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style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 24.75pt; vertical-align: top; align: right; font-weight: bold;">1.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold;">Basis of Presentation and General Information:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007, respectively. The Company is an international provider of worldwide oil, petroleum products and bulk liquid chemicals transportation services.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these unaudited interim condensed consolidated financial statements as well as intermediary companies that are 100% subsidiaries of the Company that own shipowning companies.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left;"> <div style="font-style: italic; font-weight: bold;">Companies</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Date of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Country of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 44%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">Activity</div> </td> </tr> <tr> <td style="width: 28%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: left;"> <div style="font-style: italic;">Top Tanker Management Inc.</div> </td> <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_adaaa5b6ca234c38a0e55ceadf094172">May 2004</span><br/> </div> </td> <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; white-space: nowrap;"> <div style="font-style: italic;">Marshall Islands<br/> </div> </td> <td style="width: 44%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;">Management company<br/> </div> </td> </tr> <tr> <td rowspan="1" style="width: 28%; vertical-align: bottom; text-align: left; font-style: italic;">Rubico Inc.</td> <td rowspan="1" style="width: 14%; vertical-align: bottom; text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_a3750c844e33483ab269a32764b50262">August 2022</span></td> <td rowspan="1" style="width: 14%; vertical-align: bottom; text-align: center; font-style: italic; white-space: nowrap;">Marshall Islands</td> <td rowspan="1" style="width: 44%; vertical-align: bottom; text-align: center; font-style: italic;">Holding company (dormant)</td> </tr> <tr> <td rowspan="1" style="width: 28%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: left; font-style: italic;">Top Mega Yachts Inc.</td> <td rowspan="1" style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_2b52d96ee8c142f4b2c2c8c23db1f2eb">March 2024</span></td> <td rowspan="1" style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-style: italic; white-space: nowrap;">Marshall Islands</td> <td rowspan="1" style="width: 44%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-style: italic;">Holding company (dormant)</td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: #000000; 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vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Marina Del Ray</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_f8fc736458984e3f9d4ab29c26417c65">March 2019</span><br/> </div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">2</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">South California Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_09aace72db0a4dcebc2f711ad0be22d0">January 2018</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Bel Air</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_fcec2de485c546069742cad646258c11">April 2019</span> (sold and leased back in 2020)</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">3</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Malibu Warrior Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_07481157984d42d8991ce075e35502a8">January 2018</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Beverly Hills</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_039a6a4af2784eb5926df459e809bd4d">May 2019</span> (sold and leased back in 2020)</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">4</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Roman Empire Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_b4ac169a0d304984ac0b3b09bcedbfc4">February 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco West Coast</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_b9094e4b68cc4b4f9e16caec333004d6">March 2021</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">5</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Athenean Empire Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_4aac19a3d0824a629712d4f9271e1130">February 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Malibu</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_08624750af43498d8171054f3257320f">May 2021</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">6</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Eco Oceano Ca Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_2bbab2ba012a4365b7cc3d1500aa6383">December 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Oceano Ca</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_7c5922d42aa644e39a970a6cad1db87b">March 2022</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">7</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Julius Caesar Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_b698b3181b3940b58f3b7223f1b57442">May 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Julius Caesar</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_57a876e669f14e80bf162bf24f9b264e">January 2022</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">8</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Legio X Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_dd18a9fbb1af45a89a3473447a7d0853">December 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Legio X Equestris</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_8b543b28c1aa4edfa0b6c2b2af8c9466">March 2022</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company was the owner of 50% of outstanding shares of the following companies.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td style="width: 26%; vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">SPC</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Date of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Country of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 20%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 24%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: justify; font-style: italic;">1</div> </td> <td style="width: 26%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: justify; font-style: italic;">California 19 Inc.</div> </td> <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_96cf19da0fe64a8ea8bb15928d555f4e">May 2019</span></div> </td> <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-style: italic;">M/T Eco Yosemite Park</div> </td> <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_032cf1957db545678ee742b1f0bd8315">March 2020</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: top;"> <div style="text-align: justify; font-style: italic;">2</div> </td> <td style="width: 26%; vertical-align: top;"> <div style="text-align: justify; font-style: italic;">California 20 Inc.</div> </td> <td style="width: 14%; vertical-align: top;"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_16e6612ad1c24a46a2d2ec9d5076b347">May 2019</span></div> </td> <td style="width: 14%; vertical-align: top;"> <div style="text-align: center; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: top;"> <div style="text-align: center; font-style: italic;">M/T Eco Joshua Park</div> </td> <td style="width: 24%; vertical-align: top;"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_92c709c213cb40d796ef46a98320960d">March 2020</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2024.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these unaudited interim condensed consolidated financial statements as well as intermediary companies that are 100% subsidiaries of the Company that own shipowning companies.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left;"> <div style="font-style: italic; font-weight: bold;">Companies</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Date of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Country of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 44%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">Activity</div> </td> </tr> <tr> <td style="width: 28%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: left;"> <div style="font-style: italic;">Top Tanker Management Inc.</div> </td> <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_adaaa5b6ca234c38a0e55ceadf094172">May 2004</span><br/> </div> </td> <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; white-space: nowrap;"> <div style="font-style: italic;">Marshall Islands<br/> </div> </td> <td style="width: 44%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;">Management company<br/> </div> </td> </tr> <tr> <td rowspan="1" style="width: 28%; vertical-align: bottom; text-align: left; font-style: italic;">Rubico Inc.</td> <td rowspan="1" style="width: 14%; vertical-align: bottom; text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_a3750c844e33483ab269a32764b50262">August 2022</span></td> <td rowspan="1" style="width: 14%; vertical-align: bottom; text-align: center; font-style: italic; white-space: nowrap;">Marshall Islands</td> <td rowspan="1" style="width: 44%; vertical-align: bottom; text-align: center; font-style: italic;">Holding company (dormant)</td> </tr> <tr> <td rowspan="1" style="width: 28%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: left; font-style: italic;">Top Mega Yachts Inc.</td> <td rowspan="1" style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_2b52d96ee8c142f4b2c2c8c23db1f2eb">March 2024</span></td> <td rowspan="1" style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-style: italic; white-space: nowrap;">Marshall Islands</td> <td rowspan="1" style="width: 44%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-style: italic;">Holding company (dormant)</td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: #000000; font-style: italic; font-weight: bold;"> <div style="color: #000000; font-style: italic; font-weight: bold;">Wholly owned Shipowning Companies (“SPC”)</div> <div style="color: #000000; font-style: italic; font-weight: bold;"> with vessels in operation during period ended</div> <div style="color: #000000; font-style: italic; font-weight: bold;"> June 30, 2024</div> </div> </td> <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Date of<br/> </div> Incorporation</div> </td> <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Country of</div> Incorporation</div> </td> <td style="width: 20%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 24%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">1</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">PCH Dreaming Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_75262bc62530400e9e4ac6bc14183088">January 2018</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Marina Del Ray</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_f8fc736458984e3f9d4ab29c26417c65">March 2019</span><br/> </div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">2</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">South California Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_09aace72db0a4dcebc2f711ad0be22d0">January 2018</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Bel Air</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_fcec2de485c546069742cad646258c11">April 2019</span> (sold and leased back in 2020)</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">3</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Malibu Warrior Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_07481157984d42d8991ce075e35502a8">January 2018</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Beverly Hills</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_039a6a4af2784eb5926df459e809bd4d">May 2019</span> (sold and leased back in 2020)</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">4</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Roman Empire Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_b4ac169a0d304984ac0b3b09bcedbfc4">February 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco West Coast</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_b9094e4b68cc4b4f9e16caec333004d6">March 2021</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">5</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Athenean Empire Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_4aac19a3d0824a629712d4f9271e1130">February 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Malibu</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_08624750af43498d8171054f3257320f">May 2021</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">6</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Eco Oceano Ca Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_2bbab2ba012a4365b7cc3d1500aa6383">December 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Eco Oceano Ca</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_7c5922d42aa644e39a970a6cad1db87b">March 2022</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">7</div> </td> <td style="width: 26%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Julius Caesar Inc.</div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_b698b3181b3940b58f3b7223f1b57442">May 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Julius Caesar</div> </td> <td style="width: 24%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_57a876e669f14e80bf162bf24f9b264e">January 2022</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">8</div> </td> <td style="width: 26%; vertical-align: middle; white-space: nowrap;"> <div style="color: #000000; font-style: italic;">Legio X Inc.</div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_dd18a9fbb1af45a89a3473447a7d0853">December 2020</span></div> </td> <td style="width: 14%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;">M/T Legio X Equestris</div> </td> <td style="width: 24%; vertical-align: middle; white-space: nowrap;"> <div style="text-align: center; color: #000000; font-style: italic;"><span style="-sec-ix-hidden:Fact_8b543b28c1aa4edfa0b6c2b2af8c9466">March 2022</span></div> </td> </tr> </table> 1 1T Management company 1T Holding company (dormant) 1T Holding company (dormant) 1T M/T Eco Marina Del Ray 1T M/T Eco Bel Air 1T M/T Eco Beverly Hills 1T M/T Eco West Coast 1T M/T Eco Malibu 1T M/T Eco Oceano Ca 1T M/T Julius Caesar 1T M/T Legio X Equestris <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company was the owner of 50% of outstanding shares of the following companies.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 2%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> </td> <td style="width: 26%; vertical-align: bottom; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">SPC</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Date of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="text-align: center; font-style: italic; font-weight: bold;">Country of</div> <div style="text-align: center; font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 20%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 24%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: justify; font-style: italic;">1</div> </td> <td style="width: 26%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: justify; font-style: italic;">California 19 Inc.</div> </td> <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_96cf19da0fe64a8ea8bb15928d555f4e">May 2019</span></div> </td> <td style="width: 14%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-style: italic;">M/T Eco Yosemite Park</div> </td> <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_032cf1957db545678ee742b1f0bd8315">March 2020</span></div> </td> </tr> <tr> <td style="width: 2%; vertical-align: top;"> <div style="text-align: justify; font-style: italic;">2</div> </td> <td style="width: 26%; vertical-align: top;"> <div style="text-align: justify; font-style: italic;">California 20 Inc.</div> </td> <td style="width: 14%; vertical-align: top;"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_16e6612ad1c24a46a2d2ec9d5076b347">May 2019</span></div> </td> <td style="width: 14%; vertical-align: top;"> <div style="text-align: center; font-style: italic;">Marshall Islands</div> </td> <td style="width: 20%; vertical-align: top;"> <div style="text-align: center; font-style: italic;">M/T Eco Joshua Park</div> </td> <td style="width: 24%; vertical-align: top;"> <div style="text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_92c709c213cb40d796ef46a98320960d">March 2020</span></div> </td> </tr> </table> 0.50 0.50 1T M/T Eco Yosemite Park 1T M/T Eco Joshua Park <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2024.</div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">2.</td> <td style="width: auto; vertical-align: top;"> <div style="font-weight: bold;">Significant Accounting Policies:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">A discussion of the Company’s significant accounting policies can be found in the Company’s annual financial statements for the fiscal year ended December 31, 2023 which have been filed with the US Securities and Exchange Commission on Form 20-F on March 29, 2024.</div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Vessel Depreciation:</span> Depreciation is calculated using the straight-line method over the estimated useful life of the vessels, after deducting the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until December 31, 2023 was estimated to be $300 per lightweight ton. Effective January 1, 2024, the Company revised its scrap rate estimate from $300 to $430 per lightweight ton, in order to align the scrap rate estimate with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate, which pursuant to ASC 250 “Accounting Changes and Error Corrections” was applied prospectively and did not require retrospective application. The effect of the increase in the estimated scrap rate resulted a reduction in depreciation expense for the six months ended June 30, 2024 by $492 and a corresponding increase of $0.11 in earnings per share, basic and diluted. Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">Recent Accounting Pronouncements Not Yet Adopted:</div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In November 2023, the FASB issued ASU 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company is still evaluating the effect that the adoption of this accounting standard would have on these unaudited interim condensed consolidated financial statements and related disclosures. There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements in the current or any future periods.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In March 2024, the Securities and Exchange Commission (“SEC”) adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). The SEC Climate Reporting Rules require for Non-Accelerated filers the following financial statement disclosures:</div> <div style="text-align: justify;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural events are required, if such expenditures exceed defined disclosure thresholds. In addition, a description of material estimates and assumptions used to produce the financial statement disclosures are required.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">If the use of carbon offsets or renewable energy credits (RECs) are a material component of the registrant’s plans to achieve climate-related targets or goals, disclosure of carbon offsets and RECs beginning and ending balances, amounts expensed, capitalized costs and losses are presented in the financial statements.</div> </td> </tr> </table> </div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The disclosures will be phased in, with the financial statement disclosures required for annual periods beginning in 2027. The Company continues to evaluate the additional disclosures required.</div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">Vessel Depreciation:</span> Depreciation is calculated using the straight-line method over the estimated useful life of the vessels, after deducting the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until December 31, 2023 was estimated to be $300 per lightweight ton. Effective January 1, 2024, the Company revised its scrap rate estimate from $300 to $430 per lightweight ton, in order to align the scrap rate estimate with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate, which pursuant to ASC 250 “Accounting Changes and Error Corrections” was applied prospectively and did not require retrospective application. The effect of the increase in the estimated scrap rate resulted a reduction in depreciation expense for the six months ended June 30, 2024 by $492 and a corresponding increase of $0.11 in earnings per share, basic and diluted. Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted.</div> 300000 300000 430000 -492000 0.11 0.11 P25Y <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">Recent Accounting Pronouncements Not Yet Adopted:</div> <div style="font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In November 2023, the FASB issued ASU 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company is still evaluating the effect that the adoption of this accounting standard would have on these unaudited interim condensed consolidated financial statements and related disclosures. There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s unaudited interim condensed consolidated financial statements in the current or any future periods.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In March 2024, the Securities and Exchange Commission (“SEC”) adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). The SEC Climate Reporting Rules require for Non-Accelerated filers the following financial statement disclosures:</div> <div style="text-align: justify;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural events are required, if such expenditures exceed defined disclosure thresholds. In addition, a description of material estimates and assumptions used to produce the financial statement disclosures are required.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">If the use of carbon offsets or renewable energy credits (RECs) are a material component of the registrant’s plans to achieve climate-related targets or goals, disclosure of carbon offsets and RECs beginning and ending balances, amounts expensed, capitalized costs and losses are presented in the financial statements.</div> </td> </tr> </table> </div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The disclosures will be phased in, with the financial statement disclosures required for annual periods beginning in 2027. The Company continues to evaluate the additional disclosures required.</div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 27pt;"> <div style="font-weight: bold;">3.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-weight: bold;">Going Concern:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company for the six months ended June 30, 2024 the Company realized a net income of $1,939 and generated cash flow from operations of $6,713. At June 30, 2024, the Company had a working capital deficit of $12,184, which includes an amount of $6,747 of unearned revenue. This amount represents current liabilities that do not require future cash settlement. As disclosed in Note 12, on July 12, 2024, the Company has entered into a share purchase agreement for the purchase of the company Seawolf Ventures Limited, a company affiliated with Mr. Evangelos J. Pistiolis, which owns the M/Y Para Bellvm for a consideration of $20,000, payable in installments up to February 12, 2025. Out of this commitment, as of the date of this report, the Company has already settled $11,100. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In the Company’s opinion, the Company will be able to finance its working capital deficit in the next 12 months with cash on hand, operational cash flow, and anticipated successful completion of its refinancing. The Company believes it has the ability to continue as a going concern and consequently, the unaudited interim condensed 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> 1939000 6713000 -12184000 6747000 20000000 11100000 <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 27pt;"> <div style="text-align: justify; font-weight: bold;">4.</div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; font-weight: bold;">Vessels, net:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">Vessel </div> <div style="font-weight: bold;">Cost</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">Accumulated</div> <div style="font-weight: bold;"> Depreciation</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">Net Book Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">Balance, December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">409,264</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">(34,554</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">374,710</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 64%;" valign="bottom"> <div>— Depreciation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(6,673</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(6,673</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">Balance, June 30, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">409,264</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">(41,227</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">368,037</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s vessel’s titles have been transferred to their respective financing banks under each respective vessel’s sale and leaseback agreement as a security.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">Vessel </div> <div style="font-weight: bold;">Cost</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">Accumulated</div> <div style="font-weight: bold;"> Depreciation</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">Net Book Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">Balance, December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">409,264</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">(34,554</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">374,710</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: middle; width: 64%;" valign="bottom"> <div>— Depreciation</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(6,673</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(6,673</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">Balance, June 30, 2024</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">409,264</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">(41,227</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">368,037</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table> 409264000 34554000 374710000 6673000 6673000 409264000 41227000 368037000 <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">5.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Transactions with Related Parties:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 18pt;"> <div style="text-align: justify;"><span style="font-weight: bold;">(a)</span></div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;"><span style="font-weight: bold; font-style: italic;">Central Mare – Executive Officers and Other Personnel Agreements:</span> On September 1, 2010, the Company entered into separate agreements with Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, the Company’s President and Chief Executive Officer, pursuant to which Central Mare provides the Company with its executive officers and other administrative employees (Chief Executive Officer, Chief Financial Officer, Chief Technical Officer and Chief Operating Officer), for which Central Mare charged the Company $180 and $180 for the six months ended June 30, 2023 and 2024 respectively.</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; align: right; font-weight: bold;">(b)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Central Shipping Inc (“CSI”) – Letter Agreement and Management Agreements: </span>On January 1, 2019, the Company entered into a letter agreement with CSI, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, which detailed the services and fees for the management of the Company’s fleet.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">The fees charged by and expenses relating to CSI for the six months ended June 30, 2023 and 2024 are as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="margin-left: 18pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; width: 28%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Six Months Ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 28%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;"> 2023<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); text-align: left;"> <div>Management fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>912</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>948</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Management fees - related parties -Statement of comprehensive income</div> </td> </tr> <tr> <td colspan="1" rowspan="2" style="vertical-align: middle; width: 28%; text-align: left;"> <div>Superintendent fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>7</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>14</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left;"> <div>Vessel operating expenses -Statement of comprehensive income</div> </td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">- <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">74<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td rowspan="1" style="vertical-align: bottom; width: 48%; text-align: left;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Dry-docking costs -Statement of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: top; width: 28%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div>Accounting and reporting cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>180</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>180</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Management fees - related parties -Statement of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 28%; text-align: left; white-space: nowrap;"> <div>Commission on charter hire agreements</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>514</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>508</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left;"> <div>Voyage expenses - Statement of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: top; width: 28%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Financing fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>306</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Net in Current and Non-current portions of long-term debt – Balance Sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 28%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Total<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">1,613</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">2,030</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%;" valign="bottom"> </td> </tr> </table> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; font-style: normal; font-weight: bold;">(c)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Series F Shares to Africanus Inc (“Africanus”):</span><span style="font-weight: bold;"> </span>On June 30, 2023 the Company declared a dividend of $2,484 for the six months ended June 30, 2023. As of December 31, 2023 and June 30, 2024 there were no dividends due to Africanus. On February 6, 2024 the Company redeemed the remaining 3,659,627 Series F Shares for $43,916.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; font-style: normal; font-weight: bold;">(d)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Charter party with Central Tankers Chartering Inc (“CTC”):</span> For the six months ended June 30, 2023 and 2024 the CTC time charter generated $4,435 and $4,459 of revenue respectively, presented in Time charter revenues from related parties in the accompanying unaudited interim condensed consolidated statements of comprehensive income. As of June 30, 2024, there were no amounts due from CTC.</div> </td> </tr> </table> <div> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; font-style: normal; font-weight: bold;">(e)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic; font-size: 10pt; font-family: 'Times New Roman';"><span style="color: rgb(0, 0, 0); font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Advances for Asset Acquisition to Related Party</span>:</span><span style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">On June 14, 2024 the Company entered into a non-binding letter of intent (“No-Shop LOI”) with Mr. Evangelos J. Pistiolis whereby the latter was precluded from marketing or selling the M/Y Para Bellvm (<span style="text-indent: 0pt;">100</span>% owned by him) except to the Company for <span style="text-indent: 0pt;">one month</span>. The consideration for the No-Shop LOI was $<span style="text-indent: 0pt;">1,000</span>. The Company on July 12, 2024 entered into a share purchase agreement (“SPA”) for the purchase of M/Y Para Bellvm and the No-Shop LOI consideration was netted-off with the consideration payable by the Company for the yacht’s purchase (Note 12)</span><span style="font-size: 10pt; font-family: 'Times New Roman';">.</span></div> </td> </tr> </table> </div> <div> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt; vertical-align: top; font-style: normal; font-weight: bold;">(f)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic; font-size: 10pt; font-family: 'Times New Roman';"><span style="color: rgb(0, 0, 0); font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"><span style="color: rgb(0, 0, 0); font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 700; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Personal Guarantee for HSBC loan</span></span>:</span><span style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"> </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">On January 15, 2024 the Company entered into a bridge loan with HSBC Private Bank (Suisse) SA (“HSBC”) (Note 7).</span> As a prerequisite for granting the loan to the Company, HSBC requested a personal guarantee from Mr. Evangelos J. Pistiolis, which he provided in exchange for an arrangement fee of<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <span style="text-indent: 0pt;">1.00</span>%. Since the loan was drawn-down and shortly after repaid, the Company accelerated the amortization of this arrangement fee that resulted in an expense of $<span style="text-indent: 0pt;">280</span>, included in Interest and finance costs in the accompanying Statement of comprehensive income</span><span style="font-size: 10pt; font-family: 'Times New Roman';">.</span></div> </td> </tr> </table> </div> 180000 180000 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; margin-left: 18pt;">The fees charged by and expenses relating to CSI for the six months ended June 30, 2023 and 2024 are as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="margin-left: 18pt;"> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;"> <tr> <td style="vertical-align: bottom; width: 28%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Six Months Ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 28%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;"> 2023<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 48%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: top; width: 28%; background-color: rgb(204, 238, 255); text-align: left;"> <div>Management fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>912</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>948</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Management fees - related parties -Statement of comprehensive income</div> </td> </tr> <tr> <td colspan="1" rowspan="2" style="vertical-align: middle; width: 28%; text-align: left;"> <div>Superintendent fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>7</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>14</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left;"> <div>Vessel operating expenses -Statement of comprehensive income</div> </td> </tr> <tr> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">- <br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">74<br/> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td rowspan="1" style="vertical-align: bottom; width: 48%; text-align: left;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Dry-docking costs -Statement of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: top; width: 28%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div>Accounting and reporting cost</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>180</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>180</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Management fees - related parties -Statement of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 28%; text-align: left; white-space: nowrap;"> <div>Commission on charter hire agreements</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>514</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>508</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left;"> <div>Voyage expenses - Statement of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: top; width: 28%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Financing fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>306</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%; text-align: left; background-color: rgb(204, 238, 255);"> <div>Net in Current and Non-current portions of long-term debt – Balance Sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 28%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Total<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">1,613</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">2,030</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 48%;" valign="bottom"> </td> </tr> </table> </div> 912000 948000 7000 14000 0 74000 180000 180000 514000 508000 0 306000 1613000 2030000 2484000 0 0 3659627 43916000 4435000 4459000 0 1 P1M 1000000 0.01 280000 <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">6.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Leases</div> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum operating lease payments:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s future minimum operating lease payments required to be made after June 30, 2024, relating to the bareboat chartered-in vessels M/T Eco Bel Air and M/T Eco Beverly Hills are as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Year ending <span style="text-indent: 0pt;">December 31</span>,</div> </td> <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Bareboat charter lease payments</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span> (remainder)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>4,942</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2025</span><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>6,777</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">11,719</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Less imputed interest</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>872</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Lease Liability</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">10,847</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 88%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Presented as follows:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Current portion of Operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>7,669</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Non-current portion of Operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>3,178</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The average remaining lease term on our chartered-in contracts greater than 12 months is 17.2 months.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The bareboat chartered-in vessels generated revenue for the six months ended June 30, 2024 amounting to $7,863. The discount rate used to calculate the present value of lease payments was calculated by taking into account the original lease term and lease payments and was estimated to be 6.72% (same as the weighted average discount rate), which was the Company’s estimated incremental borrowing rate, at the inception of the lease, that reflects the interest the Company would have to pay to borrow funds on a collateralized basis over a similar term and similar economic environment. The cash paid for operating leases with original terms greater than 12 months was $5,096 for the six months ended June 30, 2024.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s future minimum operating lease payments required to be made after June 30, 2024, relating to the bareboat chartered-in vessels M/T Eco Bel Air and M/T Eco Beverly Hills are as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Year ending <span style="text-indent: 0pt;">December 31</span>,</div> </td> <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Bareboat charter lease payments</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span> (remainder)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>4,942</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2025</span><br/> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>6,777</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">11,719</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Less imputed interest</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>872</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Lease Liability</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">10,847</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 88%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Presented as follows:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Current portion of Operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>7,669</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Non-current portion of Operating lease liabilities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>3,178</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 4942000 6777000 11719000 872000 10847000 7669000 3178000 P17M6D 7863000 0.0672 5096000 <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Lease arrangements, under which the Company acts as the lessor</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Charter agreements:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2024, the Company operated one vessel (M/T Marina Del Ray) under a time charter with Weco Tankers A/S, one vessel (M/T Eco Oceano Ca) under a time charter with CTC, two vessels (M/T Eco West Coast and M/T Eco Malibu) with Clearlake Shipping Pte Ltd and four vessels (M/T’s Eco Bel Air, Eco Beverly Hills, Julius Caesar and Legio X Equestris) under time charters with Trafigura Maritime Logistics Pte Ltd.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2024, based on commitments relating to non-cancellable time charter contracts, are as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Year ending <span style="text-indent: 0pt;">December 31</span>,</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Time Charter receipts</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span> (remaining)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>42,402</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2025</span><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>85,085</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2026</span><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>60,782</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2027</span><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>36,816</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2028</span> and thereafter<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>81,173</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">306,258</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In arriving at the minimum future charter revenues, an estimated 20 days off-hire time to perform scheduled dry-docking in the year the drydocking is expected on each vessel has been deducted, and it has been assumed that no additional off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.</div> 1 1 2 4 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of June 30, 2024, based on commitments relating to non-cancellable time charter contracts, are as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Year ending <span style="text-indent: 0pt;">December 31</span>,</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Time Charter receipts</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span> (remaining)</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>42,402</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2025</span><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>85,085</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2026</span><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>60,782</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2027</span><br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>36,816</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2028</span> and thereafter<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>81,173</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 88%;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">306,258</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 42402000 85085000 60782000 36816000 81173000 306258000 P20D <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">7.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Debt:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Details of the Company’s credit facilities are discussed in Note 7 of the Company’s annual financial statements for the year ended December 31, 2023 and changes in the six months ended June 30, 2024 are discussed below.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Bank / Vessel(s)</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">December 31,</div> <div style="font-weight: bold;">2023 </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">June 30,</div> <div style="font-weight: bold;">2024 </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total long term debt:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> AVIC Facility (M/T Eco West Coast) </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">40,817 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">39,717 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Huarong Facility (<span style="text-indent: 0pt;">M/T Eco Malibu</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>41,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>39,900</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Cargill Facility (<span style="text-indent: 0pt;">M/T Eco Marina Del Ray</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>23,094</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2^nd CMBFL Facility (M/T Eco Marina Del Ray)</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">- </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">28,000 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">^1st CMBFL Facility (<span style="text-indent: 0pt;">M/T Julius Caesar and M/T Legio X Equestris</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>98,552</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>123,618</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">1^st AVIC Facility (<span style="text-indent: 0pt;">M/T Eco Oceano Ca</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>42,777</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>41,422</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">246,240</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">272,657</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Less: Deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(4,279</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(6,450</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: Debt discount relating to Vessel fair value participation liability</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(1,463 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">) </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">- </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total long term debt net of deferred finance fees and debt discounts</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">240,498</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">266,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Presented:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Current portion of long-term debt</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">12,418</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">13,993</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Long term debt</div> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">228,080 </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">252,214 </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Debt net of deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">240,498</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">266,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"><span style="font-weight: bold; font-style: italic;">Cargill Facility</span></span><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">On June 29, 2018 the Company entered into a Sale and Leaseback agreement (“SLB”) and a five-year time charter with Cargill International SA (“Cargill”), a non-affiliated party, for its newbuilding vessel M/T Eco Marina Del Ray delivered in March 2019. Consummation of the SLB took place on the vessel’s delivery date. Following the sale, the Company bareboat chartered back the vessel at a bareboat hire rate of $8,600 per day and simultaneously the vessel commenced its five-year time charter with Cargill. As part of this transaction, the Company had the obligation to buy back the vessel at the end of the five-year period for $22,671. The Company had also entered into a fair value appreciation sharing agreement with Cargill whereby it would share with the latter 25% of the excess of the fair market value of the vessel over a predetermined amount amortized on a daily basis to the facility’s maturity when the vessel was sold or when the loan matured. As a result of Cargill’s entitlement to participate in the appreciation of the market value of the vessel and the Company recognized a participation liability of $5,000 as of December 31, 2023, presented in “Vessel fair value participation liability” in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan balance. The Company purchased the vessel on May 1, 2024, on which date the value of the Fair value participation was $4,956. During the six months ended June 30, 2024, the Company amortized $1,419 of Debt discount related to this fair value participation liability, such amortization is presented in Interest and finance costs in the unaudited interim condensed consolidated statements of comprehensive income</span>.</span><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="text-decoration: underline;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">1st CMBFL SLBs</span></span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">On November 23, 2021 the Company entered into an SLB with China Merchants Bank Financial Leasing Co. Ltd. (“CMBFL”), for its vessels M/T Julius Caesar and M/T Legio X Equestris. Consummation of the SLB took place on January 17 and March 2, 2022, respectively (the “Old CMBFL SLBs”). Following the sale, the Company has bareboat chartered back the vessels for a period of eight years at bareboat hire rates comprising of 32 consecutive quarterly installments of $675 and a balloon payment of $32,403 payable together with the last installment, plus interest based on the three months LIBOR (that was switched to Term SOFR in July 2023 and September 2023 for M/T Julius Caesar and M/T Legio X Equestris respectively) plus 2.60%.</span><br/> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <br/> </span></span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">On January 16 and January 23, 2024, the Company exercised its purchase options under the Old CMBFL SLBs and took full ownership of M/Ts Julius Caesar and Legio X Equestris for $48,604 and $49,272 respectively. Following the vessels purchase that was facilitated via Company’s cash and a short-term revolving bridge loan from HSBC Private Bank (Suisse) SA (“HSBC” and the “HSBC Bridge”), the Company on January 18 and January 25, 2024 concluded SLBs (the “1st CMBFL SLBs”) for the financing of M/Ts Julius Caesar and Legio X Equestris respectively from the same institution (CMBFL). The duration of the 1st CMBFL SLBs is for eight years and the Company has continuous options, after the first year, to buy back the vessels at purchase prices stipulated in the 1st CMBFL SLBs depending on when the option will be exercised and at the end of the eight-year period the Company has an option to buy back the vessels for a consideration of $37,500 per vessel. The 1st CMBFL SLBs have a fixed bareboat hire rate of $7,300 per annum that includes both interest and repayment. The consideration from the 1st CMBFL SLBs amounted to $125,000 ($62,500 per vessel) and the SLBs have similar customary covenants and event of default clauses as the SLBs that preceded them with CMBFL. Under the HSBC Bridge the Company drew down $20,000 on January 16, 2024 for the purchase of M/T Julius Caesar that were repaid on January 18, 2024 and another $8,000 on January 23, 2024 for the purchase of M/T Legio X Equestris that were repaid on January 25, 2024. The HSBC Bridge was for a maximum amount of $24,000 at any time, carried an interest of 3% plus term SOFR and was guaranteed by Mr. Evangelos J. Pistiolis, for which guarantee Mr. Evangelos J. Pistiolis charged the Company a 1% fee on the amounts drawn down.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">The 1st CMBFL SLBs were accounted for as a financing transaction, as control will remain with the Company and the two vessels will continue to be recorded as assets on the Company’s balance sheet. In addition, the Company has continuous options to repurchase the vessels below fair value. Finally, the Company treated the 1st CMBFL SLBs as a debt modification (refinancing) of the Old CMBFL SLBs.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="text-decoration: underline;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">2nd CMBFL SLB</span></span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></span></div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On May 1, 2024 the Company consummated an SLB with CMBFL (the “2nd CMBFL SLB”), for its vessel M/T Eco Marina Del Ray. Following the sale, the Company has bareboat chartered back the vessel for a period of seven years at bareboat hire rates comprising of 28 consecutive quarterly installments of $500 and a balloon payment of $14,000 payable together with the last installment, plus interest based on the three months Term <span style="-sec-ix-hidden:Fact_de418613747646328f8ff31ac3b29715">SOFR</span> plus 2.60%.</div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">As part of this transaction, the Company has continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end of the seven-year period it has an option to buy back the vessel at a cost represented by the balloon payment. The gross proceeds from the sale were $28,000.<br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> The 2nd CMBFL SLB contains customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including (i) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% and (ii) minimum free liquidity of $500 per vessel at the guarantor’s level. Additionally, the 2nd CMBFL SLB contains restrictions on the shipowning company incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in an event of default or termination event under the 2nd CMBFL SLB. The same dividend restrictions apply to the Company as well. The 2nd CMBFL SLB has a change of control provision whereby there may not be a change of control of the Company, save with the prior written consent of the financier.<br/> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> </span><br/></div> <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The 2nd CMBFL SLB is secured mainly by the following:</div> <div><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <div>Ownership of M/T Eco Marina Del Ray;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <div>Assignment of insurances and earnings of M/T Eco Marina Del Ray;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;"> <div>Specific assignment of any time charters of M/T Eco Marina Del Ray with duration of more than 12 months;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Corporate guarantee of the Company;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pledge of the shares of M/T Eco Marina Del Ray’s shipowning subsidiary;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pledge over the earnings account of M/T Eco Marina Del Ray.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="text-decoration: underline;"><br/> </span></div> <div style="text-align: justify;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">The 2nd CMBFL SLB was accounted for as a financing transaction, as control will remain with the Company and the vessel will continue to be recorded as an asset on the Company’s balance sheet. In addition, the Company has continuous options to repurchase the vessel below fair value.</span></div> <div><span style="text-decoration: underline;"><br/> </span></div> <div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">As of June 30, 2024, the Company was in compliance with all debt covenants with respect to its credit facilities. The fair value of debt outstanding on June 30, 2024, after excluding unamortized financing fees, amounted to $268,250 when valuing the 1st CMBFL SLBs on the basis of the Commercial Interest Reference Rates (“CIRR”s) as applicable on June 30, 2024, which is considered to be a Level 2 item in accordance with the fair value hierarchy. As of June 30, 2024 the applicable average SOFR was 5.3%.</span><span style="text-decoration: underline;"><br/> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Details of the Company’s credit facilities are discussed in Note 7 of the Company’s annual financial statements for the year ended December 31, 2023 and changes in the six months ended June 30, 2024 are discussed below.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Bank / Vessel(s)</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">December 31,</div> <div style="font-weight: bold;">2023 </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;">June 30,</div> <div style="font-weight: bold;">2024 </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total long term debt:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> AVIC Facility (M/T Eco West Coast) </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">40,817 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">39,717 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Huarong Facility (<span style="text-indent: 0pt;">M/T Eco Malibu</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>41,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>39,900</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Cargill Facility (<span style="text-indent: 0pt;">M/T Eco Marina Del Ray</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>23,094</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2^nd CMBFL Facility (M/T Eco Marina Del Ray)</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">- </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">28,000 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">^1st CMBFL Facility (<span style="text-indent: 0pt;">M/T Julius Caesar and M/T Legio X Equestris</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>98,552</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>123,618</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">1^st AVIC Facility (<span style="text-indent: 0pt;">M/T Eco Oceano Ca</span>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>42,777</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div>41,422</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">246,240</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">272,657</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Less: Deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(4,279</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">(6,450</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: Debt discount relating to Vessel fair value participation liability</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">(1,463 </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">) </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">- </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total long term debt net of deferred finance fees and debt discounts</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">240,498</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">266,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; text-indent: -9pt; margin-left: 9pt;">Presented:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Current portion of long-term debt</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">12,418</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold;">13,993</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Long term debt</div> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">228,080 </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; font-weight: bold; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">252,214 </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Debt net of deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">240,498</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: bold;">266,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> M/T Eco West Coast 40817000 39717000 M/T Eco Malibu 41000000 39900000 M/T Eco Marina Del Ray 23094000 0 M/T Eco Marina Del Ray 0 28000000 M/T Julius Caesar and M/T Legio X Equestris 98552000 123618000 M/T Eco Oceano Ca 42777000 41422000 246240000 272657000 4279000 6450000 1463000 0 240498000 266207000 12418000 13993000 228080000 252214000 240498000 266207000 P5Y 8600 P5Y P5Y 22671000 0.25 5000000 4956000 1419000 P8Y 32 quarterly 675000 32403000 P3M 0.026 0.026 48604000 49272000 P8Y P8Y 37500000 37500000 7300000 125000000 62500000 62500000 20000000 20000000 8000000 8000000 24000000 0.03 0.01 2 P7Y 28 quarterly 500000 14000000 P3M 0.026 P7Y 28000000 0.75 500000 P12M 268250000 0.053 <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">8.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Commitments and Contingencies:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">No commitments or contingences arose in the six months ended June 30, 2024.</div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">9.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Common Stock, Additional Paid-In Capital and Dividends:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">A discussion of the Company’s <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">common stock, additional paid-in capital and dividends can be found in the Company’s annual financial statements for the fiscal year ended December 31, 2023 which have been filed with the Securities and Exchange Commission on Form 20-F on March 29, 2024</span>.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"><br/> </span> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Equity distribution agreement:</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> On </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">May 24, 2024, the Company, entered into an equity distribution agreement, or as they are commonly known, at-the-market offering (“ATM”), with Maxim Group LLC (“Maxim”). Under the ATM the Company may sell up to $5,800 of its common stock with Maxim acting as a sales agent. Since Maxim was acting solely as a sales agent, it had no right to require any common stock sales. No warrants, derivatives, or other share classes were associated with this ATM. The Company hasn’t issued any common shares pursuant to this ATM</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span><br/> </div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">No dividends were paid to common stock holders in the six months ended June 30, 2023 and 2024.</div> 5800000 0 0 <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">10.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Earnings Per Common Share:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">All shares issued are included in the Company’s common stock and have equal rights to vote and participate in dividends and in undistributed earnings. <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">The components of the calculation of basic and diluted Earnings per share for the six months ended June 30, 2023 and 2024 are as follows: </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Six months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-weight: bold;"> <span style="font-weight: bold;">2023</span><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net Income</div> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">5,774</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">1,939</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Less: Dividends of Preferred shares</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: normal;">(3,485</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: normal;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div></div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings attributable to common shareholders, basic</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">2,289</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">1,939</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average common shares outstanding, basic</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">1,482,756</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">4,626,197</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings per share, basic</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">1.54</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"></td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">0.42</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Earnings attributable to common shareholders, basic </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">2,289</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"></td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">1,939</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Add: Dividends of Convertible preferred shares</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">1,001</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">-</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings attributable to common shareholders, diluted</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">3,290</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"></td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">1,939</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Effect of dilutive securities:</div> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Series E Shares</div> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">1,273,863</td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Weighted average common shares outstanding, diluted</div> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">2,756,619</td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">4,626,197</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings per share, diluted</div> </div> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">1.19</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"></td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">0.42</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">For the period ended June 30, 2024, since all of the Company’s warrants were out of the money, no dilutive shares were assumed from their exercise.</div> <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">The components of the calculation of basic and diluted Earnings per share for the six months ended June 30, 2023 and 2024 are as follows: </span> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="6" style="vertical-align: top; white-space: nowrap;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Six months ended June 30,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-weight: bold;"> <span style="font-weight: bold;">2023</span><br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-weight: bold;">2024<br/> </div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net Income</div> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">5,774</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">1,939</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;">Less: Dividends of Preferred shares</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: normal;">(3,485</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="font-weight: normal;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="font-weight: normal;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div></div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings attributable to common shareholders, basic</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">2,289</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> <div style="font-weight: bold;"></div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">1,939</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Weighted average common shares outstanding, basic</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">1,482,756</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">4,626,197</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings per share, basic</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">1.54</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"></td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">0.42</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Earnings attributable to common shareholders, basic </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">2,289</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"></td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">1,939</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Add: Dividends of Convertible preferred shares</div> </div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">1,001</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom">-</td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings attributable to common shareholders, diluted</div> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">3,290</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"></td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold; background-color: rgb(204, 238, 255);" valign="bottom">1,939</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; width: 76%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Effect of dilutive securities:</div> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Series E Shares</div> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">1,273,863</td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Weighted average common shares outstanding, diluted</div> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">2,756,619</td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" rowspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">4,626,197</td> <td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Earnings per share, diluted</div> </div> </td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">1.19</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"></td> <td colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">0.42</td> <td colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 5774000 1939000 3485000 0 2289000 1939000 1482756 4626197 1.54 0.42 2289000 1939000 1001000 0 3290000 1939000 1273863 0 2756619 4626197 1.19 0.42 0 <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 27pt; vertical-align: top; font-weight: bold;">11.</td> <td style="width: auto; vertical-align: top; text-align: justify; font-weight: bold;"> Fair Value of Financial Instruments and Derivative Instruments: </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, deposit assets, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of long term loans, accounts payable due to suppliers, amounts due to related parties and accrued liabilities.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">a)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold;">Interest rate risk:</span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company as of June 30, 2024 is subject to market risks relating to changes in interest rates, since all of its debt except the 1st CMBFL facility is subject to floating interest rates.</span></div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">b)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold;">Credit risk:</span> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions with which it places its temporary cash investments.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; align: right;">c)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Fair value:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short term maturities. The Company considers its creditworthiness when determining the fair value of its liquid assets.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company follows the accounting guidance for Fair Value Measurements. This guidance 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 guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Level 3: Unobservable inputs that are not corroborated by market data.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;"> <tr style="vertical-align: top;"> <td style="vertical-align: top; width: 27pt;"> <div style="font-weight: bold;">12.<br/> </div> </td> <td style="align: left; vertical-align: top; width: auto;"> <div style="font-weight: bold;"> <div style="font-weight: bold;">Subsequent Events:</div> </div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On July 12, 2024 Top Mega Yachts Inc., an 100% subsidiary of the Company, entered into a share purchase agreement (“SPA”) for the purchase of the company Seawolf Ventures Limited (the “SPV”), a company affiliated with Mr. Evangelos J. Pistiolis (the “Seller”), which owns the M/Y Para Bellvm (the “Transaction”). The closing date of the Transaction is set to October 15, 2024 (“Closing Date”), whereby the yacht will be delivered to the Company and the Company will assume control of the SPV and on that date the Company will be deemed to receive the assets and assume the liabilities of the SPV.</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The M/Y Para Bellvm is a Marshall Islands flagged motor yacht with a gross tonnage of 499 tons. The consideration of the purchase was $20,000 and is payable by the Company as follows:</div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="width: 18pt;"> </td> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">The consideration of the No-Shop LOI ($1,000) was applied against the consideration payable on signing of the SPA;</div> </td> </tr> </table> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $10,100 (the “First Installment”) was paid to the Seller on July 12, 2024;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $1,100 (the “Second Installment”) shall be paid to the Seller on a date that is no later than 30 days after the First Installment;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $1,100 (the “Third Installment”) shall be paid to the Seller on a date that is no later than 30 days after the Second Installment;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $1,100 (the “Fourth Installment”) shall be paid to the Seller on a date that is no later than 30 days after the Third Installment;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $1,100 (the “Fifth Installment”) shall be paid to the Seller on a date that is no later than 30 days after the Fourth Installment;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $1,100 (the “Sixth Installment”) shall be paid to the Seller on a date that is no later than 30 days after the Fifth Installment;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $2,100 (the “Seventh Installment”) shall be paid to the Seller on a date that is no later than 30 days after the Sixth Installment;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; letter-spacing: normal; text-transform: none; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;">An amount of $1,300 including any adjustments for working capital of the SPV as of the Closing Date (the “Final Installment”) shall be paid to the Seller on a date that is no later than 30 days after the Seventh Installment.</div> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/> </div> <div style="display:none;"><br/></div> <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The Transaction was approved by a special committee of the Company’s board of directors, (the “Transaction Committee”), of which all of the directors were independent. In the course of its deliberations, the Transaction Committee hired and obtained a fairness opinion from an independent financial advisor.</div> 1 499 20000000 1000000 10100000 1100000 P30D 1100000 P30D 1100000 P30D 1100000 P30D 1100000 P30D 2100000 P30D 1300000 P30D