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Note 1 - Basis of Presentation and General Information
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Disclosure Text Block [Abstract]    
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
 1.       Basis of Presentation and General Information:

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. (formerly Top Tankers Inc. and Ocean Holdings Inc.) and its wholly owned subsidiaries (collectively the "Company"). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands, 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 petroleum products transportation services.

Top Ships Inc. is the sole owner of all outstanding shares of the following subsidiary companies as of March 31, 2014. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold.

 
Companies
Date of
Incorporation
Country of
Incorporation
Activity
1
TOP Tanker Management Inc.
May 2004
Marshall Islands
Management Company
2
Lyndon International Co.
October 2013
Marshall Islands
Dormant Company

Top Ships Inc. is the sole owner of all outstanding shares of the following shipowning subsidiary companies as of March 31, 2014. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold.

 
Shipowning Companies
 
Date of
Incorporation
Country of
Incorporation
Vessel
1
Monte Carlo One Shipping Company Ltd
 
June 2012
Marshall Islands
Hull No S407 (acquired March 2014 2013) (Note 4)
2
Monte Carlo Seven Shipping Company Limited
 
April  2013
Marshall Islands
Hull No S414 (acquired March 2014 2013) (Note 4)
3
Monte Carlo Lax Shipping Company Limited
 
May 2013
Marshall Islands
Hull No S417 (acquired March 2014 2013) (Note 4)
4
Monte Carlo 37 Shipping Company Limited
 
September 2013
Marshall Islands
Hull No S418 (acquired March 2014 2013) (Note 4)
5
Monte Carlo 39 Shipping Company Limited
 
December 2013
Marshall Islands
Hull No S419 (acquired March 2014 2013) (Note 4)

During 2013 the Company was the sole owner of all outstanding shares of the following subsidiary shipowning companies with operations in 2013:

 
Shipowning Companies
 
Date of
Incorporation
Country of
Incorporation
Vessel
1
Jeke Shipping Company Limited ("Jeke")
 
July 2007
Liberia
Evian (acquired February 2008, sold October 2013) (Note 4)
2
Warhol Shipping Company Limited ("Warhol")
 
July 2008
Liberia
Miss Marilena (delivered February 2009, sold October 2013) (Note 4)
3
Lichtenstein Shipping Company Limited ("Lichtenstein")
 
July 2008
Liberia
Lichtenstein (delivered February 2009, sold October 2013) (Note 4)
4
Indiana R Shipping Company Limited ("Indiana R")
 
July 2008
Liberia
UACC Shams (delivered March 2009, sold October 2013) (Note 4)
5
Britto Shipping Company Limited ("Britto")
 
July 2008
Liberia
Britto (delivered May 2009, sold October 2013) (Note 4)
6
Hongbo Shipping Company Limited ("Hongbo")
 
July 2008
Liberia
Hongbo (delivered August 2009, sold October 2013) (Note 4)
7
Banksy Shipping Company Limited (“Banksy”)
 
July 2008
Liberia
UACC Sila (delivered March 2009 , sold April 2013) (Note 4)

Hull No S407, S414, S417, S418 and S419 (the “Purchased Vessels”) were purchased on March 19, 2014 via share purchase agreements with their shipowning companies (the “Selling Shipowning Companies”), which were affiliated with the Company's President, Chief Executive Officer and Director, Evangelos J. Pistiolis (see Note 4). The Company's President, Chief Executive Officer and Director, Evangelos J. Pistiolis held the majority of shares in each of the Selling Shipowning Companies. Hence, the Company accounted for the acquisition of the Purchased Vessels as a transfer of assets between entities under common control and has recognized the Purchased Vessels at their historical carrying amounts in the accounts of the Selling Shipowning Companies (the transferring entities) atthe date of transfer.

The amount of the consideration given in excess of the Selling Shipowning Companies basis in the net assets is recognized as a reduction to the Company’s capital and presented as “Excess of consideration over acquired assets” in the Company’s Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity.

These unaudited interim condensed consolidated  financial statements have been prepared in accordance with U.S generally accepted accounting principles (“U.S GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim condensed consolidated financial statements. The operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014. These financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2013.

On April 21, 2014, the Company effected a 1-for-7 reverse stock split of its common stock. There was no change in the number of authorized common shares of the Company. All share and per share amounts in these financial statements have been retroactively adjusted to reflect this stock split. As a result of the reverse stock split, the number of outstanding shares as of April 21, 2014 was decreased to 8,310,004while the par value of the Company’s common shares remained unchanged at $0.01 per share (Note 10).

Management of Company Vessels

As from March 31 2014, the Company had outsourced to Central Shipping Monaco SAM (“CSM”), a related party controlled by the Company's Chief Executive Officer, all operational, technical and commercial functions, pursuant to a letter agreement concluded between CSM and the Company and management agreements concluded between CSM and the Company's vessel-owning subsidiaries on March 10, 2014 (see Note 5). From July 1, 2010 until March 10 2014, Central Mare Inc (“Central Mare”), a related party controlled by the family of the Company's Chief Executive Officer, was responsible for all of the chartering, operational and technical management of the Company’s fleet (see Note 5).

As of December 31, 2013 the net amounts due to Central Mare and CSM were $807 and as of March 31, 2014 the net amounts due from Central Mare and CSM were $219. The above amounts are included in Due to related parties and Due from related parties, which are separately presented in the accompanying unaudited interim condensed consolidated  balance sheets (Note 5).

Management fees charged by related parties are presented separately in the accompanying unaudited interim condensed consolidated  statements of operations and are summarized as follows:

   
Three Months Ended
 
   
March 31, 2013
   
March 31, 2014
 
Management Fees –Related Parties (Note 5)
           
Central Mare Inc
    158       33  
Total
    158       33  

*An amount of $17 was charged by CSM in the three months ended March 31, 2014, but was capitalized (see Note 5)

 1.         Basis of Presentation and General Information:

The accompanying consolidated financial statements include the accounts of Top Ships Inc. (formerly Top Tankers Inc. and Ocean Holdings Inc.) and its wholly owned subsidiaries (collectively the "Company"). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands, was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007 respectively.

Top Ships Inc. is the sole owner of all outstanding shares of the following subsidiary companies as of December 31, 2013. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold.

 
Companies
 
Date of
Incorporation
 
Country of
Incorporation
 
Activity
1
TOP Tanker Management Inc.
 
May 2004
 
Marshall Islands
 
Management Company
2
Lyndon International Co.
 
October 2013
 
Marshall Islands
 
Dormant Company

During 2011, 2012 and 2013 the company was the sole owner of all outstanding shares of the following subsidiary shipowning companies:

 
Shipowning Companies with vessels in operations during year ended December 31,201, 2012 and 2013
 
Date of
Incorporation
 
Country of
Incorporation
 
Vessel
1
Jeke Shipping Company Limited ("Jeke")
 
July 2007
 
Liberia
 
Evian (acquired February 2008, sold October 2013) (Note 4)
2
Warhol Shipping Company Limited ("Warhol")
 
July 2008
 
Liberia
 
Miss Marilena (delivered February 2009, sold October 2013) (Note 4)
3
Lichtenstein Shipping Company Limited ("Lichtenstein")
 
July 2008
 
Liberia
 
Lichtenstein (delivered February 2009, sold October 2013) (Note 4)
4
Indiana R Shipping Company Limited ("Indiana R")
 
July 2008
 
Liberia
 
UACC Shams (delivered March 2009, sold October 2013) (Note 4)
5
Britto Shipping Company Limited ("Britto")
 
July 2008
 
Liberia
 
Britto (delivered May 2009, sold October 2013) (Note 4)
6
Hongbo Shipping Company Limited ("Hongbo")
 
July 2008
 
Liberia
 
Hongbo (delivered August 2009, sold October 2013) (Note 4)
7
Banksy Shipping Company Limited ("Banksy")
 
July 2008
 
Liberia
 
UACC Sila (delivered March 2009 , sold April 2013) (Note 4)
8
Ilisos Shipping Company Limited ("Ilisos")
 
April 2005
 
Marshall Islands
 
Ioannis P (acquired November 2005, sold November 2011)
9
Amalfi Shipping Company Limited ("Amalfi")
 
July 2007
 
Marshall Islands
 
Amalfi (acquired December  2007, sold August 2011)
10
Japan I Shipping Company Limited ("Japan I")
 
August 2007
 
Liberia
 
Pepito (acquired March 2008, sold December 2011)
11
Japan II Shipping Company Limited ("Japan II")
 
August 2007
 
Liberia
 
Astrale (acquired May 2008, sold July 2011)
12
Japan III Shipping Company Limited ("Japan III")
 
August 2007
 
Liberia
 
Cyclades (acquired December 2007, sold November 2011)
 
Shipowning Companies with vessels under lease during 2011
 
Date of Incorporation
 
Country of Incorporation
 
Vessel
13
Mytikas Shipping Company Limited ("Mytikas")
 
February 2004
 
Marshall Islands
 
Delos (lease started October, 1, 2010, lease terminated October 2011)

The Company is an international provider of worldwide seaborne crude oil and petroleum products transportation services and of drybulk transportation services.

On April 21, 2014, the Company effected a 1-for-7 reverse stock split of its common stock. There was no change in the number of authorized common shares of the Company. All share and per share amounts in these financial statements have been retroactively adjusted to reflect this stock split. As a result of the reverse stock split, the number of outstanding shares as of December 31, 2013 decreased to 2,469,648 while the par value of the Company’s common shares remained unchanged at $0.01 per share (Note 12).

On October 16, 2013 the Company sold the shipowning subsidiaries which owned the six vessels of the Company's fleet (namely M/Ts Miss Marilena, Lichtenstein, UACC Shams, Britto, Hongbo and M/V Evian) to an affiliate of the AMCI Poseidon Fund LP, an unrelated party (see Note 19). Following this sale the Company does not own any operating vessels.

During 2011, 2012, and 2013, five, three and three charterers individually accounted for more than 10% of the Company's revenues as follows:

Charterer
   
Year Ended December 31,
 
 
   
2011
   
2012
   
2013
 
  A       11 %     -       -  
  B       -       -       -  
  C       20 %     51 %     63 %
  D       12 %     -       -  
  E       12 %     -       -  
  F       13 %     -       -  
  G       -       21 %     18 %
  H       -       17 %     18 %

Management of Company Vessels

As of December 31 2013, the Company had outsourced to Central Mare Inc. ("Central Mare"), a related party controlled by the family of the Company's Chief Executive Officer, all operational, technical and commercial functions relating to the chartering and operation of the Company's vessels. The Company outsourced the above functions pursuant to a letter agreement concluded between Central Mare and the Company and management agreements concluded between Central Mare and the Company's vessel-owning subsidiaries on July 1, 2010.  Furthermore, the letter agreement provided for the provision of services in connection with compliance with Section 404 of the Sarbanes-Oxley Act of 2002, services rendered in relation to the Company's maintenance of proper books and records, services in relation to the financial reporting requirements of the Company under Commission and NASDAQ rules and regulations and information-system related services (see Note 7).

In relation to the vessel M/T Delos in 2010 the Company had outsourced technical management and crewing to Titan Owning Company Ltd ("TMS Tankers"), whereas operational monitoring of the vessel was outsourced to Central Mare, a related party, both agreements were effective from October 1, 2010. On June 1, 2011 the Company transferred the full management of M/T Delos to International Ship Management Inc., a related party (Note 7) up to the date of the vessels lease termination on October 15, 2011.

As of December 31, 2012 and 2013 the net amount due to Central Mare was $2,150 and $807 respectively and is included in Due to related parties, which are separately presented in the accompanying consolidated balance sheets (Note 7).

Management fees paid to related parties and management fees paid to third parties are presented separately in the accompanying consolidated statements of operations and are summarized as follows:

   
For the year ended
 
   
December 31, 2011
   
December 31, 2012
   
December 31, 2013
 
Management Fees –Related Parties (Note 7)
                 
Central Mare Inc
    5,575       2,345       1,351  
International Shipmanagement Inc
    155       -       -  
Total
    5,730       2,345       1,351  
Management Fees –Third Parties
                       
ST Shipping and Transport Pte. Limited
    10       -       -  
TMS Tankers
    384       -       -  
Heidmar Inc
    45       -       -  
Total
    439       -       -