<SEC-DOCUMENT>0001171843-21-006388.txt : 20210909
<SEC-HEADER>0001171843-21-006388.hdr.sgml : 20210909
<ACCEPTANCE-DATETIME>20210909083017
ACCESSION NUMBER:		0001171843-21-006388
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210909
FILED AS OF DATE:		20210909
DATE AS OF CHANGE:		20210909

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOP SHIPS INC.
		CENTRAL INDEX KEY:			0001296484
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37889
		FILM NUMBER:		211243598

	BUSINESS ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011-30-210-81-28-107

	MAIL ADDRESS:	
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			151 24, MAROUSSI
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOP TANKERS INC.
		DATE OF NAME CHANGE:	20040706
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_090921.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of September 2021</strong></p><p style="text-align: center;">Commission File Number: <strong>001-37889</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>TOP SHIPS INC.</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>1 VAS. SOFIAS & MEG.<br />ALEXANDROU STREET<br />151 24, MAROUSSI<br />ATHENS, GREECE</strong><br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;X ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160; ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <u>&#160;&#160;&#160;&#160;&#160;&#160;</u></p><p><strong>Note:&#160;</strong>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.&#160;</p><hr style="page-break-after: always;" noshade="noshade" /><p>
 <p><font style="font-size:10pt;">On September 9, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. </font><br /><br /><font style="font-size:10pt;"><a href="exh_991.htm" rel="nofollow">(c) Exhibit 99.1. Press release dated September 9, 2021</a></font></p>   <p><font style="font-size:10pt;">The information contained in this report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-234281) that was filed with the SEC and became effective on November 4, 2019.</font></p> </p><p /><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;TOP SHIPS INC.&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: September 9, 2021</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Evangelos J. Pistiolis    &#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Evangelos J. Pistiolis    </td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Chief Executive Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Top Ships Reports $1.7 Million Profit for the Six Months Ended June 30, 2021</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="justify">ATHENS, Greece, Sept.  09, 2021  (GLOBE NEWSWIRE) -- TOP Ships Inc. (the &#8220;Company&#8221;), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today its unaudited financial results for the six months ended June 30, 2021.<br ></p>      <p align="justify"><u>For the six months</u> <u>ended June 30,</u> <u>2021, the Company reported:</u></p>      <ul type="disc"><li style="margin-bottom:6pt; text-align:justify;">Total revenues of $25.3 million</li><li style="margin-bottom:6pt; text-align:justify;">Net Income of $1.7 million</li><li style="margin-bottom:6pt; text-align:justify;">Adjusted EBITDA of $14.3 million*</li><li style="margin-bottom:6pt; text-align:justify;">Total Assets of $353.1 million</li></ul>      <p align="justify">Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said:</p>      <p>&#8220;2021 has been another transformative year for the company. We completed the sale of all our non-scrubber fitted vessels and expanded our Crude Oil Tanker fleet with the delivery of two very high-specification Suezmax vessels, during the first half, and the addition of two very high specification VLCCs and one Suezmax newbuilding tanker, acquired recently, which are expected to be delivered during the first quarter of 2022 from Hyundai Heavy in South Korea, a world-class shipbuilder. All the vessels in our fleet, including our newbuildings, are and will be equipped with engines of modern design with improved Specific Fuel Oil Consumption (SFOC) and in compliance with the latest emission requirements, fitted with energy saving improvements in the hull, propellers, rudder as well as equipment that further reduces the fuel consumption and the emissions certified with an improved Energy Efficiency Design Index (Phase 2 compliance level as minimum). Furthermore, all of our vessels are fitted with ballast water treatment equipment and exhaust gas cleaning systems (scrubbers).</p>      <p align="justify">The two Suezmaxes that were delivered to our fleet in March and May 2021 were major contributors to our results for the first half of the year and we expect an even more significant contribution in the results of the second half of the year.&#8221;</p>      <p align="justify"><strong><em>*Non-US GAAP Measures</em></strong></p>      <p align="justify"><em>This report describes Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA), which is not a measure prepared in accordance with U.S. GAAP (i.e., a &#8220;Non-US GAAP&#8221; measure). We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, other operating loss, operating lease expenses, vessel impairments, gains on sale of vessels and gains/losses on derivative financial instruments. </em></p>      <p align="justify"><em>Adjusted EBITDA is a non-U.S. GAAP financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We believe that this non-U.S. GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects between periods of interest, gain/loss on financial instruments, taxes, depreciation and amortization, other operating losses, operating lease expenses, gains on sale of vessels and vessel impairments, and which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods and other items that the Company believes are not indicative of the ongoing performance of its core operations.</em></p>      <p align="justify"><em>This Non-U.S. GAAP measure should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our definition of Adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries. Adjusted EBITDA does not represent and should not be considered as an alternative to operating income or cash flow from operations, as determined by U.S. GAAP.</em></p>      <p align="justify"><strong><u>Reconciliation of Net (Loss) / Income to Adjusted EBITDA</u></strong></p>   <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="4" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Six months ended June 30,</strong></td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><em>(Expressed in thousands of U.S. Dollars)</em></td><td colspan="2" style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong>&#160;</td><td colspan="2" style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2021</strong>&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Net (Loss) / Income </strong></td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>(2,868</strong><strong>)</strong></td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>1,682</strong></td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="max-width:1%; width:1%; min-width:1%;;text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:75%; width:75%; min-width:75%;;text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Add: Operating lease expenses</td><td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">5,378</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Add: Vessel depreciation</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">7,172</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">3,339</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Add: Impairment on vessels</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">1,160</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Add: Interest and finance costs</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">10,551</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">2,837</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Add: Loss / (Gain) on financial instruments</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">849</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">(66)</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Add: Other operating loss</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">4,050</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Less: Gain on sale of vessels</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">(5,291)</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Less: Interest income</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">(29)</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Adjusted EBITDA</strong></td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>14,434</strong></td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>14,330</strong></td><td style="padding-left: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table>   <p align="justify"><strong><em>About TOP Ships Inc.</em></strong></p>      <p align="justify">TOP Ships Inc. is an international ship-owning company.</p>      <p align="justify">For more information about TOP Ships Inc., visit its website: www.topships.org.</p>      <p align="justify"><strong><em>Forward-Looking Statements</em></strong></p>      <p align="justify">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</p>      <p align="justify">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect&#8221; &#8220;pending&#8221; and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.</p>      <p>Contact:</p>      <p>Alexandros Tsirikos<br >Chief Financial Officer<br >TOP Ships Inc.<br >Tel: +30 210 812 8107<br >Email: atsirikos@topships.org</p>   <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>TOP SHIPS INC.</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="8" style="vertical-align: bottom ; "><strong>UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) / INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2021</strong></td></tr><tr><td colspan="5" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>(Expressed in thousands of U.S. Dollars - except share and per share data)</strong></td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="5" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>Six Months Ended</strong></td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>June 30,</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>June 30,</strong></td></tr><tr><td style="max-width:1%; min-width:1%;;text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:73%; min-width:73%;;text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; min-width:1%;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="max-width:11%; min-width:11%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong>&#160;</td><td style="max-width:1%; min-width:1%;;text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="max-width:11%; min-width:11%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2021</strong>&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>REVENUES:</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="max-width:1%; width:1%; min-width:1%;;text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:73%; width:73%; min-width:73%;;text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Time charter revenues</td><td style="max-width:1%; width:1%; min-width:1%;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">32,594</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">$</td><td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">25,310</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Total revenues</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>32,594</strong></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>25,310</strong></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>EXPENSES:</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Voyage expenses</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,209</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">608</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Operating lease expenses</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5,378</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Other vessel operating expenses</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">11,218</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">7,919</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Vessel depreciation</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">7,172</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3,339</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Management fees-related parties</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4,573</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,661</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Dry-docking costs</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">356</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">26</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Gain on sale of vessels</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(5,291</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Other operating loss</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4,050</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Impairment on vessels</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,160</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">General and administrative expenses</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">972</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">963</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Operating income</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>8,335</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>4,256</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>OTHER INCOME (EXPENSES):</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Interest and finance costs</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(10,551</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(2,837</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">(Loss)/ gain on derivative financial instruments</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">(849</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">)</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">66</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Equity gains in unconsolidated joint ventures</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">168</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">197</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Interest income</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">29</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Total other expenses, net</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(11,203</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(2,574</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-top: solid black 1pt ; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Net (loss) / income and comprehensive (loss) / income</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(2,868</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>1,682</strong></td><td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Less: Deemed dividend for beneficial conversion feature of Series E Shares</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(1,067</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Less: Deemed dividend equivalents on Series E Shares related to redemption value</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">(3,099</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">Less: Dividends of Series E Shares</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(932</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(915</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Net (loss) / income and comprehensive (loss) / income attributable to common shareholders</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; "><strong>(7,966</strong></td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; "><strong>)</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: middle ; "><strong>767</strong></td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>(Loss) / Earnings per common share, basic and diluted</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>(1.09</strong></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; "><strong>)</strong></td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>0.02</strong></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td colspan="3" style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>Weighted average common shares outstanding, basic and diluted</strong></td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>7,302,633</strong></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>39,831,972</strong></td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table>   <p><br ><br ></p>   <table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>TOP SHIPS INC.</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>DECEMBER 31, 2020 AND JUNE 30, 2021</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>(Expressed in thousands of U.S. Dollars - except share and per share data)</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>December 31,</strong></td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>June 30,</strong></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2020</strong>&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: bottom ; "><strong>2021</strong>&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong><u>ASSETS</u></strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>CURRENT ASSETS:</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="max-width:75%; width:75%; min-width:75%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Cash and cash equivalents</td><td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">19,328</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="max-width:1%; width:1%; min-width:1%;;text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="max-width:11%; width:11%; min-width:11%;;padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">8,393</td><td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Trade accounts receivable</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">57</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Prepayments and other</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">904</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">653</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Inventories</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">514</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">671</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Vessels held for sale</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">24,340</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">25,887</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total current assets</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>45,086</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>35,661</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>FIXED ASSETS: </strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Advances for vessels under construction</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">31,654</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">3,200</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Vessels, net</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">136,292</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">232,552</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Right of use assets from operating leases</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">45,222</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">41,280</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Other fixed assets, net</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">548</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">539</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total fixed assets</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>213,716</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; "><strong>277,571</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>OTHER NON CURRENT ASSETS:</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Restricted cash</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4,000</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">4,000</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Investments in unconsolidated joint ventures</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">28,230</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">25,426</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Investments in affiliates</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">8,425</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Deposit asset</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,000</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,000</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total other non-current assets</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>34,230</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>39,851</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total assets</strong></td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>293,032</strong></td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>353,083</strong></td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong><u>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</u></strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>CURRENT LIABILITIES:</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Current portion of long-term debt</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">5,324</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">10,061</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Debt related to vessels held for sale</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: top ; ">19,314</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: top ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Due to related parties</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">5,159</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">6,189</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Accounts payable</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,544</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,535</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Accrued liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">959</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1,382</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Unearned revenue</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">2,074</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">3,976</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Current portion of derivative financial instruments</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">66</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">-</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Current portion of Operating lease liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">9,288</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">9,601</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total current liabilities</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>25,414</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>53,058</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>NON-CURRENT LIABILITIES:</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 20.0px; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Non-current portion of long term debt</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">99,295</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">145,711</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Non-current portion of Operating lease liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">33,805</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">28,864</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Other non-current liabilities</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">300</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">275</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total non-current liabilities</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>133,400</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>174,850</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>COMMITMENTS AND CONTINGENCIES</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total liabilities</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>158,814</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>227,908</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>MEZZANINE EQUITY:</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Preferred stock; 11,264 Series E Shares issued and outstanding at December 31, 2020 and June 30, 2021 with $0.01 par value</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">13,517</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">13,517</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; "><strong>Total mezzanine equity</strong></td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>13,517</strong></td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>13,517</strong></td><td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; "><strong>STOCKHOLDERS&#8217; EQUITY:</strong></td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2020 and June 30, 2021</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">1</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Common stock, $0.01 par value; 1,000,000,000 shares authorized; 39,831,972 shares issued and outstanding at December 31, 2020 and June 30, 2021</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">398</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">398</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Additional paid-in capital</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">465,672</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">454,947</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Accumulated deficit</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(345,370</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">(343,688</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total stockholders&#8217; equity</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>120,701</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>111,658</strong></td><td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td colspan="2" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 25.0px; vertical-align: bottom ; "><strong>Total liabilities, mezzanine equity and stockholders&#8217; equity</strong></td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>293,032</strong></td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; "><strong>353,083</strong></td><td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 15.0px; text-align: justify ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="text-align: center ;  vertical-align: middle; vertical-align: top ; ">&#160;</td><td style="padding-right: 0 ; text-align: right ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td><td style="padding-left: 0 ; text-align: left ;  vertical-align: middle; vertical-align: bottom ; ">&#160;</td></tr></table></p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
