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<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;">14.</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><div style="text-align: left; font-weight: bold;">Selected Condensed Financial Data for the Three Months Ended December 31, 2017 (Unaudited):</div></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> </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;">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%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-indent: 36pt; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 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</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="text-indent: -9pt; margin-left: 18pt;">-          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="text-indent: -9pt; margin-left: 18pt;">-          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 cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="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: -9pt; margin-left: 9pt;">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="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="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: -9pt; margin-left: 9pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><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: -9pt; margin-left: 9pt;">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: -9pt; margin-left: 9pt;">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;"> </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;">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="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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: -9pt; margin-left: 9pt;">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="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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><table cellpadding="0" 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>(1)</sup></td><td style="width: auto; vertical-align: top; text-align: justify;"><div>The Company defines working capital as current assets less current liabilities.</div></td></tr></table></div>
0
6628
0
0
10183837
30420926
9215971
6220897
2847417
7336420
24200029
33344
0
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Restricted Cash</div><div><br /></div><div style="text-align: justify; color: #000000;">Restricted cash may comprise of (i) minimum liquidity collateral requirements or minimum required cash deposits that are required to be maintained under the Company's financing arrangements, (ii) cash deposits in so-called "retention accounts" which may only be used as per the Company's borrowing arrangements for the purpose of serving the loan installments coming due or, (iii) other cash deposits required to be retained until other specified conditions prescribed in the Company's debt agreements are met. In the event that the obligation to maintain such deposits is expected to elapse within the next operating cycle, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</div></div>
836468
1887280
1739174
0
5058939
4558939
1887280
1739174
836468
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;"><font style="background-color: #FFFFFF;">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.</font></div></div>
836468
3171659
902706
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;">Commitments and contingencies</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;">9.</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 vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.</div><div> </div><div style="text-align: justify;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, 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 vessels' actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.</div><div> </div><table cellpadding="0" 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;">(a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Commitments under Contracts for BWMS Installation</div></td></tr></table><div><br /></div><div style="text-align: justify;">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 <font style="font-style: italic;">Magic Sun</font> and the <font style="font-style: italic;">Magic Moon</font>. 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 <font style="background-color: #FFFFFF; color: #000000;">€0.7 million (or $0.8 million on the basis of a Euro/US Dollar exchange rate of €1.0000/$1.1213 as of December 31, 2019)</font>. These costs will be capitalized and depreciated over the remainder of the life of each vessel. As of December 31, 2019, the Company had advanced $182,627 in connection with the subject orders which are included in Prepaid expenses and other current assets in the accompanying consolidated balance sheet.</div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Commitments under long-term lease contracts</div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">During the year ended December 31, 2019, the Company reported lease income (gross of charterers' commissions amounting to $302,556, which excludes the non-cash effect of amortization of deferred ballast revenue amounting to $119,006) of $6.2 million. The Company's </font>future minimum contracted lease payments <font style="background-color: #FFFFFF; color: #000000;">(gross of charterers' commissions)</font>, based on vessels' commitment to non-cancelable time charter contracts (including fixture recaps) as of December 31, 2019, was $4.2 million, all due within the next 12 months. <font style="background-color: #FFFFFF; color: #000000;">This amount does not include any assumed off-hire days.</font></div></div>
0.001
0.001
0.001
3318112
2400000
2400000
2400000
1950000000
1950000000
3318112
2400000
2400000
2400000
3318
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>
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1088149
980938
276442
-247858
0
0
1
0
0
0
0.24
0.97
0
0
0
0.13
0.63
0.81
0
0
0
0.12
1
0
0.93
0.17
0
0
0.12
0
0.52
0
0.16
1
0
0
<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> </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>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Principles of consolidation</font></div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts of Castor and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Castor, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") 810 "Consolidation", a voting interest entity is an entity in which the total equity investment at risk is deemed sufficient to absorb the expected losses of the entity, the equity holders have all the characteristics of a controlling financial interest and the legal entity is structured with substantive voting rights. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities ("VIE") are entities, as defined under ASC 810, that in general either have equity investors with non-substantive voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The holding company has a controlling financial interest in a VIE and is, therefore, the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. A VIE should have only one primary beneficiary which is required to consolidate the VIE. A VIE may not have a primary beneficiary if no party meets the criteria described above. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it is the primary beneficiary, and would therefore be required to include assets, liabilities and operations of a VIE in its consolidated financial statements.</font></div><div> </div><div style="text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts and operating results of Castor and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</div></div>
2973634
842988
4684509
1608134
10
0.0580
P18M
P5Y
P12M
0.9
0.0450
2.25
1915613
0
0
11000000
5000000
16000000
2805157
7500000
11000000
5000000
7500000
11000000
7500000
5000000
11000000
1500000
2000000
1500000
4500000
0.06
0.060
2019-12-31
2021-03-03
2024-12-02
Quarterly
Quarterly
Spetses- Pikachu
400000
<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 a 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 style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The movement in the deferred dry-docking costs, net in the accompanying consolidated balance sheets, is 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 valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 88%;"> </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;">Dry-docking costs</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: 88%; background-color: rgb(204, 238, 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: #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>—</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: 88%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>784,474</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: 88%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Amortization</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>(341,080</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: 88%; 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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">443,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Amortization</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(102,324</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">341,070</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: 88%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Amortization</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>(341,070</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: 88%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2019</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table></div>
112508
167298
0
0
77105
242940
0
165835
0
493015
47708
430994
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Vessels' depreciation</div><div> </div><div style="text-align: justify;">Depreciation is computed using the straight line method over the estimated useful life of a vessel, after considering the estimated salvage value. <font style="color: #000000;">Salvage value is estimated by the Company by taking the estimated 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 value affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font> Management estimates the useful life of its vessels to be 25 years from their initial delivery from the shipyard through its remaining estimated useful life.</div></div>
296531
556101
75054
897171
177378
182346
637611
107925
0
0
475530
0
0
0
759386
176434
759386
176434
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; 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;">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; color: #000000;"><font style="background-color: #FFFFFF;">The Company calculates earnings/ (loss) per share by dividing net income/ (loss) available to common stockholders in each period by the weighted-average number of common shares outstanding during that period, after adjusting for the effect of cumulative dividends on the Series A Preferred Shares, whether or not earned, and only at periods when dividends on the Series A Preferred Shares are contractually allowed to accumulate.</font></div><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">Diluted earnings per share, if applicable, reflects the potential dilution that could occur if potentially dilutive instruments were exercised, resulting in the issuance of additional share that would then share in the Company's net income. The Company had no dilutive instruments in the </font>period ended September 30, 2017, the year ended September 30, 2018, the Transition Period ended December 31, 2018 and the year ended December 31, 2019<font style="background-color: #FFFFFF; color: #000000;">.</font></div><div><br /></div><div style="text-align: justify;">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 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></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;">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><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;">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;"> </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><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;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; 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><td colspan="1" valign="bottom" 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;">1,088,149</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: 52%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Cumulative 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><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>(372,022</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Plus: Gain on extinguishment of preferred shares pursuant to the Series A Preferred Shares Amendment Agreement, net of 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: 9%; background-color: #CCEEFF;"><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: 9%; background-color: #CCEEFF;"><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: 9%; background-color: #CCEEFF;"><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: 9%; background-color: #CCEEFF;"><div>112,637</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: 52%; background-color: rgb(255, 255, 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: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">849,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(665,837</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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(716,303</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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">828,764</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: 52%; background-color: rgb(204, 238, 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: #CCEEFF;"> </td><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>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,662,383</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 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: #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: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">0.35</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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(0.28</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(0.30</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: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">0.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">As already discussed under Note 7, the Company, on October 10, 2019, reached the Series A Dividends Settlement Agreement with the holders of the Series A Preferred Shares, pursuant to which all due and overdue accumulated dividends on the Series A Preferred shares from their issuance date and up to and including June 30, 2019, in the amount of $4.3 million, were forgiven, whereby, the Series A Preferred holders received in settlement thereof, the Settlement Shares. The Company considered the guidance under FASB ASC Topic 260 in its earnings per common share computation for the year ended December 31, 2019, pursuant to which, the excess of the fair value of the consideration transferred to the holders of the preferred shares over the carrying amount of the preferred shares in the registrant's balance sheet should be subtracted from net earnings to arrive at net earnings available to common shareholders in the calculation of earnings per share. Accordingly, the Company (i) subtracted from net income the residual of the fair value of the common stock (based on price at declaration date) distributed from January 1, 2019 until June 30, 2019, over the accumulated dividends on the Series A Preferred Shares during that period, and (ii) added to net income, as deemed contribution from the Series A Preferred holders, the difference of the (1) the fair value of the Series A Preferred Shares after the amendment and (2) the carrying amount of the preferred shares immediately before the amendment, to arrive at income available to common shareholders.</div></div>
-0.28
0.35
0.31
-0.30
-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;"><font style="background-color: #FFFFFF;">Earnings/ (losses) per common share</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">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 shares (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></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;"><font style="background-color: #FFFFFF;">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 a 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.</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;">8.</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> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The principal financial assets of the Company consist of cash at banks, restricted cash, trade accounts receivable and amounts due from related party. The principal financial liabilities of the Company consist of trade accounts payable and long-term debt (including related party debt).</font></div><div> </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> </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, restricted cash, 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 maturity nature.</font><font style="background-color: #FFFFFF;"> Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short term maturities. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current and is considered Level 1 item of the fair value hierarchy. The carrying value of these instruments is separately reflected in the accompanying consolidated balance sheets. </font></div></td></tr></table><div> <br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top; align: right; color: #000000;">●</td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="background-color: #FFFFFF; font-weight: bold;">Long-term debt: </font><font style="background-color: #FFFFFF; color: #000000;">The $11.0 Million Alpha Bank Financing discussed </font><font style="color: #000000;">in Note 6, has a recorded value which is a reasonable estimate of its fair value due to its variable interest rate and is thus considered a Level 2 item in accordance with the fair value hierarchy as LIBOR rates are observable at commonly quoted intervals for the full terms of the loans. The fair value of the fixed interest bearing </font>$5.0 Million Term Loan Facility,<font style="color: #000000;"> discussed in Note 3, determined through Level 2 inputs of the fair value hierarchy (quoted prices for identical or similar assets</font><font style="background-color: #FFFFFF; color: #000000;"> and liabilities in markets that are not active), approximates its recorded value as of December 31, 2019.</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 vessels 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 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 </font><font style="background-color: #FFFFFF;">accompanying consolidated statements of comprehensive income. As of December 31, 2019 and 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="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, restricted cash, amounts due from related parties and trade receivables, net. The principal financial liabilities of the Company consist of trade and other payables, accrued liabilities, long-term debt and amounts due to related parties. The Company is exposed to changes in the spot market rates associated with the deployment of its vessels 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 December 31, 2018 and 2019, 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;">Change of Fiscal Year</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On September 27, 2019, the Company's Board of Directors authorized a change in its fiscal year end from September 30 to December 31.  This change in the Company's fiscal year end resulted in a three-month transition period from October 1, 2018 to December 31, 2018 (the "Transition Period"). On December 16, 2019, the Company filed an audited transition report on Form 20-F with the </font>U.S. Securities and Exchange Commission <font style="background-color: #FFFFFF;">for 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;"><font style="background-color: #FFFFFF;">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.</font></div></div>
-4540
-7021
89
-8539
0.8918
31869
133090
75321
189781
<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 vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When the estimate of future undiscounted cash flows expected to be generated by the use of a vessel is less than its 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 its vessels' in connection with their estimated recoverable amount. There were no indications that the carrying value of the vessels was not recoverable as of December 31, 2018 and 2019.</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;">10.</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;">Castor and its subsidiaries 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 subsidiaries are 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 subsidiaries 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>
210888
105104
-71621
129201
-454488
342605
-340152
668520
25001
119170
384827
-3437
0
198364
0
784474
47708
0
0
564313
166815
-86645
96264
582952
-3167
14111
46586
86004
29060
320055
10603
15537
162500
0
0
0
162500
62500
100000
3393
532
519
222163
<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;">Financing Costs</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">In accordance with ASU 2015-03, "Interest – Imputation of Interest", costs associated with long-term debt, including but not limited to, fees paid to lenders, fees required to be paid to third parties on the lender's behalf in connection with debt financing or refinancing, or any unamortized portion thereof, are presented by the Company as a reduction of long-term debt. Such fees are deferred and amortized to interest and finance costs during the life of the related debt instrument using the effective interest method. Unamortized fees relating to loans repaid or refinanced as debt extinguishments and loan commitment fees are expensed as interest and finance costs in the period incurred in the accompanying statements of comprehensive income. Any unamortized balance of costs relating to refinanced long-term debt is deferred and amortized over the term of the credit facility in the period that such refinancing occurs, subject to the provisions of the accounting guidance prescribed under 470-50, Debt—Modifications and Extinguishments.</font></div></div>
210085
0
0
0
0
<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 each 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>
57530
143534
31589
4243
0
7985
4200000
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-weight: bold;">II) Lease Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The Company accounts for its time 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 </font>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;"><font style="background-color: #FFFFFF;">As a result of the foregoing:</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: 33.75pt; vertical-align: top; align: right; color: #000000;">i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">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</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 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;"><font style="background-color: #FFFFFF;">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.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Lease revenues are recognized on a straight line basis over the rental periods of such charter agreements, as rental service is provided</font>, beginning when a vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded as part of vessel revenues in the Company's Consolidated Statements of Comprehensive Income.<font style="background-color: #FFFFFF;"> 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. Deferred revenue includes (i) cash received prior to the balance sheet date for which all criteria to recognize as lease revenue have not yet been met as at the balance sheet date and, accordingly, is related to revenue earned after such date and (ii) deferred contract revenue such as deferred ballast compensation earned as part of a lease contract. Lease revenue is shown net of commissions payable directly to charterers under the relevant time charter agreements. Charterers' 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 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 fulfillment costs in accordance with ASC 340-40 and amortize these over the period of the charter.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, deferred ballast costs and related deferred ballast income related to lease contracts amounted to $112,508 and $430,994, and are presented under Deferred charges, net  (Current) and Deferred revenue, net (Current) respectively, in the accompanying consolidated balance sheet. Amortization expense related to deferred ballast costs for the year ended December 31, 2019 amounted to $31,066 and is included under Voyage expenses in the accompanying consolidated statements of comprehensive income. Amortization of deferred ballast income for the year ended December 31, 2019 amounted to $119,006 and is included under Vessel revenues in the accompanying consolidated statement of comprehensive income. The unamortized balance of deferred ballast costs of $112,508 and deferred ballast income of $430,994 as of December 31, 2019 will be amortized to the Company's earnings over the lease term of the relevant contract, expected to be concluded at the earliest in the second fiscal quarter of 2020.</font></div></div>
1396477
239610
609549
983985
30420926
10183837
0
14234165
432813
2982750
0
10757060
<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; font-weight: bold;">6.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000; font-weight: bold;"><font style="background-color: #FFFFFF;">Long-Term Debt:</font></div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The amount of long-term debt (including related party debt discussed under Note 3) shown in the accompanying consolidated balance sheet of December 31, 2019, is 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; width: 57%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="6" 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></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: 57%;"><div style="font-weight: bold;"><u>Debt instruments</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 12%;"><div style="text-align: center; font-weight: bold;">Borrowers- Issuers</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;">December 31,</div><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;">December 31,</div><div style="text-align: center; font-weight: bold;">2019</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: 57%;"><div>$11.0 Million Alpha Bank Financing (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%;"><div>Spetses- Pikachu</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;"><div>11,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">Total long-term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">—</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: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">11,000,000</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: 57%; background-color: rgb(255, 255, 255);"><div>Less: Deferred financing costs<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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 style="font-weight: bold;">—</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>(242,940</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: 57%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">Total long-term debt, net of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" 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: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">—</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 style="font-weight: bold;">10,757,060</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: 57%; 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 valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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);"> </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);"> </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: 57%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><u>Presented:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; 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: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Current portion of long-term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">1,600,000</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: 57%; background-color: rgb(204, 238, 255);"><div>Less: Current portion of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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 style="font-weight: bold;">—</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>(77,105</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Current portion of long-term debt, net of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">1,522,895</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: 57%; 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 valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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);"> </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);"> </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: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Non-Current portion of long-term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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 style="font-weight: bold;">—</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 style="font-weight: bold;">9,400,000</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: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>Less: Non-Current portion of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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 style="font-weight: bold;">—</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>(165,835</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: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Non-Current portion of long-term debt, net of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">9,234,165</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: 57%; 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 valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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);"> </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);"> </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: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;"><u>Debt instruments from related party</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; 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: 12%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>$5.0 Million Term Loan Facility (Note 3(c))</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Total long-term debt from related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">—</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;">5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; font-weight: bold;">a.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">$11.0 Million Alpha Bank Financing:</div></td></tr></table><div> </div><div style="text-align: justify;">On November 22, 2019, the Company, through two of its wholly-owned subsidiaries owning the <font style="font-style: italic;">Magic P</font> and the <font style="font-style: italic;">Magic Moon</font> (the "Borrowers"), entered into the $11.0 Million Alpha Bank Financing. The facility was drawn down on December 2, 2019. The $11.0 Million Alpha Bank Financing has a term of five years from the drawdown date, bears interest at a margin over LIBOR per annum and will be repayable in twenty (20) equal quarterly instalments of $400,000 each, plus a balloon instalment payable at maturity, on December 2, 2024. <font style="background-color: #FFFFFF; color: #000000;">The facility is secured by, </font>including but not limited to,<font style="background-color: #FFFFFF; color: #000000;"> </font>a<font style="background-color: #FFFFFF; color: #000000;"> first preferred mortgage and first priority general assignment covering earnings, insurances and requisition compensation over the vessels owned by the Borrowers, an earnings account pledge, shares security deed relating to the shares of the vessels' owning subsidiaries, manager's undertakings and is guaranteed by Castor. </font>The $11.0 Million 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 are expected to be used for general corporate purposes.</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">The $11.0 Million Alpha Bank Financing contains </font>certain customary minimum liquidity restrictions<font style="color: #000000;"> and financial covenants that require the Borrowers to:</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;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">●</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">maintain minimum free liquidity of at least $250,000 per collateralized vessel ("the Minimum Liquidity Deposit"); and</font></div></td></tr></table><div> </div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;">●</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">meet a specified minimum security requirement ratio, which is the ratio of the aggregate market value of the mortgaged vessels plus the value of any additional security and the value of the Minimum Liquidity Deposit to the aggregate principal amounts due under the $11.0 Million Alpha Bank Financing;</font></div></td></tr></table><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, the Company was in compliance with all financial covenants prescribed in the $11.0 Million Alpha Bank Financing.</font></div><div> </div><div style="text-align: justify; color: #000000;">The annual principal payments for the Company's outstanding debt arrangements as of December 31, 2019 (including related party debt discussed under Note 3), required to be made after the balance sheet date, are as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-weight: bold;">Year ending December 31,</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div>2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,600,000</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: 88%; background-color: #FFFFFF;"><div>2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>6,600,000</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: 88%; background-color: #CCEEFF;"><div>2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,600,000</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: 88%; background-color: #FFFFFF;"><div>2023</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>1,600,000</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: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>4,600,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">Total long-term debt (including related party debt)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><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;">16,000,000</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; color: #000000;">The weighted average interest rate on the Company's long-term debt for the year ended December 31, 2019 was 5.8%.</div><div><br /></div><div style="text-align: justify; color: #000000;">Total interest incurred on long-term debt for the year ended December 31, 2019, amounted to $210,085 and is included in Interest and finance costs in the accompanying consolidated statements of comprehensive income.</div></div>
1600000
1600000
1600000
6600000
4600000
<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;">Repairs and Maintenance</div><div><br /></div><div style="text-align: justify; color: #000000;">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.</div></div>
0
2740000
902706
148106
2311962
770749
-349798
-17227436
-7549281
0
0
7615000
0
18087133
0
1088149
276442
980938
878644
980938
276442
0
0
0
0
0
0
0
0
878644
1088149
-247858
828764
849394
-665837
-716303
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-weight: bold;"><font style="background-color: #FFFFFF;">Recent Accounting Pronouncements – Not Yet Adopted:<br /></font></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="background-color: #FFFFFF; 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><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF; font-weight: bold;">ASU 2018-13</font>: In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement", which changes the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that year.  Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU.  Management is currently evaluating the impact of this adoption on its consolidated financial statements and related disclosures.</div></div>
-6250
468717
8355
-195114
-578
0
5000000
5000000
0
12000
3000
12000
6600
1727770
1194995
2802991
432544
601787
913867
268087
987188
409927
1283263
6200000
2018061
1111075
3960822
5967772
<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> </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. The accompanying consolidated financial statements include the accounts of </font><font style="background-color: #FFFFFF;">Castor </font><font style="background-color: #FFFFFF; color: #000000;">and its wholly-owned subsidiaries (collectively, 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 subsidiaries. On December 21, 2018, Castor's common shares began trading on the Norwegian OTC and 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"), a corporation incorporated in Liberia, which as of December 31, 2019, held 33.9% of the Company's common shares and 100% of the Series B preferred shares and, accordingly, could control the outcome of matters on which shareholders 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="color: #000000;">Pavimar S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands ("Pavimar", or "the Manager"), a related party controlled by the sister of Petros Panagiotidis, Ismini </font><font style="background-color: #FFFFFF;">Panagiotidis</font><font style="color: #000000;">, provides technical, crew and operational management services to the Company.</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 </font><font style="background-color: #FFFFFF; color: #000000;">Spetses Shipping Co. ("Spetses")</font><font style="background-color: #FFFFFF;">, </font><font style="background-color: #FFFFFF; color: #000000;">a corporation incorporated under the laws of the Marshall Islands on December 13, 2016 and the 100% owner of the </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Magic P</font><font style="background-color: #FFFFFF; color: #000000;">, a 76,453 DWT, 2004 built, Panamax, dry-bulk carrier vessel,</font><font style="background-color: #FFFFFF;"> to acquire all of the outstanding common shares of Spetses in exchange for Castor issuing (i) 2,400,000 common shares proportionally to the then shareholders of Spetses, (ii) 12,000 Series B preferred shares to Thalassa, and (iii) 480,000  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 also involved the issuance of preferred shares, which were a new and additional class of shares, these have been recorded at fair value. As further discussed in Note 7, the Company recorded a deemed distribution of $2.7 million representing the fair value of the Series A 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> </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 September 30, 2017. 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 perio</font><font style="background-color: #FFFFFF;">d</font><font style="background-color: #FFFFFF;">.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</font></div><div> </div><div style="text-align: justify;"><u>Vessel owning subsidiaries consolidated:</u></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 28.47%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Company</div></td><td style="width: 18.2%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Country of incorporation</div></td><td style="width: 12.98%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Vessel Name</div></td><td style="width: 10.08%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">DWT</div></td><td style="width: 11.92%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Year Built</div></td><td style="width: 18.36%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Delivery date to Castor</div></td></tr><tr><td style="width: 28.47%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div>Spetses Shipping Co. ("Spetses")</div></td><td style="width: 18.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 12.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-style: italic;">Magic P</div></td><td style="width: 10.08%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">76,453</div></td><td style="width: 11.92%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2004</div></td><td style="width: 18.36%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">February 2017</div></td></tr><tr><td style="width: 28.47%; vertical-align: bottom; background-color: #FFFFFF;"><div>Bistro Maritime Co. ("Bistro")</div></td><td style="width: 18.2%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 12.98%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; font-style: italic;">Magic Sun</div></td><td style="width: 10.08%; vertical-align: top; background-color: #FFFFFF;"><div style="text-align: center;">75,311</div></td><td style="width: 11.92%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center;">2001</div></td><td style="width: 18.36%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center;">September 2019</div></td></tr><tr><td style="width: 28.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Pikachu Shipping Co. ("Pikachu")</div></td><td style="width: 18.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 12.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center; font-style: italic;">Magic Moon</div></td><td style="width: 10.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">76,602</div></td><td style="width: 11.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 18.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">October 2019</div></td></tr></table><div><br /></div><div style="font-style: italic; font-weight: bold;">Change of Fiscal Year</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">On September 27, 2019, the Company's Board of Directors authorized a change in its fiscal year end from September 30 to December 31.  This change in the Company's fiscal year end resulted in a three-month transition period from October 1, 2018 to December 31, 2018 (the "Transition Period"). On December 16, 2019, the Company filed an audited transition report on Form 20-F with the </font>U.S. Securities and Exchange Commission <font style="background-color: #FFFFFF;">for the Transition Period.</font></div><div> </div><div style="text-align: justify; color: #000000;">During the period ended September 30, 2017, the year ended September 30, 2018, the Transition Period ended December 31, 2018 and the year ended December 31, 2019, charterers that individually accounted for more than 10% of the Company's revenues (as percentages of total revenues) were as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">Charterer</div></td><td style="width: 0.92%; vertical-align: bottom;"> </td><td style="width: 17.8%; vertical-align: bottom; border-bottom: #000000 2px solid;"><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 style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 18.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><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 style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 19.03%; vertical-align: bottom; border-bottom: #000000 2px solid;"><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 style="width: 1%; vertical-align: top;"> </td><td colspan="1" style="width: 1%; vertical-align: top;"> </td><td style="width: 18.57%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Year Ended</div><div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2019</div></td><td style="width: 1%; vertical-align: top;"> </td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">A</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">81</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">24</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">100</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">63</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">B</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: #FFFFFF;"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">16</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">C</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">52</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">D</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: #FFFFFF;"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">17</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">E</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">13</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">F</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">12</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">G</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">12</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">Total</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">97</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">93</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">100</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">100</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td></tr></table></div>
31066
0
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 27pt; vertical-align: top; align: right; 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; color: #000000;">The movement in the deferred dry-docking costs, net in the accompanying consolidated balance sheets, is 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 valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 88%;"> </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;">Dry-docking costs</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: 88%; background-color: rgb(204, 238, 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: #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>—</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: 88%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Additions</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>784,474</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: 88%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Amortization</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>(341,080</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: 88%; 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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">443,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Amortization</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>(102,324</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2018</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">341,070</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: 88%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Amortization</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>(341,070</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: 88%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2019</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table><div><br /></div><div style="text-align: justify;">On October 27, 2017, the <font style="font-style: italic;">Magic P</font> 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. Amortization of deferred dry-docking costs is included in Depreciation and amortization in the accompanying consolidated statements of comprehensive income.</div></div>
750366
48964
8378
143296
59209
800
0
1439
740
0
0
232568
0
305889
0
0
0
0
0
17227436
7549281
0.0975
0.0975
0.0975
992745
1646775
29250
372022
9.75% Cumulative Perpetual Redeemable
30
25
0
30
0.001
0.001
0.001
0.001
4300000
12000
480000
480000
12000
12
12
480
480
492
492
480000
480000
12000
12000
492000
492000
0
50000000
50000000
1000000
25
375255
55200
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; font-style: italic; font-weight: bold;">Reclassifications</div><div> </div><div style="text-align: justify;">The consolidated statements of comprehensive income for the period from December 13, 2016 to September 30, 2017 and the year ended September 30, 2018, 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 the Company's common shares on the Norwegian OTC market on December 21, 2018 and the listing of the Company's common shares on the NASDAQ Stock Market on February 11, 2019.</div></div>
0
0
0
11000000
0
0
7615000
0
0
0
0
2625590
0
12500000
0
0
7500000
5000000
11000000
5000000
P25Y
17260780
6700000
10200000
7549281
7549281
7549281
24810061
<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;">5.</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Vessels, net:</font></div></td></tr></table><div> </div><div style="color: #000000;"><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; 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;">Vessel Cost</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;">Accumulated</div><div style="text-align: center; font-weight: bold;">depreciation</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;">Net Book</div><div style="text-align: center; font-weight: bold;">Value</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;">Balance September 30, 2017</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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: -9pt; margin-left: 9pt;">—Yearly depreciation</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>—</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>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</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>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><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;">Balance September 30, 2018</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: rgb(204, 238, 255);"><div style="font-weight: bold;">)</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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: -9pt; margin-left: 9pt;">—Period depreciation</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>—</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>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</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>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><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;">Balance December 31, 2018</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(553,931</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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: -9pt; margin-left: 9pt;">— Addition to fleet vessels</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>17,260,780</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>—</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>17,260,780</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: -9pt; margin-left: 9pt;">—Yearly depreciation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>—</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>(556,101</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>(556,101</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2019</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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">24,810,061</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</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;">(1,110,032</div></td><td colspan="1" nowrap="nowrap" 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; 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;">23,700,029</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><div style="text-align: justify; font-style: italic; font-weight: bold;">Vessel Acquisitions:</div><div> </div><div style="text-align: justify;"><u>Acquisition of the M/V </u><font style="font-style: italic;"><u>Magic Sun</u></font></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 vessel, the <font style="font-style: italic;">Magic Sun</font>, for gross cash consideration of $6.7 million. The Company took delivery of the <font style="font-style: italic;">Magic Sun</font> on September 5, 2019. The <font style="font-style: italic;">Magic Sun</font> acquisition was financed using a portion of Castor's then existing cash and the proceeds drawn under the $5.0 Million Term Loan Facility.</div><div><br /></div><div style="text-align: justify;"><u>Acquisition of the M/V </u><font style="font-style: italic;"><u>Magic Moon</u></font></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 Petros Panagiotidis had a minority interest, for the acquisition of a 2005 Japan built Panamax dry bulk carrier at a gross purchase price of $10.2 million. On October 20, 2019, the Company took delivery of the<font style="font-style: italic;"> Magic Moon</font>. The <font style="font-style: italic;">Magic Moon</font> acquisition was financed using a combination of cash on hand, the net proceeds raised under the Company's ATM Program, discussed in Note 7 below, and the proceeds from the $7.5 Million Bridge Loan.</div><div> </div><div style="color: rgb(0, 0, 0); text-align: justify;"><font style="background-color: rgb(255, 255, 255);">As of December 31, 2019, the </font><font style="background-color: rgb(255, 255, 255); font-style: italic;">Magic P</font><font style="background-color: rgb(255, 255, 255);"> and the </font><font style="background-color: rgb(255, 255, 255); font-style: italic;">Magic Moon</font><font style="background-color: rgb(255, 255, 255);"> with an aggregate carrying value of $16,856,562 were first priority mortgaged as collateral to secure the $11.0 Million Alpha Bank Financing further discussed in Note 6.</font></div></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; 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;">Vessel Cost</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;">Accumulated</div><div style="text-align: center; font-weight: bold;">depreciation</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;">Net Book</div><div style="text-align: center; font-weight: bold;">Value</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;">Balance September 30, 2017</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(182,346</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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: -9pt; margin-left: 9pt;">—Yearly depreciation</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>—</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>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</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>(296,531</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><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;">Balance September 30, 2018</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">7,549,281</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: rgb(204, 238, 255);"><div style="font-weight: bold;">)</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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: -9pt; margin-left: 9pt;">—Period depreciation</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>—</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>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div>)</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>(75,054</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><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;">Balance December 31, 2018</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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">(553,931</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 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: 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: -9pt; margin-left: 9pt;">— Addition to fleet vessels</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>17,260,780</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>—</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>17,260,780</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: -9pt; margin-left: 9pt;">—Yearly depreciation</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><div>—</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>(556,101</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>(556,101</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"><div>)</div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Balance December 31, 2019</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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">24,810,061</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">$</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;">(1,110,032</div></td><td colspan="1" nowrap="nowrap" 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; 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;">23,700,029</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>
23700029
6995350
7366935
6995350
7070404
23700029
16856562
7293118
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Vessels, net</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Vessels, net are stated at cost net of accumulated depreciation. The cost of a 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 intended use which is to provide worldwide integrated transportation services. 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 a vessel; </font><font style="background-color: #FFFFFF; color: #000000;">otherwise these amounts are charged to expense as incurred.</font></div></div>
0
0
0
0
700000
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; color: #000000;"><font style="background-color: #FFFFFF;">During the period ended September 30, 2017, the year ended September 30, 2018, the Transition Period ended December 31, 2018 and the year ended December 31, 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying consolidated statements of comprehensive income:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; 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></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" style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><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" style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><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><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;">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: 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;">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: top; 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: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Management fees-related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Management fees (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>55,500</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>111,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>29,440</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>212,300</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: 52%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Voyage 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: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Charter hire commissions (b)</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>40,471</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Interest and finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Interest expenses (c)</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>—</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</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>162,500</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; color: #000000;">As of December 31, 2018 and 2019, balances with related parties consisted of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </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;">December 31,</div><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;">December 31,</div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">Assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div>Working capital advances granted to the Manager (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>176,434</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>759,386</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">Liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div>Related party debt (c)</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>—</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;">5,000,000</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><table cellpadding="0" 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;">(a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Pavimar:</div></td></tr></table><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">The Company's ship-owning subsidiaries have each entered into separate vessel management agreements with Pavimar, a company controlled by Ismini Panagiotidis, the sister of Petros Panagiotidis (see Note 1). Pursuant to the terms of the management agreements, Pavimar provides the Company with a wide range of shipping services, including 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 a vessel's delivery and until the termination of the agreement.</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> On November 13, 2017, it was agreed that the daily fixed fee of the sole vessel in our fleet at that time, this of the </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Magic P</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, was increased from $250 to $320 and such fee remained at this level until December 31, 2019.</font><font style="background-color: #FFFFFF;"> On January 1, 2020, the Company's subsidiary owning the </font><font style="background-color: #FFFFFF; font-style: italic;">Magic P</font><font style="background-color: #FFFFFF;">, entered into an amendment to its' existing management agreement with Pavimar, pursuant to which, effective as of that date, the daily fee of the subject vessel was increased from $320 per day to a $500 per day, and was thus aligned with the charged daily fee of the remaining fleet.</font></div><div> </div><div style="text-align: justify;">During <font style="background-color: #FFFFFF; color: #000000;">the period ended September 30, 2017, the year ended September 30, 2018, the Transition Period ended December 31, 2018 and the year ended December 31, 2019</font>, the Company incurred management fees under the vessel management agreements amounting to $55,500, $111,480, $29,440 and $212,300, 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 funds provided by the Company. As of December 31, 2018 and 2019, amounts of $176,434 and $759,386, respectively, were due from the Manager in relation to these working capital advances granted to it.</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;">(b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Alexandria Enterprises S.A:</font></div></td></tr></table><div> </div><div style="text-align: justify;">The Company uses on a non-recurring basis the commercial services of Alexandria Enterprises S.A., ("Alexandria") an entity controlled by a family member of the Company's Chairman, Chief Executive Officer and Chief Financial Officer. In exchange for these services, Alexandria charges the Company a commission rate equal to 1.25% of the gross charter hire, freight and the ballast bonus earned under a charter agreement.</div><div><br /></div><div style="text-align: justify;">During <font style="background-color: #FFFFFF; color: #000000;">the period ended September 30, 2017, the year ended September 30, 2018, the Transition Period ended December 31, 2018 and the year ended December 31, 2019</font>, commissions charged by Alexandria amounted to $0, $0, $0 and $40,471, respectively, and are included in Voyage expenses in the accompanying consolidated statements of comprehensive income. <font style="background-color: #FFFFFF;">As of December 31, 2018 and 2019, no amounts were due to Alexandria.</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: 18pt; vertical-align: top; align: right; font-weight: bold;">(c)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;"><font style="background-color: #FFFFFF;">Thalassa:</font></div></td></tr></table><div> </div><div style="text-align: justify; font-weight: bold;"><u>$5.0 Million Term Loan Facility</u></div><div> </div><div style="text-align: justify;">On August 30, 2019, the Company entered into a $5.0 million unsecured term loan with Thalassa, the proceeds of which were used to partly finance the acquisition of the M/V <font style="font-style: italic;">Magic Sun</font> (the "$5.0 Million Term Loan Facility") (Note 5). The Company drew down the entire loan amount on September 3, 2019.  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 after the drawdown date. The $5.0 Million Term Loan Facility may be prepaid in whole or in part at any time prior to its maturity, at the Company's option. As of December 31, 2019, no amounts were prepaid under the $5.0 Million Term Loan Facility.</div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The $5.0 Million Term Loan Facility contains event of default provisions and covenants customary for unsecured facilities of this type, including, but not limited to, failure to pay, bankruptcy and insolvency, material litigation, change of business, as further set forth in the provisions of the $5.0 Million Term Loan Facility. The $5.0 Million Term Loan Facility does not impose any financial covenant requirements or other minimum liquidity restrictions on the Company.</font></div><div> </div><div style="text-align: justify;">During the year ended December 31, 2019, the Company incurred interest costs in connection with the $5.0 Million Term Loan Facility amounting to $100,000, which are in included in Interest and finance costs in the accompanying consolidated statements of comprehensive income.</div><div> </div><div style="text-align: justify; font-weight: bold;"><u>$7.5 Million Term Loan Facility</u></div><div> </div><div style="text-align: justify;">On October 17, 2019, Thalassa provided an additional $7.5 million interest free unsecured bridge financing to the Company (the "$7.5 Million Bridge Loan"). The $7.5 Million Bridge Loan proceeds were used to partly finance the acquisition of the <font style="font-style: italic;">Magic Moon</font> which took place on October 20, 2019 (Note 5). The $7.5 Million Shareholder Bridge Loan, which had a bullet maturity on December 31, 2019, allowed the Company to timely partly finance the <font style="font-style: italic;">Magic Moon</font> acquisition while the Company assessed other financing options for its Fleet. On December 6, 2019, the Company repaid the $7.5 Million Bridge Loan in full using a part of the net proceeds received under an $11.0 Senior Secured Term Loan Facility with Alpha Bank S.A., or the $11.0 Million Alpha Bank Financing, which the Company entered into on November 22, 2019, further discussed in Note 6 below.</div><div> </div><div style="text-align: justify;">In connection with its interest free $7.5 Million Shareholder Bridge Loan, the Company recognized in the year ended December 31, 2019, interest costs amounting to $62,500, which are treated as a deemed contribution by its controlling shareholder and CEO.  Such costs are included in Interest and finance costs in the accompanying consolidated statements of comprehensive income.</div></div>
0
0
7500000
0
0
7.5
7500000
500000
0
0
0
0
500000
2136024
436798
630784
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><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 accounts for its voyage charter contracts following the provisions of ASC 606.</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 voyage charter contracts is recognized from the time when a 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>
3960822
5967772
1111075
2018061
666587
2319701
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">During the period ended September 30, 2017, the year ended September 30, 2018, the Transition Period ended December 31, 2018 and the year ended December 31, 2019, the Company incurred the following charges in connection with related party transactions, which are included in the accompanying consolidated statements of comprehensive income:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; 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></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" style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><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" style="border-bottom: 2px solid #000000; vertical-align: bottom; white-space: nowrap;"><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><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;">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: 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;">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: top; 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: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Management fees-related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Management fees (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>55,500</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>111,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>29,440</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>212,300</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: 52%; background-color: rgb(255, 255, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Voyage 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: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Charter hire commissions (b)</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><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;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>40,471</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Included in Interest and finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Interest expenses (c)</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>—</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>—</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>162,500</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; color: #000000;">As of December 31, 2018 and 2019, balances with related parties consisted of the following:</div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"> </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;">December 31,</div><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;">December 31,</div><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom;"><div style="font-weight: bold;">Assets:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div>Working capital advances granted to the Manager (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>176,434</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>759,386</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div style="font-weight: bold;">Liabilities:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);"><div>Related party debt (c)</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>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div>—</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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;">The annual principal payments for the Company's outstanding debt arrangements as of December 31, 2019 (including related party debt discussed under Note 3), required to be made after the balance sheet date, are as follows:</div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"><div style="font-weight: bold;">Year ending December 31,</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">Amount</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;"><div>2020</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,600,000</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: 88%; background-color: #FFFFFF;"><div>2021</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div>6,600,000</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: 88%; background-color: #CCEEFF;"><div>2022</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>1,600,000</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: 88%; background-color: #FFFFFF;"><div>2023</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>1,600,000</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: 88%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"><div>2024</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>4,600,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 88%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="font-weight: bold;">Total long-term debt (including related party debt)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><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;">16,000,000</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>
<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, the Transition Period ended December 31, 2018 and the year ended December 31, 2019, charterers that individually accounted for more than 10% of the Company's revenues (as percentages of total revenues) were as follows:</div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="color: #000000; font-weight: bold;">Charterer</div></td><td style="width: 0.92%; vertical-align: bottom;"> </td><td style="width: 17.8%; vertical-align: bottom; border-bottom: #000000 2px solid;"><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 style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 18.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><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 style="width: 1%; vertical-align: bottom;"> </td><td colspan="1" style="width: 1%; vertical-align: bottom;"> </td><td style="width: 19.03%; vertical-align: bottom; border-bottom: #000000 2px solid;"><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 style="width: 1%; vertical-align: top;"> </td><td colspan="1" style="width: 1%; vertical-align: top;"> </td><td style="width: 18.57%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; color: #000000; font-weight: bold;">Year Ended</div><div style="text-align: center; color: #000000; font-weight: bold;">December 31, 2019</div></td><td style="width: 1%; vertical-align: top;"> </td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">A</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">81</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">24</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">100</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">63</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">B</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: #FFFFFF;"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">16</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">C</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">52</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">D</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: #FFFFFF;"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">17</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">E</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">13</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000;">F</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000;">12</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="color: #000000;">G</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">—</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: right; color: #000000;">12</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="color: #000000;">%</div></td></tr><tr><td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">Total</div></td><td style="width: 0.92%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 17.8%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">97</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.11%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">93</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 19.03%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">100</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="color: #000000; font-weight: bold;">%</div></td><td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"> </td><td style="width: 18.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><div style="text-align: right; color: #000000; font-weight: bold;">100</div></td><td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);"><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; color: #000000;"><font style="background-color: #FFFFFF;">The amount of long-term debt (including related party debt discussed under Note 3) shown in the accompanying consolidated balance sheet of December 31, 2019, is 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; width: 57%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td colspan="6" 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></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: 57%;"><div style="font-weight: bold;"><u>Debt instruments</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;"> </td><td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 12%;"><div style="text-align: center; font-weight: bold;">Borrowers- Issuers</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;">December 31,</div><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;">December 31,</div><div style="text-align: center; font-weight: bold;">2019</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: 57%;"><div>$11.0 Million Alpha Bank Financing (a)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%;"><div>Spetses- Pikachu</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;"><div>—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%;"><div>11,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">Total long-term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">—</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: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">11,000,000</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: 57%; background-color: rgb(255, 255, 255);"><div>Less: Deferred financing costs<br /></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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 style="font-weight: bold;">—</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>(242,940</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: 57%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">Total long-term debt, net of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" 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: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">—</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 style="font-weight: bold;">10,757,060</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: 57%; 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 valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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);"> </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);"> </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: 57%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;"><u>Presented:</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; 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: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Current portion of long-term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">1,600,000</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: 57%; background-color: rgb(204, 238, 255);"><div>Less: Current portion of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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 style="font-weight: bold;">—</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>(77,105</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div>)</div></td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Current portion of long-term debt, net of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">1,522,895</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: 57%; 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 valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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);"> </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);"> </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: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Non-Current portion of long-term debt</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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 style="font-weight: bold;">—</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 style="font-weight: bold;">9,400,000</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: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>Less: Non-Current portion of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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 style="font-weight: bold;">—</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>(165,835</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: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Non-Current portion of long-term debt, net of deferred finance costs</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">9,234,165</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: 57%; 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 valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><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);"> </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);"> </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: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;"><u>Debt instruments from related party</u></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; 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: 12%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(204, 238, 255);"><div>$5.0 Million Term Loan Facility (Note 3(c))</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">—</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);"><div>5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 57%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold;">Total long-term debt from related party</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);"> </td><td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</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;">—</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;">5,000,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">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 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></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;">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><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;">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;"> </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><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;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; 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><td colspan="1" valign="bottom" 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;">1,088,149</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: 52%; background-color: rgb(255, 255, 255);"><div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: Cumulative 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><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>(372,022</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Plus: Gain on extinguishment of preferred shares pursuant to the Series A Preferred Shares Amendment Agreement, net of 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: 9%; background-color: #CCEEFF;"><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: 9%; background-color: #CCEEFF;"><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: 9%; background-color: #CCEEFF;"><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: 9%; background-color: #CCEEFF;"><div>112,637</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: 52%; background-color: rgb(255, 255, 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: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">849,394</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(665,837</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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(716,303</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;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">828,764</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: 52%; background-color: rgb(204, 238, 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: #CCEEFF;"> </td><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>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,400,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div>2,662,383</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(255, 255, 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: #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: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">0.35</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;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(0.28</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">)</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">(0.30</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: 9%; background-color: #FFFFFF;"><div style="font-weight: bold;">0.31</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify;">The table below presents a summary of all series of preferred shares outstanding as of December 31, 2018 and 2019:</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; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;"><div style="text-align: center; font-weight: bold;">Series</div></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;">Description</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 valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;"><div style="text-align: center; font-weight: bold;">Initial</div><div style="text-align: center; font-weight: bold;">Issuance</div><div style="text-align: center; font-weight: bold;">Date</div></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;">Total Shares</div><div style="text-align: center; font-weight: bold;">Outstanding</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;">Liquidation</div><div style="text-align: center; font-weight: bold;">Preference</div><div style="text-align: center; font-weight: bold;">per Share</div><div style="text-align: center; font-weight: bold;">(in dollars)</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;">Par</div><div style="text-align: center; font-weight: bold;">Value</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;">Dividend Rate</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;">Carrying</div><div style="text-align: center; font-weight: bold;">Value</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2018</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;">Carrying</div><div style="text-align: center; font-weight: bold;">Value</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 7%;"><div>Series A</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">9.75% Cumulative</div><div style="text-align: center;">Perpetual Redeemable</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 9%;"><div style="text-align: center;">09/22/17</div></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; 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: 9%;"><div>480,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </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; background-color: rgb(204, 238, 255); width: 1%;"><div><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div style="text-align: center;">$25 / $30 <sup>(1)</sup><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Effective January 1,</div><div style="text-align: center;">2022- 9.75% per</div><div style="text-align: center;">annum of the Cashless</div><div style="text-align: center;">Redemption Price</div><div style="text-align: center;">($25) per share</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>2,740,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </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; background-color: rgb(204, 238, 255); width: 1%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>2,627,843</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>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="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="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: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">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="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>12,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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%; 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="text-align: center;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</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>12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-align: center;">n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</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>12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="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="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="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: 9%; 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="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-weight: bold;">492,000</div></td><td colspan="1" nowrap="nowrap" 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; 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%; 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="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</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-weight: bold;">2,740,492</div></td><td colspan="1" nowrap="nowrap" 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; 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="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-weight: bold;">2,627,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table></div>
1522895
0
9234165
0
0
0
0
12000
480000
12000
480000
2400000
480000
12000
2400000
12000
3318112
2400000
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> </div><div style="text-align: justify; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Principles of consolidation</font></div><div> </div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">The accompanying consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts of Castor and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Castor, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") 810 "Consolidation", a voting interest entity is an entity in which the total equity investment at risk is deemed sufficient to absorb the expected losses of the entity, the equity holders have all the characteristics of a controlling financial interest and the legal entity is structured with substantive voting rights. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities ("VIE") are entities, as defined under ASC 810, that in general either have equity investors with non-substantive voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The holding company has a controlling financial interest in a VIE and is, therefore, the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. A VIE should have only one primary beneficiary which is required to consolidate the VIE. A VIE may not have a primary beneficiary if no party meets the criteria described above. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it is the primary beneficiary, and would therefore be required to include assets, liabilities and operations of a VIE in its consolidated financial statements.</font></div><div> </div><div style="text-align: justify;">The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts and operating results of Castor and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.</div><div> </div><div style="text-align: justify; font-style: italic; font-weight: bold;">Reclassifications</div><div> </div><div style="text-align: justify;">The consolidated statements of comprehensive income for the period from December 13, 2016 to September 30, 2017 and the year ended September 30, 2018, 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 the Company's common shares on the Norwegian OTC market on December 21, 2018 and the listing of the Company's common shares on the NASDAQ Stock Market on February 11, 2019.</div><div> </div><div style="font-style: italic; font-weight: bold;">Use of estimates</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">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 vessels. Actual results may differ from these estimates.</font></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><br /></div><div style="font-style: italic; font-weight: bold;">Foreign currency translation</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">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.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Concentration of Credit Risk</div><div> </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> </div><div style="font-style: italic; font-weight: bold;">Cash and cash equivalents</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">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.</font></div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Restricted Cash</div><div><br /></div><div style="text-align: justify; color: #000000;">Restricted cash may comprise of (i) minimum liquidity collateral requirements or minimum required cash deposits that are required to be maintained under the Company's financing arrangements, (ii) cash deposits in so-called "retention accounts" which may only be used as per the Company's borrowing arrangements for the purpose of serving the loan installments coming due or, (iii) other cash deposits required to be retained until other specified conditions prescribed in the Company's debt agreements are met. In the event that the obligation to maintain such deposits is expected to elapse within the next operating cycle, these deposits are classified as current assets. Otherwise, they are classified as non-current assets.</div><div> </div><div style="font-style: italic; font-weight: bold;">Accounts receivable trade</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterers for hire and other potential sources of income (such as ballast bonus compensation or holds cleaning compensation) under the Company's 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 each 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;">Vessels, net</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">Vessels, net are stated at cost net of accumulated depreciation. The cost of a 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 intended use which is to provide worldwide integrated transportation services. 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 a vessel; </font><font style="background-color: #FFFFFF; color: #000000;">otherwise these amounts are charged to expense as incurred.</font></div><div> </div><div style="font-style: italic; font-weight: bold;">Vessels' depreciation</div><div> </div><div style="text-align: justify;">Depreciation is computed using the straight line method over the estimated useful life of a vessel, after considering the estimated salvage value. <font style="color: #000000;">Salvage value is estimated by the Company by taking the estimated 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 value affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods.</font> Management estimates the useful life of its vessels to be 25 years from their initial delivery from the shipyard through its remaining estimated useful life.</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 vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When the estimate of future undiscounted cash flows expected to be generated by the use of a vessel is less than its 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 its vessels' in connection with their estimated recoverable amount. There were no indications that the carrying value of the vessels was not recoverable as of December 31, 2018 and 2019.</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 a 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 expenses 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 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.</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;"><font style="background-color: #FFFFFF;">The Company accounts for its time 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 </font>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;"><font style="background-color: #FFFFFF;">As a result of the foregoing:</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: 33.75pt; vertical-align: top; align: right; color: #000000;">i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="color: #000000;"><font style="background-color: #FFFFFF;">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</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 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;"><font style="background-color: #FFFFFF;">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.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">Lease revenues are recognized on a straight line basis over the rental periods of such charter agreements, as rental service is provided</font>, beginning when a vessel is delivered to the charterer until it is redelivered back to the Company, and is recorded as part of vessel revenues in the Company's Consolidated Statements of Comprehensive Income.<font style="background-color: #FFFFFF;"> 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. Deferred revenue includes (i) cash received prior to the balance sheet date for which all criteria to recognize as lease revenue have not yet been met as at the balance sheet date and, accordingly, is related to revenue earned after such date and (ii) deferred contract revenue such as deferred ballast compensation earned as part of a lease contract. Lease revenue is shown net of commissions payable directly to charterers under the relevant time charter agreements. Charterers' 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 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 fulfillment costs in accordance with ASC 340-40 and amortize these over the period of the charter.</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, deferred ballast costs and related deferred ballast income related to lease contracts amounted to $112,508 and $430,994, and are presented under Deferred charges, net  (Current) and Deferred revenue, net (Current) respectively, in the accompanying consolidated balance sheet. Amortization expense related to deferred ballast costs for the year ended December 31, 2019 amounted to $31,066 and is included under Voyage expenses in the accompanying consolidated statements of comprehensive income. Amortization of deferred ballast income for the year ended December 31, 2019 amounted to $119,006 and is included under Vessel revenues in the accompanying consolidated statement of comprehensive income. The unamortized balance of deferred ballast costs of $112,508 and deferred ballast income of $430,994 as of December 31, 2019 will be amortized to the Company's earnings over the lease term of the relevant contract, expected to be concluded at the earliest in the second fiscal quarter of 2020.</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 accounts for its voyage charter contracts following the provisions of ASC 606.</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 voyage charter contracts is recognized from the time when a 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;"><font style="background-color: #FFFFFF;">IV) Voyage Expenses</font></div><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">Voyage expenses, consist of:</font> <font style="background-color: #FFFFFF; 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="background-color: #FFFFFF; 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, restricted cash, amounts due from related parties and trade receivables, net. The principal financial liabilities of the Company consist of trade and other payables, accrued liabilities, long-term debt and amounts due to related parties. The Company is exposed to changes in the spot market rates associated with the deployment of its vessels 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 December 31, 2018 and 2019, 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;"><font style="background-color: #FFFFFF;">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 a 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.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Repairs and Maintenance</div><div><br /></div><div style="text-align: justify; color: #000000;">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.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Financing Costs</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">In accordance with ASU 2015-03, "Interest – Imputation of Interest", costs associated with long-term debt, including but not limited to, fees paid to lenders, fees required to be paid to third parties on the lender's behalf in connection with debt financing or refinancing, or any unamortized portion thereof, are presented by the Company as a reduction of long-term debt. Such fees are deferred and amortized to interest and finance costs during the life of the related debt instrument using the effective interest method. Unamortized fees relating to loans repaid or refinanced as debt extinguishments and loan commitment fees are expensed as interest and finance costs in the period incurred in the accompanying statements of comprehensive income. Any unamortized balance of costs relating to refinanced long-term debt is deferred and amortized over the term of the credit facility in the period that such refinancing occurs, subject to the provisions of the accounting guidance prescribed under 470-50, Debt—Modifications and Extinguishments.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Offering costs</div><div><br /></div><div style="text-align: justify; color: #000000;">Expenses directly attributable to an equity offering are deferred and presented against paid-in capital, unless the offering is aborted, in which case they are written-off and charged to earnings.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;"><font style="background-color: #FFFFFF;">Earnings/ (losses) per common share</font></div><div><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">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 shares (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></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Commitments and contingencies</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; font-weight: bold;"><font style="background-color: #FFFFFF;">Recent Accounting Pronouncements – Not Yet Adopted:<br /></font></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="background-color: #FFFFFF; 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><br /></div><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF; font-weight: bold;">ASU 2018-13</font>: In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework: Changes to the Disclosure Requirements for Fair Value Measurement", which changes the disclosure requirements for fair value measurements by removing, adding, and modifying certain disclosures. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within that year.  Early adoption is permitted for any eliminated or modified disclosures upon issuance of this ASU.  Management is currently evaluating the impact of this adoption on its consolidated financial statements and related disclosures.</div></div>
618112
0
0
480000
2400000
12000
300000
0
2319701
618
2319083
<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;">Equity Capital Structure:</font></div></td></tr></table><div> </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.<br /></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 September 22, 2017, the date of their issuance, and reflected the amount within Additional paid-in capital. The fair value of these shares was determined using the income approach and was based on Level 3 hierarchical data. In the application of the income approach, a discounted cash flow method, or DCF, was utilized. <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: 28.35pt; vertical-align: top; align: right; font-weight: bold;">(a)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Common Shares:</div></td></tr></table><div> </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 shares 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="text-align: justify; font-style: italic; font-weight: bold;">At-the-market common stock offering:</div><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 $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 December 31, 2019, the Company received $2,625,590 gross proceeds under the ATM Program by issuing 618,112 common shares, whereas, the net proceeds under the ATM Program, after deducting sales commissions and other transaction fees and expenses, amounted to $2,319,701.</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: 28.35pt; vertical-align: top; align: right; font-weight: bold;">(b)</td><td style="width: auto; vertical-align: top;"><div style="font-weight: bold;">Preferred Shares:</div></td></tr></table><div><br /></div><div style="text-align: justify;">The table below presents a summary of all series of preferred shares outstanding as of December 31, 2018 and 2019:</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; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;"><div style="text-align: center; font-weight: bold;">Series</div></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;">Description</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 valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;"><div style="text-align: center; font-weight: bold;">Initial</div><div style="text-align: center; font-weight: bold;">Issuance</div><div style="text-align: center; font-weight: bold;">Date</div></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;">Total Shares</div><div style="text-align: center; font-weight: bold;">Outstanding</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;">Liquidation</div><div style="text-align: center; font-weight: bold;">Preference</div><div style="text-align: center; font-weight: bold;">per Share</div><div style="text-align: center; font-weight: bold;">(in dollars)</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;">Par</div><div style="text-align: center; font-weight: bold;">Value</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;">Dividend Rate</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;">Carrying</div><div style="text-align: center; font-weight: bold;">Value</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2018</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;">Carrying</div><div style="text-align: center; font-weight: bold;">Value</div><div style="text-align: center; font-weight: bold;">December</div><div style="text-align: center; font-weight: bold;">31, 2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 7%;"><div>Series A</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">9.75% Cumulative</div><div style="text-align: center;">Perpetual Redeemable</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 9%;"><div style="text-align: center;">09/22/17</div></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; 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: 9%;"><div>480,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </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; background-color: rgb(204, 238, 255); width: 1%;"><div><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div style="text-align: center;">$25 / $30 <sup>(1)</sup><br /></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Effective January 1,</div><div style="text-align: center;">2022- 9.75% per</div><div style="text-align: center;">annum of the Cashless</div><div style="text-align: center;">Redemption Price</div><div style="text-align: center;">($25) per share</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>2,740,480</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </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; background-color: rgb(204, 238, 255); width: 1%;"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 9%;"><div>2,627,843</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 7%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div>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="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="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: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">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="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>12,000</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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%; 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="text-align: center;">-</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</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>12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div style="text-align: center;">n/a</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><div>$</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>12</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 7%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div style="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="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="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: 9%; 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="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-weight: bold;">492,000</div></td><td colspan="1" nowrap="nowrap" 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; 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%; 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="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">492</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"> </td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-weight: bold;">$</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-weight: bold;">2,740,492</div></td><td colspan="1" nowrap="nowrap" 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; 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%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="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-weight: bold;">2,627,855</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><div><div><div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><tr style="vertical-align: top;"><td style="vertical-align: top; width: 18pt; font-style: normal; font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal;"><div style="text-align: justify;"><sup><font style="text-align: left;">(1)</font></sup></div></td><td style="vertical-align: top; width: auto; font-size: 10pt; font-family: 'Times New Roman';"><div style="text-align: justify;">The Series A Preferred Shares from their original issue date and up to the Series A Amended SOD date had a liquidation preference of $25 per share. Following the Series A Amended SOD, the liquidation preference on the Series A Preferred Shares increased from $25 to $30 per share.</div></td></tr></table></div></div></div></div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Series A Preferred Shares amendment and accumulated dividends settlement:</div><div><br /></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 fair value of which as of the settlement date amounted to $967,800 and was determined through Level 1 input data of the fair value hierarchy<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, i.e. the common share closing market price at the date of issuance (the "Settlement Shares"). The dividends waived amounted to $3,379,589 and an amount of $1,819,575 was charged against retained earnings and an amount of $1,560,014 in the absence of retained earnings, charged against paid-in-capital.</font> The Settlement Shares were issued to the Series A Preferred holders on October 17, 2019.<br /></div><div><br /></div><div style="text-align: justify;">In addition, in accordance with the terms of the Series A Amended SOD, the Company and the Series A Preferred holders mutually agreed to:</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;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">i)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>waive all dividend payment obligations on the Series A Preferred Shares during the period from July 1, 2019 until December 31, 2021;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">ii)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>reduce the previous progressively increasing dividend payment default rate that was 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;</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">iii)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>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</div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt;"><br /></td><td style="width: 36pt; vertical-align: top; align: right;">iv)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>increase the liquidation preference from $25 to $30 per Series A Preferred Share.</div></td></tr></table><div><br /></div><div style="text-align: justify;">As a result of the foregoing, dividends on the Series A Preferred Shares neither accrue nor accumulate during the period from July 1, 2019 until December 31, 2021 and the Company does not have any dividend priority restrictions to holders of its common shares during this period.</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">The Company has accounted for the amendment to the rights, preferences and privileges of the Series A Preferred Shares, in accordance with FASB </font>ASC Topic 260-10-S99-2,<font style="color: #000000;"> as an extinguishment of the original preferred shares and the issuance of new preferred shares due to the significance of the modifications to the substantive contractual terms of the preferred shares and the associated fundamental changes to the nature of the preferred shares, which, as discussed above, included the forfeiture of accrued dividends on the Series A Preferred Shares up to and including June 30, 2019 and the issuance of 300,000 common shares in settlement thereof. Accordingly, upon extinguishment, the Company recorded a net gain of $112,637 on the Series A Preferred Shares within shareholders' equity equal to the difference between the fair value of the new shares of preferred shares issued and the carrying amount of the old shares of preferred shares extinguished. The Company allocated the entire net gain on extinguishment of the Series A Preferred Shares to Additional paid-in capital. The net gain on extinguishment is reflected in the calculation of net income available to common stockholders in accordance with FASB ASC Topic 260, Earnings per Share. The non-recurring fair value of the new Series A Preferred Shares was based on Level 3 hierarchical data using the income approach, which was based on projected cash flows discounted to their present value using a discount rate that considers the timing and risk of the forecasted cash flows. The discount rate used was 16.6% and was based on the average estimated value of a market participant's cost of capital and debt, derived using customary market metrics and is considered an unobservable significant input.</font></div><div><br /></div><div style="text-align: justify;">The accumulated, but not declared, due and overdue dividends on the Series A Preferred Shares as of December 31, 2018 and 2019, amounted to $2,668,770 and $0, respectively.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Description of Series A Preferred Shares following the Series A Amended SOD:</div><div><br /></div><div style="text-align: justify;">Dividends on Series A Preferred Shares will be cumulative from January 1, 2022 (or, for any newly issued and outstanding shares, from the dividend payment date immediately preceding the issuance date of such stock and, for shares issued on or before June 14, 2022, then January 1, 2022) and payable on each dividend payment date, which will be each June 15 and December 15, commencing on June 15, 2022, when, as and if declared by Company's Board of Directors out of legally available funds for such purpose. Dividends on the Series A Preferred Shares will accrue at a rate of 9.75% per annum per Series A Preferred Share having a value of $25 per share. In the event that any semi-annual dividend payable on the Series A Preferred Shares is in arrears, the dividend rate payable on the Series A Preferred Shares shall be increased a single time to a rate of 1.30 times of the dividend rate for each Series A Preferred Share having a value of $25.00 per share until the dividend payment default is cured.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Series A Preferred Shares rank, with respect to dividend distributions and distributions upon the liquidation, winding-up and dissolution of the Company's affairs, senior to the common shares and the Series B Preferred Shares.</div><div><br /></div><div style="text-align: justify;">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. If the Company redeems Series A Preferred Shares with cash then each share of Series A Preferred Shares shall have a value of $30.00 per share, or the Cash Redemption Price. If paid in common shares or a Note, then each Series A Preferred Share shall have a value of $25.00 per share, or the Cashless Redemption Price.  If paid in common shares, the value 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: italic; font-weight: bold;">Description of Series B Preferred Shares:</div><div><br /></div><div style="text-align: justify;">The Series B Preferred Shares have the following characteristics: (i) the Series B Preferred Shares are not convertible into common shares, (ii) each Series B Preferred Share has the voting power of 100,000 common shares and shall count for 100,000 votes for purposes of determining quorum at a meeting of shareholders, (iii) the Series B Preferred Shares have no dividend or distribution rights and (iv)<font style="font-weight: bold; font-style: italic;"> </font>upon any liquidation, dissolution or winding up of the Company, the Series B Preferred Shares shall have the same liquidation rights as the common shares.</div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold;">Adoption of a shareholder rights plan: </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 Shares, none of which are outstanding as of December 31, 2018.</div></div>
13204011
9751024
0
0
0
0
7612108
7612108
2892
8493644
878644
12763403
3810
7612108
2892
2892
2136024
436798
9474582
1859582
8245784
<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> </div><div style="text-align: justify;"><font style="font-weight: bold;">(a)  $4.5 Million Senior Secured Term Loan: </font>On January 23, 2020, the Company <font style="background-color: #FFFFFF; color: #000000;">entered into a $4.5 million secured term loan facility with Chailease International Financial Services Co., Ltd., through one of the Company's ship-owning subsidiaries (the "M/V </font><font style="background-color: #FFFFFF; font-style: italic; color: #000000;">Magic Sun</font><font style="background-color: #FFFFFF; color: #000000;"> Financing"). The loan was drawn down on January 31, 2020,</font> is repayable in 20 equal quarterly instalments plus a balloon instalment payable at maturity<font style="background-color: #FFFFFF; color: #000000;"> and bears interest at 4.50% plus LIBOR per annum.</font> <font style="background-color: #FFFFFF; color: #000000;">The facility contains</font><font style="color: #000000;"> a standard security package including </font><font style="background-color: #FFFFFF; color: #000000;">a first preferred mortgage</font><font style="color: #000000;"> on the vessel, pledge of bank account, charter assignment, shares pledge and a general assignment over the vessel's earnings, insurances and any requisition compensation in relation to the </font><font style="background-color: #FFFFFF; color: #000000;">vessel owned by the borrower, and is guaranteed by Castor and Pavimar. Pursuant to the</font> terms of the <font style="font-style: italic;">Magic Sun</font> Financing, the Company is also subject to a certain minimum liquidity restriction requiring the Borrower to maintain a certain credit balance with the lender as well as certain customary, for this type of facilities, negative covenants. The Company intends to use the net proceeds received under the <font style="font-style: italic;">Magic Sun</font> Financing for general corporate purposes.</div><div> </div><div style="text-align: justify;"><font style="font-weight: bold;">(b)  $5.0 Million Convertible Debentures: </font><font style="background-color: #FFFFFF; color: #000000;">On January 27, 2020, the Company entered into a securities purchase agreement with an institutional investor (the "Investor"), pursuant to which the Company agreed to sell and the Investor agreed to purchase up to three convertible debentures (individually, a "Convertible Debenture" and collectively, the "$5.0 Million Convertible Debentures") for a maximum aggregate price of $5.0 million. On January 27, 2020, February 10, 2020 and February 19, 2020, the Company issued and sold to the Investor the three Convertible Debentures in original principal amounts of $2.0 million, $1.5 million and $1.5 million each, respectively. The $5.0 Million Convertible Debentures mature 12 months from their issuance dates, </font>bear fixed interest of 6%,<font style="background-color: #FFFFFF; color: #000000;"> and are convertible at the Investor's option, at any time after issuance, into common shares of the Company at the lower of (i) a price of $2.25 per common share (the "Fixed Conversion Price") or (ii) 90% of the lowest daily volume weighted average price of the common stock during the 10 trading days prior to the conversion date (the "Market Conversion Price"). Additionally, Castor, in its sole discretion, may, at any time prior to the Maturity Date, redeem, in part or in whole, with cash the outstanding interest and principal under the $5.0 Million Convertible Debentures, subject to certain conditions prescribed in the agreement being met. The Company intends to use the net proceeds from this financing transaction for working capital and other general corporate purposes. </font><font style="color: #000000;">As of March 27, 2020, a total number of 2,805,157 new shares were issued in the name of the Investor, thereby converting a total amount of $1,915,613 of principal and interest due under the $5.0 Million Convertible Debentures into common shares.</font></div><div style="text-align: justify;"><font style="color: #000000;"><br /></font></div><div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(c)</font>  <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Coronavirus Outbreak:</font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On March 11, 2020, the World Health Organization declared the </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">outbreak of COVID-19 as a pandemic as this virus has spread globally and continues to spread globally. In response to the outbreak, many countries, ports and organizations, including those where we conduct a large part of our operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. </font><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The extent to which the coronavirus impacts our business will depend on future developments, which are highly uncertain and cannot be reasonably predicted, including new information which may emerge concerning the severity and geographic reach of the coronavirus and the effectiveness of actions to contain the coronavirus or treat its impact, among others</font></font><font style="color: #000000;">. Accordingly, an estimate of the impact cannot be made at this time.<br /></font></div></div>
40345
8583
50553
33429
<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="background-color: #FFFFFF; color: #000000;">The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterers for hire and other potential sources of income (such as ballast bonus compensation or holds cleaning compensation) under the Company's 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-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="font-style: italic; font-weight: bold;">Use of estimates</div><div> </div><div style="text-align: justify;"><font style="background-color: #FFFFFF;">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 vessels. Actual results may differ from these estimates.</font></div></div>
0
0
0
0
2400000
2400000
2662383
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> </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;">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%;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top;"><div style="text-indent: 36pt; font-weight: bold;">2017</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 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</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="text-indent: -9pt; margin-left: 18pt;">-          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="text-indent: -9pt; margin-left: 18pt;">-          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;"><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="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: -9pt; margin-left: 9pt;">Cash and cash equivalents</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><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: -9pt; margin-left: 9pt;">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: -9pt; margin-left: 9pt;">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;"> </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;">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="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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: -9pt; margin-left: 9pt;">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="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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><table cellpadding="0" 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>(1)</sup></td><td style="width: auto; vertical-align: top; text-align: justify;"><div>The Company defines working capital as current assets less current liabilities.</div></td></tr></table></div>
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; width: 82%; padding-bottom: 2px;"><div style="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: -9pt; margin-left: 9pt;">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="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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>
0
0
0
119006
0
0
62500
0
0
0
0
17000
967800
0
0
0
0
3379589
0
0
0
-112637
0
0
0
62500
0
0
182346
637611
897171
177378
0
0
2740000
0
0
0
0
40471
40471
0
0
0
111480
29440
55500
212300
111480
29440
212300
55500
24120
<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;">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, the Transition Period ended December 31, 2018 and the year ended December 31, 2019, amounted to $58,467, $109,233, $22,954 and $378,777, 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 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></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></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></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;">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: 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;">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: 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;"> </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;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><td colspan="1" valign="bottom" 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>119,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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</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</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><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</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>247,242</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #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><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;">378,777</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, the Transition Period ended December 31, 2018 and the year ended December 31, 2019, the Company incurred public registration costs of $35,973, $350,167, $161,116 and $132,091 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 on the Norwegian OTC on December 21, 2018 and the NASDAQ Stock Market 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>
119535
20000
49500
91700
161116
35973
132091
350167
115761
-46
5533
2367
247242
378777
109233
58467
22954
35834
2625590
P12M
1
10000000
19556
37373
261179
80853
28440
302556
43125
153406
74271
40471
Effective January 1, 2022- 9.75% per annum of the Cashless Redemption Price ($25) per share
2668770
0
0.9
30
1.30
100000
2017-09-22
2017-09-22
1
100000
25
1.30
P5D
1.30
112637
112637
0
0
0
3379589
0
1560014
1819575
3379589
1819575
1560014
0.166
967800
<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;">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 statements of </font>comprehensive<font style="background-color: #FFFFFF;"> income are analyzed as follows:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; 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></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></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;">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><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;">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: bottom; border-bottom: #000000 solid 2px;"><div style="font-weight: bold;"> Vessel Operating Expenses</div></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: top; 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: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Crew & crew 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><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>1,396,477</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>868,915</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>153,969</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>189,781</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>50,553</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>143,296</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: 52%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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><td colspan="1" valign="bottom" 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;">2,802,991</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" 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></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></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;">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><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;">Year 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: bottom; border-bottom: #000000 solid 2px;"><div style="font-weight: bold;">Voyage expenses</div></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><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;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>87,179</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>46,100</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Loss/(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><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>127,900</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: 52%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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><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;">261,179</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>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 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></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></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></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;">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: 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;">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: 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;"> </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;">2018</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><td colspan="1" valign="bottom" 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>119,535</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr><tr><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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</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</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><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</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>247,242</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #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><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;">378,777</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>
0
341070
0
443394
341070
102324
341080
784474
0.339
0.52
1
1
1
76453
75311
76602
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000;"><font style="background-color: #FFFFFF;">As of December 31, 2019, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</font></div><div> </div><div style="text-align: justify;"><u>Vessel owning subsidiaries consolidated:</u></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td style="width: 28.47%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Company</div></td><td style="width: 18.2%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Country of incorporation</div></td><td style="width: 12.98%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Vessel Name</div></td><td style="width: 10.08%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">DWT</div></td><td style="width: 11.92%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Year Built</div></td><td style="width: 18.36%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Delivery date to Castor</div></td></tr><tr><td style="width: 28.47%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div>Spetses Shipping Co. ("Spetses")</div></td><td style="width: 18.2%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 12.98%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center; font-style: italic;">Magic P</div></td><td style="width: 10.08%; vertical-align: top; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">76,453</div></td><td style="width: 11.92%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">2004</div></td><td style="width: 18.36%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-align: center;">February 2017</div></td></tr><tr><td style="width: 28.47%; vertical-align: bottom; background-color: #FFFFFF;"><div>Bistro Maritime Co. ("Bistro")</div></td><td style="width: 18.2%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 12.98%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center; font-style: italic;">Magic Sun</div></td><td style="width: 10.08%; vertical-align: top; background-color: #FFFFFF;"><div style="text-align: center;">75,311</div></td><td style="width: 11.92%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center;">2001</div></td><td style="width: 18.36%; vertical-align: bottom; background-color: #FFFFFF;"><div style="text-align: center;">September 2019</div></td></tr><tr><td style="width: 28.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div>Pikachu Shipping Co. ("Pikachu")</div></td><td style="width: 18.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 12.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center; font-style: italic;">Magic Moon</div></td><td style="width: 10.08%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">76,602</div></td><td style="width: 11.92%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 18.36%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">October 2019</div></td></tr></table></div>
59287
46100
57042
5181
127900
-109863
-30169
0
153969
19750
95835
104410
51735
87179
14375
90194
415306
323322
868915
124354
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td><td colspan="1" 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></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></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;">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><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;">Year 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: bottom; border-bottom: #000000 solid 2px;"><div style="font-weight: bold;">Voyage expenses</div></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><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;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>87,179</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>46,100</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Loss/(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><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>127,900</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: 52%; background-color: rgb(255, 255, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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><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;">261,179</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 statements of </font>comprehensive<font style="background-color: #FFFFFF;"> income are analyzed as follows:</font></div><div> </div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; 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></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></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;">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><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;">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: bottom; border-bottom: #000000 solid 2px;"><div style="font-weight: bold;"> Vessel Operating Expenses</div></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: top; 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: top; border-bottom: #000000 solid 2px;"><div style="text-align: center; font-weight: bold;">2019</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"> </td></tr><tr><td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">Crew & crew 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><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>1,396,477</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>868,915</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>153,969</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>189,781</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: 52%; background-color: rgb(204, 238, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>50,553</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: 52%; background-color: rgb(255, 255, 255);"><div style="text-indent: -9pt; margin-left: 9pt;">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><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>143,296</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: 52%; background-color: rgb(204, 238, 255);"><div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">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><td colspan="1" valign="bottom" 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;">2,802,991</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"> </td></tr></table></div>
0
1600000
0
9400000
2
20
20
250000
5000000
3
3
202300
182627
2740000
2740492
492
0
0
3379589
3379589
0
-967800
0
300
967500
7614508
0
7612108
2400
0
2740000
0
2740000
0
0
2400000
62500
0
0
62500
112637
112637
0
0
0
0
130000
130000
0
12000
480000
300000
0
0
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-weight: bold;"><font style="background-color: #FFFFFF;">IV) Voyage Expenses</font></div><div><br /></div><div style="text-align: justify;"><font style="background-color: #FFFFFF; color: #000000;">Voyage expenses, consist of:</font> <font style="background-color: #FFFFFF; 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="background-color: #FFFFFF; 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 style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Offering costs</div><div><br /></div><div style="text-align: justify; color: #000000;">Expenses directly attributable to an equity offering are deferred and presented against paid-in capital, unless the offering is aborted, in which case they are written-off and charged to earnings.</div></div>
1
0.0125
250
320
500
320
2000000000
0.001
2004
2001
2005
2017-02
2019-09
2019-10
Magic P
Magic Sun
Magic Moon
The Series A Preferred Shares from their original issue date and up to the Series A Amended SOD date had a liquidation preference of $25 per share. Following the Series A Amended SOD, the liquidation preference on the Series A Preferred Shares increased from $25 to $30 per share.
The Company defines working capital as current assets less current liabilities.