0001720161
2018-10-01
2018-12-31
0001720161
2018-12-31
0001720161
2017-09-30
0001720161
2018-09-30
0001720161
us-gaap:SeriesBPreferredStockMember
2018-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
2018-12-31
0001720161
us-gaap:SeriesBPreferredStockMember
2018-12-31
0001720161
us-gaap:SeriesAPreferredStockMember
2018-09-30
0001720161
us-gaap:SeriesBPreferredStockMember
2017-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
2017-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
2017-10-01
2018-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
2016-12-13
2017-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
2018-10-01
2018-12-31
0001720161
2017-10-01
2018-09-30
0001720161
2016-12-13
2017-09-30
0001720161
us-gaap:RetainedEarningsMember
2016-12-12
0001720161
us-gaap:AdditionalPaidInCapitalMember
2016-12-12
0001720161
2016-12-12
0001720161
ctrm:ParValueOfSharesIssuedMember
2016-12-12
0001720161
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2016-12-12
0001720161
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2016-12-12
0001720161
us-gaap:CommonStockMember
2016-12-12
0001720161
us-gaap:AdditionalPaidInCapitalMember
2016-12-13
2017-09-30
0001720161
us-gaap:RetainedEarningsMember
2016-12-13
2017-09-30
0001720161
ctrm:ParValueOfSharesIssuedMember
2016-12-13
2017-09-30
0001720161
us-gaap:CommonStockMember
2016-12-13
2017-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
us-gaap:PreferredStockMember
2016-12-13
2017-09-30
0001720161
us-gaap:SeriesBPreferredStockMember
us-gaap:PreferredStockMember
2016-12-13
2017-09-30
0001720161
ctrm:ParValueOfSharesIssuedMember
2018-10-01
2018-12-31
0001720161
us-gaap:AdditionalPaidInCapitalMember
2018-10-01
2018-12-31
0001720161
us-gaap:RetainedEarningsMember
2017-10-01
2018-09-30
0001720161
us-gaap:RetainedEarningsMember
2018-10-01
2018-12-31
0001720161
ctrm:ParValueOfSharesIssuedMember
2017-10-01
2018-09-30
0001720161
us-gaap:AdditionalPaidInCapitalMember
2017-10-01
2018-09-30
0001720161
ctrm:ParValueOfSharesIssuedMember
2017-09-30
0001720161
us-gaap:AdditionalPaidInCapitalMember
2018-09-30
0001720161
us-gaap:AdditionalPaidInCapitalMember
2017-09-30
0001720161
us-gaap:AdditionalPaidInCapitalMember
2018-12-31
0001720161
ctrm:ParValueOfSharesIssuedMember
2018-09-30
0001720161
us-gaap:RetainedEarningsMember
2017-09-30
0001720161
us-gaap:RetainedEarningsMember
2018-12-31
0001720161
ctrm:ParValueOfSharesIssuedMember
2018-12-31
0001720161
us-gaap:RetainedEarningsMember
2018-09-30
0001720161
us-gaap:CommonStockMember
2018-09-30
0001720161
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2017-09-30
0001720161
us-gaap:CommonStockMember
2017-09-30
0001720161
us-gaap:CommonStockMember
2018-12-31
0001720161
us-gaap:SeriesAPreferredStockMember
us-gaap:PreferredStockMember
2018-12-31
0001720161
us-gaap:SeriesBPreferredStockMember
us-gaap:PreferredStockMember
2018-09-30
0001720161
us-gaap:PreferredStockMember
us-gaap:SeriesAPreferredStockMember
2017-09-30
0001720161
us-gaap:PreferredStockMember
us-gaap:SeriesBPreferredStockMember
2018-12-31
0001720161
us-gaap:SeriesAPreferredStockMember
us-gaap:PreferredStockMember
2018-09-30
0001720161
ctrm:MagicPMember
2018-10-01
2018-12-31
0001720161
ctrm:SpetsesShippingCoMember
ctrm:MagicPMember
2018-12-31
0001720161
us-gaap:CommonStockMember
ctrm:SpetsesShippingCoMember
ctrm:ThalassaInvestmentCoSAMember
2017-09-21
0001720161
ctrm:ThalassaInvestmentCoSAMember
us-gaap:CommonStockMember
2017-09-21
0001720161
ctrm:ThalassaInvestmentCoSAMember
us-gaap:SeriesBPreferredStockMember
2018-12-31
0001720161
ctrm:ThalassaInvestmentCoSAMember
us-gaap:CommonStockMember
2018-12-31
0001720161
us-gaap:SeriesBPreferredStockMember
2017-09-22
2017-09-22
0001720161
us-gaap:CommonStockMember
2017-09-22
2017-09-22
0001720161
us-gaap:SeriesAPreferredStockMember
2017-09-22
2017-09-22
0001720161
us-gaap:CommonStockMember
2017-09-22
0001720161
us-gaap:SeriesAPreferredStockMember
2017-09-22
0001720161
us-gaap:SeriesBPreferredStockMember
2017-09-22
0001720161
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererAMember
2016-12-13
2017-09-30
0001720161
ctrm:ChartererCMember
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
2018-10-01
2018-12-31
0001720161
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererDMember
us-gaap:SalesRevenueNetMember
2018-10-01
2018-12-31
0001720161
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererBMember
us-gaap:SalesRevenueNetMember
2016-12-13
2017-09-30
0001720161
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererCMember
2016-12-13
2017-09-30
0001720161
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererDMember
2017-10-01
2018-09-30
0001720161
ctrm:ChartererBMember
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
2018-10-01
2018-12-31
0001720161
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
2018-10-01
2018-12-31
0001720161
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
ctrm:ChartererAMember
2018-10-01
2018-12-31
0001720161
us-gaap:SalesRevenueNetMember
ctrm:ChartererAMember
us-gaap:CustomerConcentrationRiskMember
2017-10-01
2018-09-30
0001720161
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererBMember
2017-10-01
2018-09-30
0001720161
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
2017-10-01
2018-09-30
0001720161
ctrm:ChartererDMember
us-gaap:CustomerConcentrationRiskMember
us-gaap:SalesRevenueNetMember
2016-12-13
2017-09-30
0001720161
us-gaap:SalesRevenueNetMember
us-gaap:CustomerConcentrationRiskMember
2016-12-13
2017-09-30
0001720161
us-gaap:CustomerConcentrationRiskMember
ctrm:ChartererCMember
us-gaap:SalesRevenueNetMember
2017-10-01
2018-09-30
0001720161
ctrm:ManagementAgreementMember
ctrm:PavimarSAMember
2018-10-01
2018-12-31
0001720161
ctrm:PavimarSAMember
ctrm:ManagementAgreementMember
2016-12-31
0001720161
ctrm:ManagementAgreementMember
ctrm:PavimarSAMember
2017-12-16
0001720161
ctrm:ManagementAgreementMember
ctrm:PavimarSAMember
2017-10-01
2018-09-30
0001720161
ctrm:PavimarSAMember
ctrm:ManagementAgreementMember
2016-12-13
2017-09-30
0001720161
ctrm:ManagementAgreementMember
ctrm:PavimarSAMember
2018-09-30
0001720161
ctrm:ManagementAgreementMember
ctrm:PavimarSAMember
2017-09-30
0001720161
ctrm:ManagementAgreementMember
ctrm:PavimarSAMember
2018-12-31
0001720161
ctrm:VesselsMember
2016-12-12
0001720161
ctrm:VesselsMember
2016-12-13
2017-09-30
0001720161
ctrm:VesselsMember
2018-09-30
0001720161
ctrm:VesselsMember
2018-12-31
0001720161
ctrm:VesselsMember
2017-09-30
0001720161
ctrm:VesselsMember
2018-10-01
2018-12-31
0001720161
ctrm:VesselsMember
2017-10-01
2018-09-30
0001720161
us-gaap:SeriesCPreferredStockMember
2018-12-31
0001720161
srt:MaximumMember
2017-09-28
2017-09-29
0001720161
srt:MinimumMember
2017-09-28
2017-09-29
0001720161
us-gaap:SeriesBPreferredStockMember
2018-10-01
2018-12-31
0001720161
us-gaap:PreferredStockMember
2017-09-30
0001720161
us-gaap:PreferredStockMember
2018-12-31
0001720161
us-gaap:PreferredStockMember
2018-09-30
0001720161
us-gaap:SeriesAPreferredStockMember
2017-09-23
2017-09-30
0001720161
2017-11-21
2017-11-21
0001720161
us-gaap:PurchaseCommitmentMember
us-gaap:SubsequentEventMember
2019-10-20
0001720161
us-gaap:PurchaseCommitmentMember
2018-12-31
0001720161
2017-10-01
2017-12-31
0001720161
2017-12-31
0001720161
us-gaap:SubsequentEventMember
ctrm:MVMagicSunMember
2019-07-25
0001720161
ctrm:MVMagicMoonMember
us-gaap:SubsequentEventMember
2019-10-14
0001720161
ctrm:AlphaBankFinancingMember
us-gaap:SubsequentEventMember
2019-12-02
0001720161
ctrm:BridgeLoan75MillionMember
us-gaap:SubsequentEventMember
2019-10-14
0001720161
us-gaap:SubsequentEventMember
ctrm:TermLoanFacility5MillionMember
ctrm:ThalassaInvestmentCoSAMember
2019-08-30
0001720161
us-gaap:SubsequentEventMember
ctrm:BridgeLoan75MillionMember
2019-10-20
2019-10-20
0001720161
us-gaap:SubsequentEventMember
ctrm:TermLoanFacility5MillionMember
ctrm:ThalassaInvestmentCoSAMember
2019-07-25
2019-07-25
0001720161
us-gaap:SubsequentEventMember
ctrm:BridgeLoan75MillionMember
2019-12-06
2019-12-06
0001720161
ctrm:AlphaBankFinancingMember
us-gaap:SubsequentEventMember
2019-12-02
2019-12-02
0001720161
us-gaap:SubsequentEventMember
srt:MaximumMember
2019-06-28
0001720161
us-gaap:SubsequentEventMember
srt:MinimumMember
2019-06-28
2019-06-28
0001720161
us-gaap:SubsequentEventMember
2019-06-28
2019-06-28
0001720161
us-gaap:CommonStockMember
us-gaap:SubsequentEventMember
2019-06-28
2019-06-28
0001720161
us-gaap:CommonStockMember
us-gaap:SubsequentEventMember
2019-10-17
2019-10-17
0001720161
us-gaap:SubsequentEventMember
us-gaap:SeriesAPreferredStockMember
2017-09-23
2019-06-30
0001720161
us-gaap:SeriesAPreferredStockMember
us-gaap:SubsequentEventMember
2019-10-10
0001720161
us-gaap:SubsequentEventMember
us-gaap:SeriesAPreferredStockMember
2019-10-09
0001720161
us-gaap:SubsequentEventMember
2019-11-22
0001720161
us-gaap:SubsequentEventMember
ctrm:AlphaBankFinancingMember
us-gaap:LondonInterbankOfferedRateLIBORMember
2019-12-02
2019-12-02
xbrli:shares
iso4217:USD
iso4217:USD
xbrli:shares
xbrli:pure
utr:t
ctrm:Derivative
iso4217:USD
utr:D
ctrm:Vote
ctrm:Vessel
ctrm:Subsidiary
ctrm:Installment
false
--12-31
2018-12-31
No
No
Yes
Non-accelerated Filer
Castor Maritime Inc.
0001720161
2400000
2018
FY
20-F
false
true
false
Yes
false
true
true
33483
105104
244371
342605
2453
670973
115733
140734
119170
0
553931
182346
478877
7612108
7612108
7612108
2740480
12
2740492
12
12
2740492
2740480
2740492
2740480
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">14.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Selected Condensed Financial Data for the Three Months Ended December 31, 2017 (Unaudited):</div></td></tr></table><div>  </div><div style="text-align: justify;">The following tables present condensed unaudited comparative information for the three months ended December 31, 2017:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Results of Operations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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: 82%; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</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: 82%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total revenues</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">666,587</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: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Expenses:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Vessel Operating Expenses</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: 15%; background-color: rgb(204, 238, 255);"><div>(601,787</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Voyage Expenses<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>(28,440</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Management fees to related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div>(24,120</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Depreciation and amortization</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>(107,925</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">General and administrative expenses</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: 15%; background-color: rgb(204, 238, 255);"> </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: 82%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">-      Company administration expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>(35,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">-      Public registration costs</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: 15%; background-color: rgb(204, 238, 255);"><div>(115,761</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(913,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Other Income/ (Expenses):</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: 15%; background-color: rgb(204, 238, 255);"> </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: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Other Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(578</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net loss and comprehensive loss</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(247,858</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Loss per common share, basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(0.26</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Cash Flows</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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; padding-bottom: 2px; width: 82%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</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: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net cash used in operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div>(349,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net decrease in cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(349,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr></table><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Balance Sheet Data</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</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; padding-bottom: 2px; width: 82%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</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: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div>486,670</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: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>7,293,118</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Working Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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: 15%; background-color: rgb(204, 238, 255);"><div>202,300</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><br /></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other non-current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>750,366</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Assets</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: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">9,215,971</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: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retained Earnings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>630,784</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total shareholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">8,245,784</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;"><sup style="font-family: TimesNewRomanPSMT, 'Arial Unicode MS'; vertical-align: text-top; line-height: 1; font-size: smaller;">(</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1)</sup> The Company defines working capital as current assets less current liabilities.</div></div>
0
0
0
10183837
9623798
8717918
9215971
2847417
2110000
1350983
7513798
7366935
7336420
836468
1887280
1739174
0
486670
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Cash and cash equivalents</div><div> </div><div style="text-align: justify;">The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</div></div>
902706
836468
148106
-349798
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Commitments and contingencies</font></div><div><br /></div><div style="text-align: justify; color: #000000;">Commitments are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">8.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Commitments and contingencies:</font></div></td></tr></table><div> </div><div style="text-align: justify;">Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's Vessel. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.</div><div> </div><div style="text-align: justify;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which 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 Vessel’s 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;"><br /></div><div style="text-align: justify;"><div style="text-align: justify;"><div style="background-color: #FFFFFF;"><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Commitment under Contract for BWMS Installation<br /></div><div><font style="font-family: 'Times New Roman';"><br /></font></div><font style="font-family: 'Times New Roman';"></font></div><font style="font-family: 'Times New Roman';"></font><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="font-family: 'Times New Roman';"></font><div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; font-size: 10pt;">On November 15, 2018, the Company entered into contracts to purchase and install ballast water management systems (“BWMS”) on its dry bulk carriers, as amended on October 20, 2019, following the acquisition of the M/V Magic Sun and the M/V Magic Moon. The Company expects that the BWMS installation on its vessels will be completed during the vessels’ upcoming dry-docking in 2020 and estimates that the contractual obligations related to these purchases, excluding installation costs, will be approximately $0.8 million. These costs will be capitalized and depreciated over the remainder of the life of each vessel. As of December 31, 2018, the Company had not made any advances in connection with the subject orders.</div></div></div></div></div></div>
0.001
0.001
0.001
0.001
2400000
2400000
2400000
1950000000
1950000000
1950000000
2400000
2400000
2400000
2400
2400
2400
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Other comprehensive income</div><div> </div><div style="text-align: justify;">The Company follows the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income/ (loss) items and, accordingly, comprehensive income equals net income for the periods presented.</div></div>
276442
980938
878644
-247858
0.81
0
0
0.16
0
0.17
0
1
1
0.24
0
0.93
0
0.97
0.52
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Concentration of Credit Risk</div><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 charterers and generally does not require collateral for its accounts receivable.</div><div><br /></div><div style="text-align: justify; color: #000000;">During the period ended September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, charterers that individually accounted for more than 10% of the Company’s revenues were as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 46%;"><div style="color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">Charterer</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Period ended</div><div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Year Ended</div><div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended </div><div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(204, 238, 255);">A<br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">B</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(204, 238, 255);">C</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">D</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 46%;"><div style="color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">93</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Principles of consolidation</div><div> </div><div style="text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Castor and its subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.</div></div>
842988
1608134
2973634
P5Y
P18M
0.0350
11000000
7500000
5000000
0.06
2019-12-31
2021-03-03
quarterly
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Dry-docking and special survey costs</div><div> </div><div style="text-align: justify; color: #000000;">Dry-docking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works as well as lodging and subsistence of personnel sent to the yard site to supervise. If a dry-dock and/or a special survey is performed prior to its scheduled date, the remaining unamortized balance is immediately expensed. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge related to dry-docking costs and special survey costs is presented within Depreciation and amortization in the accompanying consolidated statements of comprehensive income.</div></div>
47708
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Vessel depreciation</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Depreciation is computed using the straight line method over the estimated useful life of the vessel, after considering the estimated salvage value. </font><font style="color: #000000;">Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font><font style="background-color: #FFFFFF;"> Management estimates the useful life of its vessel to be 25 years from the date of its acquisition through its remaining estimated useful life.</font></div></div>
75054
182346
296531
177378
637611
182346
107925
475530
0
0
0
0
0
263079
96264
176434
263079
96264
176434
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">10.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Earnings / (<font style="background-color: #FFFFFF;">Loss) Per Share:</font></div></td></tr></table><div> </div><div style="text-align: justify;">The computation of earnings per share for the period December 13, 2016 to September 30, 2017 gives retroactive effect to the 2,400,000 common shares issued under the Exchange Agreement (refer to Note 1).</div><div><br /></div><div style="text-align: justify;">For the period from December 13, 2016 to September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, there were no dilutive shares. The components of the calculation of basic and diluted earnings per share in each of the periods comprising the accompanying consolidated statements of comprehensive income are as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Period ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net income and comprehensive income</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">878,644</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">980,938</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">276,442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Accrued dividends on Series A Preferred Shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(29,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(1,646,775</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(992,745</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net income/ (loss) and comprehensive income/ (loss) available to common shareholders</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="font-weight: bold;">849,394</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="font-weight: bold;">(665,837</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</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="font-weight: bold;">(716,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Weighted average number of common shares outstanding, basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Earnings/ (Loss) per common share, basic and diluted</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">0.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(0.28</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(0.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr></table></div>
-0.30
0.35
-0.28
-0.26
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Earnings/ (losses) per common share</div><div><br /></div><div style="text-align: justify; color: #000000;">Basic earnings/(losses) per common share are computed by dividing net income available to common stockholders after subtracting the dividends accumulated for the period on cumulative preferred stock (whether or not earned), by the weighted average number of common shares outstanding during the period. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. The Company had no dilutive securities outstanding during any of the periods presented in the accompanying consolidated financial statements<font style="background-color: #FFFFFF;">.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">7.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Financial Instruments and Fair Value Disclosures:</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The principal financial assets of the Company consist of cash at banks, trade accounts receivable and amounts due from related party. The principal financial liabilities of the Company consist of trade accounts payable.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The following methods and assumptions were used to estimate the fair value of each class of financial instruments:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">◾</td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="background-color: #FFFFFF; font-weight: bold;">Cash and cash equivalents, trade accounts receivable, amounts due from related party and trade accounts payable:</font><font style="background-color: #FFFFFF;"> T</font><font style="background-color: #FFFFFF; color: #000000;">he carrying values reported in the accompanying consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term nature. The carrying value of these instruments is separately reflected in the accompanying consolidated balance sheets.</font></div></td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; font-weight: bold;">Concentration of credit risk: </font><font style="background-color: #FFFFFF;">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 its customers' financial condition.</font></div><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF; font-weight: bold;">Derivative financial instruments:</font><font style="font-weight: bold;"> </font><font style="background-color: #FFFFFF;">The Company is exposed to changes in the spot market rates associated with the deployment of its vessel and its objective is to manage the impact of such changes in its earnings and cash flows. In this respect, during the period from December 13, 2016 to September 30, 2017, the Company engaged in a series of forward freight agreements (FFAs) to manage its exposure to spot market rate fluctuations. The FFAs which had not been renewed upon maturity, were used as economic hedge agreements and did not meet the hedge accounting criteria, therefore, changes in their fair value were recorded in earnings. During the period from December 13, 2016 to September 30, 2017, the Company realized a gain of $475,530 which is separately reflected as “Gain on derivative financial instruments” in the accompanying consolidated statement of comprehensive income. As of September 30, 2018 and December 31, 2018, the Company did not have any derivative instruments in place to manage such fluctuations.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Fair value measurements</div><div> </div><div style="text-align: justify; color: #000000;">The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 creates an hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity's own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the consolidated financial statements are to be measured at fair value, but does not require additional use of fair value beyond the requirements in other accounting principles.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Change of Fiscal Year</div><div style="font-style: italic; font-weight: bold;"><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">The Company changed its fiscal year end to December 31 from September 30. This transition report is for the three month period of October 1, 2018 through December 31, 2018, which is referred to as the transition period.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Foreign currency translation</div><div> </div><div style="text-align: justify;">The Company's reporting and functional currency is the U.S. Dollar (“USD”). Transactions incurred in other currencies are translated into USD using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated into USD to reflect the end-of-period exchange rates and any gains or losses are included in the consolidated statements of comprehensive income.</div></div>
-7021
89
-8539
133090
75321
31869
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Impairment of long‑lived assets</div><div> </div><div style="text-align: justify; color: #000000;">The Company reviews its vessel for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessel may not be recoverable. When the estimate of future undiscounted cash flows expected to be generated by the use of the vessel is less than her carrying amount, the Company evaluates the vessel for an impairment loss. Measurement of the impairment loss is based on the fair value of the vessel in comparison to its carrying value. In this respect, management regularly reviews the carrying amount of the vessel in connection with her estimated recoverable amount. There were no indications that the carrying value of the vessel is not recoverable as of September 30, 2017, 2018 and December 31, 2018.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">9.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Income Taxes:</font></div></td></tr></table><div> </div><div style="text-align: justify;">Both Castor and its subsidiary are incorporated under the laws of the Republic of the Marshall Islands and they are not subject to income taxes in the Republic of the Marshall Islands. Castor’s ship-owning subsidiary is subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the accompanying consolidated statements of comprehensive income. The Company and its subsidiary were not subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related as they qualified for the exemption of Section 883 of the Internal Revenue Code of 1986, as amended.</div></div>
-71621
105104
210888
-340152
668520
342605
25001
-3437
119170
0
784474
0
0
0
47708
-86645
96264
166815
46586
14111
-3167
15537
29060
10603
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Insurance Claims</div><div> </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 following submission of the insurance claim and when the claim is not subject to litigation. The classification of the insurance claims into current and non-current assets is based on management's expectations as to their collection dates.</div></div>
3393
519
532
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Inventories</div><div> </div><div style="text-align: justify;">Inventories consist of lubricants and provisions on board of the vessel. Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price less reasonably predictable costs of disposal and transportation. Cost is determined by the first in, first out method.</div></div>
46586
60697
57530
4243
7985
0
983985
239610
609549
8717918
9623798
10183837
149216
432813
224274
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Repairs and Maintenance</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of comprehensive income.</font></div></div>
2740000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">1.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Basis of Presentation and General information</div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Castor Maritime Inc. (“Castor”) was incorporated on September 11, 2017 under the laws </font><font style="background-color: #FFFFFF; color: #000000;">of the Republic of the Marshall Islands. </font><font style="background-color: #FFFFFF;">As of </font><font style="background-color: #FFFFFF; color: #000000;">December 31, 2018, Castor was the sole owner of all outstanding shares of Spetses Shipping Co. (“Spetses”), a company incorporated under the laws of the Marshall Islands on December 13, 2016 and the 100% owner of the Magic P, a 76,453 DWT, 2004 built, Panamax, dry-bulk carrier vessel, which was acquired on February 21, 2017. Castor and Spetses are hereinafter referred to as the “Company”.</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The Company is engaged in the worldwide ocean transportation of dry bulk cargoes through its vessel-owning subsidiary. On December 21, 2018, Castor’s common shares began trading on the Norwegian OTC whereas, on February 11, 2019, they began trading on the NASDAQ Stock Market under the ticker symbol “CTRM”.</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Castor is controlled by Thalassa Investment Co. S.A. (“Thalassa”), an entity registered in Liberia, which as of December 31, 2018, held 46.8% of the Company's common shares and 100% of the Series B preferred shares and, accordingly, could control the outcome of matters on which stockholders are entitled to vote.  Thalassa is wholly-owned and controlled by Petros Panagiotidis, the Company's Chairman, Chief Executive Officer and Chief Financial Officer.</font></div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On September 22, 2017, Castor entered into a share exchange agreement (the “Exchange Agreement”) with the shareholders of Spetses to acquire all of the outstanding common shares of Spetses in exchange for Castor issuing (i) 2,400,000 of common shares proportionally to the then shareholders of Spetses, (ii) 12,000 of Series B preferred shares to Thalassa, and (iii) 480,000 of 9.75% Series A cumulative redeemable perpetual preferred shares to the then shareholders of Spetses excluding Thalassa, all at par value of $0.001 (the “Series A Preferred Shares”). As the Exchange Agreement involved also the issuance of Preferred Shares, being a new and additional class of shares, these have been recorded at fair value. As further discussed in Note 6, the Company recorded a deemed contribution of $2.7 million representing the fair value of the 9.75% Series A cumulative redeemable perpetual preferred shares. The Series B preferred shares were deemed to have a fair value of zero as they have no rights to dividends, do not have redemption/call rights and do not have any redemption features or a liquidation preference. Following the completion of the exchange, Spetses became a wholly owned subsidiary of Castor. Prior to the date of the Exchange Agreement, 100% of Castor’s issued and outstanding common shares were held by Thalassa, and Thalassa also held 52% of the issued and outstanding common shares of Spetses.</font></div><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">As the transaction involved companies under common control, the transaction was accounted at the entities’ historical carrying amounts and in accordance with ASC 805-50-45 whereby the Company's consolidated financial statements present the results of operations for the period in which the transfer occurred as though the transfer of net assets and exchange of equity interests had occurred on the date Spetses was incorporated and as if Spetses was from its date of incorporation a consolidated subsidiary of the Company. Results of operations and cash flows for the period December 13, 2016 to September 30, 2017 comprise those of the previously separate entities combined from the date of their incorporation to the date the transfer was completed and those of the combined operations and cash flows from that date to the end of the period. Hence, the first reporting period of these consolidated financial statements was from December 13, 2016, the date Spetses was incorporated, to September 30, 2017 being the Company's first reporting period </font><font style="background-color: #FFFFFF; color: #000000;">and the period from October 1, 2017 to September 30, 2018 is the second fiscal year of the consolidated financial statements</font><font style="background-color: #FFFFFF;">.</font></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;"><br /></font></div><div style="text-align: justify;"><div style="font-style: italic; font-weight: bold;">Change of Fiscal Year</div><div style="font-style: italic; font-weight: bold;"><br /></div><div style="text-align: justify;"><font style="background-color: rgb(255, 255, 255);">The Company changed its fiscal year end to December 31 from September 30. This transition report is for the three month period of October 1, 2018 through December 31, 2018, which is referred to as the transition period.</font></div><font style="background-color: #FFFFFF;"></font></div></div>
902706
770749
148106
-349798
0
-7549281
0
0
7615000
0
878644
276442
980938
0
0
878644
980938
276442
0
0
0
0
-247858
-665837
849394
-716303
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements – Not Yet Adopted:</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">ASU 2016-13:</font> In June 2016, the FASB issued ASU 2016-13- Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.  For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  Early application is permitted. <font style="color: #000000;">The adoption of this new accounting guidance is not expected to have a material effect on the Company's consolidated results of operations, financial condition or cash flows.</font></div></div>
468717
-6250
8355
-578
6600
3000
12000
1194995
432544
1727770
601787
913867
268087
409927
987188
3960822
2018061
1111075
44531
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">13.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Future Minimum Time Charter Revenues:</font></div></td></tr></table><div> </div><div style="text-align: justify;">The future minimum contracted charter revenues, based on vessel’s commitment to non-cancelable time charter contracts (including fixture recaps) as of December 31, 2018, was $44,531, all due within the next 12 months. <font style="background-color: #FFFFFF; color: #000000;">This amount does not include any assumed off-hire.</font></div></div>
102324
341080
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">4.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Deferred charges, net:</div></td></tr></table><div><br /></div><div style="text-align: justify;">On October 27, 2017, the M/V Magic P commenced its scheduled dry-dock which was completed on November 25, 2017. In accordance with the Company’s policy, such costs are deferred and amortized on a straight-line basis over the period until the Vessel’s upcoming dry-dock. <font style="background-color: #FFFFFF; color: #000000;">As of September 30, 2017 and 2018 and December 31, 2018, net </font>unamortized deferred dry-dock charges amounted to $0, $443,394 and $341,070, respectively. During the period ended September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, amortization of deferred dry-dock costs amounted to $0,  $341,080 and $102,324 respectively, and is included in Depreciation and amortization in the accompanying consolidated statements of comprehensive income.<font style="background-color: #FFFFFF;"> The unamortized balance as of December 31, 2018, is expected to be amortized to depreciation and amortization expense through the fourth quarter of 2019</font>.</div></div>
750366
48964
8378
59209
740
1439
800
0
7549281
0
0.0975
0.0975
0.0975
0.0975
29250
992745
1646775
25
25
25
0
0
0
30
25
0.001
0.001
0.001
0.001
0.001
29250
2668770
1676025
4300000
480000
480000
12000
480000
12000
12000
12
480
12
480
12
480
492
492
492
12000
12000
480000
480000
480000
12000
0
492000
492000
492000
50000000
50000000
50000000
1000000
25
29060
55200
44597
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Reclassifications</div><div style="font-weight: normal; font-style: normal;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Our consolidated statements of comprehensive income for the year ended September 30, 2018 and the period from December 13, 2016 to September 30, 2017, have been reclassified to separately present within General and administrative expenses: Company administration expenses and Public registration costs. Management believes this reclassification provides a more comprehensive presentation of the Company's recurring administration costs and the non-recurring costs directly associated with the registration and listing of our common shares in the Norwegian OTC market on December 21, 2018 and the listing of our common shares on the NASDAQ stock exchange on February 11, 2019.</div></div>
0
0
7615000
P25Y
7549281
0
7549281
7549281
7549281
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">5.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Vessel, net:</font></div></td></tr></table><div><br /></div><div style="text-align: justify;">On February 21, 2017, the Company took delivery of Magic P for a total cost of $7.5 million. Management reviews the carrying amount of the vessel to determine if events have occurred that would suggest the carrying value of the vessel is not recoverable. As of September 30, 2017 and 2018 and December 31, 2018, there were no indications that the carrying value of the vessel is not recoverable.</div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Vessel Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); 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; font-weight: bold;">Accumulated depreciation</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); 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; font-weight: bold;">Net Book Value</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: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 13, 2016</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 55%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">— Vessel acquisition</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Period 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: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 12%; background-color: rgb(204, 238, 255);"><div>(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance September 30, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,366,935</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Yearly 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: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 12%; background-color: rgb(204, 238, 255);"><div>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance September 30, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(478,877</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,070,404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Period 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: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 12%; background-color: rgb(204, 238, 255);"><div>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(553,931</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,995,350</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div> </div><div>As of December 31, 2018, the Company’s vessel was free of encumbrances.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 55%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Vessel Cost</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); 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; font-weight: bold;">Accumulated depreciation</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); 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; font-weight: bold;">Net Book Value</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: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 13, 2016</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 55%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">— Vessel acquisition</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div>7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Period 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: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 12%; background-color: rgb(204, 238, 255);"><div>(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance September 30, 2017</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,366,935</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Yearly 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: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 12%; background-color: rgb(204, 238, 255);"><div>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance September 30, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(478,877</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,070,404</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">—Period 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: 12%; background-color: rgb(204, 238, 255);"><div>—</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: 12%; background-color: rgb(204, 238, 255);"><div>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 55%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(553,931</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">6,995,350</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table></div>
6995350
7366935
7070404
0
7366935
7070404
6995350
7293118
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Vessel, net</div><div> </div><div style="text-align: justify;">Vessel, net is stated at cost net of accumulated depreciation. The cost of vessel consists of the contract price plus any direct expenses incurred upon acquisition, including improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel; <font style="color: #000000;">otherwise these amounts are charged to expense as incurred.</font></div></div>
0
0
0
800000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">3.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Transactions with Related Parties:</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The Company’s ship-owning subsidiary has entered into a separate vessel management agreement with Pavimar S.A. (“Pavimar” or the “Manager”), a company controlled by Ismini Panagiotidis, the sister of Petros Panagiotidis (see Note 1). Pursuant to the terms of the management agreement, Pavimar provides the Company with a wide range of shipping services, including, but not limited to, crew management, technical management, operational employment management, insurance arrangements, provisioning, bunkering, accounting, general administration and audit support services, in exchange for a fixed daily fee, </font><font style="background-color: #FFFFFF; color: #000000;">for a period beginning upon the vessel's delivery and until the termination of the agreement</font><font style="background-color: #FFFFFF;">. The agreement, which became effective upon the delivery of the Vessel to its then existing shareholders on February 21, 2017, shall continue until the sale of the Vessel, unless earlier terminated by either party giving two months’ written notice to the other. In the event of termination other than by reason of default by the Manager, the management fee payable to Pavimar shall continue to be payable for a further period of three calendar months as from the termination date. The management fee is subject to an annual review at the date of the anniversary of the management agreement. On November 13, 2017, it was agreed that the daily fixed fee of the vessel be increased from $250 to $320 and such fee to remain at this level until December 16, 2019, at which time the daily management fee may be revised.</font></div><div> </div><div style="text-align: justify;">During the period ended September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, the Company incurred Management fees under the vessel management agreement amounting to $55,500, $111,480 and $29,440, respectively, which are separately reflected  in the accompanying consolidated statements of comprehensive income.</div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">In addition, each month the Manager makes payments for operating expenses with cash advances provided by the Company. As of September 30, 2017 and 2018 and December 31, 2018, amounts of $96,264, $263,079 and $176,434, respectively, were due from the Manager in relation to these working capital advances granted to it.</font></div></div>
7500000
1859582
2136024
878644
630784
3960822
1111075
2018061
666587
2320176
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;">During the period ended September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, charterers that individually accounted for more than 10% of the Company’s revenues were as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 46%;"><div style="color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">Charterer</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Period ended</div><div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Year Ended</div><div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended </div><div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(204, 238, 255);">A<br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">B</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(204, 238, 255);">C</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">D</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 46%;"><div style="color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">93</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The components of the calculation of basic and diluted earnings per share in each of the periods comprising the accompanying consolidated statements of comprehensive income are as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Period ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net income and comprehensive income</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">878,644</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">980,938</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">276,442</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Accrued dividends on Series A Preferred Shares</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(29,250</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(1,646,775</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>(992,745</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net income/ (loss) and comprehensive income/ (loss) available to common shareholders</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="font-weight: bold;">849,394</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="font-weight: bold;">(665,837</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</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="font-weight: bold;">(716,303</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Weighted average number of common shares outstanding, basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Earnings/ (Loss) per common share, basic and diluted</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">0.35</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(0.28</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">(0.30</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>The table below presents a summary of preferred shares outstanding as of September 30, 2017 and 2018 and December 31, 2018:</div><div><br /><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: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Series</div></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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Description</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Initial</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Issuance Date</div></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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total Shares Outstanding</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Liquidation</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Preference per</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Share (in dollars)</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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Par Value</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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Carrying</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Value <sup>(1)</sup></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 valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dividend Rate</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; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Series A</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.75% Cumulative</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Perpetual Redeemable</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">09/22/17</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">480,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; 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; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,740,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.75% per annum of the</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Liquidation Preference per share</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 14%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Series B</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" rowspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 14%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">09/22/17</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </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(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="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: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$ <br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="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);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="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; font-weight: bold;">492,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </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);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </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);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div></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; font-weight: bold;">2,740,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="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" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td><td style="width: auto; vertical-align: top;"><div>There are no issuance costs.</div></td></tr></table></div>
0
0
0
2400000
12000
2400000
2400000
480000
12000
480000
12000
480000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">2.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;"><font style="background-color: #FFFFFF;">Significant Accounting Policies and Recent Accounting Pronouncements:</font></div></td></tr></table><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Principles of consolidation</div><div> </div><div style="text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Castor and its subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.</div><div> </div><div style="font-style: italic; font-weight: bold;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Reclassifications</div><div style="font-weight: normal; font-style: normal;"><br /></div><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Our consolidated statements of comprehensive income for the year ended September 30, 2018 and the period from December 13, 2016 to September 30, 2017, have been reclassified to separately present within General and administrative expenses: Company administration expenses and Public registration costs. Management believes this reclassification provides a more comprehensive presentation of the Company's recurring administration costs and the non-recurring costs directly associated with the registration and listing of our common shares in the Norwegian OTC market on December 21, 2018 and the listing of our common shares on the NASDAQ stock exchange on February 11, 2019.</div></div><div style="font-style: italic; font-weight: bold;"><font style="font-weight: normal; font-style: normal;"><br /></font> Use of estimates</div><div> </div><div style="text-align: justify;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value and the useful life of the vessel. Actual results may differ from these estimates.</div><div> </div><div style="font-style: italic; font-weight: bold;">Other comprehensive income</div><div> </div><div style="text-align: justify;">The Company follows the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders' equity. The Company has no other comprehensive income/ (loss) items and, accordingly, comprehensive income equals net income for the periods presented.</div><div> </div><div style="font-style: italic; font-weight: bold;">Foreign currency translation</div><div> </div><div style="text-align: justify;">The Company's reporting and functional currency is the U.S. Dollar (“USD”). Transactions incurred in other currencies are translated into USD using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated into USD to reflect the end-of-period exchange rates and any gains or losses are included in the consolidated statements of comprehensive income.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Concentration of Credit Risk</div><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 charterers and generally does not require collateral for its accounts receivable.</div><div><br /></div><div style="text-align: justify; color: #000000;">During the period ended September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, charterers that individually accounted for more than 10% of the Company’s revenues were as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 46%;"><div style="color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">Charterer</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Period ended</div><div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Year Ended</div><div style="text-align: center; color: #000000; font-weight: bold;">September 30, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; color: #000000; font-weight: bold;">Three Months Ended </div><div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1.47%;"> </td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(204, 238, 255);">A<br /></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">81</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">24</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">B</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">16</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(204, 238, 255);">C</td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">52</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; 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: 15%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td colspan="1" rowspan="1" valign="bottom" style="vertical-align: bottom; width: 46%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">D</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">17</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; width: 1.01%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1.47%; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 46%;"><div style="color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">97</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">93</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" valign="bottom" style="text-align: right; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 15%;"><div style="color: #000000; font-weight: bold;">100</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.47%;"><div style="color: #000000; font-weight: bold;">%</div></td></tr></table><div><br /></div><div style="font-style: italic; font-weight: bold;">Cash and cash equivalents</div><div> </div><div style="text-align: justify;">The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</div><div> </div><div style="font-style: italic; font-weight: bold;">Accounts receivable trade</div><div> </div><div style="text-align: justify;"><font style="color: #000000;">The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterer for hire or other possible sources of income under the Company’s time charter contracts, net of any provision for doubtful accounts. </font><font style="background-color: #FFFFFF;">At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts as of the periods presented was zero.</font></div><div> </div><div style="font-style: italic; font-weight: bold;">Inventories</div><div> </div><div style="text-align: justify;">Inventories consist of lubricants and provisions on board of the vessel. Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price less reasonably predictable costs of disposal and transportation. Cost is determined by the first in, first out method.</div><div> </div><div style="font-style: italic; font-weight: bold;">Insurance Claims</div><div> </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 following submission of the insurance claim and when the claim is not subject to litigation. The classification of the insurance claims into current and non-current assets is based on management's expectations as to their collection dates.</div><div> </div><div style="font-style: italic; font-weight: bold;">Vessel, net</div><div> </div><div style="text-align: justify;">Vessel, net is stated at cost net of accumulated depreciation. The cost of vessel consists of the contract price plus any direct expenses incurred upon acquisition, including improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel; <font style="color: #000000;">otherwise these amounts are charged to expense as incurred.</font></div><div> </div><div style="font-style: italic; font-weight: bold;">Vessel depreciation</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Depreciation is computed using the straight line method over the estimated useful life of the vessel, after considering the estimated salvage value. </font><font style="color: #000000;">Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font><font style="background-color: #FFFFFF;"> Management estimates the useful life of its vessel to be 25 years from the date of its acquisition through its remaining estimated useful life.</font></div><div><br /></div><div></div><div style="font-style: italic; font-weight: bold;">Impairment of long‑lived assets</div><div> </div><div style="text-align: justify; color: #000000;">The Company reviews its vessel for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessel may not be recoverable. When the estimate of future undiscounted cash flows expected to be generated by the use of the vessel is less than her carrying amount, the Company evaluates the vessel for an impairment loss. Measurement of the impairment loss is based on the fair value of the vessel in comparison to its carrying value. In this respect, management regularly reviews the carrying amount of the vessel in connection with her estimated recoverable amount. There were no indications that the carrying value of the vessel is not recoverable as of September 30, 2017, 2018 and December 31, 2018.</div><div> </div><div style="font-style: italic; font-weight: bold;">Dry-docking and special survey costs</div><div> </div><div style="text-align: justify; color: #000000;">Dry-docking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the yard and parts used in the dry-docking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works as well as lodging and subsistence of personnel sent to the yard site to supervise. If a dry-dock and/or a special survey is performed prior to its scheduled date, the remaining unamortized balance is immediately expensed. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge related to dry-docking costs and special survey costs is presented within Depreciation and amortization in the accompanying consolidated statements of comprehensive income.</div><div> </div><div style="font-style: italic; font-weight: bold;">Revenue and expense recognition (including Leases)</div><div> </div><div style="text-align: justify; color: #000000; font-weight: bold;">I ) Types of Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company’s revenues may be derived from time charter, bareboat charter and spot charter contracts. The Company currently generates and has historically generated its revenues under time charter contracts. A voyage charter is a type of contract that is entered into in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo, whereas a time charter is a type of contract that is entered into for the use of such vessel as well as such vessel’s operations for a specific period of time at a specified daily charter hire rate. A bareboat charter is a contract in which a vessel is provided to the charterer for a fixed period of time at a specified daily rate.</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">II) Lease Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company accounts for its time and bareboat charter contracts as operating leases pursuant to ASC 842 “Leases” which was early adopted by the Company on October 1, 2018 and which superseded legacy leases recognition guidance under ASC 840. Upon adoption of ASC 842, the timing and recognition of income from time charter contracts to which the Company is a party, did not change from previous practice. Specific amendments to this update, provided the Company, amongst other things, with (i) an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and (ii) a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) the lease component, if accounted for separately, would be classified as an operating lease.</div><div><br /></div><div style="text-align: justify; color: #000000;">As a result of the foregoing:</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: 33.75pt; vertical-align: top; color: rgb(0, 0, 0);">i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">the Company elected the optional new transitional approach and the practical expedient for lessors described above which had no cumulative-effect to the October 1, 2018 opening balance of retained earnings 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: 33.75pt; vertical-align: top; align: right; color: #000000;">ii)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">the Company has determined that the most significant non-lease component in its time charter contracts relates to services for the operation of the vessel, which comprise of crew, technical and safety services, among others. The Company further elected to adopt the above discussed optional practical expedient and recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) since it made a determination that the related lease component and non-lease component have the same timing and pattern of transfer and the predominant component is the lease. The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e the vessel) rather than to the services provided under the time charter agreements.</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Lease revenues<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> are recognized on a straight line basis over the rental periods of such charter agreements, as rental service is provided</font>, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded as part of revenues in the Company’s Consolidated Statement of Comprehensive Income.<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> Revenue generated from variable lease payments is recognized in the period when changes in facts and circumstances on which the variable lease payments are based occur. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not yet been met as at the balance sheet date and, accordingly, is related to revenue earned after such date. Lease revenue is shown net of address commissions payable directly to charterers under the relevant time charter agreements. Address commissions represent discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Apart from the agreed hire rate, the owner may be entitled to an additional income, such as ballast bonus, which is considered as reimbursement of owner’s expenses and is recognized together with the lease component over the duration of the charter. The Company made an accounting policy election to recognize the related ballast costs, which mainly consist of bunkers, incurred over the period between the charter party date or the prior redelivery date (whichever is latest) and the delivery date to the charterer, as contract fulfilment costs in accordance with ASC 340-40 and amortize these over the period of the charter</font><font style="background-color: #FFFFFF;">.</font></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;"><br /></font></div><div style="text-align: justify; color: #000000;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accordingly, the adoption of ASC 842 <font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">had no impact on the Company’s consolidated financial position and results of operations for the three month transition period ended December 31, 2018</font> or to any of the periods presented herein.</div><font style="background-color: #FFFFFF;"></font></div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">III) Revenue Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company has determined to account for its spot charter contracts following the provisions of ASC 606. In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606 or ASC 606) by the FASB, as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance.  The core principle of the guidance in ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company assessed the provisions of ASC 606 and concluded that there is one single performance obligation when accounting for its spot charters, which is to provide the charterer with an integrated transportation service within a specified period of time. In addition, the Company has concluded that spot charter contracts meet the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. As a result of the foregoing, voyage revenue derived from spot charter contracts is recognized from the time when the vessel arrives at the load port until completion of cargo discharge. Demurrage income, which is considered a form of variable consideration, 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. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs.</div><div><br /></div><div style="text-align: justify; color: #000000;">Following the adoption of ASC 606 and the implementation of ASC 340-40 <font style="font-style: italic;">Other assets and deferred costs</font>- Contracts with customers for contract costs, all voyage costs are considered contract fulfilment costs because they are directly related to the performance of the voyage contract. Those costs are expensed as incurred, with the exception of contract fulfilment costs and incremental costs of obtaining a contract incurred prior to the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract. These capitalized contract costs are amortized on a straight-line basis as the related performance obligations are satisfied. 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.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company adopted the provisions of ASC 606 on October 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to October 1, 2018.   The Company neither currently operates nor has historically operated any of its fleet vessels under voyage charters and therefore, does not currently have any charter contracts which fall under the provisions of ASC 606. Accordingly, as of the date of initial application, the new revenue recognition guidance as outlined above did not have any effect to the opening retained earnings of the Company as of October 1, 2018</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">IV) Voyage Expenses</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">Voyage expenses, consist of:</font> <font style="color: #000000;">(a) port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, and (b) brokerage commissions, which are always paid for by the Company, regardless of charter type. All voyage expenses are expensed as incurred, except for brokerage commissions. Commissions paid to brokers are deferred and amortized over</font> <font style="color: #000000;">the related charter period to the extent revenue has been deferred since commissions are earned as the Company's revenues are earned. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a bunker gain or loss within voyage expenses.</font></div><div> </div><div style="color: #000000; font-style: italic; font-weight: bold;">Accounting for Financial Instruments</div><div> </div><div style="text-align: justify; color: #000000;">The principal financial assets of the Company consist of cash and cash equivalents, amounts due from related parties and trade receivables, net. The principal financial liabilities of the Company consist of trade and other payables, accrued liabilities and amounts due to related parties. The Company is exposed to changes in the spot market rates associated with the deployment of its vessel and its objective is to manage the impact of such changes in its cash flows. In this respect, from time to time, the Company may engage in certain forward freight agreements.</div><div><br /></div><div style="text-align: justify; color: #000000;">When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets and liabilities through earnings, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in earnings. As of September 30, 2017 and 2018 and December 31, 2018, there were no open derivative instruments.</div><div> </div><div style="font-style: italic; font-weight: bold;">Fair value measurements</div><div> </div><div style="text-align: justify; color: #000000;">The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 creates an hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity's own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy. ASC 820 applies when assets or liabilities in the consolidated financial statements are to be measured at fair value, but does not require additional use of fair value beyond the requirements in other accounting principles.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Repairs and Maintenance</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">All repair and maintenance expenses including underwater inspection expenses are expensed in the period incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of comprehensive income.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Earnings/ (losses) per common share</div><div><br /></div><div style="text-align: justify; color: #000000;">Basic earnings/(losses) per common share are computed by dividing net income available to common stockholders after subtracting the dividends accumulated for the period on cumulative preferred stock (whether or not earned), by the weighted average number of common shares outstanding during the period. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. The Company had no dilutive securities outstanding during any of the periods presented in the accompanying consolidated financial statements<font style="background-color: #FFFFFF;">.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Commitments and contingencies</font></div><div><br /></div><div style="text-align: justify; color: #000000;">Commitments are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the financial statements but are disclosed when an inflow of economic benefits is probable.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Emerging Growth Company Status</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or JOBS Act and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, and reduced disclosure obligations. The Company may take advantage of these exemptions until the Company is no longer an emerging growth company. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company reassessed its position since the filing of its’</font> Annual Report on Form 20-F for the fiscal year ended September 30, 2018, filed with the Commission on January 31, 2019 and, effective October 1, 2018,<font style="background-color: #FFFFFF; color: #000000;"> elected to irrevocably opt out of the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act, which means that, whenever a standard is issued or revised, the Company, will adopt the new or revised standard at the time public companies adopt the new or revised standard. This will make comparison of the Company's consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period easier because of the convergence in accounting standards used.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">The exemptions provided by the JOBS Act will apply up until the last day of the fiscal year following the fifth anniversary of the IPO or such earlier time that the Company no longer meets the requirements of being an emerging growth company. The Company would cease to be an emerging growth company if it has more than $1.07 billion in annual revenue, has more than $700 million in market value of its securities held by non-affiliates (and it has been a public company for at least 12 months, and has filed one annual report on Form 20-F), or it issues more than $1.0 billion of non-convertible debt securities over a three-year period.</div><div><br /></div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements – Not Yet Adopted:</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">ASU 2016-13:</font> In June 2016, the FASB issued ASU 2016-13- Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.  For public entities, the amendments of this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.  Early application is permitted. <font style="color: #000000;">The adoption of this new accounting guidance is not expected to have a material effect on the Company's consolidated results of operations, financial condition or cash flows.</font></div></div>
12000
2400000
480000
2400000
618112
300000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">6.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Shareholders' Equity:</font></div></td></tr></table><div><br /></div><div style="text-align: justify;">Under the Company's articles of incorporation, the Company's authorized capital stock consists of 2,000,000,000 shares, par value $0.001 per share, of which 1,950,000,000 shares are designated as common shares and 50,000,000 shares are designated as preferred shares. In connection with the Exchange Agreement discussed in Note 1, the Company issued 2,400,000 common shares, 480,000 of 9.75% Series A Preferred Shares and 12,000 Series B preferred shares to the then shareholders of Spetses. The accompanying consolidated financial statements give retroactive effect to the issuance of the shares as of December 13, 2016.</div><div><br /></div><div style="text-align: justify;">Furthermore, the Company determined the fair value of the 9.75% Series A cumulative redeemable perpetual preferred shares to be $2,740,000 as of the date of issuance and reflected the amount within additional paid-in capital. The fair value of these shares was determined using Level 3 hierarchical data. The fair value of these shares was determined using the income approach. In application of the income approach, a discounted cash flow method, or DCF, was utilized.</div><div><br /></div><div style="text-align: justify;">On September 29, 2017, the Company's shareholders authorized one or more amendments to its Articles of Incorporation to effect one or more reverse stock splits of the Company's issued common shares at a ratio of not less than one-for-two and not more than one-for-1000 and in the aggregate at a ratio of not more than one-for-1000, inclusive, with the exact ratio to be set at a whole number within this range to be determined by the Company's Board of Directors, or the Board, or any duly constituted committee thereof, at any time after approval of each amendment in its discretion, and to authorize the Board to implement any such reverse stock split by filing any such amendment with the Registrar of Corporations of the Republic of the Marshall Islands. As of September 30, 2017 and 2018 and December 31, 2018, no reverse stock splits have been effected under this authorization.</div><div><br /></div><div style="font-weight: bold;">Common Shares:</div><div><br /></div><div style="text-align: justify;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, common shareholders are entitled to receive ratably all dividends, if any, declared by the Company's Board of Directors out of funds legally available for dividends. Upon the Company's dissolution or liquidation or the sale of all or substantially all of its assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, the common shareholders are entitled to receive pro rata the remaining assets available for distribution. Common shareholders do not have conversion, redemption or preemptive rights to subscribe to any of the Company's securities. The rights, preferences and privileges of common shareholders are subject to the rights of the holders of any preferred shares, which the Company has or may issue in the future.</div><div><br /></div><div style="font-weight: bold;">Preferred Shares:</div><div><br /></div><div>The table below presents a summary of preferred shares outstanding as of September 30, 2017 and 2018 and December 31, 2018:</div><div><br /><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: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Series</div></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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Description</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Initial</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Issuance Date</div></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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total Shares Outstanding</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" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Liquidation</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Preference per</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Share (in dollars)</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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Par Value</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: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Carrying</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Value <sup>(1)</sup></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 valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Dividend Rate</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; background-color: #CCEEFF;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Series A</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.75% Cumulative</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Perpetual Redeemable</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">09/22/17</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">480,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; 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; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">25</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2,740,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: #CCEEFF;"> </td><td style="background-color: #CCEEFF; vertical-align: bottom; white-space: nowrap;"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9.75% per annum of the</div><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Liquidation Preference per share</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 14%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Series B</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="2" rowspan="1" valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 14%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">09/22/17</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </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(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="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: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$ <br /></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">12<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: center;">n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="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);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td valign="bottom" style="vertical-align: bottom; width: 14%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="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; font-weight: bold;">492,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </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);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </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);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">$</div></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; font-weight: bold;">2,740,492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td rowspan="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" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td></tr></table></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td><td style="width: auto; vertical-align: top;"><div>There are no issuance costs.</div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">9.75% Series A cumulative redeemable perpetual preferred shares:</font> Holders of Series A Preferred Shares have no general voting rights other than certain limited protective voting rights. Also, holders of Series A Preferred Shares, rank senior to the holders of common shares with respect to dividends, distributions and payments upon liquidation. Dividends on the Series A preferred shares are cumulative from the date of original issue and are payable on the 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>day of June and December of each year, commencing December 15, 2017. In the event the Company is unable to make dividend payments to the holders of the Series A preferred shares, the dividend rate shall increase to a number that is 1.30 times the dividend rate payable on the day immediately preceding the date of such dividend arrearage until the dividend arrearage is cured. The Company has not declared or paid dividends on its Series A preferred shares. The accumulated, but not declared, due and overdue dividends on the Series A Preferred Shares as of September 30, 2017, September 30, 2018 and December 31, 2018, amounted to $29,250, $1,676,025, and $2,668,770, respectively. The Series A Preferred Shares do not have a mandatory redemption feature. The Company has the right to redeem the Series A Preferred Shares, in whole or from time to time in part, from any funds available for such purpose, on a date set by the Company at an amount equal to $25.00 per share (the liquidation preference) plus an amount equal to all accumulated and unpaid dividends thereon to date of redemption whether or not declared. Such redemption price may be paid in cash, common shares or a note as shall be determined at the Company's sole discretion. If paid in common shares, the price of the common shares will be 90% of the lowest daily volume weighted average price on any trading day during the 5-consecutive trading-day period ending and including the trading day immediately prior to the date of the applicable redemption date.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Series B preferred shares:</font> The Series B preferred shares do not have redemption/call rights and do not earn any dividends or have any distribution rights. Holders of Series B preferred shares have 100,000 votes per share on all matters submitted to a vote of the shareholders of the Company (including determination for purposes of quorum) and vote together with the holders of the Company's common shares as one class. Holders of Series B preferred shares do not have any other special voting rights.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Adoption of a shareholder rights plan:</font><font style="font-weight: bold;"> </font>On November 21, 2017, the Company declared a dividend of one preferred share purchase right for each outstanding common share and adopted a shareholder rights plan, as set forth in a Stockholders Rights Agreement dated as of November 20, 2017, by and between the Company and American Stock Transfer & Trust Company, LLC, as rights agent. In connection with the Stockholders Rights Agreement, the Company designated 1,000,000 shares as Series C Participating Preferred Stock, none of which are outstanding as of December 31, 2018.</div></div>
8493644
9751024
9474582
0
0
0
0
2892
7612108
7612108
7612108
2892
878644
2136024
2892
1859582
8245784
0.001
0.5
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;">15.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">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: 27pt; vertical-align: top; align: right; font-weight: bold;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Vessel Acquisitions:</div></td></tr></table><div> </div><div style="text-align: justify;"><u>Acquisition <font style="font-style: normal;">of the M/V Magic Sun</font></u></div><div> </div><div style="text-align: justify;">On July 25, 2019, the Company entered into an agreement with an unaffiliated third party for the purchase of one second hand Panamax dry-bulk carrier vessel, the M/V Magic Sun, for a cash consideration of $6.7 million. The Company took delivery of the M/V Magic Sun on September 5, 2019. The M/V Magic Sun acquisition was financed using a portion of Castor’s then existing cash and the proceeds drawn under a $5.0 million unsecured term loan with Thalassa Investment Co. S.A (“Thalassa”), a company controlled by Petros Panagiotidis, who is also the Company’s Chairman, Chief Executive Officer and Chief Financial Officer (the “$5.0 Million Term Loan Facility”). The $5.0 Million Term Loan Facility bears a fixed interest rate of 6% per annum and has a bullet repayment on March 3, 2021, a date which is eighteen (18) months from the drawdown date. </div><div> </div><div style="text-align: justify;"><u>Acquisition of the M/<font style="font-style: normal;">V Magic Moon</font></u></div><div> </div><div style="text-align: justify;">On October 14, 2019, the Company entered into a purchase agreement with an entity in which an immediate family member of the Company’s Chairman, Chief Executive Officer and Chief Financial Officer has a minority interest, for the acquisition of a 2005 Japan built Panamax dry bulk carrier at a purchase price of $10.2 million. On October 20 2019, the Company took delivery of the subject vesse<font style="font-style: normal;">l, namely the M/V Magic Moon. The M/V Magic Moon acq</font>uisition was financed using a combination of cash on hand, the net proceeds raised under the Company’s ATM Program, discussed below, and the proceeds from a $7.5 million interest free unsecured bridge loan, which was provided to the Company by Thalassa (the “$7.5 Million Bridge Loan”). The $7.5 Million Bridge Loan originally maturing on December 31, 2019, was repaid in full on December 6, 2019 using a part of the net proceeds received under the Alpha Bank Financing, discussed below.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">b.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">At-the-market common stock offering:</div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">On June 28, 2019, the Company, entered into an equity distribution agreement, or as commonly referred to, an at-the-market offering, with Maxim Group LLC (“Maxim”), under which the Company may sell an aggregate offering price of up to US$10,000,000 of its common stock with Maxim acting as a sales agent over a minimum period of 12 months (the “ATM Program”). No warrants, derivatives, or other share classes were associated with this transaction. As of the issuance date of this Transition Report, the Company received $2,625,590 gross proceeds under the ATM by issuing 618,112 common shares, whereas, the net proceeds under the ATM, after deducting sales commissions and other transaction fees and expenses, amounted to $2,320,176.</font></div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">c.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Series A Preferred Shares amendment and accumulated dividends settlement:</div></td></tr></table><div> </div><div style="text-align: justify;">On October 10, 2019, the Company reached an agreement with the holders of its Series A Preferred Shares to settle in full all accumulated dividend obligations on the Series A Preferred Shares (the “Series A Dividends Settlement Agreement”) and to simultaneously adopt an Amended and Restated Statements of Designations of its Series A Preferred Shares (the<font style="font-weight: bold;"> </font> “Series A Amended SOD”). Pursuant to the Series A Dividends Settlement Agreement, the Series A Preferred holders agreed to forgive the Company’s obligations related to all due and overdue accumulated dividends on the Series A Preferred shares during the period from their original issue date up to and including June 30, 2019, amounting to $4.3 million, and to receive, in settlement thereof, 300,000 newly issued common shares (the “Settlement Shares”). The Settlement Shares were issued to the Series A Preferred holders on October 17, 2019. In addition, in accordance with the terms of the Series A Amended SOD, the Company and the Series A Preferred holders mutually agreed to: i) waive all dividend payment obligations on the Series A Preferred Shares during the period from July 1, 2019 until December 31, 2021, ii) reduce the progressively increasing dividend payment default rate that is 1.30 times the rate payable on the Series A Preferred Shares on the date preceding such payment to a fixed dividend payment default rate that is 1.30 times the base dividend payment rate, iii) increase the redemption price of the Series A Preferred Shares to $30 from $25 per share in case that the Company exercises its current option to redeem the Series A Preferred Shares, in whole or in part, with cash and iv) increase the liquidation preference from $25 to $30 per Series A Preferred Share. As a result of the foregoing, dividends on the Series A Preferred Shares will neither accrue nor accumulate during the period from July 1, 2019 until December 31, 2021 and the Company will no longer have any restriction declaring dividends to holders of its common shares during this period.</div><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">d.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">$11.0 Million Senior Secured Term Loan:</div></td></tr></table><div> </div><div style="text-align: justify;">On November 22, 2019, the Company, through two of its then wholly-owned subsidiaries (the “Borrowers”) ownin<font style="font-style: normal;">g the Magic P and the Magic Moon, entered into a $1</font>1.0 million senior secured term loan with Alpha Bank S.A (“the Alpha Bank Financing”). The facility was drawn down on December 2, 2019. The Alpha Bank Financing has a term of five years from the drawdown date, bears interest at a margin of 3.50% over LIBOR per annum and will be repayable in 20 equal quarterly instalments  plus a balloon instalment payable at maturity. <font style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">The facility securities include among others a first preferred mortgage and first priority general assignment covering earnings, insurances and requisition compensation over the vessels owned by the Borrowers and is guaranteed by Castor. Pursuant to the</font> terms of the Alpha Bank Financing, the Borrowers are subject to certain customary minimum liquidity restrictions and negative covenants. The Alpha Bank Financing net proceeds were partly used by the Company in order to repay the $7.5 Million Bridge Loan on December 6, 2019, whereas, the remainder of the proceeds is expected to be used  for general corporate purposes.</div></div>
33429
40345
8583
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Accounts receivable trade</div><div> </div><div style="text-align: justify;"><font style="color: #000000;">The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterer for hire or other possible sources of income under the Company’s time charter contracts, net of any provision for doubtful accounts. </font><font style="background-color: #FFFFFF;">At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts as of the periods presented was zero.</font></div></div>
<div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><div style="font-weight: bold; font-style: italic;">Use of estimates</div><div> </div><div style="text-align: justify;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value and the useful life of the vessel. Actual results may differ from these estimates.</div></div>
0
0
0
2400000
2400000
2400000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The following tables present condensed unaudited comparative information for the three months ended December 31, 2017:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Results of Operations</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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: 82%; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</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: 82%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total revenues</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">666,587</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: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Expenses:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Vessel Operating Expenses</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: 15%; background-color: rgb(204, 238, 255);"><div>(601,787</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Voyage Expenses<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>(28,440</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Management fees to related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div>(24,120</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Depreciation and amortization</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>(107,925</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">General and administrative expenses</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: 15%; background-color: rgb(204, 238, 255);"> </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: 82%; background-color: rgb(255, 255, 255);"><div style="margin-left: 9pt;">-      Company administration expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>(35,834</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="margin-left: 9pt;">-      Public registration costs</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: 15%; background-color: rgb(204, 238, 255);"><div>(115,761</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(913,867</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Other Income/ (Expenses):</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: 15%; background-color: rgb(204, 238, 255);"> </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: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Other Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(578</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net loss and comprehensive loss</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(247,858</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Loss per common share, basic and diluted</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(0.26</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Balance Sheet Data</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">December 31,</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; padding-bottom: 2px; width: 82%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</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: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div>486,670</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: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Vessel, net</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>7,293,118</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Working Capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></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: 15%; background-color: rgb(204, 238, 255);"><div>202,300</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><br /></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other non-current assets</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>750,366</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total Assets</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: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">9,215,971</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: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Retained Earnings</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div>630,784</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total shareholders’ equity</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">8,245,784</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;"><sup style="font-family: TimesNewRomanPSMT, 'Arial Unicode MS'; vertical-align: text-top; line-height: 1; font-size: smaller;">(</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1)</sup> The Company defines working capital as current assets less current liabilities.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Cash Flows</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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; padding-bottom: 2px; width: 82%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</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: bottom; width: 82%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net cash used in operating activities</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"><div>(349,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Net decrease in cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">(349,798</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">12.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">General and Administrative Expenses:</font></div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;">General and administrative expenses include public registration costs and costs in relation to the administration of the Company.</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; font-weight: bold;">Company Administration Expenses:</font><font style="background-color: #FFFFFF;"> Company administration expenses for the period ended September 30, 2017, the year ended September 30, 2018 and the three-months ended December 31, 2018 amounted to $58,467, $109,233 and $22,954, respectively. Company administration expenses include audit fees, Chief Executive Officer and Chief Financial Officer compensation and other professional fees and expenses and are analyzed as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Period ended</div><div style="text-align: center; font-weight: bold;">September 30, <div style="font-weight: bold;">2017</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30, <div style="font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31, <div style="font-weight: bold;">2018</div></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;">Audit fees</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>49,500</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>91,700</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Chief Executive and Chief Financial Officer compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>6,600<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>12,000<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other professional fees</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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,367</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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>5,533</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: 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>(46</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">58,467</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">109,233</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">22,954</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF; font-weight: bold;">Public Registration Costs:</font> During the period ended September 30, 2017, the year ended September 30, 2018 and the three months ended December 31, 2018, the Company incurred public registration costs of $35,973, $350,167 and $161,116 respectively. Public registration costs relate to the costs incurred by the Company in connection with the Company’s registration and listing of its 2,400,000 issued and outstanding common shares in the Norwegian OTC on December 21, 2018 and the NASDAQ Stock Exchange on February 11, 2019. Apart from registration and listing costs, public registration costs further include legal, consultancy and other costs incurred in connection with the subject listings.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div>Company administration expenses include audit fees, Chief Executive Officer and Chief Financial Officer compensation and other professional fees and expenses and are analyzed as follows:</div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Period ended</div><div style="text-align: center; font-weight: bold;">September 30, <div style="font-weight: bold;">2017</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30, <div style="font-weight: bold;">2018</div></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31, <div style="font-weight: bold;">2018</div></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;">Audit fees</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>49,500</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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>91,700</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>20,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Chief Executive and Chief Financial Officer compensation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>6,600<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>12,000<br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>3,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other professional fees</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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>2,367</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%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>5,533</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: 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>(46</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">58,467</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">109,233</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">22,954</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr></table></div>
35973
350167
161116
115761
20000
91700
49500
58467
22954
109233
35834
-46
2367
5533
443394
0
341070
480000
12000
2740492
2740000
0
492
7612108
0
7614508
2400
2740000
0
2740000
0
2400000
43125
74271
153406
0
0
0
2740000
2700000
0
1
76453
0.52
1
1
0.468
19556
80853
37373
28440
202300
29440
111480
55500
29440
111480
55500
24120
1
25
30
1.30
6700000
10200000
2625590
P12M
1.30
10000000
20
2
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="color: #000000; font-style: italic; font-weight: bold;">Accounting for Financial Instruments</div><div> </div><div style="text-align: justify; color: #000000;">The principal financial assets of the Company consist of cash and cash equivalents, amounts due from related parties and trade receivables, net. The principal financial liabilities of the Company consist of trade and other payables, accrued liabilities and amounts due to related parties. The Company is exposed to changes in the spot market rates associated with the deployment of its vessel and its objective is to manage the impact of such changes in its cash flows. In this respect, from time to time, the Company may engage in certain forward freight agreements.</div><div><br /></div><div style="text-align: justify; color: #000000;">When such derivatives do not qualify for hedge accounting the Company records these financial instruments in the consolidated balance sheet at their fair value as either a derivative asset or a liability, and recognizes the fair value changes thereto in earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets and liabilities through earnings, or recognized in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in earnings. As of September 30, 2017 and 2018 and December 31, 2018, there were no open derivative instruments.</div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Revenue and expense recognition (including Leases)</div><div> </div><div style="text-align: justify; color: #000000; font-weight: bold;">I ) Types of Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company’s revenues may be derived from time charter, bareboat charter and spot charter contracts. The Company currently generates and has historically generated its revenues under time charter contracts. A voyage charter is a type of contract that is entered into in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo, whereas a time charter is a type of contract that is entered into for the use of such vessel as well as such vessel’s operations for a specific period of time at a specified daily charter hire rate. A bareboat charter is a contract in which a vessel is provided to the charterer for a fixed period of time at a specified daily rate.</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">II) Lease Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company accounts for its time and bareboat charter contracts as operating leases pursuant to ASC 842 “Leases” which was early adopted by the Company on October 1, 2018 and which superseded legacy leases recognition guidance under ASC 840. Upon adoption of ASC 842, the timing and recognition of income from time charter contracts to which the Company is a party, did not change from previous practice. Specific amendments to this update, provided the Company, amongst other things, with (i) an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and (ii) a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if both of the following are met: (a) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) the lease component, if accounted for separately, would be classified as an operating lease.</div><div><br /></div><div style="text-align: justify; color: #000000;">As a result of the foregoing:</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: 33.75pt; vertical-align: top; color: rgb(0, 0, 0);">i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">the Company elected the optional new transitional approach and the practical expedient for lessors described above which had no cumulative-effect to the October 1, 2018 opening balance of retained earnings 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: 33.75pt; vertical-align: top; align: right; color: #000000;">ii)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;">the Company has determined that the most significant non-lease component in its time charter contracts relates to services for the operation of the vessel, which comprise of crew, technical and safety services, among others. The Company further elected to adopt the above discussed optional practical expedient and recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) since it made a determination that the related lease component and non-lease component have the same timing and pattern of transfer and the predominant component is the lease. The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e the vessel) rather than to the services provided under the time charter agreements.</div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;">Lease revenues<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> are recognized on a straight line basis over the rental periods of such charter agreements, as rental service is provided</font>, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded as part of revenues in the Company’s Consolidated Statement of Comprehensive Income.<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> Revenue generated from variable lease payments is recognized in the period when changes in facts and circumstances on which the variable lease payments are based occur. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not yet been met as at the balance sheet date and, accordingly, is related to revenue earned after such date. Lease revenue is shown net of address commissions payable directly to charterers under the relevant time charter agreements. Address commissions represent discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Apart from the agreed hire rate, the owner may be entitled to an additional income, such as ballast bonus, which is considered as reimbursement of owner’s expenses and is recognized together with the lease component over the duration of the charter. The Company made an accounting policy election to recognize the related ballast costs, which mainly consist of bunkers, incurred over the period between the charter party date or the prior redelivery date (whichever is latest) and the delivery date to the charterer, as contract fulfilment costs in accordance with ASC 340-40 and amortize these over the period of the charter</font><font style="background-color: #FFFFFF;">.</font></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;"><br /></font></div><div style="text-align: justify; color: #000000;"><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accordingly, the adoption of ASC 842 <font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">had no impact on the Company’s consolidated financial position and results of operations for the three month transition period ended December 31, 2018</font> or to any of the periods presented herein.</div><font style="background-color: #FFFFFF;"></font></div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">III) Revenue Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company has determined to account for its spot charter contracts following the provisions of ASC 606. In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606 or ASC 606) by the FASB, as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance.  The core principle of the guidance in ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company assessed the provisions of ASC 606 and concluded that there is one single performance obligation when accounting for its spot charters, which is to provide the charterer with an integrated transportation service within a specified period of time. In addition, the Company has concluded that spot charter contracts meet the criteria to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company’s performance. As a result of the foregoing, voyage revenue derived from spot charter contracts is recognized from the time when the vessel arrives at the load port until completion of cargo discharge. Demurrage income, which is considered a form of variable consideration, 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. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs.</div><div><br /></div><div style="text-align: justify; color: #000000;">Following the adoption of ASC 606 and the implementation of ASC 340-40 <font style="font-style: italic;">Other assets and deferred costs</font>- Contracts with customers for contract costs, all voyage costs are considered contract fulfilment costs because they are directly related to the performance of the voyage contract. Those costs are expensed as incurred, with the exception of contract fulfilment costs and incremental costs of obtaining a contract incurred prior to the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract. These capitalized contract costs are amortized on a straight-line basis as the related performance obligations are satisfied. 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.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company adopted the provisions of ASC 606 on October 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to October 1, 2018.   The Company neither currently operates nor has historically operated any of its fleet vessels under voyage charters and therefore, does not currently have any charter contracts which fall under the provisions of ASC 606. Accordingly, as of the date of initial application, the new revenue recognition guidance as outlined above did not have any effect to the opening retained earnings of the Company as of October 1, 2018</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">IV) Voyage Expenses</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">Voyage expenses, consist of:</font> <font style="color: #000000;">(a) port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, and (b) brokerage commissions, which are always paid for by the Company, regardless of charter type. All voyage expenses are expensed as incurred, except for brokerage commissions. Commissions paid to brokers are deferred and amortized over</font> <font style="color: #000000;">the related charter period to the extent revenue has been deferred since commissions are earned as the Company's revenues are earned. At the inception of a time charter, the Company records the difference between the cost of bunker fuel delivered by the terminating charterer and the bunker fuel sold to the new charterer as a bunker gain or loss within voyage expenses.</font></div></div>
P3M
P2M
250
320
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; font-weight: bold;"><font style="background-color: #FFFFFF;">11.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Vessel Operating and Voyage Expenses:</font></div></td></tr></table><div><br /></div><div><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated statement of </font>comprehensive<font style="background-color: #FFFFFF;"> income are analyzed as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 64%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Period ended </div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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: bottom; width: 64%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Vessel Operating Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</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: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Crew and related costs</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>609,549</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>983,985</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>239,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>323,322</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>415,306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>124,354</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lubricants</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>104,410</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>95,835</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>19,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Insurances</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>75,321</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>133,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>31,869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Tonnage taxes</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>33,429</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>40,345</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>8,583</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>48,964</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>59,209</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>8,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total vessel operating expenses</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,194,995</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,727,770</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">432,544</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div style="background-color: #FFFFFF;"><br /></div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 64%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Period ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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: bottom; width: 64%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</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: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Brokerage commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>51,735</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>90,194</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>14,375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Port & other expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>59,287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>57,042</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,181</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gain on bunkers</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>(30,169</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</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>(109,863</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</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>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">80,853</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">37,373</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">19,556</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 64%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Period ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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: bottom; width: 64%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</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: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Brokerage commissions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>51,735</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>90,194</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>14,375</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Port & other expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>59,287</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>57,042</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>5,181</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Gain on bunkers</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>(30,169</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</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>(109,863</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</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>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total voyage expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">80,853</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">37,373</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">19,556</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated statement of </font>comprehensive<font style="background-color: #FFFFFF;"> income are analyzed as follows:</font></div><div> </div><table border="0" cellpadding="0" cellspacing="0" style="width: 100%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 64%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Period ended </div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Year ended</div><div style="text-align: center; font-weight: bold;">September 30,</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">Three months ended</div><div style="text-align: center; font-weight: bold;">December 31,</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: bottom; width: 64%; padding-bottom: 2px;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Vessel Operating Expenses</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2018</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: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Crew and related costs</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>609,549</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>983,985</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>239,610</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Repairs & maintenance, spares, stores, classification, chemicals & gases, paints, victualling</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>323,322</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>415,306</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>124,354</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Lubricants</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>104,410</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>95,835</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>19,750</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Insurances</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>75,321</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>133,090</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>31,869</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Tonnage taxes</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>33,429</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>40,345</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>8,583</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(255, 255, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>48,964</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>59,209</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>8,378</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total vessel operating expenses</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,194,995</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">1,727,770</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;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div style="font-weight: bold;">432,544</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>
0.9
1
1.30
1
0.001
P5D
100000
2000000000
2017-09-22
2017-09-22
59287
57042
5181
-109863
0
-30169
95835
104410
19750
323322
124354
415306
14375
51735
90194
There are no issuance costs.
The Company defines working capital as current assets less current liabilities.