false
--12-31
FY
2018
2018-12-31
20-F
0001341170
12515645
Yes
false
Non-accelerated Filer
EUROSEAS LTD.
false
No
No
esea
74863
209161
348761
52520821
-9656773
42864048
29469
0
0
12168251
11994168
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Assets Held for Sale </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer depreciated once they meet the criteria of being held for sale.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
11000
268658
310467
453361
2000000
2254830
2254830
1.3
1.4
3
12
14
20
16
5
11
12
3150000
2750000
600000
452868
1122196
1411333
104148
253503
324178
127509
1465079
-7050179
520626
693524
731456
780135
1409716
1701340
-10141353
849701
1119735
565229
57316
102131
115026
82627
2396318
410676
1633141
2213505
2232821
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Dry-docking and special survey expenses are expensed as incurred.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
24585518
21275
15135
12311
0.02
-16515702
0.42857
130000
100000
170000
0.09
0.1
0.095
175000000
75000000
12649309
11592535
31124972
32784049
0.6
1000
0.01
4699028
5212000
30890972
32279000
27741
70640
64500
-45946822
-45946822
-7903371
-7903371
-1999129
-1999129
19
18
18
4000000
4000000
4000000
4421452
4421452
4421452
4421452
77821
8823927
915525
3298356
0.35
0.35
0.5
0.5
1
0.4
12.25
19042
19042
0.05
19042
14500000
3692131
18192131
0.35
-8234439
1
1.4
7208080
P5Y
P5Y
P5Y
50
0.05
0.01
0.0125
360
720
0.05
540000
280000
260000
460000
460000
1840000
0.04
0.01
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">To December 31:</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: justify">2019</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,212,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,212,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,067,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Thereafter</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,491,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Voyage expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: justify">Port charges and canal dues</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">386,290</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,156,511</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">384,893</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Bunkers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">822,795</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">407,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">876,195</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,209,085</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,564,489</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,261,088</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Vessel operating expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Crew wages and related costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,049,555</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,771,386</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,020,924</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Insurance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,249,942</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,261,976</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,537,539</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Repairs and maintenance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">232,082</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">643,788</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,043,632</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Lubricants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,190,137</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,169,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,665,849</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Spares and consumable stores</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,290,196</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,391,420</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,445,422</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Professional and legal fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">116,733</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,037</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">252,156</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">724,799</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">771,323</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,020,648</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,853,444</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,019,342</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,986,170</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
685
685
685
685
P10Y
99317
176475
134232
P270D
5
1
27000
1773000
1800000
21409236
24278048
36062202
1000000
8740000
175761
190723
256069
1297100
1067500
1297100
1067500
1297100
1067500
1297100
1297100
1067500
1067500
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div> Voyage and Vessel Operating Expenses </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">These consisted of:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Voyage expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: justify">Port charges and canal dues</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">386,290</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,156,511</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">384,893</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Bunkers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">822,795</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">407,978</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">876,195</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,209,085</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,564,489</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,261,088</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify">Vessel operating expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Crew wages and related costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,049,555</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,771,386</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,020,924</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Insurance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,249,942</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,261,976</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,537,539</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Repairs and maintenance</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">232,082</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">643,788</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,043,632</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Lubricants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,190,137</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,169,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,665,849</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">Spares and consumable stores</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,290,196</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,391,420</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,445,422</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">Professional and legal fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">116,733</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,037</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">252,156</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Other</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">724,799</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">771,323</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,020,648</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,853,444</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,019,342</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,986,170</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.03
1209085
1564489
1261088
386290
1156511
384893
822795
407978
876195
47979
559319
206682
400000
10000000
10000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Accrued Expenses </div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The accrued expenses consisted of:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">As of December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">As of December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210,664</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,404</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">262,546</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,623</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued deferred charges</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,863</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">209,161</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">348,761</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,793</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39,545</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.4pt">Other accrued expenses</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,083</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">254,472</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.4pt">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,117,110</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,301,805</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></div>
1522473
2288525
885495
958705
1117110
1301805
210664
93404
100793
39545
17520010
9147897
12453848
9847316
2110762
284236597
233668127
294341
116562
124487
60988
465507
141883
113244
321181
0
0
0
-5920000
4600000
3330000
-1260000
5924668
4595819
5924668
4595819
162329561
66954563
16082368
11994168
2950000
5000000
4300000
2946923
2946923
5000000
5000000
8230000
5390000
4900000
4914782
3914117
0.85714
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Basis of Presentation and General Information</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Euroseas Ltd. (the “Company” or “Euroseas”) was formed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 5, 2005 </div>under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 28, 2005, </div>the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 29, 2005, </div>Friends Investment Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus, becoming the sole shareholder of Euroseas Ltd. Euroseas’ common shares trade on the Nasdaq Capital Market under the ticker symbol “ESEA”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The operations of the vessels are managed by Eurobulk Ltd. (“Eurobulk” or “Management Company” or “Manager”), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div> Messogiou & Evropis Street, Maroussi, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services and executive management services, in consideration for fixed and variable fees (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Pittas family is the controlling shareholder of Friends Investment Company Inc. which, in turn, owns <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">[33.3]%</div> of the Company’s shares as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Following the close of trading on the Nasdaq Capital Market on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018, </div>the Company completed the spin-off (the “Spin-off”) of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd ("EuroDry"). Shareholders of the Company received <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> EuroDry common share for every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> common shares of the Company they owned as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 23, 2018. </div>Shares of EuroDry commenced trading on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2018 </div>on the Nasdaq Capital Market under the symbol "EDRY." EuroDry operates in the dry cargo, drybulk shipping markets, owning and operating drybulk vessels previously owned and operated by Euroseas, and is now a separate publicly traded company. Euroseas continues to operate in the container shipping market and remains a publicly traded company. Accordingly, the results of operations and financial condition of EuroDry have been presented in discontinued operations for all periods presented.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company is engaged in the ocean transportation of containers through ownership and operation of container carrier ship-owning companies. Details of the Company’s wholly owned subsidiaries are set out below:</div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Allendale Investment S.A. incorporated in Panama on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 22, 2002, </div>owner of the Panama flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,154</div> deadweight tons (“DWT”) / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,169</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div>-foot equivalent (“TEU” – a measure of carrying capacity in containers) container carrier M/V “Kuo Hsiung”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1993</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 13, 2002.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Alterwall Business Inc. incorporated in Panama on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2001, </div>owner of the Panama flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,253</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,169</div> TEU container carrier M/V “Ninos” (previously named M/V “Quingdao I”) which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1990</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 16, 2001.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Diana Trading Ltd. incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 25, 2002, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,734</div> DWT bulk carrier M/V “Irini”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1988</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2002. </div>M/V “Irini” was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 10, 2013.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <!-- Field: Page; Sequence: 10 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Xenia International Corp., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 6, 2006, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,568</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">950</div> TEU multipurpose M/V “Tasman Trader”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1990</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 27, 2006. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 7, 2012, </div>the vessel was renamed M/V “Anking”. The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 4, 2013.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Prospero Maritime Inc., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 21, 2006, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,268</div> DWT dry bulk M/V “Aristides N.P.”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1993</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 21, 2006. </div>The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 15, 2016.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Xingang Shipping Ltd., incorporated in Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 16, 2006, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,596</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,599</div> TEU container carrier M/V “YM Xingang I” , which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 1993 </div>and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 15, 2006. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 11, 2009, </div>the vessel was renamed M/V “Mastro Nicos” and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 5, 2009, </div>it was renamed M/V “YM Port Kelang”. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 25, 2011 </div>the vessel was renamed M/V “Marinos”. The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 26, 2015.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 16, 2007, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,346</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,452</div> TEU container carrier M/V “Manolis P”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1995</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 12, 2007.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Eternity Shipping Company, incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 17, 2007, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,007</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,742</div> TEU container carrier M/V “Clan Gladiator”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1992</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 13, 2007. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 9, 2008, </div>M/V “Clan Gladiator” was renamed M/V “OEL Transworld” and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 31, 2009 </div>the vessel was renamed M/V “Captain Costas”. The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 10, 2016.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Pilory Associates Corp., incorporated in Panama on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 4, 2007, </div>owner of the Panamanian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,667</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,932</div> TEU container carrier M/V “Despina P”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1990</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 13, 2007. </div>The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 28, 2015.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Tiger Navigation Corp., incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 29, 2007, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,627</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,228</div> TEU container carrier M/V “Tiger Bridge”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1990</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 4, 2007. </div>The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 9, 2015.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 14, 2008, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,677</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,556</div> TEU container carrier M/V “Maersk Noumea”, renamed “Evridiki G”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 22, 2008.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Saf-Concord Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 8, 2008, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,667</div> DWT bulk carrier M/V “Monica P”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1998</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 19, 2009. </div>The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 25, 2018.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 11 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Eleni Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 11, 2009, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,119</div> DWT bulk carrier M/V “Eleni P”, which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1997,</div> acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 6, 2009 </div>and sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 26, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 21, 2010, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,306</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2008</div> TEU container carrier M/V “Aggeliki P” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1998,</div> acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 21, 2010 </div>and sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 6, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Joanna Maritime Ltd., incorporated in Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 10, 2013, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,301</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,732</div> TEU container carrier M/V “Joanna” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1999</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 4, 2013. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 8, 2016, </div>the vessel has been renamed M/V “Vento di Grecale”. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 17, 2017 </div>the vessel was again renamed M/V “Joanna”.</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 19, 2016, </div>owner of the Panamanian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,581</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,439</div> TEU container carrier M/V “Aegean Express” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1997</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2016.</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 30, 2013, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,976</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,645</div> TEU container carrier M/V “RT Dagr” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1998</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 23, 2017. </div>The vessel was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Gregos Shipping Ltd., incorporated in the Republic of Liberia on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 25, 2017, </div>owner of the Liberian flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,600</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,788</div> TEU container carrier M/V “EM Astoria” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,350</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,506</div> TEU container carrier M/V “EM Athens” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,654</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,556</div> TEU container carrier M/V “EM Corfu” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 29, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,350</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,506</div> TEU container carrier M/V “EM Oinousses” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 23, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-family: Symbol">·</div></td> <td style="text-align: justify">Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 18, 2017, </div>owner of the Marshall Islands flag <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,366</div> DWT / <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,610</div> TEU container carrier M/V “Akinada Bridge” which was built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> and acquired on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 21, 2017.</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Eurocon Ltd. is an intermediate holding company between the vessel owning subsidiaries and Euroseas Ltd. Eurocon Ltd. was incorporated in the Republic of the Marshall Islands on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 18, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 12 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company had a working capital surplus of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.4</div> million and has been incurring losses. The Company’s cash balance amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.96</div> million and cash in restricted retention accounts amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.25</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 29, 2019 </div>the holders of EuroDry Series B Preferred Shares will receive a cash dividend at a dividend rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> per annum, which will increase to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> thereafter (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div>). The Company intends to fund its working capital requirements via cash at hand, cash flow from operations, debt balloon payment refinancing and equity offerings. In the unlikely event that these are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> sufficient the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>also draw down up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.00</div> million under a commitment from COLBY Trading Ltd., a company controlled by the Pittas family and affiliated with the Company’s Chief Executive Officer, and possible vessel sales (where equity will be released), if required, among other options. The Company believes it will have adequate funding through the sources described above and, accordingly, it believes it has the ability to continue as a going concern and finance its obligations as they come due over the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months following the date of the issuance of these financial statements. Consequently, the consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the following charterers individually accounted for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of the Company’s revenues as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</td> <td style="font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Charterer</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; font-weight: bold; text-align: left">CMA CGM, Marseille</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">New Golden Sea Shipping Pte. Ltd., Singapore</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">MSC Geneva</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 13 --></div>
142947
6960000
2616984
2858927
6960258
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
17324518
7004684
8297147
13211588
-10319834
1292463
4914441
20472737
9283359
27928885
-24243012
-9635504
-29045685
4255829
2910287
3970170
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>a subsidiary of the Company, Alterwall Business Inc. owner of M/V “Ninos”, has a dispute with a fuel oil supplier who claimed a maritime lien against the vessel after the company which had time-chartered the vessel from the Company went bankrupt in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2009 </div>and failed to pay certain invoices. The vessel was arrested in Karachi in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2009 </div>and released after a bank guarantee for an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.53</div> million was provided on behalf of the Company, for which the bank has restricted an equal amount of the Company's cash which is presented within Restricted Cash,. Legal proceedings continue. Although the Company believes it will be successful in its claim, it has made a provision of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.15</div> million, included in “Other general and administrative expenses” in “Consolidated statements of operations”, for any costs that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">There are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business. In the opinion of the management, the disposition of these lawsuits should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the consolidated results of operations, financial position and cash flows.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"></div></div>
0.03
0.03
200000000
200000000
11274126
12515645
11274126
12515645
338230
375476
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> statement of comprehensive income / (loss) has been presented.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.19
0.34
0.51
0.3
0.31
0.33
0.22
0.17
0.11
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
2204784
571291
2774924
0.03
0.0265
0.06
0.045
0.044
5640000
3341000
4550000
4150000
7900000
17500000
30000000
35590000
37491000
2800000
4250000
4750000
17500000
0.1
720000
720000
303000
311000
100000
460000
500000
800000
900000
6360000
4920000
8980000
7900000
6200000
19200000
353000
216402
883112
324603
74863
142767
125357
196619
237848
590178
417634
4959487
3585965
3305951
3585965
3305951
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> years from the completion of their construction.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.0197
41435
41435
229451
229451
16631
16631
0.005
0.0095
0.0355
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div> Derivative Financial Instruments</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Interest rate swaps</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 17, 2014, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> interest rate swap with Eurobank – Ergasias S.A. (“Eurobank”) on a notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.0</div> million, in order to manage interest costs and the risk associated with changing interest rates of the Company’s loans. Under the terms of the swap, Eurobank makes a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>-month LIBOR while the Company pays an adjustable rate averaging <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.97%</div> (Eurobank makes a quarterly payment to the Company equal to the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>-month LIBOR while the Company pays the fixed rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.50%</div> until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 28, 2016 </div>then <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.95%</div> till <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 28, 2017 </div>and then <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.55%</div> till <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 28, 2019) </div>based on the relevant notional amount.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 38 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The interest rate swaps did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Balance Sheet Location</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 18%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Current liabilities – Derivatives</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,451</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Long-term liabilities – Derivatives</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,631</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total derivative liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">246,082</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Location of gain (loss)</div> <div style=" margin-top: 0; margin-bottom: 0">recognized</div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 40%">Interest rate swap contracts - Fair value</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; width: 20%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss) / gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; width: 1%; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,921</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,901</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,647</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts - Realized (loss) / gain</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss) / gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(132,075</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,071</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(201,745</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total (Loss) / gain on interest rate swap contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(119,154</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,170</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,902</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Freight Forward Agreements (“FFA”)</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>the Company entered into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> FFA contracts on the Baltic Panamax Index (“BPI”) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> calendar months of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days at an average time charter equivalent rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11,000</div> per day. <div style="display: inline; font-size: 10pt">The </div>contracts are settled on a monthly basis using the average of the BPI for the days of the month the BPI is published. The Company receives a payment if the average BPI for the month is below the contract rate equal to the difference of the contract rate less the average BPI for the month times the number of contract days sold; if the average BPI for the month is greater than the contract rate the Company makes a payment equal to the difference of the average BPI for the month less the contract rate times the number of contract days sold. If the Company buys contracts previously sold (or the opposite) the Company receives or pays the difference of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> rates for the period covered by the contracts.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 39 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The FFA contracts did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting. The Company follows guidance relating to “Fair value measurements” to calculate the fair value of the FFA contracts (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div>).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="text-align: right; vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">FFA contracts not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><div style=" margin-top: 0; margin-bottom: 0">Location of gain (loss)</div> <div style=" margin-top: 0; margin-bottom: 0">recognized</div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended<br />December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended <br />December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contracts - Fair value</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 18%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss)/gain on derivatives, net</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(781</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contracts - Realized gain/(loss)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss)/gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total loss on FFA contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(781</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; 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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> Stock Incentive Plan</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 31, 2014, </div>the Board of Directors approved the Company’s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">“2014</div> Plan”). The plan is administered by the Board of Directors which can make awards totaling in aggregate up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,500,000</div> shares, respectively over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> years after the plan’s adoption date. The persons eligible to receive awards under the plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be made under the plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Details of awards granted under the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div> Plan during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>are noted below.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 3, 2016 </div>an award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,080</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> key persons of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> vested on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> vested on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2018; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,048</div> shares and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,032</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2, 2017 </div>an award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,270</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> key persons of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> vested on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> will vest on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 1, 2019; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">57,700</div> shares and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,570</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 21, 2018 </div>an award of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,450</div> non-vested restricted shares, was made to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> key persons of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> will vest on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> will vest on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 16, 2020; </div>awards to officers and directors amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,170</div> shares and the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">53,280</div> shares were awarded to employees of Eurobulk.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company estimates the forfeitures of non-vested restricted shares to be immaterial and hence accounts for forfeitures as they occur. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,306</div> shares were forfeited with a weighted-average grant-date fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.78</div> per share. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div></div> forfeitures occurred in the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The compensation cost that has been charged against income for awards was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$294,341,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$116,562</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$124,487,</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively and is included within “Other general and administrative expenses” in the “Consolidated statements of operations”. The Company has used the straight-line method to recognize the cost of the awards.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">A summary of the status of the Company’s non-vested shares as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>and changes during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>are presented below:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Non-vested Shares</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on January 1, 2018</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,362</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.60</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Granted</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,450</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.07</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Vested</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,227)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.52</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on December 31, 2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">175,585</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.27</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$127,278</div> of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan and is expected to be recognized over a weighted-average period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.96</div> years. The total fair value at grant-date of shares granted during the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$99,317,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$176,475</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$134,232</div> respectively.</div></div>
-6.21
0.38
0.25
65195329
3828634
4786272
5422155
798828
917160
2346502
4308418
6892388
9183152
-8969868
2628656
3993967
1171485
1778955
2874232
8331821
20280215
25934204
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Discontinued Operations</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Following the close of trading on the Nasdaq Capital Market on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018, </div>the Company completed the spin-off of its drybulk fleet (excluding M/V Monica P, a handymax drybulk carrier, which was agreed to be sold) to EuroDry Ltd (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>). Accordingly, the results of operations and financial condition of EuroDry have been presented in discontinued operations for all periods presented<div style="display: inline; background-color: white">. The revenue and loss for the discontinued operations for the periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are analyzed as follows:</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31 <br />(discontinued operations)</td> <td style="font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Statement of Operations Data</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: left">Voyage revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,331,821</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,280,215</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,934,204</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Commissions (including, $104,148, $253,503 and $324,178, respectively, to related party)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(452,868</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,122,196</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,411,333</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Voyage expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(82,627</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,396,318</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(410,676</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Vessel operating expenses (including, $57,316, $102,131 and $115,026, respectively, to related party)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,308,418</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,892,388</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,183,152</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Drydocking expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(127,509</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,465,079</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Related party management fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(780,135</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,409,716</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,701,340</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Vessel depreciation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,828,634</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,786,272</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,422,155</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other general and administrative expenses (including $520,626, $693,524 and $731,456, respectively, to related party)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(798,828</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(917,160</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,346,502</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss on termination and impairment of shipbuilding contracts</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,050,179</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Operating (loss) / income</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,969,868</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,628,656</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,993,967</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total other expenses, net</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,171,485</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,778,955</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,874,232</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Net income</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,119,735</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Dividend Series B Preferred Shares</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(565,229</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Net income attributable to discontinued operations</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">554,506</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Earnings per share attributable to common shareholders, basic and diluted</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.21</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.38</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.25</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Weighted average number of shares outstanding during period, basic and diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,633,141</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,213,505</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,232,821</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="text-align: justify"><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Euroseas contributed to EuroDry its interests in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> of its drybulk subsidiaries and related intercompany debts and obligations in exchange for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,254,830</div> of EuroDry common shares and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,042</div></div> of EuroDry Series B Preferred Shares (representing all of EuroDry's issued and outstanding stock as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2018).</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>the amount due from spun-off subsidiary (EuroDry) was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24.6</div> million included in “Long-term liabilities of discontinued operations” in the “Consolidated balance sheets”. This amount refers to payments made by Euroseas on behalf of the subsidiaries in relation to the shipbuilding contracts for the construction of the newbuilding vessels “Alexandros P.” and “Ekaterini” contributed to EuroDry amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29.8</div> million, restricted cash requirements amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.2</div> million and the acquisition of the secondhand vessel "Tasos" amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.5</div> million less an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.9</div> million relating to the loan drawn by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the EuroDry subsidiaries during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> using as collateral the newbuilding vessel "Alexandros P". The amount due from EuroDry of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$24.6</div> million was allocated during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> as follows: (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17.8</div> million as a reduction in the Series B Preferred shares balance of the Company outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31.12.2017</div> as a result of the distribution of EuroDry Series B Preferred Shares representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the outstanding Series B Preferred stock of the Company on the Spin-off date (refer to Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> above), (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.5</div> million was allocated to equity contributed to EuroDry for contributions for the vessels spun-off paid in prior years relating to the amount recognized as loss on termination of the shipbuilding contract of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> DY <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">161</div> and impairment of the shipbuilding contract of Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div> (named “Ekaterini”) and (iii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.3</div> million as a reduction to the "Due to related companies" liability.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In the year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> Euroseas paid the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.3</div> million for expenses concerning the construction cost of M/V Ekaterini (Hull <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">YZJ2013</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1153</div>) and general administrative expenses allocated to EuroDry. Up to the Spin-off date, Euroseas had contributed to EuroDry an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$52.52</div> million as equity in order to partly finance the acquisition of the vessels contributed to EuroDry (M/V Pantelis, M/V Eirini, M/V Xenia and M/V Ekaterini), other general and administrative expenses allocated from the Company to EuroDry as well as the amounts recognized as loss on termination and impairment of shipbuilding contracts described above. An amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.66</div> million was also allocated to EuroDry from the Company’s accumulated deficit, comprising the accumulated deficit of the subsidiaries contributed to EuroDry. In total an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42.86</div> million was allocated from the Company’s shareholders’ equity to EuroDry’s shareholders’ equity.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div></div>
1340000
1725699
1808811
1335733
1725699
1725699
1808811
1808811
1335733
1335733
24600000
24600000
17800000
5500000
4986836
2672895
4986836
2672895
-5.63
-0.71
-0.10
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> are considered contingently returnable until the restrictions lapse and will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be included in the basic net income per share calculation until the shares are vested.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Loss Per Share</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Basic and diluted loss per common share are computed as follows:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-left: 0.4pt">Income:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, continuing operations</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(35,805,469</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,753,072</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,999,129</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.4pt">Basic and diluted earnings per share:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">Weighted average common shares – <br />Outstanding , continuing operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,165,703</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,067,524</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,318,197</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Basic and diluted loss per share, continuing operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4.38</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.79</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.18</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, discontinued operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">554,506</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45,946,822</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,903,371</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,144,623</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Basic and diluted loss per share</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5.63</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.71</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.10</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div></div></div> shares in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 37 --></div>
127278
P350D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other investments </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Investments over which the Company believes it does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercise any influence are carried at the book value and are adjusted to recognize accrued income and are adjusted for impairment whenever facts and circumstances determine that they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable. The amount of the adjustment is included in the determination of net income / (loss) (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>).</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
25000000
14000000
100000
14100000
14071075
14071075
0.14286
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div></div></td> <td><div style="display: inline; font-weight: bold;">Investment in Joint Venture and Other Investment </div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 25, 2010, </div>the Company entered into a partnership (the “Joint Venture”) with companies managed by Eton Park Capital Management, L.P. ("Eton Park") and Rhône Capital III L.P. ("Rhône") to form Euromar LLC. Eton Park’s investments were made through Paros Ltd., a Cayman Islands exempted company, and Rhône’s investments were made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP. Euromar LLC was set up to acquire, maintain, manage, operate and dispose of shipping vessels. The Company invested <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25.0</div> million for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.286%</div> interest in the Joint Venture, while Eton Park and Rhône each invested to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$75.0</div> million for a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42.857%</div> interest for a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$175</div> million. Management of the vessels and various administrative services pertaining to the vessels were performed by Euroseas and its affiliates; strategic, financial and reporting services were provided by Euroseas. For these services, Euroseas earned <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$240,000</div></div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> These amounts are recorded in “Related party management fee income” under “Revenues”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company accounted for its investment in the Joint Venture using the equity method of accounting despite the fact that it was a minority partner as it had significant influence in the operations and management of Euromar LLC (see “Significant Accounting Policies” – Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>). The Company’s share of the results of operations of the Joint Venture is included in the “Consolidated statements of operations” as “Equity loss in joint venture”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s share of the results of operations of the Joint Venture amounted to a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.4</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> million for the years <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> respectively. Euromar LLC restructured its credit facilities between <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> As a consequence of the restructured credit facilities and continued adverse market developments, during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company determined in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016 </div>that its investment in the joint venture was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable and as a result it recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.0</div> million impairment and recorded an additional impairment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016 </div>for a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.1</div> million for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>which is presented in the line “Impairment in joint venture” in the “Consolidated statements of operations”. The carrying value of the Company’s investment in Euromar LLC as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div> and is presented in the “Investment in joint venture” in the “Consolidated balance sheets”. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2017, </div>the Company acquired <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the vessels of Euromar with the consent of its lender by assuming debt equal to the market value of the vessel with any excess indebtedness to the lender written off and Euromar released from any guarantees to the lender. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017, </div>Euroseas acquired the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85.714%</div> interest in Euromar it did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> already own for nominal cost. As a result of the acquisition, Euromar, which was a joint venture among the Company and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> private equity firms, became a wholly-owned subsidiary of the Company. However, Euromar vessels were substantially under the control of its lenders. The Company provided <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> guarantees to Euromar's lenders, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">none</div> of the lenders had any recourse against the Company. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>all vessels of Euromar were sold with the consent of Euromar’s lenders; all proceeds from such sales and any funds in excess of other liabilities were applied towards the indebtedness of Euromar with any excess indebtedness written off; Euromar was released from all its corporate guarantees to its lenders. As a result of the above, Euromar has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been consolidated in our results nor any gain or loss from it has been recognized.</div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td><div style="display: inline; font-weight: bold;"></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 15, 2013 </div>by and among the Company, Paros Ltd., All Seas Investors I Ltd., All Seas Investors II Ltd. and All Seas Investors III LP, a Contribution Agreement was signed. Under this agreement Euroseas agreed to deposit an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5,000,000</div> into an escrow account (“Escrowed Funds”) controlled by Paros Ltd., All Seas Investors I Ltd., All Seas Investors II Ltd. and All Seas Investors III LP which can distribute part or all of the funds to Euromar LLC until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>With the distribution of the Escrowed Funds, Euromar LLC will issue to the Company (or a subsidiary thereof) units representing a preferred membership interest in Euromar LLC (each, a “Preferred Unit”) in respect of the Escrowed Funds based on the following ratio: <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> Preferred Unit in exchange for each <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> of the Escrowed Cash, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000</div> Preferred Units in total (assuming <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5</div> million of Escrowed Cash). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2014, </div>in relation to the acquisition of a vessel by Euromar LLC, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000,000</div> of the Escrowed Funds was contributed into Euromar LLC .The Company is entitled to a “payment-in-kind” dividend at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> per year compounded annually from the date of issuance. Euromar LLC can return any undistributed Escrowed Funds to the Company after the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> anniversary of the agreement while after the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> anniversary any undistributed Escrowed Funds will be returned to the Company and Preferred Units will be issued by Euromar LLC for any accrued dividends at the time. Euroseas recorded accrued dividend income of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,024,714,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively which is presented in the “Consolidated statements of operations” as “Other Investment Income”. In the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company determined that its “Other investment” was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable except for the undistributed Escrowed Funds (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000,000</div>) and as a result it recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,421,452</div> impairment which is presented in the “Consolidated statements of operations” in the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016. </div>The Company stopped recognizing dividend income from its “Other investment” from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2016. </div>The Escrowed Funds were returned to Euroseas in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2017.</div></div> <div style=" font-size: 10pt; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">(In USD)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Other</div> <div style=" margin-top: 0; margin-bottom: 0">Investment</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, January 1, 2016</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,396,738</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total gain for the period included in Investment income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,024,714</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Impairment of other investment</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,421,452</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Return of funds, September 22, 2017</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div></div>
0
0
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Investment in Joint Venture </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Investments in companies over which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method. Under this method the investment is carried at cost, and is adjusted to recognize the investor’s share of the earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever facts and circumstances determine that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). The investment is also adjusted to reflect the Company’s share of changes in the investee’s capital.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.19
5000000
4000000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Liabilities</div></td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left">Interest rate swap contract, current portion</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Liabilities</div></td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; width: 40%">Interest rate swap contract, current portion</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,451</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,451</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest rate swap contracts, long-term portion</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,631</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,631</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="18" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style="display: inline; font-weight: bold;">December 31, 2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; border-right: Black 1pt solid; border-top: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Level 1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Level 2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Level 3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Loss 2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessels held for sale</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,946,923</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,946,923</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,924,668</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Other investment</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,421,452</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Investment in joint venture</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,071,075</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="17" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div></div></div></div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2017</div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessels held for sale</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,595,819</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessel profit participating liability</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,297,100</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,297,100</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="17" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></div></div></div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2018</div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessel profit participating liability</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,067,500</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,067,500</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of time charter acquired</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to Time charter revenues over the remaining term of the charter.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to other general and administrative expenses when financing efforts are terminated.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.</div> Financial Instruments</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable and other receivables. The principal financial liabilities of the Company consist of long-term bank loans, derivatives including interest rate swaps, trade accounts payable, accrued expenses and amount due to related company.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Interest rate risk </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long term debt. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for hedge accounting, under the guidance relating to <div style="display: inline; font-style: italic;">Derivatives and Hedging</div>, as the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have currently written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognizes the change in fair value of these derivatives in the “(Loss)/ gain on derivatives, net” in the “Consolidated statements of operations.” As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> open swap contract for a notional amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.0</div> million.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of credit risk</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require collateral for its trade accounts receivable.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of financial instruments</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -42.55pt; margin: 0pt 0 0pt 42.55pt"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> categories:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1:</div> Quoted market prices in active markets for identical assets or liabilities;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2:</div> Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3:</div> Unobservable inputs that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> corroborated by market data.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The fair value of the Company’s investments in FFA contracts are determined based on quoted prices in active markets and therefore are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements".</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> items. The fair values of the interest rate swap determined through Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the fair value hierarchy as defined in guidance relating to "Fair value measurements" are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparables, interest rates, yield curves and other items that allow value to be determined.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recurring Fair Value Measurements</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Liabilities</div></td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left">Interest rate swap contract, current portion</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="14" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurement as of December 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 1)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 2)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">(Level 3)</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"><div style="display: inline; text-decoration: underline;">Liabilities</div></td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; width: 40%">Interest rate swap contract, current portion</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,451</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,451</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 12%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Interest rate swap contracts, long-term portion</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,631</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,631</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Asset Measured at Fair Value on a Non-recurring Basis</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">Vessels Held for Sale (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) are measured at fair value less estimated costs to sell. The fair value is based for M/V “Aggeliki P” on the scrap price per ton as quoted by industry sources in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017 </div>with the vessel sold in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>and for M/V “Monica P” on market price estimates for sale to unrelated parties provided by Eurochart and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party brokers also in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2017, </div>respectively and are considered good estimates of the fair value of the vessels as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017.</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 20, 2016, </div>the Company agreed to sell for scrap M/V "Eleni P” with a carrying amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.74</div> million, which was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.95</div> million (based on the price agreed by the Company to sell the vessel to unrelated parties in a transaction that was concluded in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2017), </div>less estimated costs to sell of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.13</div> million resulting in a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.92</div> million (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>), which was included in the accompanying consolidated statements of operations under “Loss on write down of vessel held for sale”. The fair value of M/V “Eleni P” is considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 15, 2017, </div>the Company has also entered into a profit sharing agreement with Credit Agricole whereby it will share with the bank <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> of the excess of the fair market value of M/V “EM Astoria” over the outstanding loan when the vessel is sold or when the loan matures. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company has recognized a participation liability of amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,297,100</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,067,500</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, presented in "Vessel profit participation liability" in the accompanying “Consolidated balance sheets”, with a corresponding debit to a debt discount account, presented contra to the loan balance. The fair value of this participation agreement is considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> as it directly depends on the fair value or expected fair value of M/V “EM Astoria”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>the vessel M/V “Monica P” with a carrying amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8.23</div> million, was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.0</div> million, less estimated costs to sell of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.10</div> million, resulting in a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.33</div> million (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>), which was included in the accompanying consolidated statements of operations under “Loss on write down of vessels held for sale”. The fair value of M/V “Monica P” is considered level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>the vessel M/V “Aggeliki P” with a carrying amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.39</div> million, was classified as vessel held for sale and written down to its fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.3</div> million, less estimated costs to sell of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.17</div> million, resulting in a loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.26</div> million (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>), which was included in the accompanying consolidated statements of operations under “Loss on write down of vessels held for sale”. The fair value of M/V “Aggeliki P” is considered level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016, </div>the Company concluded that its equity investment in Euromar was impaired and wrote it down to its estimated fair value. The impairment was due both to changes in the terms of its investment during the period as well as continuing less favorable market developments. The change in the terms of the Company’s investment resulted from the conclusion of loan restructuring agreements between Euromar and its lenders that provided the latter with increased payments before any capital is returned to Euromar’s partners, which include the Company, and, in addition, participation of the lenders in the profits of and any distributions made by Euromar. The fair value of the Company’s “Investment in joint venture” is considered a Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> item (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div> – “Investment in Joint Venture and Other Investment”).</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The key input that determines the fair value of the Company’s “Investment in joint venture” is the cost of capital for investments in containership vessels which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> observable and hence is considered a level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> item. The Company estimated the cost of capital in the range of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> p.a. based on its return threshold in considering investments in containerships which, in turn take into consideration the historical returns and volatility of such investments. Additional inputs required include earnings and operating cost assumptions for each vessel as well other expenses and liabilities of Euromar. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company used the Discounted Cash Flow technique and a cost of capital of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.5%</div> p.a. to calculate the fair value of its equity investment in Euromar.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">Furthermore, as a result of the same analysis described above, the Company determined that the fair value of its “Other investment”, which consists of preferred units in Euromar was also impaired and recognized a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,421,452</div> impairment as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>which is shown under “Impairment in other investment”. The key input that determined the fair value of the Company’s “Other investment” was the required rate of return of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> p.a. for preferred equity investments in investment opportunities of similar risk which was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> observable and hence is considered a Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> item. The Company considered the initial dividend rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> p.a. as the appropriate rate for its fair value calculation and monitored market conditions for similar investment and other possible developments specific to its investment that might provide indications for changes in the required rate of return it used in its fair value measurement. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify indications that would require changes in the required rate of return. The fair value of the Company’s other investment was calculated using the discounted cash flow technique.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><div style="display: inline; font-weight: bold;">Nonrecurring Fair Value Measurements at Reporting Date</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="18" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style="display: inline; font-weight: bold;">December 31, 2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; border-right: Black 1pt solid; border-top: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Level 1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Level 2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Level 3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Loss 2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessels held for sale</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,946,923</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,946,923</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,924,668</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Other investment</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,421,452</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Investment in joint venture</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,071,075</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="17" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">December 31, 2017</div></div></div></div></div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2017</div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessels held for sale</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,595,819</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessel profit participating liability</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,297,100</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,297,100</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="17" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">December 31, 2018</div></div></div></div></div></div></td> <td style="border-bottom: Black 1pt solid; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 1</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">Level 2</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Level 3 </div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Loss 2018</div></div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-right: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Vessel profit participating liability</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,067,500</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,067,500</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.7pt">The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash approximate their individual carrying amounts as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> items as they represent liquid assets with short-term maturities. The fair value of the Company’s total borrowings approximates <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$36.9</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.6</div> million less than its carrying value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$37.5</div> million. The fair value of the long term borrowings are estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair values of the long-term bank loans are considered Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div></div>
-31033
-30214
13963
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
10597
500000
300000
1340000
10597
803811
1340952
2673594
2502203
2565502
0.73
0.42
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
-4.38
-0.79
-0.18
-10141353
849701
554506
-2400000
0
-2444627
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> Income Taxes</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in “Vessel operating expenses” in the accompanying “Consolidated statements of operations.”</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Under the United States Internal Revenue Code of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1986,</div> as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">883</div> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the gross shipping income that is attributable to transportation that begins or ends, but that does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> both begin and end, in the United States.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; background-color: white">For <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> qualify for this exemption. The Company is subject to an effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2%</div> United States federal tax on the U.S. source shipping income that is attributable to the transport of cargoes to or from the United States which is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered an income tax. The amount of this tax for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,275</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,135,</div> respectively, and for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>is estimated at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,311.</div> The amount of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> tax was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 16, 2017 </div>and the amount of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> tax was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 17, 2018 </div>and was recorded within "Vessel operating expenses" in the accompanying consolidated statements of operations when paid. The amount for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet been paid.</div></div></div>
-378811
210741
1066378
-654127
167016
282045
459912
197782
766052
-217517
91604
73210
-90824
233402
-172544
-2876104
4314415
-2732256
-1300000
-344578
-329244
511373
-2639
117793
-24703
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
1370830
1554695
3050768
22277
37972
81792
1228947
1380458
2703845
50556
1238422
1174863
2475631
262546
565623
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Inventories </div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Inventories consisted of the following:</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Lubricants</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,107,571</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,043,763</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Victualing</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,447</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,965</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Bunkers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">580,663</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-indent: 0in">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,193,018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,704,391</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"><div style="display: inline; text-transform: uppercase"> </div></div></div>
1107571
1043763
85447
79965
580663
1193018
1704391
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
1024714
0
0
1024714
1024714
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">(In USD)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Other</div> <div style=" margin-top: 0; margin-bottom: 0">Investment</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, January 1, 2016</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,396,738</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total gain for the period included in Investment income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,024,714</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Impairment of other investment</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,421,452</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Return of funds, September 22, 2017</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,000,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
7396738
4000000
80021604
44376584
162329561
66954563
178308
12488
100000
18532597
11592535
61489007
32784049
5883288
30364035
5000
30000000
0.004
45000000
15000000
150000
7080000
37491000
4203261
4870241
36900000
27067000
5212000
5212000
29811241
31716549
P1Y180D
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></div></td> <td><div style="display: inline; font-weight: bold;">Long-Term Debt</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">This consists of bank loans of the ship-owning companies and is as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Borrower</div></div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">December 31, <br /> 2017</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2018</div></div></div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Noumea Shipping Ltd.</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 8%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(a)</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,640,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,341,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gregos Shiping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(b)</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,550,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,150,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(c)</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,900,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation ltd. / Bridge Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(d)</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,500,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="text-align: right; background-color: rgb(204,238,255); vertical-align: top"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd.</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(e)</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,000,000</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> </tr> <tr style="text-align: right; background-color: White; vertical-align: top"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,590,000</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,491,000</div></td> <td style="font-size: 10pt"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"></div> <div style=" font-size: 10pt; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Less: Current portion</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,699,028</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,212,000</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term portion</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,890,972</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(32,279,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred charges, current portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">142,767</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,357</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred charges, long-term portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">196,619</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,848</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Debt discount, current portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">353,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">216,402</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Debt discount, long-term portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">883,112</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">324,603</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term debt, current portion net of deferred charges and debt discount</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,203,261</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,870,241</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term debt, long-term portion net of deferred charges and debt discount</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,811,241</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,716,549</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">None</div> of the above loans is registered in the U.S. The future annual loan repayments are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">To December 31:</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; font-size: 10pt; text-align: justify">2019</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,212,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2020</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,212,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2021</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,067,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify">2022</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify">2023</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Thereafter</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,491,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(a)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 22, 2016, </div>the supplemental agreement with Noumea Shipping Ltd., owner of M/V “Evridiki G” was signed in order to refinance the final quarterly instalment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$720,000</div> and the balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,360,000</div> originally due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016. </div>The borrower and the lender agreed to amend the repayment profile in respect of the loan of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7,080,000</div> remained outstanding as of the date of the supplemental agreement and to extend the final maturity date to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018. </div>The loan will be repaid with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> repayments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$720,000</div> each, due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2016, </div>in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2017 </div>and in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018 </div>together with the balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,920,000</div> due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2018, </div>the Company signed and drew a term loan facility with Credit Agricole in order to refinance the existing indebtedness of M/V “Evridiki G” with the bank. This is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,250,000</div> loan drawn by Noumea Shipping Ltd. as Borrower. The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourteen</div> consecutive quarterly instalments. Thirteen of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$303,000</div> each and a final instalment in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$311,000.</div> The margin of the loan is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.00%</div> above LIBOR. The security cover ratio covenant is set to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130%.</div> The loan is secured with the following: (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgages over M/V “Evridiki G” and collateral vessel (M/V “EM Astoria”), (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company.</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(b)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 15, 2017, </div>the Company signed a term loan facility with Credit Agricole and on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 19, 2017 </div>a loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,750,000</div> was drawn by Gregos Shipping Ltd. to partly finance the purchase of M/V “EM Astoria”. The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twenty</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixteen</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$100,000</div> plus a balloon amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,750,000</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,150,000</div> (the debt repayment schedule shown in the previous table assumes repayment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixteen</div> quarters). The margin of the loan is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.65%</div> above LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgages over M/V “EM Astoria”, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of M/V “EM Astoria”, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to remaining loans of the Company. The Company paid a loan arrangement fee of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000</div> for this loan. The Company has also entered into a profit sharing agreement with Credit Agricole whereby it will share with the bank <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> of the excess of the fair market value of the vessel over the outstanding loan when the vessel is sold or when the loan matures. As a result of the lender's entitlement to participate in the appreciation of the market value of the mortgaged vessel, the Company has recognized a participation liability of amount <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,297,100</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,067,500</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, presented in "Vessel profit participation liability" in the accompanying “Consolidated balance sheets”, with a corresponding debit to a debt discount account, presented contra to the loan balance. In addition, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35%</div> of the cash flow after debt service will be set aside and be used to repay the balloon payment with any excess funds to be paid to the bank.</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(c)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 12, 2016, </div>the Company signed and drew a term loan facility with Eurobank Ergasias S.A in order to refinance all of its existing facilities with the bank. This is a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,500,000</div> loan drawn by Saf-Concord Shipping Ltd, Eternity Shipping Company, Allendale Investments S.A., Manolis Shipping Limited, Alterwall Business Inc., Aggeliki Shipping Ltd and Jonathan John Shipping Ltd. (which was cross-collateralized as per supplemental agreement dated <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 27, 2016 </div>replacing Eternity Shipping Company, the owner of M/V “Captain Costas” that was sold in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>) as Borrowers. The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> equal consecutive quarterly instalments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$460,000</div> each, with a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,980,000</div> to be paid together with the last instalment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019. </div>The interest was based on LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.00%.</div> The loan is secured with the following: (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgages over M/V “Monica P”, M/V “Captain Costas” replaced by M/V “Aegean Express” after her sale, M/V “Kuo Hsuing”, M/V “Manolis P”, M/V “Ninos”, M/V “Aggeliki P”, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd and other covenants and guarantees similar to the rest of the loans of the Company, and (iv) a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,800,000</div> cash collateral deposit pledged in favor of the bank. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$247,500</div> for this loan. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2017, </div>the Company applied <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1</div> million from the pledged amount against the loan and prepaid an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$540,000</div> deducted from the balloon payment and made a prepayment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$460,000</div> that referred to the installment of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2017, </div>the Company agreed with the lender to release M/V “Monica P.” from the mortgage and substitute it with M/V “Joanna”. In connection with this substitution, the Company prepaid an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$460,000</div> referring to the installment due in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and another <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$280,000</div> deducted from the balloon payment. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2017, </div>M/V “Aggeliki P.” was sold for scrap. An amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,100,000</div> from the sale of the vessel was prepaid, from which an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,840,000</div> was applied against the final <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> instalments and an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$260,000</div> was deducted from the balloon payment of the loan. Following the prepayments mentioned above, the balloon payment was reduced to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.9</div> million with the repayment of the loan resuming in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019. </div>The loan was refinanced in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 (</div>See note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>-(e)).</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(d)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 19, 2017, </div>the Company signed a term loan facility with Eurobank Ergasias S.A for an amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,500,000.</div> The loan was used to partially finance the acquisition of M/V “EM Athens”, M/V “EM Oinousses”, M/V “EM Corfu” and M/V “Akinada Bridge”. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 21, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.The</div> loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div> followed by <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">eleven</div> consecutive equal quarterly installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$800,000</div> and a balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,200,000.</div> The loan bears interest at LIBOR plus a margin of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5%.</div> The loan is secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgages over M/V “EM Athens”, M/V “EM Oinousses”, M/V “EM Corfu” and M/V “Akinada Bridge”, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd and other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$137,638</div> within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and another <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$54,862</div> within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> for this loan. The loan was refinanced in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018 (</div>See note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>-(e)).</td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">(e)</td> <td style="text-align: justify">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 21, 2018, </div>the Company signed a reducing revolving credit facility with <div style="display: inline; font-size: 10pt">Eurobank Ergasias S.A (the “Lender”) for an amount of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$45,000,000.</div> A loan of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000,000</div> was drawn on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 21, 2018 </div>by Alterwall Business Inc., Allendale Investments S.A., Manolis Shipping Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Athens Shipping Ltd., Oinousses Navigation Ltd., Corfu Navigation Ltd. and Bridge Shipping Ltd. to fully refinance all of the Company’s existing facilities with this bank and provide working capital. The revolving tranche will be available for a period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> months from signing of the loan agreement for the purpose of partly financing new vessel acquisitions or providing working capital and can be renewed subject to the bank’s approval and a fee to be determined. The loan is payable in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> equal consecutive quarterly principal installments of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$900,000</div> and the balance will be repaid through balloon payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,200,000</div> together with the last principal installment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2021. </div>Each quarterly principal instalment paid is added to the revolving tranche and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be redrawn. The interest rate margin is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.40%</div> over LIBOR. The loan is secured with (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> priority mortgage over M/V “Ninos”, M/V “Kuo Hsiung”, M/V “Aegean Express”, M/V “Manolis P.” M/V “Joanna”, M/V “EM Athens”, M/V “EM Oinousses”, M/V “EM Corfu” and M/V “Akinada Bridge”, (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd and other covenants and guarantees similar to the remaining loan of the Company. The Company has the option (at the Lender’s absolute discretion) to substitute a Vessel by notifying the Lender in writing at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) month prior to the intended substitution date, provided that: a) the substitute vessel is of a similar type, of the same or younger age, having the same or enhanced characteristics (including, without limitation, deadweight, lightweight, shipyard pedigree and technical specifications) and will be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> owned by a shipowning company, incorporated in a jurisdiction acceptable to the Lender and owned by a ship owning company owned by the Company (directly or indirectly) and b) the new shipowning company provides a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> preferred mortgage over the new vessel and a corporate guarantee in favor of the Lender and executes any other security documentation as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be requested by the Lender at its discretion. The Company paid loan arrangement fees of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$300,000</div> for this loan. The remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15,000,000</div> of the revolving facility remains available to the company in order to finance up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55%</div> of the market value of post <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> built ships. The new tranches will be repaid through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">sixteen</div> quarterly principal instalments with the amount of each such instalment being equal to such amount so that the balloon amount to be equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the initially drawn relevant tranche. </div><br /> </td> </tr> </table> <div style=" margin-top: 0; margin-bottom: 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">The security cover ratio covenant for the facility is set to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140%.</div> The undrawn amounts available under the revolving facility pay an annual commitment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.40%</div> and any amount drawn will pay a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> underwriting fee.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The loan agreements also contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140%</div>), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. limiting dividends in some loans to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> of profits, or, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,903,953</div> and $ <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,717,063</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and are included in “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>all the debt covenants are satisfied.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Interest expense for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,228,947,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,380,458</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,703,845</div> respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> "Revenue from Contracts with Customers", which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted this ASU for its revenues from voyage charters for its reporting period commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and elected to use the modified retrospective transition method for the implementation of this standard. The implementation of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an impact on the Company’s financial statements, as the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any voyage charters in progress as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Voyage charter revenues represent less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> of total revenues for each of the years in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> as amended, subject to certain transition relief options, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. . ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal periods. Early adoption is permitted for all entities. The Company will adopt ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> The Company’s time charter agreements will be classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. The nature of the lease component and non-lease component that will be combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The Company has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to separate the lease and non-lease components. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> Since lessor accounting remains largely unchanged from current U.S. GAAP, the implementation of this standard will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a significant impact on the Company’s financial statements, however it will increase the disclosures relating to the Company’s leasing arrangements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; text-transform: uppercase"> </div></div> <!-- Field: Page; Sequence: 21 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Financial Instruments - Credit Losses. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> “Codification Improvements to topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> For public entities, the amendments in this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. For public entities, the amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> are effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2018, </div>and interim periods within those annual periods. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 22 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> liable for any pension or post-retirement benefits.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.12
0.14
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1725699
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0.01
19607358
1000
20000000
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37314
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37314
19605
33779
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.</div> Preferred shares</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Number <br />of <br />Shares</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-weight: bold;">Preferred</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-weight: bold;">Shares <br />Amount</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style=" margin-top: 0; margin-bottom: 0; text-align: right"><div style="display: inline; font-weight: bold;">Dividends</div></div> <div style=" margin-top: 0; margin-bottom: 0; text-align: right"><div style="display: inline; font-weight: bold;">paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;">Total</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, January 1, 2016</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">33,779</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">29,000,000</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">3,079,249</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">32,079,249</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,726</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,725,699</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,725,699</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, December 31, 2016</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">35,505</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">29,000,000</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">4,804,948</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">33,804,948</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,809</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, December 31, 2017</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">37,314</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">29,000,000</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">6,613,759</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">35,613,759</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,333</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Shares distributed to EuroDry</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,042</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,500,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,692,131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,192,131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, December 31, 2018</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">19,605</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">14,500,000</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">4,257,361</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">18,757,361</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 27, 2014, </div>the Company entered into an agreement to sell <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,000</div> shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,700</div> shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$29</div> million. The redemption amount of the Company’s Series B Preferred Shares is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> per share. The Company used the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares will pay dividends (in cash or in-kind at the option of the Company, subject to certain exceptions) during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years at a rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0%</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%,</div> depending on the trading price of the Company's common stock. In addition, if a cash dividend is paid on the Company's common stock during such time, then if the dividend paid on the Series B Preferred Shares is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%,</div> the holders of Series B Preferred Shares shall receive such dividend in cash and shall also receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> of the common stock dividend it would have received on an as-converted basis. If, however, the dividend on the Series B Preferred Shares is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0%,</div> then the holders of Series B Preferred Shares shall receive a cash dividend equal to the greater of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of the common stock dividend it would have received on an as-converted basis and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%.</div> If a cash dividend is paid on the Company's common stock after the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years, the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> of the common stock dividend it would have received on an as-converted basis.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The dividend rate will increase to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years following <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 29, 2019 </div>and to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div> thereafter. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at a conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12.25</div> (as adjusted in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2015 </div>following the shareholders’ rights offering of the Company) subject to further adjustment for certain events. The Series B Preferred Shares are redeemable in cash by the Company at any time after the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifth</div> anniversary of the original issue date. Holders of the Series B Preferred Shares <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>require the Company to redeem their shares only upon the occurrence of certain corporate events.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">At the Spin-off date Euroseas distributed EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares in exchange for a number of such Euroseas Series B Preferred Shares, representing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of Euroseas Series B Preferred Stock, i.e <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,500,000</div> of the initial preferred shares amount of the Company and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,692,131</div> of dividends paid in kind. Euroseas contributed to EuroDry its interests in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">seven</div> of its drybulk subsidiaries and related intercompany debts and obligations in exchange for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,254,830</div> of EuroDry common shares and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,042</div> of EuroDry Series B Preferred Shares (representing all of the EuroDry's issued and outstanding stock as of that time). Euroseas made a special dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of EuroDry's outstanding common shares to holders of Euroseas' common stock as of the record date of the special dividend. In addition, Euroseas distributed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100%</div> of EuroDry Series B Preferred Shares to holders of Euroseas' Series B Preferred Shares as described above.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>the Company declared <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> consecutive dividends totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.34</div> million, all of which were paid in kind. The redemption liability as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$19,607,358.</div> After <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2019, </div>the dividend will be payable only in cash as described above.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">50%</div> of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div></div>
29000000
3079249
32079249
29000000
4804948
33804948
29000000
6613759
35613759
14500000
4257361
18757361
247039
222336
639312
2200000
1000000
600000
2000000
3168058
549495
1975110
29000000
14500000
14500000
22250000
34250000
2000000
2650000
2300000
4400000
4196268
9552260
6255735
2399461
2632637
3536094
30015188
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 35.45pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></div></td> <td><div style="display: inline; font-weight: bold;">Vessels, net</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The amounts in the accompanying consolidated balance sheets are as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in; text-align: right"> </div><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in; text-align: right"><div style="display: inline; font-weight: bold;">Costs</div></div></td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Accumulated <br />Depreciation</td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net Book <br />Value</td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, January 1, 2017</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,665,385</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,520,010</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,145,375</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,585,965</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,585,965</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel Acquisitions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,015,188</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,015,188</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -21.3pt; padding-left: 21.3pt">- Sale of vessels</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,318,842</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,110,762</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,208,080</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Vessels held for sale</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,081,755</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,847,316</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,234,439</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,147,897</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,132,079</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,453,848</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,826,128</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel’s age, any additional capital expenditures required, the expected revenues from continuing to own the vessel and the overall market prospects.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 24 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 10, 2016, </div>the Company sold M/V “Captain Costas”, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the Company's containership vessels, for a net price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.65</div> million. After sales commissions of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%,</div> which includes the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> payable to Eurochart S.A. (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div>), and other sale expenses, the Company realized a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,597.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2016, </div>the Company acquired M/V “Aegean Express”, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,439</div> teu containership vessel, for a purchase price plus costs required to make the vessel available for use of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,151,940.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 23, 2016, </div>the Company signed a memorandum of agreement to purchase M/V “RT Dagr”, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,645</div> teu feeder containership vessel built in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1998</div> in Germany, for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.81</div> million by issuing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">864,292</div> shares of the Company's common stock and payment of acquisition expenses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$77,821</div> with another <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,708</div> common shares issued as payment for the amount of fuel that was acquired along with the vessel. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 13, 2017, </div>the Company agreed to sell for scrap M/V “RT Dagr”, for a net price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2.3</div> million. The vessel was delivered to its buyers on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 31, 2017. </div>The Company recorded a gain on sale of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.5</div> million presented in the “Net gain on sale of vessels” line in the “Operating Expenses” section of the “Consolidated Statements of Operations”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 20, 2016, </div>the Company agreed to sell for scrap M/V "Eleni P", a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,119</div> dwt <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1997</div>-built drybulk carrier. The vessel was written down to its fair market value less costs to sell resulting in a non-cash loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.92</div> million, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.73</div> loss per share basic and diluted. This amount is presented in the "Loss on write-down of vessels held for sale" line in the "Operating Expenses" section of the "Consolidated Statements of Operations". The vessel was delivered to its buyers on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 26, 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>the Company decided to sell for scrap M/V “Aggeliki P.” a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,008</div> teu <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1998</div>-built container carrier and M/V “Monica P” a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,667</div> dwt <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1998</div>-built drybulk carrier. Both vessels were written down to their fair market value, resulting in a non-cash loss of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.6</div> million, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.42</div> loss per share basic and diluted. These amounts are presented in the "Loss on write-down of vessels held for sale" line in the "Operating Expenses" section of the "Consolidated Statements of Operations". The Company sold the vessel on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 6, 2017 </div>for net proceeds of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.4</div> million and recorded a gain on sale of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>presented in the “Net gain on sale of vessels” line in the "Operating Expenses" section of the "Consolidated Statements of Operations". M/V “Aggeliki P” was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 6, 2017. </div>M/V “Monica P” was still held for sale as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>with a value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.9</div> million that was presented in "Vessel held for sale" in the "Consolidated Balance Sheets” as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and was sold on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 25, 2018. </div>The sale resulted in a gain of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.34</div> million which is presented in the “Net gain on sale of vessels” line in the "Operating Expenses" section of the "Consolidated Statements of Operations".</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 20, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,788</div> teu, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2004</div> built) M/V “EM Astoria” for a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.75</div> million.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 29, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,506</div> teu, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div> built) M/V “EM Athens” for a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.24</div> million.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 23, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,506</div> teu, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2000</div> built) M/V “EM Oinousses” for a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4.25</div> million.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 29, 2017 </div>the Company acquired the feeder containership (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,556</div> teu, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> built) M/V “EM Corfu” for a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.66</div> million.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 25 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 21, 2017 </div>the Company acquired the intermediate containership (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,610</div> teu, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2001</div> built) M/V “Akinada Bridge” for a purchase price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.12</div> million.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company performed the undiscounted cash flow test as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and determined that the net book value of its vessels held for use was recoverable.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">All the Company’s vessels have been mortgaged as security for the Company’s loans.</div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div></div>
9318842
58665385
61279976
61279976
41145375
52132079
48826128
52132079
48826128
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in; text-align: right"> </div><div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in; text-align: right"><div style="display: inline; font-weight: bold;">Costs</div></div></td> <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Accumulated <br />Depreciation</td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Net Book <br />Value</td> <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, January 1, 2017</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,665,385</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(17,520,010</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,145,375</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,585,965</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,585,965</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -21.3pt; padding-left: 21.3pt">- Vessel Acquisitions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,015,188</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,015,188</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -21.3pt; padding-left: 21.3pt">- Sale of vessels</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,318,842</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,110,762</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,208,080</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Vessels held for sale</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,081,755</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,847,316</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,234,439</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,147,897</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52,132,079</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">- Depreciation for the year</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,305,951</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-indent: -21.3pt; padding-left: 21.3pt">Balance, December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">61,279,976</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(12,453,848</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,826,128</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
18081755
P25Y
2399461
2632637
3536094
2000000
2000000
2000000
1250000
1479374
1306476
1561126
29800000
1200000
4500000
10900000
3300000
52520000
9660000
42860000
55796
70640
64500
30000
118526
268658
310467
453361
78530
97231
89329
101394
118684
137385
1479374
1306476
1561126
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Related Party Transactions</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s vessel owning companies are parties to management agreements with the Manager which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily fee of Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">685</div> </div></div>for each of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> under the Company’s Master Management Agreement. An additional fixed management fee (see below) is paid to the Manager for the provision of various management services. Vessel management fees paid to the Manager amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,399,461,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,632,637</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,536,094</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s Master Management Agreement (“MMA”) with Eurobulk provides for an annual adjustment of the daily management fee due to inflation to take effect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1 </div>of each year. The vessel management fee for laid-up vessels is half of the daily fee for the period they are laid-up. In the case of newbuilding vessel contracts, the same management fee of Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">685</div> becomes effective when construction of the vessels actually begins. The Master Management Agreement, as periodically amended and restated, will automatically be extended after the initial <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year period for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year period unless terminated on or before the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90th</div> day preceding the initial termination date. Pursuant to the Master Management Agreement, each ship owning company has signed – and each future ship owning company when a vessel is acquired will sign - with the Manager a management agreement with the rate and term of these agreements set in the Master Management Agreement effective at such time.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The MMA was amended and restated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2012 </div>to reflect a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> discount of the daily vessel management fee for the period during which the number of the Euroseas owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> (“volume discount”); it was further renewed as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2014 </div>for a new <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year term until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2013, </div>the daily vessel management fee was adjusted to Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">720</div> per day per vessel in operation and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">360</div> Euros per day per vessel in lay-up before the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> discount. The fee remained unchanged for the subsequent years starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2014, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The MMA was further renewed on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>for an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> year term until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2023 </div>with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> volume discount permanently incorporated in the daily management fee. The daily management fee remained unchanged at Euro <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">685</div> for the year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and will be adjusted annually for inflation in the Eurozone. The fee remained unchanged for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> These fees are recorded under “Related party management fees” in the “Consolidated statements of operations”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In addition to the vessel management services, the Manager provides executive services to the Company. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> up to the Spin-off, compensation for such services to the Company as a public company was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,000,000</div></div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div> </div>per annum for the Company pre Spin-off. For the Company post Spin-off the annual compensation for such services was set at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,250,000.</div> The amount of such executive compensation allocated to the Company pre Spin-off was based on the proportion of the number of calendar days that related to Euroseas post spin-off vessels to the number of days of the entire fleet of Euroseas. These amounts amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,479,374,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,306,476</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,561,126</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, and are recorded in “Other general and administrative expenses” in the “Consolidated statements of operations.”</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the amounts due to related company were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,986,836</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,672,895,</div> respectively. Based on the MMA between Euroseas Ltd. and Euroseas’ ship owning subsidiaries and the Manager an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced in the beginning of the quarter to the Manager.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016 </div>reached an agreement with a related party, COLBY Trading Ltd., a company controlled by the Pittas family and affiliated to its CEO, to draw a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2</div> million loan to finance working capital needs with an interest rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> per annum. Interest on the loan was payable quarterly, there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> principal repayments until <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2018 </div>when the loan matured and there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> prepayment penalty. The Company fully repaid this loan along with the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> interest payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,556</div> earlier than scheduled at the end of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2017.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of the vessel sales price and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.25%</div> of charter revenues. Commissions to Eurochart S.A. for vessel sales were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$55,796,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$70,640</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$64,500</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, recorded in “Net gain on sale of vessels” and “Loss on write-down of vessels held for sale” in the “Consolidated statements of operations”. A commission of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1%</div> of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the Company makes; The Company withheld, on behalf of Eurochart, commissions of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$30,000,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$118,526</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nil</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, for vessels the Company acquired. Commissions to Eurochart S.A. for chartering services were, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$268,658,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$310,467</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$453,361</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively, recorded in “Commissions” in the “Consolidated statements of operations”.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”); and with a crewing agent Technomar Crew Management Services Corp (“Technomar”). Technomar is a company owned by certain members of the Pittas family, together with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> other unrelated ship management companies. Sentinel is paid a commission on premium <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exceeding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%;</div> Technomar is paid a fee of about <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50</div> per crew member per month. Total fees charged by Sentinel and Technomar were, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$78,530</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$97,231</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$89,329</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101,394</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$118,684</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$137,385</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. These amounts are recorded in “Vessel operating expenses” in the “Consolidated statements of operations.”</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 23, 2016, </div>the Company acquired M/V “RT Dagr” from entities managed by Tennenbaum Capital Partners (Tennenbaum Opportunities Fund V, LP and Tennenbaum Opportunities Fund VI, LLC), <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of the Company’s Series B Preferred Shareholders (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div>), by issuing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">900,000</div> shares of common stock as consideration for the value of the vessel and fuel on board. The fair value of the shares at issuance was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.8</div> million.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div></div>
1000000
2100000
16117125
7243915
32349000
2000000
4903953
5717063
6250000
530000
153432
1103953
117063
4234268
4334267
6134267
-237880629
-230222985
240000
240000
240000
240000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> “Leases”, according which revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> related to leases, adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 16 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company adopted the provisions of the new standard on revenue from contracts with customers (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>using the modified retrospective transition method applied to those contracts which were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of that date. Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> revenue from voyage contracts was recognized from the later of the discharge of the vessel’s previous cargo or the time it receives a contract that is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> cancelable, until the discharge of the current cargo. The majority of revenue from voyage charter agreements is usually collected in advance. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> there has been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> voyage charter in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and only <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> instance in each of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> where a vessel was employed under a voyage charter and in both cases the voyage began and ended in the same period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. Demurrage income for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> material.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be deferred if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
20545336
23759119
34424737
1151879
1318248
1844147
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">As of December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">As of December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued payroll expenses</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210,664</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,404</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued interest expense</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">262,546</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,623</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued deferred charges</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,863</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued general and administrative expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">209,161</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">348,761</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Accrued commissions</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,793</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">39,545</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; padding-left: 0.4pt">Other accrued expenses</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,083</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">254,472</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; padding-left: 0.4pt">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,117,110</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,301,805</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Borrower</div></div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">December 31, <br /> 2017</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">December 31,</div></div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">2018</div></div></div></td> <td style="border-bottom: Black 1pt solid"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"> </div></div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Noumea Shipping Ltd.</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 8%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(a)</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,640,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,341,000</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gregos Shiping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(b)</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,550,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,150,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(c)</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,900,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation ltd. / Bridge Shipping Ltd.</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(d)</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,500,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="text-align: right; background-color: rgb(204,238,255); vertical-align: top"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: left">Alterwall Business Inc. / Allendale Investments S.A. / Manolis Shipping Ltd. / Joanna Maritime Ltd. / Jonathan John shipping Ltd. / Athens Shipping Ltd. / Oinousses Navigation Ltd. / Corfu Navigation Ltd. / Bridge Shipping Ltd.</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(e)</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,000,000</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> </tr> <tr style="text-align: right; background-color: White; vertical-align: top"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,590,000</div></td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,491,000</div></td> <td style="font-size: 10pt"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Less: Current portion</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,699,028</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,212,000</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term portion</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,890,972</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(32,279,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Deferred charges, current portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">142,767</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,357</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Deferred charges, long-term portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">196,619</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">237,848</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Debt discount, current portion</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">353,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">216,402</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Debt discount, long-term portion</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">883,112</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">324,603</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term debt, current portion net of deferred charges and debt discount</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,203,261</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,870,241</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Long-term debt, long-term portion net of deferred charges and debt discount</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,811,241</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,716,549</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Location of gain (loss)</div> <div style=" margin-top: 0; margin-bottom: 0">recognized</div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2016</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 40%">Interest rate swap contracts - Fair value</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; width: 20%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss) / gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; width: 1%; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,921</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,901</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">204,647</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 1%; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts - Realized (loss) / gain</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss) / gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(132,075</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,071</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(201,745</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total (Loss) / gain on interest rate swap contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(119,154</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,170</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,902</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="text-align: right; vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">FFA contracts not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><div style=" margin-top: 0; margin-bottom: 0">Location of gain (loss)</div> <div style=" margin-top: 0; margin-bottom: 0">recognized</div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended<br />December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">Year Ended <br />December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contracts - Fair value</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 18%; font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss)/gain on derivatives, net</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(781</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid; border-left: Black 1pt solid">FFA contracts - Realized gain/(loss)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(Loss)/gain on derivatives, net</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total loss on FFA contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(781</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(47,245</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Derivatives not designated as hedging instruments</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Balance Sheet Location</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2017</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid; border-top: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">December 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 18%; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Current liabilities – Derivatives</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,451</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Interest rate swap contracts</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Long-term liabilities – Derivatives</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,631</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; border-right: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total derivative liabilities</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">246,082</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-left: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">41,435</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; border-right: Black 1pt solid"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="2" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="6" style="font-size: 10pt; font-weight: bold; text-align: center">Year Ended December 31 <br />(discontinued operations)</td> <td style="font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Statement of Operations Data</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: left">Voyage revenue</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,331,821</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,280,215</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,934,204</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Commissions (including, $104,148, $253,503 and $324,178, respectively, to related party)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(452,868</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,122,196</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,411,333</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Voyage expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(82,627</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,396,318</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(410,676</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Vessel operating expenses (including, $57,316, $102,131 and $115,026, respectively, to related party)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,308,418</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6,892,388</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,183,152</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Drydocking expenses</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(127,509</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,465,079</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Related party management fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(780,135</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,409,716</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,701,340</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Vessel depreciation</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,828,634</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,786,272</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5,422,155</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Other general and administrative expenses (including $520,626, $693,524 and $731,456, respectively, to related party)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(798,828</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(917,160</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,346,502</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Loss on termination and impairment of shipbuilding contracts</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,050,179</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Operating (loss) / income</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,969,868</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,628,656</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,993,967</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total other expenses, net</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,171,485</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,778,955</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,874,232</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Net income</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,119,735</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Dividend Series B Preferred Shares</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(565,229</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Net income attributable to discontinued operations</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">554,506</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Earnings per share attributable to common shareholders, basic and diluted</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(6.21</div></td> <td style="font-size: 10pt; font-weight: bold; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.38</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.25</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Weighted average number of shares outstanding during period, basic and diluted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,633,141</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,213,505</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,232,821</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; padding-left: 0.4pt">Income:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, continuing operations</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(35,805,469</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,753,072</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,999,129</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.4pt">Basic and diluted earnings per share:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt; text-indent: -10pt">Weighted average common shares – <br />Outstanding , continuing operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,165,703</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,067,524</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,318,197</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Basic and diluted loss per share, continuing operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4.38</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.79</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.18</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders, discontinued operations</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,141,353</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">849,701</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">554,506</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Net loss attributable to common shareholders</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(45,946,822</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,903,371</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,144,623</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0.4pt">Basic and diluted loss per share</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(5.63</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.71</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.10</div></td> <td style="font-size: 10pt; text-align: left">)</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Lubricants</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,107,571</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,043,763</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Victualing</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,447</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">79,965</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Bunkers</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">580,663</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-indent: 0in">Total</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,193,018</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,704,391</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid">Non-vested Shares</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Weighted-Average Grant-Date Fair Value</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; border-top: Black 1pt solid"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on January 1, 2018</td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">140,362</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="width: 15%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.60</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Granted</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">125,450</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.07</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Vested</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,227)</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.52</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid">Non-vested on December 31, 2018</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">175,585</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.27</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Number <br />of <br />Shares</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-weight: bold;">Preferred</div></div> <div style=" margin-top: 0; margin-bottom: 0"><div style="display: inline; font-weight: bold;">Shares <br />Amount</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style=" margin-top: 0; margin-bottom: 0; text-align: right"><div style="display: inline; font-weight: bold;">Dividends</div></div> <div style=" margin-top: 0; margin-bottom: 0; text-align: right"><div style="display: inline; font-weight: bold;">paid-in-kind</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="2" style="font-size: 10pt; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-weight: bold;">Total</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, January 1, 2016</div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">33,779</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">29,000,000</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">3,079,249</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 12%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">32,079,249</div></div></td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,726</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,725,699</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,725,699</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, December 31, 2016</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">35,505</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">29,000,000</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">4,804,948</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">33,804,948</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,809</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,808,811</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, December 31, 2017</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">37,314</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">29,000,000</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">6,613,759</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">35,613,759</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Dividends declared</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,333</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,335,733</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Shares distributed to EuroDry</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(19,042</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,500,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,692,131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(18,192,131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">Balance, December 31, 2018</div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">19,605</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">14,500,000</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">4,257,361</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="font-size: 10pt; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-weight: bold;">18,757,361</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-weight: bold;"> </div></td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="10" style="font-size: 10pt; font-weight: bold; text-align: center">Year ended December 31,</td> <td style="font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Charterer</td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2016</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 61%; font-size: 10pt; font-weight: bold; text-align: left">CMA CGM, Marseille</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold; text-align: left">New Golden Sea Shipping Pte. Ltd., Singapore</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">MSC Geneva</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table></div>
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
294341
116562
124487
4306
0
0
2.78
82080
48048
34032
100270
57700
42570
125450
72170
53280
125450
1.07
140362
175585
1.60
1.27
90227
1.52
2500000
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
0.5
0.5
0.5
0.5
0.5
0.5
1.39
2
8195760
10876112
11274126
12515645
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Significant Accounting Policies</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of consolidation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other comprehensive income / (loss)</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> statement of comprehensive income / (loss) has been presented.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Foreign currency translation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Cash equivalents</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Restricted cash</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 14 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Trade accounts receivable</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Inventories</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling prices less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Vessels</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Assets Held for Sale </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies assets as being held for sale when the following</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell the asset. These assets are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> longer depreciated once they meet the criteria of being held for sale.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 15 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Depreciation</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</div> years from the completion of their construction.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Insurance claims and insurance proceeds</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Revenue and expense recognition</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues are generated from time charters and voyage charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. Under a voyage charter agreement, a contract is made in the spot market for the use of a vessel for a specific voyage to transport a specified agreed upon cargo at a specified freight rate per ton or occasionally a lump sum amount. Under a voyage charter agreement, the charter party generally has a minimum amount of cargo and the charterer is liable for any short loading of cargo or "dead" freight.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company’s time charter agreements are classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> “Leases”, according which revenues under operating lease arrangements are recognized when a charter agreement exists, the charter rate is fixed and determinable, the vessel is made available to the lessee and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">840</div> related to leases, adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 16 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company adopted the provisions of the new standard on revenue from contracts with customers (ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>) on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>using the modified retrospective transition method applied to those contracts which were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> completed as of that date. Voyage charter agreements are considered service contracts that fall under the provisions of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> because the Company as the shipowner retains the control over the operation of the vessel such as directing the routes taken or the vessel speed. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company has determined that there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Prior to the adoption of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> revenue from voyage contracts was recognized from the later of the discharge of the vessel’s previous cargo or the time it receives a contract that is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> cancelable, until the discharge of the current cargo. The majority of revenue from voyage charter agreements is usually collected in advance. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> there has been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> voyage charter in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and only <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> instance in each of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> where a vessel was employed under a voyage charter and in both cases the voyage began and ended in the same period.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Demurrage income is included in Voyage charter revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. Demurrage income for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> material.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0">Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under voyage charter agreements, voyage expenses relate to bunkers, port charges, canal tolls, and agency fees and are all paid by the Company. Costs incurred prior to loading which are directly related to the voyage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be deferred if they meet certain conditions, and are amortized over the duration of the voyage from load port to discharge port. Costs incurred during the voyage are expensed as incurred. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, hold cleaning, postage, extra war risk insurance, bunkers during ballast period and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be recovered from the charterer; such amounts recovered are recorded as other income within time charter revenue.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 17 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Dry-docking and special survey expenses</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Dry-docking and special survey expenses are expensed as incurred.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Pension and retirement benefit obligations – crew </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div> months). Accordingly, they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> liable for any pension or post-retirement benefits.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Financing costs</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. Deferred offering expenses are charged against paid-in capital when financing is completed or expensed to other general and administrative expenses when financing efforts are terminated.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Fair value of time charter acquired</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to Time charter revenues over the remaining term of the charter.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Stock incentive plan awards</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 18 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Investment in Joint Venture </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Investments in companies over which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method. Under this method the investment is carried at cost, and is adjusted to recognize the investor’s share of the earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever facts and circumstances determine that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). The investment is also adjusted to reflect the Company’s share of changes in the investee’s capital.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Impairment of long-lived assets</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Other investments </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Investments over which the Company believes it does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> exercise any influence are carried at the book value and are adjusted to recognize accrued income and are adjusted for impairment whenever facts and circumstances determine that they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable. The amount of the adjustment is included in the determination of net income / (loss) (Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div>).</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Derivative financial instruments</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> met.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 19 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Earnings / (loss) per common share</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -35.45pt; margin: 0pt 0 0pt 35.45pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to common shareholders, after the deduction of dividends paid to preferred shareholders, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> are considered contingently returnable until the restrictions lapse and will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be included in the basic net income per share calculation until the shares are vested.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Segment reporting</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The Company reports financial information and evaluates its operations by charter revenue and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> by the type of ship employment for its customers, i.e. voyage or time charters. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <!-- Field: Page; Sequence: 20 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent accounting pronouncements</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> "Revenue from Contracts with Customers", which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2017 </div>and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company adopted this ASU for its revenues from voyage charters for its reporting period commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and elected to use the modified retrospective transition method for the implementation of this standard. The implementation of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have an impact on the Company’s financial statements, as the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any voyage charters in progress as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Voyage charter revenues represent less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3%</div> of total revenues for each of the years in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> year period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)”, which amends the existing accounting standard for lease accounting and adds additional disclosures about leasing arrangements. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> requires lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by most leases, while lessor accounting remains largely unchanged. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> as amended, subject to certain transition relief options, requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, or allows entities to elect <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> and to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. . ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> also provides a practical expedient to lessors by class of underlying asset, to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate non lease components from the associated lease component, similar to the expedient provided for lessees, when the following criteria are met i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> is effective for public entities with reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018, </div>including interim periods within those fiscal periods. Early adoption is permitted for all entities. The Company will adopt ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> for its reporting period commencing <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>and has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to recast the comparative periods presented when transitioning to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> The Company’s time charter agreements will be classified as operating leases pursuant to ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> because (i) the vessel is an identifiable asset, (ii) the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel, during the term of the contract, and derives the economic benefits from such use. The nature of the lease component and non-lease component that will be combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The Company has elected <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to separate the lease and non-lease components. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> Since lessor accounting remains largely unchanged from current U.S. GAAP, the implementation of this standard will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a significant impact on the Company’s financial statements, however it will increase the disclosures relating to the Company’s leasing arrangements.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; text-transform: uppercase"> </div></div> <!-- Field: Page; Sequence: 21 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Financial Instruments - Credit Losses. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2018, </div>FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19</div> “Codification Improvements to topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,</div> Financial Instruments-Credit Losses”. The amendments in this update clarify that operating lease receivables are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> within the scope of ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> and should instead be accounted for under the new leasing standard, ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> For public entities, the amendments in this Update are effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019, </div>including interim periods within those fiscal years. Early application is permitted. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07,</div> Improvements to Nonemployee Share-Based Payment Accounting (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">718</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> simplifies the accounting for share-based payments to nonemployees by aligning it with the accounting for share-based payments to employees, with certain exceptions. For public entities, the amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">07</div> are effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 2018, </div>and interim periods within those annual periods. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <!-- Field: Page; Sequence: 22 --> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820</div>): Disclosure Framework – Changes to the disclosure requirements for fair value measurement. The amendments in this Update modify the disclosure requirements on fair value measurements in Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">820,</div> Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The adoption of this ASU is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material effect on the Company’s consolidated financial statements and accompanying notes.</div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Preferred shares</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by including the redemption value of dividends paid in-kind. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: -28.35pt; margin: 0pt 0 0pt 28.35pt"> </div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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