, the above conditions raised substantial doubts about the Company’s ability to continue as a going concern.</div><div><br /></div><div style="text-align: justify; color: #000000;">On March 17, 2020, the Company entered into the fifth supplemental agreement with Alpha Bank A.E. regarding the Leader Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement, among other things, the maturity date was extended from March 18, 2020 to December 31, 2022 (Note 7).</div><div><br /></div><div style="text-align: justify; color: #000000;">On March 31, 2020, the Company entered into the fourth supplemental agreement with Alpha Bank A.E. regarding the Squire Alpha Bank Loan Facility. Pursuant to the terms of the supplemental agreement, among other things, the maturity date was extended from November 10, 2021 to December 31, 2022 (Note 7).</div><div><br /></div><div style="text-align: justify; color: #000000;">During 2020, the Company raised $73,750 in proceeds net of underwriters fees and commissions, from two follow-on public offerings, four registered direct offerings, and from the partial exercises of Class D warrants issued in the April 2020 follow-on public offering as well as the full exercise of all warrants issued in four private placements that took place concurrently with the registered direct offerings (Note 11). During 2021 and as of the date of this report, the Company has also raised approximately $22,491 from the partial exercises of Class E warrants issued in the August 2020 follow-on public offering (Note 15).</div><div><br /></div><div style="text-align: justify; color: #000000;">On June 26, 2020, the Company entered into a settlement agreement with Hamburg Commercial Bank AG, or HCOB, formerly known as HSH Nordbank AG, related to the term loan facility secured by the <font style="font-style: italic;">Geniuship</font> and the <font style="font-style: italic;">Gloriuship</font> with original maturity on June 30, 2020 (Note 7). On July 17, 2020, the Company fully settled the loan agreement with HCOB through a $23,500 payment out of the then outstanding amount of the loan agreement of $29,056. The $23,500 payment was funded from the proceeds of a new $22,500, five-year loan entered into with funds managed by EnTrust Global (Note 7) and $1,000 of the Company’s own funds. Following such payment, all securities placed in favor of HCOB were irrevocably and unconditionally released (Note 7). As a result of the settlement agreement, the Company recognized a gain of $5,144.</div><div><br /></div><div style="text-align: justify; color: #000000;">In December 2020, the Company and Jelco Delta Holding Corp., or Jelco, the Company’s junior creditor and a former affiliate and former related party, entered into a Securities Purchase Agreement, or the SPA, an Omnibus Loans Agreement and an Omnibus Notes Agreement, which set forth the terms of the restructuring of the outstanding loan facilities and convertible notes between the Company and Jelco. Pursuant to the agreement, all maturities under the loan facilities and convertible notes were extended to December 2024 and the interest rate was set at 5.5% until maturity. In connection with this transaction, the Company prepaid $6,500 of the principal amount of the Second Jelco Loan Facility on December 31, 2020. In exchange for the settlement of all accrued and unpaid interest under the Jelco Loans and Jelco Notes through December 31, 2020 in an aggregate amount of $4,350, as well as an amendment fee of $1,241, the Company issued, on January 8, 2021, 7,986,913 units at a price of $0.70 per unit, with each unit consisting of one common share of the Company (or, at Jelco’s option, one pre-funded warrant in lieu of such common share) and one warrant to purchase one common share at an exercise price of $0.70</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, and the date of the issuance of these consolidated financial statements (adjusted for the refinancing arrangements mentioned below), the Company had $20,412 scheduled installments with respect to third party lenders that were due within one year. The Company also had some contractual obligations to repay Jelco within 2021 if certain conditions were met, with a maximum amount of $12,000 for the year. The Company has paid Jelco $12,000 as of the date of the issuance of these consolidated financial statements (Note 15).</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, the Company was in compliance with all original covenants relating to its loan facilities as at that date. The Company anticipates that it will comply with all future corporate covenants for at least the period after one year after the date that the consolidated financial statements are issued.</div><div><br /></div><div style="text-align: justify; color: #000000;">Since December 31, 2020 and the date of the issuance of these consolidated financial statements, the following definite plans have crystalized (please refer also to Note 15 for further details):</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: 18pt; vertical-align: top; align: right; color: #000000;">i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 8, 2021, the Company entered into a supplemental agreement to the facility with UniCredit Bank AG, or UniCredit, which became effective on February 9, 2021, following satisfaction of certain customary conditions precedent. Pursuant to supplemental agreement: (i) the Leverage Ratio, the ratio of EBITDA to interest payments and the Security Cover Ratio (each term as defined therein) were waived with retrospective effect from June 2020 onwards (and January 2020 for the Security Cover Ration only) and for the remaining duration of the facility, (ii) the quarterly installments were reduced from $1,550 to $1,200, effective as of the December 2020 installment and (iii) the applicable margin was increased from 3.2% to 3.5% with effect from December 29, 2020 until the maturity of the facility that was extended to December 29, 2022 from December 29, 2020 initially.</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: 18pt; vertical-align: top; align: right; color: #000000;">ii)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 12, 2021, the Company entered into a supplemental agreement to the facility with Amsterdam Trade Bank N.V., or ATB, which became effective on February 16, 2021 following satisfaction of certain customary conditions precedent. Pursuant to supplemental agreement: (i) the Leverage Ratio (as defined therein) was amended to 85% from 75% previously, with retrospective effect from June 2020 onwards and for the remaining duration of the facility, (ii) the ratio of EBITDA to interest payments (as defined therein) was waived with retrospective effect from June 2020 onwards and for the remaining duration of the facility and (iii) the minimum required security cover (as defined therein) was amended to (a) 140% until June 30, 2021 (inclusive), (b) 145% until December 31, 2021 (inclusive) and (c) 150% thereafter and until the maturity of the loan on November 26, 2022.</div></td></tr></table><font style="font-size: 10pt;"></font><font style="font-size: 10pt;"></font><font style="font-size: 10pt;"></font><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; vertical-align: top; align: right; color: #000000;">iii)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); font-size: 10pt;">On February 19, 2021, the Company sold 44,150,000 common shares pursuant to a registered direct offering at a price of $1.70 per common share, in exchange for gross proceeds of $75,055, or net proceeds of approximately $69,971.</div></td></tr></table><font style="font-size: 10pt;"></font><font style="font-size: 10pt;"></font><div style="text-align: justify; color: #000000;"><table cellpadding="0" cellspacing="0" class="DSPFListTable"><tr><td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">iv)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">On March 5, 2021, the Company prepaid the full balance of $21,600 of the Amended and Restated Entrust Loan Facility. The balance was paid with cash on hand. <br /></div></div></td></tr></table></div><div style="text-align: justify; color: #000000;"><table cellpadding="0" cellspacing="0" class="DSPFListTable"><tr><td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">v)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); font-size: 10pt;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Between February and March 2021, the Company entered into four separate agreements with unaffiliated third parties for the purchase of four secondhand Capesize vessels, for a combined gross purchase price of $100,585. The Company expects to finance the vessel acquisitions with cash on hand and by secured loan facilities from financial institutions. Delivery of the vessels from their sellers are expected to take place until the end of the second quarter of 2021.</div></div></td></tr></table></div><div style="text-align: justify; color: #000000;"><font style="font-size: 10pt;"></font><br /></div><div style="text-align: justify; color: #000000;">The Company’s cash flow projections, following the implementation of the above mentioned plans, for the period after one year after the date that the consolidated financial statements are issued indicate that cash on hand and cash provided by operating activities will be sufficient to cover the liquidity needs that become due within one year after the date that the consolidated financial statements are issued. In this respect, substantial doubt about the Company’s ability to continue as a going concern has been alleviated.</div><div><br /></div><div style="text-align: justify; color: #000000;">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.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(r)</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;">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.</div></div>
69971000
12647000
71835000
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;">Restricted shares during 2020, 2019 and 2018 are analyzed as follows:<br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td><td colspan="1" nowrap="nowrap" 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-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Number of</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Shares</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Weighted</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Average</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Grant</div><div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Date Price</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2017</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1,573</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">384.00</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Granted</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">248.48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vested</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,475</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">248.48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(191</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">297.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2018</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,157</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">261.60</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Granted</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">146.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vested</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(8,156</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">112.32</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(20</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">146.40</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2019</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,981</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">133.76</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Granted</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">156,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Vested</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(107,139</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5,23</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Forfeited</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(28</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">5.12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Outstanding at December 31, 2020</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">52,064</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.48</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The amounts in the accompanying consolidated balance sheets 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: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lubricants</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;">591</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;">522</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Bunkers</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">4,059</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">3,340</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">4,650</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;">3,862</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'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">Interest and finance costs, related party, are analyzed as follows:</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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" 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" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2020</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" 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" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest on subordinated debt</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;">1,924</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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of subordinated debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">2,425</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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Convertible notes amortization of debt discount (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">5,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">4,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of debt issuance costs (shares issued to Jelco - non-cash)</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;">201</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;">3,505</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 rowspan="1" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">Restructuring expenses<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">1,015</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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: -7.2pt; margin-left: 7.2pt; 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%; 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;">11,083</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;">8,629</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;">8,881</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'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2020, 2019 and 2018 were:</div><div><br /></div><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 nowrap="nowrap" style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Customer</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2020</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2019</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2018</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">A</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">23</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">B</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">19</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">26</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">C</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">18</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">21</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">D</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">18</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">15</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCECFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">E</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">11</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">41</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">52</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">58</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The annual principal payments required to be made after December 31, 2020 for all long-term debt and other financial liabilities, taking into consideration subsequent developments described in Note 15, are as follows:</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-weight: bold;">Amount</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: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2021</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;">20,412</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">82,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2023</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;">32,471</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%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">9,032</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Thereafter</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;">29,158</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: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">173,289</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </font>annual principal payments required to be made after<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> December 31, 2020</font>, <font style="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; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Twelve month periods ending December 31,</div></td><td colspan="1" nowrap="nowrap" 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2021</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2022</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 88%;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2024</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thereafter</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="text-align: left; 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; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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: 4px;"><div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">38,715</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</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: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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; 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">173,289</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;">185,509</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less: Deferred financing costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(3,527</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(2,443</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">169,762</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;">183,066</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: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less - current portion</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(19,417</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">(183,066</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; 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: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">150,345</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;">-</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'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The calculation of net loss per common share is summarized below:</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;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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" nowrap="nowrap" 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: -7.2pt; margin-left: 7.2pt; 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;">(18,356</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;">(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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">33,436,278</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);">958,297</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);">156,692</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"><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);"><div style="color: #000000;">(0.55</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"><div style="color: #000000;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">$</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">(12.21</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">) <br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">$</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">(134.39</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">) <br /></td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:</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: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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;">December 31,</div><div style="text-align: center; color: #000000; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><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="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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;">21,011</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; 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="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">50</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">900</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash, non-current</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="text-align: left; 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;">990</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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="text-align: left; 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;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px;"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">22,051</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;"><div style="color: #000000;">14,554</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">As of December 31, 2020, the number of common shares that can potentially be issued under each outstanding warrant are:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 40%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Warrant</div></td><td colspan="1" nowrap="nowrap" 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</div><div style="text-align: center; color: #000000;">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; width: 28%; background-color: rgb(204, 238, 255);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class A</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;">47,916</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: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class B</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">415,845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class D</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;">273,046</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: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class E</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">40,896,428</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Jelco Warrants</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;">7,986,913</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: top; width: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Pre-funded Warrants - Jelco (Note 15)<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">955,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Representative Warrants</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: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">123,406</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: 28%; border-bottom: 4px double rgb(0, 0, 0);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">50,699,284</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div>The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at December 31, 2020 and 2019:</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: bottom;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">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;">801</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;">653</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;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Accounts receivable trade, net from time charters</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;"><div style="color: #000000;">1,110</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">801</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;">1,763</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>
19417000
183066000
150345000
0
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(z)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Segment Reporting</div></td></tr></table><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">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.</div></div>
869000
1310000
1295000
0.70
1.70
3.40
0.70
0.70
2.16
1.92
1.92
1.92
297.60
146.40
5.12
P2Y
P2Y
5250
9000
156250
9000
4167
4416
417
156250
45000
42812
60626
7812
3600000
1400000
950000
1100000
150000
191
20
28
4475
8156
107139
3000
2972
3000
52084
52083
52083
1573
2157
2981
52064
248.48
146.40
5.12
146.40
5.12
0.81
248.48
112.32
5.23
384.00
261.60
133.76
2.48
4000000
3500
187500
12500
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(x)</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; color: #000000;">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.</div></div>
154079
166636
1681253
68314985
0
0
1541000
7500
44150000
7500
621958
1201571
89687
172812
89687
2582142
2000000
3125000
3171875
2684375
2709375
1129226
2263421
955730
5057
8979
156243
0
1541000
0
1541000
1541000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">11.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Capital Structure:</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: 36pt; vertical-align: top; align: right; color: #000000;">(a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Common Stock</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><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="width: 18pt;"> </td><td style="vertical-align: top; width: 45pt;"><div style="text-align: justify; color: rgb(0, 0, 0);"><font style="text-align: left; color: rgb(0, 0, 0);">i)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; color: rgb(0, 0, 0);">NASDAQ Notification – Effect of Reverse Stock Split</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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><br /></div><div style="text-align: justify; color: #000000;">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. During the Company’s 2019 annual general meeting, the Company’s shareholders approved a reverse stock split of its issued and outstanding common stock at a ratio of not less than 1‑for‑2 and not more than 1‑for‑20, and granted the board of directors the authority to determine whether to implement any reverse stock split and, if so, to select an exchange ratio within the approved range. On January 14, 2020, the Company received a second written notification from the NASDAQ Stock Market, indicating that the Company was 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). On April 17, 2020, the Company received a written notification from the NASDAQ Stock Market, granting an extension to the grace period for regaining compliance with the minimum $1.00 per share bid price requirement up to September 25, 2020. The above extension was granted as part of Nasdaq’s determination to toll the compliance periods for all public companies, not meeting the continued listing requirements, such as the bid price requirement, due to the extraordinary market conditions and unprecedented turmoil in U.S financial markets. 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 this time, the Company’s common stock would continue to be listed and trade on the Nasdaq Capital Market. On June 30, 2020, the Company’s common stock began trading on a split-adjusted basis, following a June 25, 2020 approval from the Company’s Board of Directors to reverse split the Company’s common stock at a ratio of one-for-sixteen. 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. 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.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">On July 15, 2020, the Company announced that The Nasdaq Stock Market had confirmed that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock.</div><div><br /></div><div style="text-align: justify; color: #000000;">On September 30, 2020, the Company received written notification from The Nasdaq Stock Market (“Nasdaq”), indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from August 18, 2020 to September 29, 2020, 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 subsequently regained compliance with the listing rule (Note 15).</div><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="width: 18pt;"> </td><td style="vertical-align: top; width: 45pt;"><div style="text-align: justify; color: rgb(0, 0, 0);"><font style="text-align: left; color: rgb(0, 0, 0);">ii)</font></div></td><td style="align: left; vertical-align: top; width: auto;"><div style="text-align: justify; color: rgb(0, 0, 0);">Equity Offerings</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">On May 13, 2019, the Company completed a public offering of 262,500 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 $54.40 per unit. Under (i) above, the Company issued 172,812 common shares and 89,687 pre-funded warrants. All Pre-Funded Warrants have been exercised as of June 30, 2019 resulting in issuance of 89,687 Common Shares.  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.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 13, 2019, the Company sold 113,970 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 $54.40 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 7 & 8).</div><div><br /></div><div style="text-align: justify; color: #000000;">During April through August 2020, the Company raised $73,750 in proceeds net of underwriters fees and commissions or $71,835 in proceeds net of underwriters fees, commissions and other expenses, from two follow-on public offering, four registered direct offerings, and from the partial exercises of Class D warrants issued in the follow-on public offering as well as the full exercise of all warrants issued in four private placements that took place concurrently with the registered direct offerings (see below).</div><div><br /></div><div style="text-align: justify; color: #000000;">On April 2, 2020, the Company completed a follow-on public offering of 2,536,468 units (including the full exercise of the over-allotment option of 330,843 units granted to the underwriters), each unit consisting of one common share or pre-funded warrants in lieu of common shares and 40,583,500 Class D warrants to purchase an aggregate of 2,536,468 common shares of the Company, at a combined price of $2.72 per share and Class D warrant. On April 22, 2020, the exercise price of the Class D warrants was lowered from $2.72 per share initially to $1.92 per share and on June 8, 2020 was further reduced to $1.60 per share. The gross proceeds from the follow-on public offering were $6,899. Each Class D warrant has an exercise price of $1.60, is exercisable upon issuance and expires in April 2025.<br /></div><div><br /></div><div style="text-align: justify; color: #000000;">On April 14, 2020, the Company sold 3,125,000 of its common shares in a registered direct offering at a price of $2.16 per share and private warrants to purchase an aggregate of 3,125,000 common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $6,750.</div><div><br /></div><div style="text-align: justify; color: #000000;">On April 22, 2020, the Company sold 3,171,875 of its common shares in a registered direct offering at a price of $1.92 per share and private warrants to purchase an aggregate of 3,171,875 common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $6,090.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 4, 2020, the Company sold 2,684,375 of its common shares in a registered direct offering at a price of $1.92 per share and private warrants to purchase an aggregate of 2,684,375 common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $5,154.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 7, 2020, the Company sold 2,709,375 of its common shares in a registered direct offering at a price of $1.92 per share and private warrants to purchase an aggregate of 2,709,375 common shares of the Company in a concurrent private placement. The gross proceeds from the registered direct offering were $5,202.</div><div><br /></div><div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">On August 20, 2020, the Company completed an underwritten public offering of (i) 35,714,286 units, each unit consisting of one common share</font><font style="font-size: 12pt;"></font><font style="color: rgb(0, 0, 0);">or pre-funded warrants in lieu of common shares and 35,714,286 Class E Warrants to purchase an aggregate of 35,714,286 common shares of the Company, at a combined price of $0.70 per share and Class E warrant and (ii) 5,182,142 Class E Warrants purchased by the underwriters under their over-allotment option at a price of $0.01. The gross proceeds from public offering were $25,000.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">On September 1, 2020, 2,582,142 common shares were issued following the partial exercise of the overallotment option granted to the underwriters related to the underwritten public offering which closed on August 20, 2020, in exchange for gross proceeds of $1,782.</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">In October 2020, 2,000,000 <font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">common shares were issued following the partial exercise of the remaining outstanding pre-funded warrants related to the underwritten public offering which closed on August 20, 2020, in exchange for gross proceeds of $20.</font></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: 36pt; vertical-align: top; color: rgb(0, 0, 0); text-align: justify;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: rgb(0, 0, 0); text-align: justify;">Warrants</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">On May 13, 2019, the Company sold a total of 376,470 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 $59.84 per share, which was adjusted to $16.00 on December 13, 2019 pursuant to the terms of the warrant agreement, is exercisable upon issuance and expires three years from issuance. 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 each case to purchase 39,375 shares.  In connection with the Offering, the Company issued the representative of the underwriters a warrant to purchase 13,125 Common Shares (Representative Warrant). Each Class C Warrant had an exercise price of $59.84 per share, was exercisable upon issuance, and expired 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 Representative Warrant had an exercise price of $68.00 per share, which was adjusted to $16.00 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.</div><div><br /></div><div style="text-align: justify; color: #000000;">In connection to the public offering and private placement that took place on May 13, 2019, 415,845 Class C Warrants and 415,845 Class B Warrants were issued. As of December 31, 2019, 6,594,029 Class C Warrants were exercised in a cashless exercise that resulted in the issuance of 1,129,226 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.</div><div><br /></div><div style="text-align: justify; color: #000000;">In connection with the public offering which closed on April 2, 2020, the Company granted to the representative of the underwriters 1,764,500 Class D warrants to purchase 110,281 common shares, at an exercise price of $3.40. The warrants expire in March 2023.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 20, 2020, the Company entered into a warrant exercise agreement with each holder of private warrants issued in the private placements in April and May 2020, pursuant to which such holders agreed to exercise their warrants to purchase 2,507,812 of the Company’s common shares, and the Company agreed to reduce the exercise price of the warrants to $1.44 per common share solely with respect to the exercise of the warrants pursuant to such agreements. The initial exercise price of such warrants was $1.92. The Company’s gross proceeds were $3,611.</div><div><br /></div><div style="text-align: justify; color: #000000;">On May 26, 2020, the Company entered into a warrant exercise agreement with each holder of private warrants issued in the private placements in April and May 2020, pursuant to which such holders agreed to exercise their warrants to purchase 4,953,813 of the Company’s common shares, and the Company agreed to reduce the exercise price of the warrants to $1.28 per common share solely with respect to the exercise of the warrants pursuant to such agreements. The initial exercise price of such warrants ranged from $2.16 and $1.92. The Company’s gross proceeds were $6,341.</div><div><br /></div><div style="text-align: justify; color: #000000;">On June 5, 2020, holders of private warrants issued in the private placements in April and May 2020 exercised their warrants to purchase 556,250 common shares at an exercise price of $1.92.  The Company’s gross proceeds were $1,068.</div><div><br /></div><div style="text-align: justify; color: #000000;">On June 8, 2020, the Company entered into a warrant exercise agreement with each holder of private warrants issued in the private placements in April and May 2020, pursuant to which such holders agreed to exercise their warrants to purchase 3,672,750 of the Company’s common shares, and the Company agreed to reduce the exercise price of the warrants to $1.60 per common share solely with respect to the exercise of the warrants pursuant to such agreements. The initial exercise price of such warrants was $1.92. The Company’s gross proceeds were $5,877. Following this exercise, no warrants under the private placements remained unexercised.</div><div><br /></div><div style="text-align: justify; color: #000000;">On June 8, 2020, the company entered into a warrant exercise agreement with each holder of Class D warrants pursuant to which public warrants were exercised to purchase 614,046 shares at a price of $1.60 per share. The Company’s gross proceeds were $982.</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, out of the 40,583,500 Class D Warrants from the April 2020 follow-on public offering, the Company has issued 2,263,421 common shares in exchange for gross proceeds of $4,100, including the $982 received under the June 8, 2020 Class D warrant exercise agreement. 4,368,750 Class D Warrants remain unexercised as of December 31, 2020, for the issuance of 273,046 shares at an exercise price of $1.60.</div><div><br /></div><div style="text-align: justify; color: #000000;">On August 20, 2020, the Company completed an underwritten public offering of (i) 35,714,286 units, each unit consisting of one common share or pre-funded warrants in lieu of common shares and 35,714,286 Class E Warrants to purchase an aggregate of 35,714,286 common shares of the Company, at a combined price of $0.70 per share and Class E warrant and (ii) 5,182,142 Class E Warrants purchased by the underwriters under their over-allotment option at a price of $0.01. Each Class E warrant has an exercise price of $0.70, is exercisable upon issuance and expires in August 2025. No Class E warrants were exercised within 2020. Some Class E warrants were subsequently exercised in 2021 (Note 15). All pre-funded warrants have been exercised as of December 31, 2020.</div><div><br /></div><div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><div style="text-align: justify;">On December 31, 2020, the Company agreed to issue to Jelco (i) 7,986,913 warrants to purchase one common share at an exercise price of $0.70 and (ii) 955,730 pre-funded warrants with an exercise price of $0.0001 in lieu of such common shares as per the terms of the December 2020 SPA entered into with Jelco. These warrants were issued on January 8, 2021 and expire in January 2026.</div><div><br /></div><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The Company may at any time during the term of its warrants reduce the then current exercise price of each warrant to any amount and for any period of time deemed appropriate by the board of directors of the Company, subject to terms disclosed in each warrants’ agreements. The warrants also contain a cashless exercise provision, whereby if at the time of exercise, there is no effective registration statement, then the warrants can be exercised by means of a cashless exercise as disclosed in each warrants’ agreements.</div></div></div><div><br /></div><div style="text-align: justify; color: #000000;">All warrants are classified in equity, according to the Company’s significant accounting policy.</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, the number of common shares that can potentially be issued under each outstanding warrant are:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 40%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Warrant</div></td><td colspan="1" nowrap="nowrap" 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</div><div style="text-align: center; color: #000000;">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; width: 28%; background-color: rgb(204, 238, 255);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class A</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;">47,916</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: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class B</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">415,845</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class D</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;">273,046</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: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Class E</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">40,896,428</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Jelco Warrants</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;">7,986,913</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: top; width: 28%;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Pre-funded Warrants - Jelco (Note 15)<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">955,730</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Representative Warrants</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: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">123,406</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: 28%; border-bottom: 4px double rgb(0, 0, 0);"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">50,699,284</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">The Class A Warrants and Class B Warrants are listed on the Nasdaq Capital Market under the symbols “SHIPW” and “SHIPZ”, respectively.</div></div>
0.067
0.0625
0.5
0.05
95694000
29858000
0
383010000
-341697000
41313000
0
0
-1788000
-1788000
0
385846000
-364543000
21303000
0
406099000
-376241000
7000
490284000
-394597000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">15.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Subsequent Events</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: 18pt; vertical-align: top; align: right;"><font style="color: #000000;">a)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On January 18, 2021, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 4,000,000 shares. The same date, the Compensation Committee granted an aggregate of 3,600,000 restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 3,600,000 shares issued, 1,400,000 shares were granted to the non-executive members of the board of directors, 950,000 were granted to the executive officers, 1,100,000 shares were granted to certain of the Company’s non-executive employees and 150,000 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 $0.81. All the shares will vest in equal tranches on each of the grant date, October 1, 2021 and October 1, 2022.</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: 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 8, 2021, the Company entered into a supplemental agreement to the facility with UniCredit, following the credit committee approval that was obtained in September 2020 (Note 7). On February 9, 2021 following satisfaction of certain customary conditions precedent the supplemental agreement became effective.</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: 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 11, 2021, the Company received written notification from the Nasdaq Stock Market that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock.</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: 18pt; vertical-align: top; align: right; color: #000000;">d)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 12, 2021, the Company entered into the supplemental agreement to the facility with ATB. On February 16, 2021, following satisfaction of certain customary conditions precedent, the supplemental agreement became effective (Note 7).</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: 18pt; vertical-align: top; align: right; color: #000000;">e)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 12, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel built in 2006 at a Japanese shipyard, at a gross purchase price of $17,000. The Company expects to finance the vessel acquisition with cash on hand and delivery of the vessel from its sellers is expected to take place until the end of the second quarter of 2021. An amount of $3,400 has been paid as advance payment.<br /></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: 18pt; vertical-align: top; align: right; color: #000000;">f)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On February 19, 2021, the Company sold 44,150,000 common shares under a registered direct offering at a price of $1.70 per common share, in exchange for gross proceeds of $75,055, or net proceeds of approximately $69,971.</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: 18pt; vertical-align: top; align: right; color: #000000;">g)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">In February 2021, the Company repaid $12,000 of the Jelco Loans pursuant to the mandatory prepayment terms of the SPA and Omnibus Supplemental Agreements entered into with Jelco in December 2020, using proceeds from (i) Class E warrants exercises during 2021 and (ii) the February 2021 registered direct offering.</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: 18pt; vertical-align: top; align: right; color: #000000;">h)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">On March 5, 2021, the Company prepaid the full balance of $21,600 of the Amended and Restated Entrust Loan Facility. All securities created to cross-collateralize the Amended and Restated Entrust Loan Facility with the New Entrust Loan Facility were irrevocably and unconditionally released. The balance was paid with cash on hand.</div></td></tr></table><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: 18pt; vertical-align: top; align: right;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">i)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 10, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel built in 2013 at a Japanese shipyard, at a gross purchase price of $28,385. The Company expects to finance the vessel acquisition with cash on hand and by a secured loan facility from financial institutions. Delivery of the vessel from its sellers is expected to take place until the end of the second quarter of 2021. An amount of $5,320 has been paid as advance payment.</div></td></tr></table><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: 18pt; vertical-align: top; align: right;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">j)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 11, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel built in 2010 at a Japanese shipyard, at a gross purchase price of $26,600. The Company expects to finance the vessel acquisition with cash on hand and by a secured loan facility from financial institutions. Delivery of the vessel from its sellers is expected to take place until the end of the second quarter of 2021. An amount of $2,839 has been paid as advance payment.</div></td></tr></table><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: 18pt; vertical-align: top; align: right;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">k)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 24, 2021, the Company issued 955,730 common shares to Jelco, following Jelco’s exercise of its pre-funded warrants from the December 2020 restructuring.</div></td></tr></table><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: 18pt; vertical-align: top; align: right;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">l)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 19, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel built in 2012 at a Japanese shipyard, at a gross purchase price of $28,600. The Company expects to finance the vessel acquisition with cash on hand and by a secured loan facility from financial institutions. Delivery of the vessel from its sellers is expected to take place until the end of the second quarter of 2021. An amount of $8,580 has been paid as advance payment.</div></td></tr></table><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: 18pt; vertical-align: top; align: right;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">m)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On March 26, 2021, the Company obtained a comm</font>itment letter from Aegean Baltic Bank Α.Ε. for a $15,500 senior amortizing loan facility for the financing of the Goodship and the Tradership. The entering into th<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e facility agreement by the Company is subject to completion of definitive documentation</font>.</div></div></td></tr></table><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: 18pt; vertical-align: top; align: right;"><div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">n)</div></td><td style="width: auto; vertical-align: top;"><div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2021 and as of the date of the issuance of these consolidated financial statements</font>, 32,129,715 of the Class E warrants issued in connection with the August 2020 equity offering (Note 10) have been exercised for gross proceeds of $22,491. 8,766,713 Class E warrants remain outstanding.</div></td></tr></table></div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(h)</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 are included 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. The Company assessed its accounts receivable, trade and its credit risk relating to its charterers, following the outbreak of COVID-19 and the effect that this could have on its accounts. <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company also assessed the provisions of ASC 326, Financial Instruments—Credit Losses, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020. </font>No provision for doubtful accounts was established as of December 31, 2020 and 2019.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(j)</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;">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. The Company assessed the provisions of ASC 326, Financial Instruments—Credit Losses, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.</div></div>
<div style="font-family: 'Times New Roman'; 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; 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 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>
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Non-accelerated Filer
Seanergy Maritime Holdings Corp.
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Gloriuship
Geniuship
Leadership
Premiership
Gladiatorship
Guardianship
Championship
Squireship
Knightship
Lordship
Partnership
Bremen Max
Hamburg Max
Clipper Glory
Clipper Glory
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Goodship
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2020:</div><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><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: 31.95%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Company</div></td><td style="width: 1.12%; vertical-align: bottom;"> </td><td style="width: 17.96%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Country of</div><div style="text-align: center; color: #000000; font-weight: bold;">Incorporation</div></td><td style="width: 0.96%; vertical-align: bottom;"> </td><td style="width: 14.96%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Vessel name</div></td><td style="width: 1.16%; vertical-align: bottom;"> </td><td style="width: 15.1%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Date of Delivery</div></td><td style="width: 1.16%; vertical-align: bottom;"> </td><td style="width: 15.16%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Date of</div><div style="text-align: center; color: #000000; font-weight: bold;">Sale/Disposal</div></td><td style="width: 0.46%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Management Corp. (1)(3)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Seanergy Shipmanagement Corp. (1)(3)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Glorius Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Gloriuship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">November 3, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Sea Genius Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Geniuship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">October 13, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Leader Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Leadership</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">March 19, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Premier Marine Co. (1)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Premiership</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">September 11, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Gladiator Shipping Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Gladiatorship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">September 29, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">October 11, 2018</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Guardian Shipping Co. (1)(9)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Guardianship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">October 21, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">November 19, 2018</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td nowrap="nowrap" style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Ocean Navigation Co. Limited (1)(6)(10)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Malta</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Championship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">December 7, 2015</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">November 7, 2018</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Squire Ocean Navigation Co. (1)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Squireship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">November 10, 2015</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Emperor Holding Ltd. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Marshall Islands</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Knight Ocean Navigation Co. (1)(8)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Knightship</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">December 13, 2016</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">June 29, 2018</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lord Ocean Navigation Co. (1)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Liberia</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000; font-style: italic;">Lordship</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">November 30, 2016</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Partner Shipping Co. Limited (1)(7)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Malta</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Partnership</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">May 31, 2017</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Pembroke Chartering Services Limited (1)(4)</div></td><td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">Malta</div></td><td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 14.96%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td><td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;"><div style="color: #000000;">N/A</div></td><td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Martinique International Corp. (1)(5)</div></td><td style="width: 1.12%; vertical-align: top;"> </td><td style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td style="width: 0.96%; vertical-align: top;"> </td><td style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Bremen Max</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">September 11, 2008</div></td><td style="width: 1.16%; vertical-align: top;"> </td><td style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">March 7, 2014</div></td><td style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">Harbour Business International Corp. (1)(5)</td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Hamburg Max</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">September 25, 2008</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">March 10, 2014</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Capital Shipping Limited (1)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Bermuda</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;">N/A<br /></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;">N/A<br /></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A<br /></td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">Maritime Capital Shipping (HK) Limited (2)(3)</td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Hong Kong</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A<br /></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Maritime Glory Shipping Limited (2)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Clipper Glory</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">May 21, 2010</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">December 4, 2012</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; 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 rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000; font-style: italic;">Clipper Glory</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">May 21, 2010</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">October 15, 2012</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;">Atlantic Grace Shipping Limited (11)</td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">British Virgin Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Fellow Shipping Co. (1)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);">Fellowship</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">November 22, 2018</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">N/A</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)(9)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Champion Marine Co. (1)(8)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">Marshall Islands</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">N/A</td><td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td></tr><tr><td rowspan="1" style="width: 31.95%; vertical-align: top;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Good Ocean Navigation Co. (1)(Note 6)</div></td><td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td><td rowspan="1" style="width: 17.96%; vertical-align: top;"><div style="color: #000000;">Liberia</div></td><td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td><td rowspan="1" style="width: 14.96%; vertical-align: top;"><div style="color: #000000; font-style: italic;">Goodship</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.1%; vertical-align: top;"><div style="color: #000000;">August 7, 2020</div></td><td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td><td rowspan="1" style="width: 15.16%; vertical-align: top;"><div style="color: #000000;">N/A</div></td><td rowspan="1" style="width: 0.46%; vertical-align: top;"> </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: 36pt; vertical-align: top; align: right; color: #000000;">(1)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(2)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “MCS”)</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; vertical-align: top; align: right; color: #000000;">(3)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(4)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(5)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(6)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(7)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">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: 36pt; vertical-align: top; align: right; color: #000000;">(8)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Bareboat charterers</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; vertical-align: top; align: right; color: #000000;">(9)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dissolved on October 23, 2020</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; vertical-align: top; align: right; color: #000000;">(10)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dissolved on December 22, 2020<br /></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; vertical-align: top; align: right; color: #000000;">(11)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Dissolved on April 30, 2020</div></td></tr></table></div>
995000
2443000
2532000
0
5839000
212000
0.5
2
2
0.05
0.5
0.5
93000
0.1650
14389000
14389000
14389000
21165000
21165000
21165000
2200000
2869000
1513000
2649000
17750000
17750000
17750000
6765000
24665000
21165000
24665000
24665000
21165000
3601000
5801000
8670000
4162000
5675000
8324000
1
29158000
0
4285714
-0.02
0.77
0.13
0.70
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(af)</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><br /></div><div style="text-align: justify; color: #000000;">In 2020, the outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. As of December 31, 2020, the impact of the outbreak of COVID-19 virus resulted in low time charter rates throughout the year, decreased revenues and increased crew and dry-docking costs. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a result, many of the Company’s estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption and is making necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(v)</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'; 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; color: #000000;">(t)</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;">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. 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.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(q)</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: #000000;">In February 2016, the FASB issued ASU No. 2016-02 - <font style="font-style: italic;">Leases (ASC 842)</font>, and as amended, it requires lessees to recognize most leases on the balance sheet. The Company early adopted ASC 842, as amended from time to time, retrospectively from January 1, 2018. 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. 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. 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.</div><div style="text-align: justify; color: #000000;"><br /></div><div style="text-align: justify; color: #000000;">The following table presents the Company’s income statement figures derived from time charters for the year ended December 31, 2020:</div><div><br /></div><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: 87.87%; vertical-align: bottom;"> </td><td style="width: 0.87%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 10.39%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">December 31,</div><div style="text-align: center; color: #000000;">2020</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom;"> </td></tr><tr><td style="width: 87.87%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel revenues, net of commissions</div></td><td style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 1.05%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 9.34%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">36,312</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 87.87%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div></td><td style="width: 0.87%; vertical-align: bottom;"> </td><td style="width: 1.05%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td><td style="width: 9.34%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">(1,468</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom;"><div style="color: #000000;">)</div></td></tr><tr><td style="width: 87.87%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 1.05%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;"> </td><td style="width: 9.34%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">34,844</div></td><td nowrap="nowrap" style="width: 0.87%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2020, 2019 and 2018 were:</div><div><br /></div><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 nowrap="nowrap" style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Customer</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2020</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2019</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" style="width: 9.59%; vertical-align: top; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000;">2018</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">A</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">23</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">B</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">19</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">26</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">C</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">18</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: right; color: #000000;">21</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCEEFF;"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">D</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">18</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">15</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 8.8%; vertical-align: bottom;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"> </td></tr><tr><td style="width: 63.89%; vertical-align: bottom; background-color: #CCECFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">E</div></td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">-</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF;"> </td><td style="width: 0.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"> </td><td style="width: 8.8%; vertical-align: bottom; background-color: #CCECFF; border-bottom: #000000 2px solid;"><div style="text-align: right; color: #000000;">11</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom; background-color: #CCECFF;"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" style="width: 63.89%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">41</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">52</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td><td style="width: 0.8%; vertical-align: bottom;"> </td><td style="width: 0.8%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td><td style="width: 8.8%; vertical-align: bottom; border-bottom: #000000 4px double;"><div style="text-align: right; color: #000000;">58</div></td><td nowrap="nowrap" style="width: 1.65%; vertical-align: bottom;"><div style="color: #000000;">%</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2020, the Company has entered into six 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 7, 2018. Two time charters commenced in the third quarter of 2019. Two time charters commenced in the fourth quarter or 2019 and the remaining time charter commenced in the second quarter of 2020. Certain time charters provide for the option to extend the duration of the charter.</div><div><br /></div><div style="text-align: justify; color: #000000;">During 2020, the Company successfully installed exhaust gas cleaning systems, or scrubbers, on one of these six vessels. During 2019, the Company successfully installed exhaust gas cleaning systems, or scrubbers, on five of these six vessels. 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 or as a prepayment, which the Company accounts for on a straight-line basis over the minimum duration of each charter party. Amounts received in advance related to scrubber increased daily rates are recorded in Other current assets in the accompanying balance sheets.</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. The Company recognized a right of use asset for rental of office space at the adoption date.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(ad)</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; color: #000000;">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-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. The BCF is not reassessed following any amendments to the terms of the convertible notes. If the modification or exchange of a convertible note is not accounted for as an extinguishment, the accounting for the change in the fair value of the conversion option follows the guidance of ASC 470-50-40-15.</div></div>
<div style="font-family: 'Times New Roman'; 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; color: #000000;">(ab)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Debt Modifications and Extinguishments</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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'; 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; color: #000000;">(ae)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Distinguishing Liabilities from Equity</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">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. The Company in its assessment for the accounting of the warrants issued in connection with the May 13, 2019 public offering, the Jelco Private Placement (mentioned below), the Class D warrants issued in connection with the April 2, 2020 public offering, the Class E warrants issued in connection with the August 20, 2020 underwritten public offering as well as the restructuring agreement with Jelco in December 2020 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>
20355000
14837000
18360000
23878000
4924000
0
1.45
1.4
0.85
0.75
1.5
P12M
P12M
7986913
7986913
113970
8000000
8000000
25000000
25000000
1
1
1
1
1
1
1
1
1
1
1
18000000
21000000
18000000
21000000
0.25
2
2
12000000
12000000
166000
3500000
12
20800000
15000000
P2Y
3500000
4
4
4
4
2
2
P5D
100585000
17000000
28385000
26600000
28600000
4
4
8
2
0
1000000
35714286
2536468
330843
0
6594029
0
0
32129715
35714286
1
1
40583500
40583500
5182142
630000
630000
415845
415845
1764500
5182142
7986913
955730
2.16
1.92
1.92
1.92
47916
415845
273046
40896428
7986913
955730
123406
50699284
376470
961
16000
13000
16000
12747
2
0.01
15500000
<div style="font-family: 'Times New Roman'; 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; color: #000000;">12.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">Interest and Finance Costs:</div></td></tr></table><div style="text-align: justify;"><font style="color: #000000;"></font><br /></div><div style="text-align: justify; color: #000000;">Interest and finance costs are analyzed as follows:</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;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">10,279</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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">757</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">738</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">1,173</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of debt issuance costs (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;">350</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;">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></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 64%;">Fair value measurement of units issued to former related party<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;">596</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">360</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">12,342</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">15,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">16,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Interest and finance costs, related party, are analyzed as follows:</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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="10" 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" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; color: #000000;">2020</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" 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" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest on subordinated debt</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;">1,924</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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of subordinated debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">240</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">7</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">2,425</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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Convertible notes amortization of debt discount (non-cash)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">5,518</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">3,713</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">4,339</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of debt issuance costs (shares issued to Jelco - non-cash)</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;">201</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;">3,505</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 rowspan="1" valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;">Restructuring expenses<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">1,015</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; 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%; border-bottom: 2px solid rgb(0, 0, 0);">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </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: -7.2pt; margin-left: 7.2pt; 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%; 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;">11,083</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;">8,629</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;">8,881</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'; font-size: 10pt;"><div style="text-align: justify; color: #000000;">Interest and finance costs are analyzed as follows:</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;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" nowrap="nowrap" 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" nowrap="nowrap" 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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; 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;">10,279</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;">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></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of debt issuance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">757</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">738</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;"><div style="color: #000000;">1,173</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization of debt issuance costs (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;">350</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;">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></tr><tr><td rowspan="1" valign="bottom" style="vertical-align: bottom; width: 64%;">Fair value measurement of units issued to former related party<br /></td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;">596</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;">-</td><td colspan="1" nowrap="nowrap" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="color: #000000;">360</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid 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: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><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: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 4px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">12,342</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">15,216</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);"><div style="color: #000000;">16,415</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;"> </td></tr></table></div>
757000
738000
1173000
350000
402000
0
0
240000
7000
201000
3505000
0
262500
Management companies
Subsidiaries wholly owned
Dissolved on October 23, 2020
Dissolved on December 22, 2020
Previously known as Champion Ocean Navigation Co., of the Republic of Liberia and redomiciled to the Republic of Malta on May 23, 2018
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
Dormant companies
Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or "MCS")
Dissolved on April 30, 2020