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Note 7 - Deferred Finance Charges

12 Months Ended

Dec. 31, 2017

7.	Deferred Finance Charges

Deferred finance charges amounting to

$540,414

and

$941,760

as of

December

31,

2016

and

December

31,

2017,

respectively, represent fees paid to the lenders for undrawn facilities, and are presented on the balance sheet under non-current assets.