Schedule I - Condensed Financial Information of Top Ships Inc. (Parent Company Only)

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

	December 31,
	2011			2012
ASSETS
CURRENT ASSETS
Cash and cash equivalents		-			-
Due from subsidiaries		266,859			264,697
Other current assets		393			141
Total current assets		267,252			264,838
NON CURRENT ASSETS
Investments in subsidiaries		105,149			52,107
Restricted cash		952			164
Other non-current assets		193			52
Total non-current assets		106,294			52,323
Total assets		373,546			317,161
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of debt		6,113			5,664
Due to subsidiaries		287,901			293,133
Current portion of financial instruments		684			222
Due to related parties-central		727			1,136
Other current liabilities		1,437			3,926
Total current liabilities		296,862			304,081
NON CURRENT LIABILITIES
Other non-current liabilities		-			-
Total non-current liabilities		-			-
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value; 20,000,000 shares authorized; none issued		-			-
Common stock $0.01 par value; 1,000,000,000 shares authorized 17,147,534 shares issued and outstanding at December 31, 2011 and 2012		171			172
Additional paid-in capital		292,583			292,962
Accumulated other comprehensive income		37			37
Accumulated deficit		(216,107	)		(280,091	)
Total stockholders' equity		76,684			13,080
Total liabilities and stockholders' equity		373,546			317,161

	December 31,
	2010			2011			2012
EXPENSES
General and administrative expenses		11,591			13,153			5,635
Foreign currency gains, net		(49	)		37			59
Operating loss		(11,542	)		(13,190	)		(5,694	)
OTHER (EXPENSES) / INCOME
Interest and finance costs		(3,301	)		(5,732	)		(2,059	)
Loss / (gain) on financial instruments		(1,058	)		(300	)		24
Interest income		1			1			0
Other, net		-			(37	)		688
Total Other (expenses), net		(4,358	)		(6,068	)		(1,347	)
Equity in earnings / (loss) of subsidiaries		18,413			(169,854	)		(56,943	)
Net Income / (loss)		2,513			(189,112	)		(63,984	)
Earnings / (loss) per common share, basic and diluted		0.82			(30.00	)		(3.77	)
Weighted average common shares outstanding, basic		3,075,278			6,304,679			16,989,585
Weighted average common shares outstanding, diluted		3,077,741			6,304,679			16,989,585

	December 31,
	2010			2011			2012
Net cash (used in) / provided by Operating Activities		3,921			(6,150	)		(844	)
Cash flows from Investing Activities
Return of investment from subsidiaries		19,473			24,142			-
Decrease in Restricted cash		52			(531	)		788
Acquisition of fixed assets		(177	)		(37	)
Net proceeds from sale of fixed assets								56
Net cash provided by / (used in) Investing Activities		19,348			23,574			844
Cash flows from Financing Activities
Proceeds from debt		-			2,782			500
Proceeds from convertible debt		4,000			2,000			-
Principal payments of debt		(26,747	)		(28,915	)		(500	)
Issuance of common stock, net of issuance costs		27			6,834			-
Payment of financing costs		(708	)		(419	)		-
Net cash (used in) Financing Activities		(23,428	)		(17,718	)		0
Effect of exchange rate changes on cash		159			294			-
Net  increase / (decrease) in cash and cash equivalents		(159	)		(294	)		0
Cash and cash equivalents at beginning of year		0			0			0
Cash and cash equivalents at end of year		0			0			0

In the condensed financial information of the Parent Company, the Parent Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries less equity in undistributed loss of subsidiaries, distributions from subsidiaries as return on investment and return of investment.

The Parent Company's subsidiaries made the following distributions to the Parent Company during the years ended December 31, 2010, 2011 and 2012:

	2010		2011		2012
Return on Investment		5,992		3,070		475
Return of Investment		19,473		24,142		-
Total cash from subsidiaries		25,465		27,212		475

The Parent Company is a borrower under the Laurasia, Central Mare and Shipping Financial Services facilities and guarantor under the remaining loans outstanding at December 31, 2012. Refer to Note 9 to the consolidated financial statements.

The principal payments required to be made after December 31, 2012 for these are as follows:

Year ending December 31, 2012	6,087
Less financing fees	(423	)
	5,664

The vessel-owning subsidiary companies with outstanding loans had restricted net assets amounting to $44,438 and $15,806 as of December 31, 2011 and 2012, respectively.

The condensed financial information of the Parent Company should be read in conjunction with the Company's consolidated financial statements.