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Basis of Presentation and General Information | 6 Months Ended
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Jun. 30, 2024
Basis of Presentation and General Information [Abstract] |
Basis of Presentation and General Information |
1. | Basis of Presentation and General Information:
The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007, respectively. The Company is an international provider of worldwide oil, petroleum products and bulk liquid chemicals transportation services. As of June 30, 2024, the Company was the sole owner of all outstanding shares of the following subsidiary companies. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these unaudited interim condensed consolidated financial statements as well as intermediary companies that are 100% subsidiaries of the Company that own shipowning companies.
Companies | Date of Incorporation | Country of Incorporation | Activity
Top Tanker Management Inc. | May 2004 | Marshall Islands | Management company
Rubico Inc. | August 2022 | Marshall Islands | Holding company (dormant)
Top Mega Yachts Inc. | March 2024 | Marshall Islands | Holding company (dormant)
Wholly owned Shipowning Companies (“SPC”) with vessels in operation during period ended June 30, 2024 | Date of Incorporation | Country of Incorporation | Vessel | Delivery Date
1 | PCH Dreaming Inc. | January 2018 | Marshall Islands | M/T Eco Marina Del Ray | March 2019
2 | South California Inc. | January 2018 | Marshall Islands | M/T Eco Bel Air | April 2019 (sold and leased back in 2020)
3 | Malibu Warrior Inc. | January 2018 | Marshall Islands | M/T Eco Beverly Hills | May 2019 (sold and leased back in 2020)
4 | Roman Empire Inc. | February 2020 | Marshall Islands | M/T Eco West Coast | March 2021
5 | Athenean Empire Inc. | February 2020 | Marshall Islands | M/T Eco Malibu | May 2021
6 | Eco Oceano Ca Inc. | December 2020 | Marshall Islands | M/T Eco Oceano Ca | March 2022
7 | Julius Caesar Inc. | May 2020 | Marshall Islands | M/T Julius Caesar | January 2022
8 | Legio X Inc. | December 2020 | Marshall Islands | M/T Legio X Equestris | March 2022
As of June 30, 2024, the Company was the owner of 50% of outstanding shares of the following companies.
| SPC | Date of Incorporation | Country of Incorporation | Vessel | Delivery Date
1 | California 19 Inc. | May 2019 | Marshall Islands | M/T Eco Yosemite Park | March 2020
2 | California 20 Inc. | May 2019 | Marshall Islands | M/T Eco Joshua Park | March 2020
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 29, 2024. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2024.

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