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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&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy.</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>&#160;</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. The Company may also enter into interest rate derivatives to economically hedge its exposure to interest rate fluctuations of its debt obligations as well as derivatives relating to the fluctuation of the price of bunker fuel consumed by its vessels.</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. 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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. 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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&#8217; in connection with their estimated recoverable amount.</div></div> 276442 -1731893 980938 1088149 <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;">10.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Income Taxes:</div></td></tr></table><div>&#160;</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. 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S. and (b) either (i) more than 50 percent of the value of the company&#8217;s stock is owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of the company&#8217;s country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the U.S. (the &#8220;50% Ownership Test&#8221;) or (ii) the company&#8217;s stock is &#8220;primarily and regularly traded on an established securities market&#8221; in its country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the U.S. (the &#8220;Publicly-Traded Test&#8221;). Marshall Islands, the jurisdiction where the Company and its ship-owning subsidiaries are incorporated, grants an equivalent exemption to United States corporations. 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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.</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2019, deferred ballast costs and related deferred ballast income related to lease contracts amounted to $112,508 and $430,994, respectively, and are presented under Deferred charges, net (Current) and Deferred revenue, net (Current) respectively, in the accompanying consolidated balance sheet. Deferred ballast costs and related deferred ballast income were zero as of December 31, 2020. 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padding-bottom: 2px;">&#160;</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;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</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;">2020</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 38%; background-color: #CCEEFF;"><div style="text-indent: -7.2pt; 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These standards and their potential impact are discussed below:</div><div><br /></div><div style="text-align: justify;">In March 2020, the Financial Standard Board issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2020-04, &#8220;Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (&#8220;ASU 2020-04&#8221;)&#8221;. ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Company is currently evaluating the impact of this adoption in its consolidated financial statements and related disclosures.</div><div><br /></div><div style="text-align: justify; color: #000000;">In August 2020, the Financial Standard Board issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2020-06&#160; &#8220;Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity&#8217;s Own Equity&#8221;, which simplifies the accounting for convertible instruments. This guidance eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity&#8217;s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is required to be adopted by us in the first quarter of 2023 and must be applied using either a modified or full retrospective approach. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.</div></div> -6250 -195114 8355 -2183922 0 5000000 5000000 5000000 0 5000000 12000 12000 29000 3000 1727770 432544 7447439 2802991 1111075 5967772 12487692 3960822 987188 268087 1283263 452029 <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;">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>&#160;</div><div style="text-align: justify;">Castor Maritime Inc. (&#8220;Castor&#8221;) was incorporated in September 2017 under the laws <font style="color: #000000;">of the Republic of the Marshall Islands. The accompanying consolidated financial statements include the accounts of </font>Castor <font style="color: #000000;">and its wholly-owned subsidiaries (collectively, the &#8220;Company&#8221;).</font></div><div>&#160;</div><div style="text-align: justify;">The Company is engaged in the worldwide transportation of ocean-going cargoes through its vessel-owning subsidiaries. On December 21, 2018, Castor&#8217;s common shares began trading on the Norwegian OTC and on February 11, 2019, they began trading on the Nasdaq Capital Market, or Nasdaq, under the symbol &#8220;CTRM&#8221;.</div><div>&#160;</div><div style="text-align: justify;">As of December 31, 2020, Castor was controlled by Thalassa Investment Co. S.A. (&#8220;Thalassa&#8221;) by virtue of the 100% Series B preferred shares owned by it and, as a result, could control the outcome of matters on which shareholders are entitled to vote. Thalassa is controlled by Petros Panagiotidis, the Company&#8217;s Chairman, Chief Executive Officer and Chief Financial Officer.</div><div>&#160;</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 (&#8220;Pavimar&#8221;), a related party controlled by the sister of Petros Panagiotidis, Ismini </font>Panagiotidis<font style="color: #000000;">, provides technical, crew and operational management services to the Company.</font></div><div>&#160;</div><div style="text-align: justify;"><font style="color: #000000;">Castor Ships S.A., a corporation incorporated under the laws of the Republic of the Marshall Islands (&#8220;Castor Ships&#8221;), </font><font style="color: #212529;">a related party controlled by the Company&#8217;s Chairman, Chief Executive Officer and Chief Financial Officer</font><font style="color: #000000;">, </font><font style="color: #212529;">manages overall the Company&#8217;s business and provides commercial, chartering and administrative services</font><font style="color: #000000;"> to the Company.</font></div><div>&#160;</div><div style="text-align: justify; color: #000000;">As of December 31, 2020, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Vessel owning subsidiaries consolidated owning dry-bulk Panamax vessels<br /></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"><tr><td nowrap="nowrap" style="width: 32.11%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Company</div></td><td nowrap="nowrap" style="width: 15.6%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Country of incorporation</div></td><td nowrap="nowrap" style="width: 14.68%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Vessel Name</div></td><td nowrap="nowrap" style="width: 9.17%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">DWT</div></td><td nowrap="nowrap" style="width: 12.84%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Year Built</div></td><td nowrap="nowrap" style="width: 15.6%; vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="text-align: center; font-weight: bold;">Delivery date to</div><div style="text-align: center; font-weight: bold;">Castor</div></td></tr><tr><td style="width: 32.11%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Spetses Shipping Co. (&#8220;Spetses&#8221;)</div></td><td style="width: 15.6%; 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: 14.68%; 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: 9.17%; 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: 12.84%; 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: 15.6%; 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: 32.11%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bistro Maritime Co. (&#8220;Bistro&#8221;)</div></td><td style="width: 15.6%; vertical-align: bottom;"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 14.68%; vertical-align: bottom;"><div style="text-align: center; font-style: italic;">Magic Sun</div></td><td style="width: 9.17%; vertical-align: top;"><div style="text-align: center;">75,311</div></td><td style="width: 12.84%; vertical-align: bottom;"><div style="text-align: center;">2001</div></td><td style="width: 15.6%; vertical-align: bottom;"><div style="text-align: center;">September 2019</div></td></tr><tr><td style="width: 32.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pikachu Shipping Co. (&#8220;Pikachu&#8221;)</div></td><td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 14.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center; font-style: italic;">Magic Moon</div></td><td style="width: 9.17%; vertical-align: top; background-color: rgb(204, 238, 255);"><div style="text-align: center;">76,602</div></td><td style="width: 12.84%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">2005</div></td><td style="width: 15.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-align: center;">October 2019</div></td></tr><tr><td style="width: 32.11%; vertical-align: bottom;"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Bagheera Shipping Co. (&#8220;Bagheera&#8221;)</div></td><td style="width: 15.6%; vertical-align: bottom;"><div style="text-align: center;">Marshall Islands</div></td><td style="width: 14.68%; vertical-align: bottom;"><div style="text-align: center; font-style: italic;">Magic Rainbow</div></td><td style="width: 9.17%; vertical-align: top;"><div style="text-align: center;">73,593</div></td><td style="width: 12.84%; vertical-align: bottom;"><div style="text-align: center;">2007</div></td><td style="width: 15.6%; vertical-align: bottom;"><div style="text-align: center;">August 2020</div></td></tr><tr><td style="width: 32.11%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><div style="text-indent: -7.2pt; margin-left: 7.2pt;">Pocahontas Shipping Co. 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This change in the Company&#8217;s fiscal year end resulted in a three-month transition period from October 1, 2018 to December 31, 2018 (the &#8220;Transition Period&#8221;). 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Pursuant to the Technical Management Agreements, effective September 1, 2020, Pavimar provides the Company&#8217;s shipowning subsidiaries with the range of technical, crewing, insurance and operational services stipulated in the previous agreements in exchange for which Pavimar is now paid a daily fee of $600 per vessel, which shall be also subject to an annual review on their anniversary date. </font>The Technical Management Agreements <font style="font-size: 10pt; font-family: 'Times New Roman'; color: #212529;">have a term of five years and such term automatically renews for a successive five-year term on each anniversary of their effective date,</font> unless the agreements are terminated earlier in accordance with the provisions contained therein. 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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 (&#8220;FASB&#8221;) Accounting Standard Codification (&#8220;ASC&#8221;) 810 &#8220;Consolidation&#8221;, 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 (&#8220;VIE&#8221;) 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&#8217;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.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Use of estimates</div><div>&#160;</div><div style="text-align: justify;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, the valuation of amounts due from charterers, residual value and the useful life of the vessels. Actual results may differ from these estimates.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Other comprehensive income</div><div>&#160;</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&#8217; equity. The Company has no other comprehensive income/ (loss) items and, accordingly, comprehensive income equals net income for the periods presented.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Foreign currency translation</div><div>&#160;</div><div style="text-align: justify;">The Company&#8217;s reporting and functional currency is the U.S. Dollar (&#8220;USD&#8221;). Transactions incurred in other currencies are translated into USD using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in other currencies are translated into USD to reflect the end-of-period exchange rates and any gains or losses are included in the consolidated statements of comprehensive income.</div><div style="font-style: italic; font-weight: bold;"><br /></div><div style="font-style: italic; font-weight: bold;">Cash and cash equivalents<br /></div><div style="font-style: italic; font-weight: bold;"><br /></div><div style="text-align: justify;">The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</div><div>&#160;</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&#8217;s financing arrangements, (ii) cash deposits in so-called &#8220;retention accounts&#8221; which may only be used as per the Company&#8217;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&#8217;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>&#160;</div><div style="font-style: italic; font-weight: bold;">Accounts receivable trade, net</div><div>&#160;</div><div style="text-align: justify;"><font style="color: #000000;">The amount shown as trade receivables, net, at each balance sheet date, includes receivables from charterers for hire and other potential sources of income (such as ballast bonus compensation or holds cleaning compensation) under the Company&#8217;s charter contracts, net of any provision for doubtful accounts. </font>At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful <font style="color: #000000;">accounts</font>. Provision for doubtful <font style="color: #000000;">accounts </font>recorded as of December 31, 2019 and 2020 amounted to $0 and $37,103, respectively.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Inventories</div><div>&#160;</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. <font style="color: #000000;">Inventories may also consist of bunkers during periods when vessels are unemployed, undergoing dry-docking or special survey or under voyage charters, in which case, they are also stated at the lower of cost or net realizable value and cost is also determined by the first in, first out method.</font></div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Insurance Claims</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets, loss of hire and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time when (i) the Company&#8217;s vessels suffer insured damages or at the time when crew medical expenses are incurred, (ii) recovery is probable under the related insurance policies, (iii) the Company can estimate the amount of such recovery following submission of the insurance claim and (iv) provided that the claim is not subject to litigation.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Vessels, net</div><div>&#160;</div><div style="text-align: justify;">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 style="color: #000000;">otherwise these amounts are charged to expense as incurred.</font></div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Vessels&#8217; depreciation</div><div>&#160;</div><div><font style="color: #000000;"></font><div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><font style="color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Depreciation is computed using the straight line method over the estimated useful life of a vessel, after considering the estimated salvage value. </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Each vessel&#8217;s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Salvage values are periodically reviewed and revised, if needed, 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><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> Management estimates the useful life of its vessels to be 25 years from the date of their initial delivery from the shipyard.</font></font></div></div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Impairment of long&#8209; lived assets</div><div>&#160;</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&#8217; in connection with their estimated recoverable amount.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Dry-docking and special survey costs</div><div>&#160;</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&#8217;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>&#160;</div><div style="font-style: italic; font-weight: bold;">Revenue and expenses recognition (including Leases)</div><div style="text-align: justify;"><font style="color: #000000;"><br /></font></div><div style="text-align: justify;"><div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The Company currently generates and has historically generated its revenues only under time charter contracts. A time charter is a type of contract that is entered into for the use of such vessel as well as such vessel&#8217;s operations for a specific period of time at a specified daily charter hire rate.</div></div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Lease Contracts</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company accounts for its time charter contracts as operating leases pursuant to ASC 842 &#8220;Leases&#8221; which was early adopted by the Company on October 1, 2018. The Company has determined that the 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.&#160;The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e the vessel) rather than to the services provided under the time charter agreements.</div><div><br /></div><div style="text-align: justify; color: #000000;">Lease revenues are recognized on a straight line basis over the rental periods of such charter agreements, as rental service is provided, 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&#8217;s consolidated statements of comprehensive income/(loss). 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&#8217; 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&#8217;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.</div><div><br /></div><div style="text-align: justify; color: #000000;">As of December 31, 2019, deferred ballast costs and related deferred ballast income related to lease contracts amounted to $112,508 and $430,994, respectively, and are presented under Deferred charges, net (Current) and Deferred revenue, net (Current) respectively, in the accompanying consolidated balance sheet. Deferred ballast costs and related deferred ballast income were zero as of December 31, 2020. Amortization expenses related to deferred ballast costs for the years ended December 31, 2019 and 2020 amounted to $31,066 and $112,508, respectively, and is included under Voyage expenses in the accompanying consolidated statements of comprehensive income. Amortization of deferred ballast income for the years ended December 31, 2019 and 2020 amounted to $119,006 and $430,994, respectively, and is included under Vessel revenues in the accompanying consolidated statement of comprehensive income. There was no unamortized balance of deferred ballast costs and deferred ballast income as of December 31, 2020.</div><div><br /></div><div style="text-align: justify; color: #000000; font-weight: bold;">Voyage Expenses</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">Voyage expenses, consist of:</font>&#160;<font style="color: #000000;">(a) port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, and (b) brokerage commissions, which are always paid for by the Company, regardless of charter type. All voyage expenses are expensed as incurred, except for brokerage commissions. Commissions paid to brokers are deferred and amortized over</font>&#160;<font style="color: #000000;">the related charter period to the extent revenue has been deferred since commissions are earned as the Company&#8217;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>&#160;</div><div style="color: #000000; font-style: italic; font-weight: bold;">Accounting for Financial Instruments</div><div>&#160;</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. The Company may also enter into interest rate derivatives to economically hedge its exposure to interest rate fluctuations of its debt obligations as well as derivatives relating to the fluctuation of the price of bunker fuel consumed by its vessels.</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, 2019 and 2020, there were no open derivative instruments.</div><div><br /></div><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Convertible debt and associated beneficial conversion features</div><div>&#160;</div><div style="text-align: justify;"><font style="color: #000000;">Convertible debt is accounted in accordance with ASC 470-20, Debt with Conversion and Other Options. </font>An instrument that is not a derivative itself must be evaluated for embedded features that should be bifurcated and separately accounted for as freestanding derivatives in accordance with ASC <font style="color: #000000;">815, Derivatives and Hedging, or separately accounted for under the cash conversion literature of ASC 470-20, Debt with Conversion and Other Options.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">The BCF is recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. This discount is accreted from the date on which the BCF is first recognized through the stated maturity date of the convertible instrument using the effective interest method. Upon conversion of an instrument with a BCF, all unamortized discounts at the conversion date are recognized immediately as interest expense.</div><div>&#160;</div><div style="font-style: italic; font-weight: bold;">Fair value measurements</div><div>&#160;</div><div style="text-align: justify; color: #000000;">The Company follows the provisions of ASC 820, &#8220;Fair Value Measurements and Disclosures&#8221; 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&#8217;s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy.</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;">Financing Costs</div><div><br /></div><div style="text-align: justify; color: #000000;">In accordance with ASU 2015-03, &#8220;Interest &#8211; Imputation of Interest&#8221;, 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&#8217;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&#8212;Modifications and Extinguishments.</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 set off against the proceeds of the offering within 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;">Earnings/ (losses) per common share</div><div><br /></div><div style="text-align: justify; color: #000000;">Basic earnings/(losses) per common share are computed by dividing net income available to common stockholders after subtracting the dividends accumulated for the period on cumulative preferred stock (whether or not earned), by the weighted average number of common shares outstanding during the period. Diluted earnings per common share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised.</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>&#160;</div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements &#8211; Adopted</div><div>&#160;</div><div style="text-align: justify;">Fair Value Measurement Disclosures &#8212; In August 2018, the FASB issued ASU No. 2018-13, &#8220;Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement&#8221; (&#8220;ASU No. 2018-13&#8221;). ASU No. 2018-13, which is part of the FASB&#8217;s broader disclosure framework project, modifies and supplements the current U.S. GAAP disclosure requirements pertaining to fair value measurements, with an emphasis on Level 3 disclosures of the valuation hierarchy. The Company adopted this ASU for the reporting period commencing on January 1, 2020 and has adjusted its disclosures accordingly.</div><div><br /></div><div style="text-align: justify; font-weight: bold;">Recent Accounting Pronouncements &#8211; Not Yet Adopted</div><div>&#160;</div><div style="text-align: justify;">The FASB has issued accounting standards that have not yet become effective and may impact the Company&#8217;s consolidated financial statements or related disclosures in future periods. These standards and their potential impact are discussed below:</div><div><br /></div><div style="text-align: justify;">In March 2020, the Financial Standard Board issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2020-04, &#8220;Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (&#8220;ASU 2020-04&#8221;)&#8221;. ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Company is currently evaluating the impact of this adoption in its consolidated financial statements and related disclosures.</div><div><br /></div><div style="text-align: justify; color: #000000;">In August 2020, the Financial Standard Board issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2020-06&#160; &#8220;Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity&#8217;s Own Equity&#8221;, which simplifies the accounting for convertible instruments. This guidance eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity&#8217;s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is required to be adopted by us in the first quarter of 2023 and must be applied using either a modified or full retrospective approach. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.</div></div> 5057773 0 5049731 8042 618112 0 59082686 0 0 0 0 0 57750000 59082686 57750000 300000 137000000 94750000 0 8042078 0 8042078 15687854 18598252 2319701 618 57750 0 59083 15630104 0 2319083 18539169 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; font-weight: bold;">7.</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-weight: bold;">Equity Capital Structure:</div></td></tr></table><div>&#160;</div><div style="text-align: justify;">Under the Company&#8217;s articles of incorporation, the Company&#8217;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.</div><div>&#160;</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>&#160;</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&#8217;s board of directors out of funds legally available for dividends. Upon the Company&#8217;s dissolution or liquidation or the sale of all or substantially all of its assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, the common shareholders are entitled to receive pro rata the remaining assets available for distribution. Common shareholders do not have conversion, redemption or preemptive rights to subscribe to any of the Company&#8217;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 style="text-align: justify;"><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">At-the-market common stock offering</div><div>&#160;</div><div style="text-align: justify; color: #000000;">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 (&#8220;Maxim&#8221;), 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 &#8220;ATM Program&#8221;). No warrants, derivatives, or other share classes were associated with this transaction. As of December 31, 2019, the Company had 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. No sales have been effected by the Company in connection with its ATM Program as of December 31, 2020.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">Issuance of common stock in connection with the $5.0 Million Convertible Debentures</div><div>&#160;</div><div style="text-align: justify; color: #000000;">During the period from February 20, 2020 to June 8, 2020, the Company issued 8,042,078 common shares upon the conversion of the $5.0 Million Convertible Debentures in their entirety (see Note 6 for further discussion on this topic).</div><div>&#160;</div><div style="text-align: justify; font-style: italic; font-weight: bold;">Underwritten common stock and Class A Warrants follow-on offering</div><div>&#160;</div><div style="text-align: justify;">On June 23, 2020, the Company entered into an agreement with Maxim Group LLC, or Maxim, which acted as underwriter, pursuant to which it offered and sold 59,110,000 units, each unit consisting of (i) one common share or a pre-funded warrant to purchase one common share at an exercise price equal to $0.01 per common share (a &#8220;Pre-Funded Warrant&#8221;), and (ii) one Class A Warrant to purchase one common share (a &#8220;Class A Warrant&#8221;), for $0.35 per unit (or $0.34 per unit including a pre-funded warrant), or the June Equity Offering. The June Equity Offering, which closed on June 26, 2020, resulted in the issuance of 59,082,686 common shares (the &#8220;June Equity Offering Shares&#8221;) and 59,110,000 Class A Warrants, <font style="color: #000000;">which also included 7,710,000 over-allotment units pursuant to an over-allotment option that was exercised by Maxim on June 24, 2020</font>. The Company raised gross and net cash proceeds from this transaction of $20.7 million and $18.6 million, respectively.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Class A Warrants issued in the June Equity Offering have a term of five years and are exercisable immediately and throughout their term for $0.35 per common share (American style option). The exercise price of the Class A Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Company&#8217;s common shares and also upon any distributions of assets, including cash, stock or other property to existing shareholders.</div><div><br /></div><div style="text-align: justify; color: #000000;">Between their issuance date, being June 26, 2020 and December 31, 2020, there were exercises of 3,019,500 Class A Warrants pursuant to which the Company received proceeds of $1,056,825, and, as a result, as of December 31, 2020, 56,090,500 Class A Warrants remained unexercised and potentially issuable into common stock of the Company.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company accounted for the Class A Warrants as equity in accordance with the accounting guidance under ASC 815-40. The accounting guidance provides a scope exception from classifying and measuring as a financial liability a contract that would otherwise meet the definition of a derivative if the contract is both (i) indexed to the entity&#8217;s own stock and (ii) meets the equity classifications conditions. The Company concluded these warrants were equity-classified since they contained no provisions which would require the Company to account for the warrants as a derivative liability, and therefore were initially measured at fair value in permanent equity with subsequent changes in fair value not measured.</div><div><br /></div><div style="text-align: justify; color: #000000;">On initial recognition the fair value of the Class A Warrants was $22.4 million and was determined using the Black-Scholes methodology. The fair value was considered by the Company to be classified as Level 3 in the fair value hierarchy since it was derived by unobservable inputs. The major unobservable input in connection with the valuation of the Class A Warrants was the volatility used in the valuation model, which was approximated by using historical observations of the Company&#8217;s share price. The annualized historical volatility that has been applied in the Class A Warrants valuation was 153.5%. A 5% increase in the volatility applied would have led to an increase of 1.4% in the fair value of the Class A Warrants.</div><div><br /></div><div style="text-align: justify; font-style: italic; font-weight: bold;">First Registered Direct Equity Offering</div><div>&#160;</div><div style="text-align: justify;"><font style="color: #000000;">On July 12, 2020, the Company entered into agreements with certain unaffiliated institutional investors pursuant to which it offered and sold 57,750,000 common shares in a registered offering </font>or the July Equity Offering<font style="color: #000000;">. In a concurrent private placement, the Company also issued warrants to purchase up to 57,750,000 common shares (the &#8220;Private Placement Warrants&#8221;). In connection with the July Equity Offering, which closed on July 15, 2020, the Company received gross and net cash proceeds of approximately $17.3 million and $15.7 million, respectively.</font></div><div><br /></div><div style="text-align: justify; color: #000000;">The Private Placement Warrants issued in the July Equity Offering have a term of five years and are exercisable immediately and throughout their term for $0.35 per common share (American style option). The exercise price of the Private Placement Warrants is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the Company&#8217;s common shares and also upon any distributions of assets, including cash, stock or other property to existing shareholders.</div><div><br /></div><div style="text-align: justify; color: #000000;">Between their issuance date, being July 15, 2020 and December 31, 2020, there were no exercises of Private Placement Warrants and, as a result, as of December 31, 2020, 57,750,000 Private Placement Warrants remained unexercised and potentially issuable into common stock of the Company.</div><div><br /></div><div style="text-align: justify; color: #000000;">The Company accounted for the Private Placement Warrants as equity in accordance with the accounting guidance under ASC 815-40. 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The major unobservable input in connection with the valuation of the Private Placement Warrants was the volatility used in the valuation model, which was approximated by using historical observations of the Company&#8217;s share price. The annualized historical volatility that has been applied in the Private Placement Warrants valuation was 153.2%. 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Public registration costs relate to the costs incurred by the Company in connection with the Company&#8217;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. 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Insurance claim recoveries are recorded, net of any deductible amounts, at the time when (i) the Company&#8217;s vessels suffer insured damages or at the time when crew medical expenses are incurred, (ii) recovery is probable under the related insurance policies, (iii) the Company can estimate the amount of such recovery following submission of the insurance claim and (iv) provided that the claim is not subject to litigation.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-weight: bold;">Voyage Expenses</div><div><br /></div><div style="text-align: justify;"><font style="color: #000000;">Voyage expenses, consist of:</font>&#160;<font style="color: #000000;">(a) port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under voyage charter arrangements, and (b) brokerage commissions, which are always paid for by the Company, regardless of charter type. All voyage expenses are expensed as incurred, except for brokerage commissions. Commissions paid to brokers are deferred and amortized over</font>&#160;<font style="color: #000000;">the related charter period to the extent revenue has been deferred since commissions are earned as the Company&#8217;s revenues are earned. 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