XML 37 R8.htm IDEA: XBRL DOCUMENT
v3.19.2

Note 1 - Basis of Presentation and General Information | 6 Months Ended
--- | ---
Jun. 30, 2019
Notes to Financial Statements |
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. 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. As of June 30, 2019, 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 condensed consolidated financial statements as well as intermediary companies that are 100% subsidiaries of the Company that own shipowning companies.
Companies |  |  | Date of Incorporation |  |  | Country of Incorporation |  | Activity
Top Tanker Management Inc. |  |  | May 2004 |  |  | Marshall Islands |  | Management company
|  | Wholly owned Shipowning Companies (“SPCs”) with vessels in operation during six months ended June 30, 2019 |  | Date of Incorporation |  | Country of Incorporation |  | Vessel |  | Built Date
1 |  | Monte Carlo 71 Shipping Company Limited |  |  | June 2014 |  |  | Marshall Islands |  | M/T Stenaweco Energy |  | July 2014
2 |  | Monte Carlo One Shipping Company Ltd |  |  | June 2012 |  |  | Marshall Islands |  | M/T Stenaweco Evolution |  | March 2015
3 |  | Monte Carlo Seven Shipping Company Limited |  |  | April 2013 |  |  | Marshall Islands |  | M/T Stenaweco Excellence |  | May 2016
4 |  | Monte Carlo Lax Shipping Company Limited |  |  | May 2013 |  |  | Marshall Islands |  | M/T Nord Valiant |  | August 2016
5 |  | Monte Carlo 37 Shipping Company Limited |  |  | September 2013 |  |  | Marshall Islands |  | M/T Eco Fleet |  | July 2015
6 |  | Monte Carlo 39 Shipping Company Limited |  |  | December 2013 |  |  | Marshall Islands |  | M/T Eco Revolution |  | January 2016
7 |  | Eco Seven Inc. |  |  | February 2017 |  |  | Marshall Islands |  | M/T Stenaweco Elegance |  | February 2017
8 |  | Astarte International Inc. |  |  | April 2017 |  |  | Marshall Islands |  | M/T Eco Palm Desert |  | September 2018
9 |  | PCH77 Shipping Company Limited |  |  | September 2017 |  |  | Marshall Islands |  | M/T Eco California |  | January 2019
10 |  | PCH Dreaming Inc. |  |  | January 2018 |  |  | Marshall Islands |  | M/T Eco Marina Del Ray |  | March 2019
11 |  | South California Inc. |  |  | January 2018 |  |  | Marshall Islands |  | M/T Eco Bel Air |  | April 2019
12 |  | Malibu Warrior Inc. |  |  | January 2018 |  |  | Marshall Islands |  | M/T Eco Beverly Hills |  | May 2019
As of June 30, 2019, the Company was the owner of 50% of outstanding shares of the following companies.
|  | SPC |  | Date of Incorporation |  | Country of Incorporation |  | Vessel |  | Built Date
1 |  | City of Athens Pte. Ltd. |  |  | November 2016 |  |  |  | Singapore |  |  | M/T Eco Holmby Hills |  | March 2018
2 |  | Eco Nine Pte. Ltd. |  |  | March 2015 |  |  |  | Singapore |  |  | M/T Eco Palm Springs |  | May 2018
The accompanying unaudited 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, 2018, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2019. These unaudited 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 month period ended June 30, 2019 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2019. On August 22, 2019 the Company effected a 1 -for- 20 reverse stock split of its common stock. There was no change in the number of authorized common shares of the Company. All numbers of share and earnings per share amounts in these financial statements have been retroactively adjusted to reflect this reverse stock split.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration