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1000000
7128000
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1387000
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<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">1.</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Basis of Presentation and General Information:</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Seanergy Maritime Holdings Corp. (the “Company” or
“Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Athens, Greece and an office in Hong Kong. The Company provides global transportation solutions in the dry
bulk shipping sector through its subsidiaries.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The accompanying unaudited interim consolidated
financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or 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 unaudited interim consolidated financial statements have been prepared on the same basis and should
be read in conjunction with the financial statements for the year ended December </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> included in the
Company’s Annual Report on Form </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-F filed with the
Securities and Exchange Commission on March </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> 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 </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">six</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> months ended June </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> are not necessarily indicative of the results that might be expected for the fiscal year ending December </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021.</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The consolidated balance sheet as of December 31,
2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">a.</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Subsidiaries in Consolidation:</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Seanergy’s subsidiaries included in these unaudited
interim consolidated financial statements as of June 30, 2021:</div>
<div style="text-align: justify;"><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 31.95%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="color: #000000; font-weight: bold;">Company</div>
</td>
<td style="width: 1.12%; vertical-align: bottom;"> </td>
<td style="width: 17.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="text-align: center; color: #000000; font-weight: bold;">Country of</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Incorporation</div>
</td>
<td style="width: 0.96%; vertical-align: bottom;"> </td>
<td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">Vessel name</div>
</td>
<td style="width: 1.16%; vertical-align: bottom;"> </td>
<td style="width: 15.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="text-align: center; color: #000000; font-weight: bold;">Date of Delivery</div>
</td>
<td style="width: 1.16%; vertical-align: bottom;"> </td>
<td style="width: 15.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="text-align: center; color: #000000; font-weight: bold;">Date of</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Sale/Disposal</div>
</td>
<td style="width: 0.46%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Seanergy Management Corp. (1)(3)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Seanergy Shipmanagement Corp. (1)(3)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Sea Glorius Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Gloriuship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">November 3, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Sea Genius Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Geniuship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">October 13, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Leader Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Leadership</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">March 19, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Premier Marine Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Premiership</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">September 11, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Gladiator Shipping Co. (1)(5)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Gladiatorship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">September 29, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">October 11, 2018</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Squire Ocean Navigation Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Liberia</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Squireship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">November 10, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Emperor Holding Ltd. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Knight Ocean Navigation Co. (1)(6)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Liberia</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Knightship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">December 13, 2016</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">June 29, 2018</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Lord Ocean Navigation Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Liberia</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Lordship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">November 30, 2016</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Partner Shipping Co. Limited (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Malta</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Partnership</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">May 31, 2017</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Pembroke Chartering Services Limited (1)(4)(5)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Malta</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Martinique International Corp. </span>(1)(5)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">British Virgin Islands</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Bremen Max</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">September 11, 2008</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 7, 2014</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Harbour Business International Corp. (1)(5)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">British Virgin Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Hamburg Max</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">September 25, 2008</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">March 10, 2014</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Maritime Capital Shipping Limited (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Bermuda</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Maritime Capital Shipping (HK) Limited (2)(3)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Hong Kong</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Maritime Glory Shipping Limited (2)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">British Virgin Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Clipper Glory</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">May 21, 2010</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">December 4, 2012</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Maritime Grace Shipping Limited (2)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">British Virgin Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Clipper Glory</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">May 21, 2010</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">October 15, 2012</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Fellow Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Fellowship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">November 22, 2018</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Champion Marine Co. (1)(6) (Note 6)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands<br/>
</div>
</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: rgb(0, 0, 0); font-style: italic;">Championship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;"> N/A </div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Good Ocean Navigation Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Liberia<br/>
</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Goodship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">August 7, 2020</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Flag Marine Co. </span>(1)(6) (Note 6)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Flagship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">May 6, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">May 11, 2021</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Hellas Ocean Navigation Co. </span>(1)(6)
(Note 6)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">Liberia</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Hellasship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">May 6, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 28, 2021</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Patriot Shipping Co. </span>(1)(6) (Note 6)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Patriotship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 1, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 28, 2021</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Traders Shipping Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">Marshall Islands</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Tradership</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 9, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">World Shipping Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">Marshall Islands</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Friend Ocean Navigation Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">Liberia</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="font-family: 'Times New Roman'; text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(1)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Subsidiaries
wholly owned</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(2)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “MCS”)</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(3)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Management companies</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(4)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Chartering services company</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(5)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Dormant companies</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(6)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Bareboat charterers</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The accompanying unaudited interim consolidated
financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”).</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or 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 unaudited interim consolidated financial statements have been prepared on the same basis and should
be read in conjunction with the financial statements for the year ended December </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> included in the
Company’s Annual Report on Form </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">-F filed with the
Securities and Exchange Commission on March </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> 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 </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">six</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> months ended June </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> are not necessarily indicative of the results that might be expected for the fiscal year ending December </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2021.</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The consolidated balance sheet as of December 31,
2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Seanergy’s subsidiaries included in these unaudited
interim consolidated financial statements as of June 30, 2021:</div>
<div style="text-align: justify;"><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 31.95%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="color: #000000; font-weight: bold;">Company</div>
</td>
<td style="width: 1.12%; vertical-align: bottom;"> </td>
<td style="width: 17.96%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="text-align: center; color: #000000; font-weight: bold;">Country of</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Incorporation</div>
</td>
<td style="width: 0.96%; vertical-align: bottom;"> </td>
<td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">Vessel name</div>
</td>
<td style="width: 1.16%; vertical-align: bottom;"> </td>
<td style="width: 15.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="text-align: center; color: #000000; font-weight: bold;">Date of Delivery</div>
</td>
<td style="width: 1.16%; vertical-align: bottom;"> </td>
<td style="width: 15.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
<div style="text-align: center; color: #000000; font-weight: bold;">Date of</div>
<div style="text-align: center; color: #000000; font-weight: bold;">Sale/Disposal</div>
</td>
<td style="width: 0.46%; vertical-align: bottom; border-bottom: #000000 2px solid;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Seanergy Management Corp. (1)(3)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Seanergy Shipmanagement Corp. (1)(3)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Sea Glorius Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Gloriuship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">November 3, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Sea Genius Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Geniuship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">October 13, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Leader Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Leadership</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">March 19, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Premier Marine Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Premiership</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">September 11, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Gladiator Shipping Co. (1)(5)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Gladiatorship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">September 29, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">October 11, 2018</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Squire Ocean Navigation Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Liberia</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Squireship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">November 10, 2015</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Emperor Holding Ltd. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Knight Ocean Navigation Co. (1)(6)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Liberia</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Knightship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">December 13, 2016</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">June 29, 2018</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Lord Ocean Navigation Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Liberia</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Lordship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">November 30, 2016</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Partner Shipping Co. Limited (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Malta</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Partnership</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">May 31, 2017</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Pembroke Chartering Services Limited (1)(4)(5)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">Malta</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: #CCEEFF;"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: #CCEEFF;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: #CCEEFF;"> </td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Martinique International Corp. </span>(1)(5)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">British Virgin Islands</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Bremen Max</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">September 11, 2008</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 7, 2014</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Harbour Business International Corp. (1)(5)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">British Virgin Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Hamburg Max</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">September 25, 2008</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">March 10, 2014</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Maritime Capital Shipping Limited (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Bermuda</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Maritime Capital Shipping (HK) Limited (2)(3)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Hong Kong</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Maritime Glory Shipping Limited (2)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">British Virgin Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Clipper Glory</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">May 21, 2010</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">December 4, 2012</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Maritime Grace Shipping Limited (2)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">British Virgin Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000; font-style: italic;">Clipper Glory</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">May 21, 2010</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">October 15, 2012</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top;">
<div style="color: #000000;">Fellow Shipping Co. (1)</div>
</td>
<td style="width: 1.12%; vertical-align: top;"> </td>
<td style="width: 17.96%; vertical-align: top;">
<div style="color: #000000;">Marshall Islands</div>
</td>
<td style="width: 0.96%; vertical-align: top;"> </td>
<td style="width: 16%; vertical-align: top;">
<div style="color: #000000; font-style: italic;">Fellowship</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.1%; vertical-align: top;">
<div style="color: #000000;">November 22, 2018</div>
</td>
<td style="width: 1.16%; vertical-align: top;"> </td>
<td style="width: 15.16%; vertical-align: top;">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">Champion Marine Co. (1)(6) (Note 6)</div>
</td>
<td style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands<br/>
</div>
</div>
</td>
<td style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: rgb(0, 0, 0); font-style: italic;">Championship</div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;"> N/A </div>
</td>
<td style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="color: #000000;">N/A</div>
</td>
<td style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Good Ocean Navigation Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Liberia<br/>
</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Goodship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">August 7, 2020</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">N/A</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Flag Marine Co. </span>(1)(6) (Note 6)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Flagship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">May 6, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">May 11, 2021</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Hellas Ocean Navigation Co. </span>(1)(6)
(Note 6)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">Liberia</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Hellasship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">May 6, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 28, 2021</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Patriot Shipping Co. </span>(1)(6) (Note 6)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Marshall Islands</div>
</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Patriotship</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 1, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 28, 2021</span></div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Traders Shipping Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">Marshall Islands</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Tradership</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">June 9, 2021</span></div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">World Shipping Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top; background-color: rgb(204, 238, 255);">Marshall Islands</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
</tr>
<tr>
<td rowspan="1" style="width: 31.95%; vertical-align: top;">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Friend Ocean Navigation Co. </span>(1)</div>
</td>
<td rowspan="1" style="width: 1.12%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 17.96%; vertical-align: top;">Liberia</td>
<td rowspan="1" style="width: 0.96%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.1%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 1.16%; vertical-align: top;"> </td>
<td rowspan="1" style="width: 15.16%; vertical-align: top;">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">N/A</div>
</td>
<td rowspan="1" style="width: 0.46%; vertical-align: top;"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="font-family: 'Times New Roman'; text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(1)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Subsidiaries
wholly owned</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(2)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Former vessel-owning subsidiaries owned by Maritime Capital Shipping Limited (or “MCS”)</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(3)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Management companies</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(4)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Chartering services company</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(5)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Dormant companies</span></span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(6)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Bareboat charterers</span></span></div>
1T
1T
1T
Gloriuship
2015-11-03
1T
Geniuship
2015-10-13
1T
Leadership
2015-03-19
1T
Premiership
2015-09-11
1T
Gladiatorship
2015-09-29
2018-10-11
N0
Squireship
2015-11-10
1T
N0
Knightship
2016-12-13
2018-06-29
N0
Lordship
2016-11-30
O1
Partnership
2017-05-31
O1
D8
Bremen Max
2008-09-11
2014-03-07
D8
Hamburg Max
2008-09-25
2014-03-10
D0
K3
D8
Clipper Glory
2010-05-21
2012-12-04
D8
Clipper Glory
2010-05-21
2012-10-15
1T
Fellowship
2018-11-22
1T
Championship
N0
Goodship
2020-08-07
1T
Flagship
2021-05-06
2021-05-11
N0
Hellasship
2021-05-06
2021-06-28
1T
Patriotship
2021-06-01
2021-06-28
1T
Tradership
2021-06-09
1T
N0
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">2.</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Significant Accounting Policies:</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">A discussion of the Company’s significant accounting
policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 31, 2021. There have been no material changes to these
policies in the six-month period ended June 30, 2021.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Revenue Recognition</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Demurrage income for the six-month periods ended June
30, 2021 and 2020 was $222 and $306,
respectively.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Despatch expense for the six-month periods ended June
30, 2021 and 2020 was $58 and $71,
respectively.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Disaggregation of Revenue</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company disaggregates
its revenue from contracts with customers by the type of charter (time and spot charters). </span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2021 and December 31, 2020:</span></span></div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;"> June 30,</div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div>
<div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div>
<div style="text-align: center; color: #000000; font-weight: bold;">2020</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from spot charters</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">362</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">801</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from time charters</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">28</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">390</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">801</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The current portion of Deferred revenue as of June 30,
2021 was $458 under ASC 606 and $5,773
under ASC 842. The non-current portion of Deferred revenue as of June 30, 2021 relates entirely to ASC 842 and is related to scrubber premiums (i.e. increased daily hire rates provided for by the chartering agreements) for scrubber-fitted
vessels. Revenue recognized in 2021 from amounts included in deferred revenue at the beginning of the period was $2,515.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s income
statement figures derived from spot charters for the period ended June 30, 2021:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000;">June 30,</div>
<div style="text-align: center; color: #000000;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,139</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(9,583</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7,556</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s income
statement figures derived from time charters for the period ended June 30, 2021:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;"> June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">31,091</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(984</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">30,107</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Charterers individually accounting for more than 10% of
revenues during the six-month periods ended June 30, 2021 and 2020 were:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 30.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">Customer</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">2021<br/>
</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">2020<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">A</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">27%</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">15%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">B</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">20%</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">C</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">13%</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">16%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">D</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">14%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">E</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">13%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">F</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">10%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">G</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">10%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">Total</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">60%</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">78%</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-family: 'Times New Roman';">The outbreak of the COVID-19 virus has had a negative effect on the global
economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a
result, many of the Company’s estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as its
charterers’ response to the severe market disruption and is making necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company<span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></span><br/>
</div>
<div>
<br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Recent Accounting Pronouncements – Not Yet Adopted</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-weight: normal;"><br/>
</span></div>
<div><span style="font-weight: normal;"> </span></div>
<div><span style="font-weight: normal;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that all
derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. As such, entities may apply certain optional expedients
in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price
alignment. In addition, the ASU clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on certain aspects
of hedge accounting. The ASU is effective for all entities as of January 7, 2021, allows for retrospective or prospective application with certain conditions, and generally can be applied through December 31, 2022. <span style="font-size: 10pt; font-family: 'Times New Roman';">The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</span></div>
<div style="font-weight: normal;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments
(Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding
Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written
call options (e.g., warrants) that remain equity classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue
equity, to issue or modify debt or for other reasons. The ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but entities
need to apply the guidance as of the beginning of the fiscal year that includes the interim period in which they choose to early adopt the guidance. The guidance is applied prospectively to all modifications or exchanges that occur on or
after the date of adoption.<span style="font-size: 10pt; font-family: 'Times New Roman';"> The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease
Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2
through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments
require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after Dec 15, 2021 and
for interim periods within those fiscal years. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures<span style="font-size: 10pt; font-family: 'Times New Roman';">.</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Revenue Recognition</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Demurrage income for the six-month periods ended June
30, 2021 and 2020 was $222 and $306,
respectively.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Despatch expense for the six-month periods ended June
30, 2021 and 2020 was $58 and $71,
respectively.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">Disaggregation of Revenue</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: #000000;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company disaggregates
its revenue from contracts with customers by the type of charter (time and spot charters). </span><span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2021 and December 31, 2020:</span></span></div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;"> June 30,</div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div>
<div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div>
<div style="text-align: center; color: #000000; font-weight: bold;">2020</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from spot charters</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">362</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">801</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from time charters</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">28</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">390</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">801</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The current portion of Deferred revenue as of June 30,
2021 was $458 under ASC 606 and $5,773
under ASC 842. The non-current portion of Deferred revenue as of June 30, 2021 relates entirely to ASC 842 and is related to scrubber premiums (i.e. increased daily hire rates provided for by the chartering agreements) for scrubber-fitted
vessels. Revenue recognized in 2021 from amounts included in deferred revenue at the beginning of the period was $2,515.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s income
statement figures derived from spot charters for the period ended June 30, 2021:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000;">June 30,</div>
<div style="text-align: center; color: #000000;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,139</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(9,583</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7,556</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s income
statement figures derived from time charters for the period ended June 30, 2021:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;"> June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">31,091</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(984</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">30,107</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Charterers individually accounting for more than 10% of
revenues during the six-month periods ended June 30, 2021 and 2020 were:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 30.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">Customer</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">2021<br/>
</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">2020<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">A</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">27%</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">15%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">B</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">20%</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">C</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">13%</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">16%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">D</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">14%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">E</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">13%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">F</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">10%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">G</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">10%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">Total</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">60%</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">78%</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-family: 'Times New Roman';">The outbreak of the COVID-19 virus has had a negative effect on the global
economy and has adversely impacted the international dry-bulk shipping industry into which the Company operates. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a
result, many of the Company’s estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as its
charterers’ response to the severe market disruption and is making necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company<span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">.</span></span><br/>
</div>
222000
306000
58000
71000
<span style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s net trade accounts receivable disaggregated by revenue source as at June 30, 2021 and December 31, 2020:</span></span>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;"> June 30,</div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div>
</td>
<td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div>
<div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div>
<div style="text-align: center; color: #000000; font-weight: bold;">2020</div>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from spot charters</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">362</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">801</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Accounts receivable trade, net from time charters</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">28</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">-</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">390</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">801</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
362000
801000
28000
0
390000
801000
458000
5773000
2515000
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s income
statement figures derived from spot charters for the period ended June 30, 2021:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000;">June 30,</div>
<div style="text-align: center; color: #000000;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,139</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(9,583</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">7,556</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
17139000
9583000
7556000
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table presents the Company’s income
statement figures derived from time charters for the period ended June 30, 2021:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;"> June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Vessel revenues, net of commissions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">31,091</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Voyage expenses</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">(984</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">30,107</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
31091000
984000
30107000
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Charterers individually accounting for more than 10% of
revenues during the six-month periods ended June 30, 2021 and 2020 were:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 30.13%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">Customer</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">2021<br/>
</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-weight: bold;">2020<br/>
</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">A</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">27%</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">15%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">B</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">20%</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">C</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">13%</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">16%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">D</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">14%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">E</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">13%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top;">
<div style="text-align: center; color: #000000;">F</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top;">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top;">
<div style="text-align: center; color: #000000;">10%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">G</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">-</div>
</td>
<td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 30.14%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000;">10%</div>
</td>
</tr>
<tr>
<td style="width: 30.13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">Total</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 32%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">60%</div>
</td>
<td style="width: 4%; vertical-align: top;"> </td>
<td style="width: 30.14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000;">78%</div>
</td>
</tr>
</table>
0.27
0.15
0.20
0
0.13
0.16
0
0.14
0
0.13
0
0.10
0
0.10
0.60
0.78
<div>
<br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Recent Accounting Pronouncements – Not Yet Adopted</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-weight: normal;"><br/>
</span></div>
<div><span style="font-weight: normal;"> </span></div>
<div><span style="font-weight: normal;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that all
derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. As such, entities may apply certain optional expedients
in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price
alignment. In addition, the ASU clarifies other aspects of the guidance in ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on certain aspects
of hedge accounting. The ASU is effective for all entities as of January 7, 2021, allows for retrospective or prospective application with certain conditions, and generally can be applied through December 31, 2022. <span style="font-size: 10pt; font-family: 'Times New Roman';">The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</span></div>
<div style="font-weight: normal;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments
(Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding
Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU addresses the diversity in practice in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written
call options (e.g., warrants) that remain equity classified after modification or exchange. Under the guidance, an issuer determines the accounting for the modification or exchange based on whether the transaction was done to issue
equity, to issue or modify debt or for other reasons. The ASU is effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but entities
need to apply the guidance as of the beginning of the fiscal year that includes the interim period in which they choose to early adopt the guidance. The guidance is applied prospectively to all modifications or exchanges that occur on or
after the date of adoption.<span style="font-size: 10pt; font-family: 'Times New Roman';"> The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;"><span style="font-size: 10pt; font-family: 'Times New Roman';"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal;">In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease
Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2
through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments
require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after Dec 15, 2021 and
for interim periods within those fiscal years. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures<span style="font-size: 10pt; font-family: 'Times New Roman';">.</span> </div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">3.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Cash and Cash Equivalents,
Restricted Cash and Term Deposits:</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table provides a reconciliation of cash
and cash equivalents and restricted cash reported within the interim consolidated balance sheets that sum to the total of the same such amounts shown in the interim consolidated statements of cash flows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;"> June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">52,684</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">21,011</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">610</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">50</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom">Restricted cash, non-current</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">500 <br/>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">990 <br/>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">53,794</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">22,051</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Restricted cash as of June 30, 2021 includes $500 of minimum liquidity requirements as per the ATB Loan Facility (Note 6), $560
in a dry-docking reserve account as per the ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding
credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of June
30, of $5,300 as per the Company’s credit facilities covenants, is included in “Cash and cash equivalents” and in “Term
deposits”.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Restricted cash as of December 31, 2020 includes $500 of minimum liquidity requirements as per the ATB Loan Facility (Note 6), $490
in a dry-docking reserve account as per the ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding
credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of
December 31, 2020, of $4,500 as per the Company’s credit facilities covenants, calculated as $500 per owned vessel, is included in “Cash and cash equivalents”.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"> <br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">An aggregate amount of $1,600,
not legally restricted, as per the Company’s effective sale and leaseback transaction is included in “Term deposits” as of June 30, 2021, expiring in September 2021 (Note 6). In addition, an amount of $1,000, not legally restricted, is included in “Term deposits” as of June 30, 2021, expiring in February 2022.</div>
<div><br/></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table provides a reconciliation of cash
and cash equivalents and restricted cash reported within the interim consolidated balance sheets that sum to the total of the same such amounts shown in the interim consolidated statements of cash flows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px; text-indent: -9pt; margin-left: 9pt;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;"> June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">52,684</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">21,011</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Restricted cash</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">610</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">50</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom">Restricted cash, non-current</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px double rgb(0, 0, 0);" valign="bottom">500 <br/>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">990 <br/>
</td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">53,794</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="color: #000000;">22,051</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
52684000
21011000
610000
50000
500000
990000
53794000
22051000
500000
560000
50000
1
5300000
500000
490000
50000
1
4500000
500000
1600000
1000000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">4.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Inventories:</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The amounts in the accompanying interim unaudited
consolidated balance sheets are analyzed as follows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lubricants</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">1,282</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">591</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Bunkers</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">1,788</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">4,059</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">3,070</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">4,650</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The amounts in the accompanying interim unaudited
consolidated balance sheets are analyzed as follows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &quot; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lubricants</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">1,282</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">591</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Bunkers</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">1,788</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">4,059</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">3,070</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">4,650</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
1282000
591000
1788000
4059000
3070000
4650000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">5.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Vessels, Net:</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The amounts in the accompanying interim consolidated balance
sheets are analyzed as follows:</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">June 30,</div>
<div style="color: rgb(0, 0, 0); font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">December 31,</div>
<div style="color: rgb(0, 0, 0); font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cost:</div>
</td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">307,870</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">292,280</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Additions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">102,909</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">15,590</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">- Transfer to vessels held for sale</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">(17,127</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">393,652</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">307,870</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Accumulated depreciation:</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(51,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(38,499</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Depreciation for the period</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(6,950</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(12,634</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">- Transfer to vessels held for sale</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">6,222<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(51,861</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(51,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net book value</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">341,791</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">256,737</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">On February 12, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize
vessel, the <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Tradership</span>, for a gross purchase price of $17,000. The vessel was delivered to the Company on June 9, 2021. The acquisition of the vessel was financed with cash on hand <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">and through the ABB Loan Facility (Note 6).</span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">On March 10, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize
vessel, the <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Flagship</span>, for a gross purchase price of $28,385.
The vessel was delivered to the Company on May 6, 2021. The acquisition of the vessel was financed with cash on hand<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> and through the sale and leaseback agreement entered
into with Cargill International S.A., or Cargill, on May 11, 2021 (Note 6)</span><span style="font-size: 10pt;">.</span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On March 11, 2021, the Company entered into an agreement
with unaffiliated third parties for the purchase of a secondhand Capesize vessel, the </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic; color: rgb(0, 0, 0);">Patriotship</span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">, for a gross purchase price of $26,600. The
vessel was delivered to the Company on June 1, 2021. The acquisition of the vessel was financed with cash on hand </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">and through the sale and
leaseback agreement entered into with </span>CMB Financial Leasing Co., Ltd., or CMBFL, <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on June 22, 2021 (Note 6)</span><span style="font-family: 'Times New Roman';"><span style="font-size: 10pt; color: rgb(0, 0, 0);">.</span></span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On March 19, 2021, the Company entered into an agreement
with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic; color: rgb(0, 0, 0);">Hellasship</span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">, for a gross purchase price of $28,600. The
vessel was delivered to the Company on May 6, 2021. The acquisition of the vessel was financed with cash on hand</span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> and through the sale and
leaseback agreement entered into with </span>CMBFL <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">on June 22, 2021 (Note 6)</span><span style="font-family: 'Times New Roman';"><span style="font-size: 10pt; color: rgb(0, 0, 0);">.</span></span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">During the six-month period ended June 30, 2021, an amount of <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">$2,324 of expenditures were capitalized </span>that concern improvements on vessels performance and meeting
environmental standards<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">. The cost of these additions was accounted as major improvement and were capitalized over the vessels’ cost and will be depreciated over the remaining
useful life of each vessel. Amounts paid for the additions are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows</span><span style="font-size: 10pt;">.</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">As of June 30, 2021, all vessels, except for <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">the </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Knightship</span>, the <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Championship, </span>the<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Flagship, </span>the<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Hellasship </span>and the<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;"> Patriotship </span>that are financed through other financial liabilities (sale and leaseback agreements), are mortgaged to secured loans of the Company (Note
6).</div>
<div><span style="font-family: 'Times New Roman';"> <span style="font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;"><span style="font-family: 'Times New Roman';"> </span><span style="font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span><span style="font-weight: bold;"> </span></div>
<div><span style="font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Advances for Vessels Acquisitions and Other Costs</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">On May 17, 2021, </span>the Company entered into an
agreement with unaffiliated third parties for the purchase of a secondhand Capesize vessel, the Australia Maru to be renamed <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Worldship</span>, for a
gross purchase price of $33,700. The Company expects to finance the vessel acquisition with cash on hand and by a secured loan facility
from financial institutions. Delivery of the vessel is expected to take place until the end of the third quarter of 2021. An amount of $10,110
has been paid as advance payment.</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">On June 22, 2021, </span>the Company entered into an
agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Ocean Clarion to be renamed <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Friendship</span>, for a
gross purchase price of $24,600. As of June 30, 2021, an amount of $4,920 was paid as advance payment. The vessel was delivered to the Company on July 27, 2021. The acquisition price was financed with cash on hand, while the Company expects to refinance part
of the acquisition cost by a secured loan facility (Note 14).<br/>
</div>
<div><br/></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Vessels Held for Sale</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">On June 30, 2021, the Company entered into an agreement with an unaffiliated third party for the sale of the <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Leadership</span> for a gross sale price of $12,600. Delivery
of the vessel to her new owners is expected to take place until the end of the third quarter. As of June 30, 2021, the vessel was classified in current assets as “Vessels held for sale” in the Consolidated Balance Sheet, according to the
provisions of ASC 360, as all the criteria for this classification were met. The specific vessel was not impaired as of June 30, 2021, since its carrying amount plus unamortized dry-dock costs as at the balance sheet date was lower than its fair
value less cost to sell.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The amounts in the accompanying interim consolidated balance
sheets are analyzed as follows:</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">June 30,</div>
<div style="color: rgb(0, 0, 0); font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold;">December 31,</div>
<div style="color: rgb(0, 0, 0); font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Cost:</div>
</td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">307,870</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">292,280</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Additions</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">102,909</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">15,590</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">- Transfer to vessels held for sale</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">(17,127</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">393,652</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">307,870</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Accumulated depreciation:</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Beginning balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(51,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(38,499</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">- Depreciation for the period</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(6,950</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(12,634</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">- Transfer to vessels held for sale</div>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">6,222<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Ending balance</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(51,861</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">(51,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net book value</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">341,791</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">256,737</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
307870000
292280000
102909000
15590000
-17127000
0
393652000
307870000
51133000
38499000
6950000
12634000
6222000
0
51861000
51133000
341791000
256737000
17000000
28385000
26600000
28600000
2324000
33700000
10110000
24600000
4920000
12600000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">6.</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-Term Debt and Other Financial Liabilities:</div>
</td>
</tr>
</table>
<div style="text-align: justify;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">June 30,</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">207,917</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">173,289</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: Deferred finance costs and debt discounts<br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,088</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3,527</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">203,829</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">169,762</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less - current portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(30,616</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(19,417</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-term portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">173,213</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">150,345</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Details of the Company’s secured credit and other financial liabilities are discussed in Note 8 of the consolidated financial statements
for the year ended December 31, 2020, included in the Company’s 2020 annual report on Form 20-F filed with the SEC on March 31, 2021, and are supplemented by the below new activities within the period.</div>
<div style="text-align: justify;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Senior long-term debt</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On February 8, 2021, the Company entered into a supplemental agreement to the facility with UniCredit Bank AG. Pursuant to the
supplemental agreement: <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) the application of the Leverage Ratio, the ratio of EBITDA to interest payments and the Security Cover Ratio (each term as defined therein)
were waived with retrospective effect from June 2020 onwards (January 2020 for the Security Cover Ration only) and for the remaining duration of the facility, (ii) quarterly installments were reduced from $1,550 to $1,200, effective as of the December 2020 installment, (iii) the applicable margin was increased from 3.2% to 3.5% with effect as of December 29, 2020 until the
maturity of the facility, and (iv) the maturity of the loan was extended to December 29, 2022 from December 29, 2020 initially.</span></div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On February 12, 2021, the Company entered into a supplemental agreement to the facility with <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amsterdam Trade Bank N.V., or the ATB Loan Facility</span>. Pursuant to the supplemental agreement: <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) the Leverage Ratio (as defined
therein) was amended to 85% from 75%
previously, with retrospective effect from June 2020 onwards and for the remaining duration of the facility, (ii) the ratio of EBITDA to interest payments (as defined therein) was waived with retrospective effect from June 2020 onwards and for
the remaining duration of the facility and (iii) the minimum required security cover (as defined therein) was amended to (a) 140%
until June 30, 2021 (inclusive), (b) 145% until December 31, 2021 (inclusive) and (c) 150% thereafter and until the maturity of the loan on November 26, 2022.</span></div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On March 5, 2021, the Company prepaid the full balance of $21,600 of the Entrust Loan Facility. All securities on the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lordship </span>and all
securities created to cross-collateralize the Entrust Loan Facility with the New Entrust Facility were irrevocably and unconditionally released. The balance was paid with cash on hand.</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 22, 2021, the Company entered into a facility agreement with Aegean
Baltic Bank Α.Ε. for a $15,500 </span>term loan for the financing of the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Goodship</span> and the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tradership</span>, or the ABB Loan Facility. The facility was available in two tranches: (i) Tranche A of $7,500 for
the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Goodship</span> was drawn down on April 26, 2021 and (ii) Tranche B of $8,000 for the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tradership</span> was drawn down on June 14, 2021. The loan bears interest of
LIBOR plus a margin of 4%. Tranche A is repayable in 18 quarterly installments of $200 each, with the last installment, together with a balloon installment of $3,900,
payable in October 2025. Tranche B is repayable in 18 quarterly installments of $200 each, with the last installment, together with a
balloon installment of $4,400, payable in December 2025. The Company is required to maintain a corporate leverage ratio (as defined
therein), that will not be higher than 85% until the maturity. Each borrower is required to maintain minimum liquidity of $300 in its earnings account. In addition, the borrowers shall ensure that the market value of the vessels plus any additional security shall not be less
than 130% of the aggregate outstanding loan amount. <br/>
</div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On May 20, 2021, the Company entered into a facility agreement with Alpha Bank S.A. for a $37,450 term loan for the (i) refinancing of two existing loan facilities with
Alpha Bank with an aggregate outstanding of $25,450 secured by the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leadership</span> and the <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Squireship</span> and (ii) financing of the previously unencumbered <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lordship</span>. The loan bears interest of LIBOR plus a margin of 3.5%
and the term is four years. The repayment schedule comprises four quarterly installments of $1,500 followed by four quarterly installments of $1,250, an
interim balloon of $4,500 payable together with the eighth installment, followed by eight quarterly installments of $875 and a final balloon of $14,950
payable together with the sixteenth installment. Under the terms of the loan agreement each of the borrowers is required to maintain average quarterly minimum liquidity of $500 in its earnings account. In addition, the borrowers shall ensure that the market value of the vessels plus any additional security shall not be less than 125% of the aggregate outstanding loan amount.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Other Financial Liabilities - Sale and Leaseback Transactions</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May 11, 2021, the Company entered into a $20,500 sale and leaseback agreement for the</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">
Flagship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> with Cargill for the purpose of financing part of the acquisition cost of the</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> Flagship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">. The Company sold and chartered back the vessel from Cargill on a bareboat basis for a five-year period, having a purchase obligation at the end of the fifth year. Under ASC 842-40, the transaction was accounted for as a financial
liability. The implied average applicable interest rate is equivalent to 2% per annum. The sale and leaseback agreement does not
include any financial covenants or security value maintenance provisions. The Company has continuous options to buy back the vessel during the whole five-year
sale and leaseback period at predetermined prices as set forth in the agreement and at the end of such period it has a purchase obligation at $10,000.
Additionally, at the time of repurchase, if the market value of the vessel exceeds certain threshold prices, as set forth in the agreement, the Company will pay to Cargill 15% of the difference between the market price and such threshold prices.</span> The Company has concluded that such contingent payment shall not be accrued in the consolidated financial
statements, since information available does not indicate that it is probable that a liability has been incurred (i.e., buy back option) as of the latest balance sheet date and cannot be estimated. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The charterhire principal amortizes in sixty monthly installments averaging approximately $175 each along with a balloon
payment of $10,000, at maturity on May 10, 2026. The charterhire principal as of June 30, 2021, was $20,334.</span></div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">On June 22, 2021, the Company entered into sale and
leaseback agreements for the</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;"> Hellasship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> and the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic; color: #000000;">Patriotship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> in the total amount of a $30,900 </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with
</span>CMBFL<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> for the purpose of financing the outstanding acquisition price of both vessels. The Company sold and chartered back the vessels from two affiliates of CMBFL on a bareboat basis for a five-year
period. </span>The financings bear interest of LIBOR plus a margin of 3.5%.<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> The Company is required to maintain a corporate leverage ratio, as defined in the sale and leaseback agreements, that will not be higher than 85% until the maturity.</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Additionally, each bareboat Charterer is required to maintain minimum liquidity
of $550 in its earnings account. </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The bareboat
charterers are </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">also </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">required to maintain a value</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> maintenance ratio of at least 120% of the
charterhire principals. The Company has the option to buy back the vessels between the end of the second year until the end of the fifth year at predetermined prices as defined in the agreement.</span> Under ASC 842-40, the transaction was
accounted for as a financial liability.<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"> The charterhire principal amortizes in twenty quarterly installments of $780 each along with a balloon payment of $15,300, at maturity
on June 28, 2026. The charterhire principal as of June 30, 2021, was $30,900.</span></div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR
plus a margin or fixed interest.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the
Company to maintain various financial ratios, including:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a minimum borrower’s liquidity;</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a minimum guarantor’s liquidity;</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a security coverage requirement; and</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt;"><br/>
</td>
<td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">a leverage ratio.</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of June 30, 2021, the Company was in compliance with all covenants relating to its loan facilities as at that date.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of June 30, 2021, ten of
the Company’s owned vessels, having a net carrying value of $201,211, were subject to first and second priority mortgages as collaterals to
their long-term debt facilities. In addition, the Company’s five bareboat chartered vessels, having a net carrying value of $140,580 as of June 30, 2021, have been financed through sale and leaseback agreements.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; font-weight: bold;">Subordinated long-term debt</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company refers to the First Jelco Loan, the Second Jelco Loan and the Fourth Jelco Loan (all mentioned below) as the “Jelco Loans”.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">First Jelco Loan
originally entered into on October 4, 2016</span></div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2021, the Company fully repaid the outstanding balance of $5,900 of the First Jelco Loan using proceeds from (i) Class E warrants exercises during 2021 (Note 10) and (ii) its February 2021 registered direct offering (Note 10), pursuant to the
mandatory prepayment terms of the Securities Purchase Agreement and Omnibus Supplemental Agreements entered into with Jelco Delta Holding Corp., or Jelco, in December 2020.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Second Jelco Loan <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">originally
entered into on </span>May 24, 2017</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2021, the Company prepaid $100
of the outstanding balance of the Second Jelco Loan, using proceeds from (i) Class E warrants exercises during 2021 (Note 10) and (ii) its February 2021 registered direct offering (Note 10). On April 26, 2021, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jelco exercised its</span> option <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to purchase 4,285,714 additional</span> Units (with each unit consisting of one common
share of the Company, or, at Jelco’s option, one pre-funded warrant in lieu of such common share, and one warrant to purchase one common share
at an exercise price of $0.70) at a price of $0.70 per Unit <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in exchange for the settlement of principal under the Second Jelco Loan in an amount of </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$3,000 (i.e., </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an amount equal to the aggregate purchase price of the units</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">) (Note 10). </span>The issuance of <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">units</span> to Jelco and associated reduction in debt balance took place on May 6, 2021. On the same date, the unamortized costs of <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$424 related to the amount of $3,000 that was converted into 4,285,714</span> Units were fully amortized.
As of June 30, 2021, an amount of $1,850, gross of deferred financing costs of $161, was outstanding under the Second Jelco Loan.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Fourth Jelco Loan <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">originally entered into
on </span>March 26, 2019</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2021, the Company fully repaid the outstanding balance of $6,000 of the Fourth Jelco Loan using proceeds from (i) Class E warrants exercises during 2021 (Note 10) and (ii) its February 2021 registered direct offering (Note 10), pursuant to the
mandatory prepayment terms of the Securities Purchase Agreement and Omnibus Supplemental Agreements entered into with Jelco in December 2020.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </span>annual principal payments required to be made
after<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> June 30, 2021 for all long-term debt and other financial liabilities</span>, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are as
follows:</span></div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Twelve month periods ending June 30,</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td colspan="2" style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid; white-space: nowrap;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Amount</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2022<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">32,102</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 9%; vertical-align: bottom;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">63,205</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2024<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30,206</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2025<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 9%; vertical-align: bottom;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27,354</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: bottom; background-color: #CCEEFF;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thereafter</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;"> </td>
<td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">55,050</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td>
<td style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">207,917</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
</table>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">June 30,</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">207,917</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">173,289</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less: Deferred finance costs and debt discounts<br/>
</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(4,088</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(3,527</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">203,829</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">169,762</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Less - current portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(30,616</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(19,417</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Long-term portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">173,213</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">150,345</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
207917000
173289000
4088000
3527000
203829000
169762000
30616000
19417000
173213000
150345000
quarterly
1550000
1200000
0.032
0.035
2022-12-29
0.85
0.75
1.40
1.45
1.50
21600000
15500000
2
7500000
8000000
0.04
18
quarterly
200000
3900000
18
quarterly
200000
4400000
0.85
300000
1.30
37450000
2
25450000
0.035
P4Y
4
quarterly
1500000
4
quarterly
1250000
4500000
8
quarterly
875000
14950000
500000
1.25
20500000
P5Y
0.02
P5Y
10000000
0.15
60
monthly
175000
10000000
2026-05-10
20334000
30900000
2
P5Y
0.035
0.85
550000
1.20
20
quarterly
780000
15300000
2026-06-28
30900000
10
201211000
5
140580000
5900000
100000
4285714
1
1
1
1
0.70
0.70
3000000
424000
3000000
4285714
1850000
161000
6000000
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The </span>annual principal payments required to be made
after<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> June 30, 2021 for all long-term debt and other financial liabilities</span>, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are as
follows:</span></div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Twelve month periods ending June 30,</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td colspan="2" style="width: 10%; vertical-align: top; border-bottom: #000000 2px solid; white-space: nowrap;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Amount</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2022<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">32,102</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2023<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 9%; vertical-align: bottom;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">63,205</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top; background-color: #CCEEFF;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2024<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">30,206</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2025<br/>
</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 9%; vertical-align: bottom;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">27,354</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: bottom; background-color: #CCEEFF;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Thereafter</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;"> </td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;"> </td>
<td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF; border-bottom: #000000 2px solid;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">55,050</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 87.99%; vertical-align: top;">
<div style="text-align: left; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Total</div>
</td>
<td style="width: 1%; vertical-align: bottom;"> </td>
<td style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double;"> </td>
<td style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">207,917</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
</table>
32102000
63205000
30206000
27354000
55050000
207917000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">7.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Convertible Notes:</span></div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Details of the Company’s convertible notes issued to Jelco are discussed in Note 8 of the consolidated financial statements for the year ended
December 31, 2020, included in the Company’s 2020 annual report on Form 20-F filed with the SEC on March 31, 2021.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company refers to the First Jelco Note, the Second Jelco Note and the Third Jelco Note (mentioned below) as the “Jelco Notes”.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; font-family: &amp; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-size: 10pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Convertible notes</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">38,715</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">38,715</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Less: beneficial conversion feature</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(17,122</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(18,360</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Convertible notes, net of beneficial conversion feature</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">21,593</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">20,355</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Less: Deferred financing costs and debt discounts</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(5,397</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(5,839</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">16,196</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">14,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Less - current portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Long-term portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">16,196</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">14,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">March 12, 2015 - $4,000
Convertible Note (<span style="font-size: 10pt;">First Jelco Note)</span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2021, $3,800 was
outstanding under the First Jelco Note.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">September 27, 2017 - $13,750
Convertible Note (Third<span style="font-size: 10pt;"> Jelco Note)</span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2021, $13,750 was
outstanding under the Third Jelco Note.</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The debt movement of the First and Third Jelco Notes is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &amp; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Applicable limit</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt discount</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Accumulated deficit</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">December
31, 2019</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">5,801</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">9,162</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">1,283</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">1,283</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">7,084</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">10,445</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">1,586</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">1,586</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">8,670</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">12,031</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">474</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">474</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">9,144</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">12,505</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The equity movement of the First and Third Jelco Notes is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &quot; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">Additional</div>
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">paid-in capital</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2019</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">September 7, 2015 - $21,165
Revolving Convertible Note (Second Jelco Note)</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">As of June 30, 2021, $21,165 was
outstanding under the Second Jelco Note.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The debt movement of the Second Jelco Note is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &amp; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Applicable limit</div>
</td>
<td colspan="1" rowspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt discount</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Accumulated deficit</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt</div>
</td>
<td colspan="1" rowspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.1pt; margin-left: 7.1pt; font-size: 10pt;">Balance, December 31, 2019</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">24,665</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">5,675</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">5,675</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 52%;" valign="bottom">Deductions</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(3,500</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-<br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%;" valign="bottom">
<div style="text-align: left; text-indent: -7.1pt; margin-left: 7.1pt; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">6,808</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">6,808</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">21,165<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">8,324</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">8,324</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">764</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">764</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">21,165<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">9,088</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">9,088</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The equity movement of the Second Jelco Note is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &quot; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">Additional</div>
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">paid-in capital</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2019</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company may, by giving <span style="-sec-ix-hidden:Fact_a7c1f9fc65b94a6db2ed17e9e133fe4f">five</span>
business days prior written notice to Jelco at any time, prepay the whole or any part of the Jelco Notes in cash or, subject to Jelco’s prior written agreement on the price per share, in a number of fully paid and nonassessable shares of the
Company equal to the amount of the note(s) being prepaid divided by the agreed price per share. At Jelco’s option, the Company’s obligation to repay the principal amount(s) under the Jelco Notes or any part thereof may be paid in common shares at a
conversion price of $1.20 per share. Jelco has also received customary registration rights with respect to any shares to be received upon
conversion of the Jelco Notes.</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">The </span><span style="font-family: 'Times New Roman';">annual
principal payments required to be made after<span style="font-size: 10pt;"> June 30, 2021</span>, <span style="font-size: 10pt;">are as follows:</span></span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &quot; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Twelve month periods ending June 30,</div>
</td>
<td colspan="1" style="font-family: ' vertical-align: bottom; padding-bottom: 2px;'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: ' border-bottom: #000000 solid 2px;'; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; padding-bottom: 2px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2022<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2023<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">6,150</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2024<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">8,000</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2025<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">24,565</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Thereafter</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Total</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">38,715</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom">
<div> </div>
</td>
</tr>
</table>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: bottom; font-family: &amp; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-size: 10pt;"> </div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">June 30,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">2021<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">December 31,</div>
<div style="text-align: center; color: rgb(0, 0, 0); font-family: &amp; font-size: 10pt; font-weight: bold;">2020<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Convertible notes</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">38,715</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">38,715</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Less: beneficial conversion feature</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(17,122</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(18,360</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Convertible notes, net of beneficial conversion feature</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">21,593</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">20,355</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Less: Deferred financing costs and debt discounts</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(5,397</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">(5,839</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">16,196</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">14,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Less - current portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Long-term portion</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">16,196</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">14,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
38715000
38715000
17122000
18360000
21593000
20355000
5397000
5839000
16196000
14516000
0
0
16196000
14516000
4000000
3800000
13750000
13750000
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The debt movement of the First and Third Jelco Notes is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &amp; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Applicable limit</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt discount</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Accumulated deficit</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">December
31, 2019</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">5,801</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">9,162</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">1,283</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">1,283</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">7,084</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">10,445</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">1,586</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">1,586</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">8,670</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">12,031</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">474</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">474</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">17,750<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(14,389</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">9,144</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">12,505</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The equity movement of the First and Third Jelco Notes is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &quot; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">Additional</div>
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">paid-in capital</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2019</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">14,189</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
17750000
14389000
5801000
9162000
1283000
1283000
17750000
14389000
7084000
10445000
1586000
1586000
17750000
14389000
8670000
12031000
474000
474000
17750000
14389000
9144000
12505000
14189000
14189000
14189000
14189000
21165000
21165000
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The debt movement of the Second Jelco Note is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &amp; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Applicable limit</div>
</td>
<td colspan="1" rowspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt discount</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Accumulated deficit</div>
</td>
<td colspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-family: &amp; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-family: &amp; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-size: 10pt; font-weight: bold;">Debt</div>
</td>
<td colspan="1" rowspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-family: & text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; text-indent: -7.1pt; margin-left: 7.1pt; font-size: 10pt;">Balance, December 31, 2019</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">24,665</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">5,675</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">5,675</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 52%;" valign="bottom">Deductions</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">(3,500</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">)</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">-<br/>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,133</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%;" valign="bottom">
<div style="text-align: left; text-indent: -7.1pt; margin-left: 7.1pt; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">6,808</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">6,808</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">1,516</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">21,165<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">8,324</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-size: 10pt;">8,324</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Amortization (Note 11)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">764</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">764</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 52%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">21,165<br/>
</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">(21,165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="font-size: 10pt;">)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">9,088</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">9,088</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The equity movement of the Second Jelco Note is presented below:</div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &quot; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">Additional</div>
<div style="text-align: center; font-family: &quot; font-size: 10pt; font-weight: bold;">paid-in capital</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2019</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, December 31, 2020</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-size: 10pt;">Balance, June 30, 2021</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="font-size: 10pt;">21,165</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
24665000
21165000
5675000
5675000
3500000
1133000
1133000
21165000
21165000
6808000
6808000
1516000
1516000
21165000
21165000
8324000
8324000
764000
764000
21165000
21165000
9088000
9088000
21165000
21165000
21165000
21165000
1.20
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">The </span><span style="font-family: 'Times New Roman';">annual
principal payments required to be made after<span style="font-size: 10pt;"> June 30, 2021</span>, <span style="font-size: 10pt;">are as follows:</span></span></div>
<div style="font-family: 'Times New Roman';"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; font-family: &quot; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Twelve month periods ending June 30,</div>
</td>
<td colspan="1" style="font-family: ' vertical-align: bottom; padding-bottom: 2px;'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; font-family: ' border-bottom: #000000 solid 2px;'; white-space: nowrap;" valign="bottom">
<div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; padding-bottom: 2px;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2022<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2023<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">6,150</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2024<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">8,000</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">2025<br/>
</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">24,565</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; font-family: &quot; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt;">Thereafter</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">-</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;'; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; font-family: &quot; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; margin-left: 7.2pt; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">Total</div>
</td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="font-family: &quot; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-size: 10pt;">38,715</div>
</td>
<td colspan="1" style="font-family: ' text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;'; white-space: nowrap;" valign="bottom">
<div> </div>
</td>
</tr>
</table>
0
6150000
8000000
24565000
0
38715000
<div> <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8.</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000;">Financial Instruments:</div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The guidance for fair value measurements applies to
all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for
ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories
based on the inputs used to determine its fair value:</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
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<tr>
<td style="width: 36pt; vertical-align: top; align: right;">•</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 36pt; vertical-align: top; align: right;">•</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data;</div>
</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 36pt; vertical-align: top; align: right;">•</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Level 3: Unobservable inputs that are not corroborated by market data.</div>
</td>
</tr>
</table>
<div>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(a)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Significant Risks and Uncertainties, including Business and Credit Concentration</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company places its temporary cash investments,
consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s
investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does
not have any agreements to mitigate credit risk.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(b)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> Fair Value of Financial Instruments</span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The fair values of the financial instruments shown in
the consolidated balance sheets as of June 30, 2021 and December 31, 2020, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly
transaction between market participants at that date.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Those fair value measurements maximize the use of
observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market
participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following methods and assumptions were used to
estimate the fair value of each class of financial instruments:</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">a.</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Cash and cash equivalents, restricted cash, accounts receivable
trade, other current assets and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. The carrying value approximates the fair market value for interest
bearing cash classified as restricted cash, non-current.</div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">b.</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Long-term debt and other financial liabilities: The carrying value
of long-term debt and other financial liabilities with variable interest rates approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. The fair value of fixed
interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt are similar to those that could be procured as of June 30, 2021, and the
carrying value of $22,921 is 2.7% lower than the fair market value of $23,539. The fair
value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy.</div>
</td>
</tr>
</table>
22921000
-0.027
23539000
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<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">9.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Commitments and
Contingencies:</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Contingencies</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Various claims, lawsuits, and complaints, including
those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to
the operations of the Company’s vessels. As of June 30, 2021, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been established in the accompanying
consolidated financial statements.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company accrues for the cost of environmental
liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. As of June 30, 2021, management was not aware of any such claims or contingent liabilities that should be
disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by
Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Commitments</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company operates certain of its vessels under
lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 10 to 60 months and extension periods vary from 11 to 27 months. In addition,
the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes on freight market index. The Company
has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table sets forth the Company’s future
minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2021, using the initial charter rates for index-linked time charters (these amounts do not include any assumed off-hire):</div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve month periods ending <span style="text-indent: 0pt;">June 30</span>,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2022</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">108,402</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2023</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">31,183</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,201</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2025</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">15,056</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">2026<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">12,911</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">184,753</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">In April 2018, the Company moved into its new office
spaces under a five-year lease term, with a Company’s option to extend the lease term for another five-year term. On September 16, 2020, the lease term was amended, whereby the lease term was set for ten years (i.e., April 2028), with a Company’s option to extend the lease term for two consecutive five-year terms thereafter. The monthly rent was Euro
13,000 (or $15
based on the Euro/U.S. dollar exchange rate of €1.0000: $1.1884 as of June 30, 2021) until the September 2020 renewal, and was
amended to a constant Euro 12,747 (or $15 based on the Euro/U.S. dollar exchange rate of €1.0000: $1.1884 as
of June 30, 2021) thereafter. The monthly rent was adjusted annually by one percent for inflation until the September 2020
renewal. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent
expense is recorded in general and administration expenses. The rent expense for the periods ended June 30, 2021 and 2020 was $91
and $80, respectively.</div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table sets forth the Company’s
undiscounted office rental obligations as at June 30, 2021:</div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve month periods ending <span style="text-indent: 0pt;">June 30</span>,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2022</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">143</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2023</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">143</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">143</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="margin: 0px 0px 0px 9pt; vertical-align: top; width: 88%;">2025<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">143</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">Thereafter</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">391</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">963</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: imputed interest</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(214</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000;">749</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">131</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, non-current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">618</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000;">749</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
P10M
P60M
P11M
P27M
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table sets forth the Company’s future
minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at June 30, 2021, using the initial charter rates for index-linked time charters (these amounts do not include any assumed off-hire):</div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve month periods ending <span style="text-indent: 0pt;">June 30</span>,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2022</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">108,402</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2023</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">31,183</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">17,201</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2025</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">15,056</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">2026<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">12,911</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000; font-weight: bold;">184,753</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
108402000
31183000
17201000
15056000
12911000
184753000
P5Y
P5Y
P10Y
2
P5Y
13000
15000
1.1884
12747
15000
1.1884
0.01
91000
80000
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The following table sets forth the Company’s
undiscounted office rental obligations as at June 30, 2021:</div>
<div style="text-align: justify;"><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Twelve month periods ending <span style="text-indent: 0pt;">June 30</span>,</div>
</td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; color: #000000; font-weight: bold;">Amount</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2022</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">143</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2023</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">143</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;"><span style="text-indent: 0pt;">2024</span></div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">143</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="margin: 0px 0px 0px 9pt; vertical-align: top; width: 88%;">2025<br/>
</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">143</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom">Thereafter</td>
<td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">391</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: #000000;">963</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less: imputed interest</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">(214</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom">
<div style="color: #000000;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000;">749</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; text-indent: -9pt; margin-left: 9pt; width: 88%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: #000000;">131</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lease liabilities, non-current</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom">
<div style="color: #000000;">618</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Present value of lease liabilities</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;" valign="bottom">
<div style="color: #000000;">749</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
143000
143000
143000
143000
391000
963000
214000
749000
131000
618000
749000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">10.</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Capital Structure:</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Details of the Company’s common stock and warrants are discussed in Note 11 of the consolidated financial statements for the year
ended December 31, 2020, included in the Company’s 2020 annual report on Form 20-F filed with the SEC on March 31, 2021 and are supplemented by the below new activities into the six-month period.</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Common Stock</div>
</td>
</tr>
</table>
<div><br/></div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 36pt; vertical-align: top; align: right;">
<div style="text-align: left; margin-left: 18pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">i)</div>
</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">NASDAQ Notification – Effect of Reverse Stock Split</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On February 11, 2021, the Company received written notification from the Nasdaq Stock Market that the Company has regained
compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock.</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 36pt; vertical-align: top; align: right;">
<div style="text-align: left; margin-left: 18pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ii)</div>
</td>
<td style="width: auto; vertical-align: top;">
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Equity Offerings</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On February 19, 2021, the Company sold 44,150,000 common shares under a registered direct offering at a price of $1.70 per common
share, in exchange for gross proceeds of $75,055, or net proceeds of approximately $69,971.</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">
<tr>
<td style="width: 18pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)</td>
<td style="width: auto; vertical-align: top; text-align: justify;">
<div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Warrants</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On December 31, 2020, the Company agreed to issue to Jelco (i) 7,986,913 warrants to purchase one common share at an
exercise price of $0.70 and (ii) 955,730
pre-funded warrants with an exercise price of $0.0001 in lieu of such common shares as part of the December 2020 Jelco
restructuring. The 7,986,913 warrants were issued on January 8, 2021 and expire in January 2026. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On March 24, 2021, the Company issued 955,730 common shares to Jelco, </span>following
Jelco’s exercise of its pre-funded warrants. On April 26, 2021, Jelco <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercised its option</span> to purchase 4,285,714 additional Units (with each unit consisting of one
common share of the Company, or, at Jelco’s option, one pre-funded warrant in lieu of such common share, and one warrant to purchase one
common share at an exercise price of $<span style="-sec-ix-hidden:Fact_6a209cf6b3c0429e89c255b6bd1060e3">0.70</span>) at a price of $<span style="-sec-ix-hidden:Fact_06da6e6e27ba44e1ac2038faa7197055">0.70</span> per Unit in exchange for the settlement of principal under the Second Jelco Loan<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> in an amount of $3,000 (i.e., </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an amount equal to the aggregate purchase
price of the units</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">) </span>(Note 6). The issuance of shares to Jelco and associated reduction in debt balance took place on May 6, 2021 (Note 6). The 4,285,714 warrants were issued on May 6, 2021 and expire in May 2026. On May 12, 2021, Jelco exercised 7,986,913 warrants to purchase 7,986,913 common shares
at an exercise price of $0.70. The Company received the funds of $5,591 on May 14, 2021 and the shares were issued to Jelco on May 19, 2021.</div>
<div><br/>
</div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">During the six-month period ended June 30, 2021, 32,163,715 shares were issued from Class E warrants’ exercises, for proceeds of $22,515. 8,732,713 Class E warrants remain outstanding.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All warrants are classified in equity, according to
the Company’s </span>significant <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">accounting policy</span>.</div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of June 30, 2021, the number of common shares that can potentially be issued under each outstanding warrant are:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; margin-left: auto; margin-right: auto;">
<tr>
<td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Warrant</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares to be issued upon</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">exercise of remaining</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">warrants</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class A</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">47,916</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class B</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: middle;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">415,845</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class D</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">273,046</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class E</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: middle;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,732,713</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Jelco Warrants</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,285,714</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Representative Warrants</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">123,406</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13,878,640</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Class A Warrants and Class B Warrants are listed on the Nasdaq Capital Market under the symbols “SHIPW” and “SHIPZ”,
respectively.</div>
44150000
1.70
75055000
69971000
7986913
1
0.70
955730
0.0001
7986913
7986913
955730
4285714
1
1
1
1
3000000
4285714
7986913
7986913
0.70
5591000
32163715
22515000
8732713
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of June 30, 2021, the number of common shares that can potentially be issued under each outstanding warrant are:</div>
<div><br/>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; margin-left: auto; margin-right: auto;">
<tr>
<td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Warrant</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Shares to be issued upon</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">exercise of remaining</div>
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">warrants</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class A</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">47,916</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class B</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: middle;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">415,845</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class D</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">273,046</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Class E</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: middle;">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">8,732,713</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Jelco Warrants</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: middle; background-color: rgb(204, 238, 255);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,285,714</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Representative Warrants</div>
</td>
<td style="width: 4%; vertical-align: bottom;"> </td>
<td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">123,406</div>
</td>
<td style="width: 1%; vertical-align: bottom; white-space: nowrap;"> </td>
</tr>
<tr>
<td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Total</div>
</td>
<td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> </td>
<td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
<div style="text-align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">13,878,640</div>
</td>
<td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> </td>
</tr>
</table>
47916
415845
273046
8732713
4285714
123406
13878640
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">11.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Interest and Finance Costs:</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span> </div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Interest and finance costs are analyzed as follows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: &quot; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold;">June 30,</span><br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> 2021</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> 2020</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Interest on long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">4,026</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">5,774</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes interest expense</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,071</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Amortization of deferred finance fees and debt discounts</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,702</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">349</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Amortization of deferred finance fees and debt discounts (shares issued to third party - non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">174</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">184</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes amortization of deferred finance fees and debt discount (non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,238</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">152</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">8,363</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">6,472</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div style="text-align: justify;"><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest and finance costs-related party are analyzed as follows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: &quot; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom">June 30,</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: #000000 solid 2px;" valign="bottom"> 2021</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: #000000 solid 2px;" valign="bottom"> 2020</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Interest expense long term debt related party</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">944</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes interest expense</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,321</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes amortization of deferred finance fees and debt discount (non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">2,416</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Amortization of deferred finance fees and debt discounts (shares issued to related party - non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">118</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">4,799</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
<span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Interest and finance costs are analyzed as follows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: &quot; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;" valign="bottom"><span style="font-weight: bold;">June 30,</span><br/>
</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> 2021</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> 2020</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Interest on long-term debt and other financial liabilities</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">4,026</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">5,774</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes interest expense</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,071</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Amortization of deferred finance fees and debt discounts</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,702</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">349</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Amortization of deferred finance fees and debt discounts (shares issued to third party - non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">174</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">184</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes amortization of deferred finance fees and debt discount (non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,238</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Other</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">152</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">165</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">8,363</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">6,472</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
4026000
5774000
1071000
0
1702000
349000
174000
184000
1238000
0
152000
165000
8363000
6472000
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Interest and finance costs-related party are analyzed as follows:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: &quot; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;" valign="bottom">June 30,</td>
<td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td rowspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: #000000 solid 2px;" valign="bottom"> 2021</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" rowspan="1" style="text-align: center; font-weight: bold; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; text-align: center; font-weight: bold; border-bottom: #000000 solid 2px;" valign="bottom"> 2020</td>
<td colspan="1" rowspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Interest expense long term debt related party</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">944</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes interest expense</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">1,321</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Convertible notes amortization of deferred finance fees and debt discount (non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">2,416</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Amortization of deferred finance fees and debt discounts (shares issued to related party - non-cash)</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">118</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Total</div>
</td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-family: 'Times New Roman';" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">4,799</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td>
</tr>
</table>
0
944000
0
1321000
0
2416000
0
118000
0
4799000
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">12.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Earnings/(Loss) per Share:</span></div>
</td>
</tr>
</table>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
</span></div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The calculation of net income/(loss) per common share is summarized below:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="6" style="vertical-align: bottom;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> June 30,</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> 2021</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Basic:</div>
</td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">640</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(19,629</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Weighted average common shares outstanding – basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">137,590,311</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,588,854</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss) per common share – basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.01</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2.05</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Diluted:</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">640</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(19,629</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Weighted average common shares outstanding – basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">137,590,311</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,588,854</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Warrants</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,857,844</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Non-vested equity incentive shares</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">844,725</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Weighted average common shares outstanding – diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">143,292,880</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,588,854</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss) per common share – diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.01</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2.05</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of June 30, 2021, securities that could potentially dilute basic EPS in the future that were not included in the computation of
diluted EPS, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date (Note 10), calculated with the treasury stock method, as well as shares
assumed to be converted with respect to the convertible notes (Note 7) calculated with the if-converted method. As of June 30, 2020, securities that could potentially dilute basic LPS in the future that were not included in the computation of
diluted LPS, because to do so would have anti-dilutive effect, were any incremental shares of non-vested equity incentive plan shares (Note 13) and of unexercised warrants (Note 10), both calculated with the treasury stock method, as well as
shares assumed to be converted with respect to the convertible notes (Note 7) calculated with the if-converted method.</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The calculation of net income/(loss) per common share is summarized below:</div>
<div><br/>
</div>
<table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;">
<tr>
<td style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="6" style="vertical-align: bottom;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> June 30,</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: top; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> 2021</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom">
<div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">2020</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Basic:</div>
</td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td>
<td colspan="2" style="vertical-align: top;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">640</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(19,629</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Weighted average common shares outstanding – basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">137,590,311</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,588,854</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss) per common share – basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.01</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2.05</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Diluted:</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss)</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">640</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(19,629</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Weighted average common shares outstanding – basic</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">137,590,311</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,588,854</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Warrants</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4,857,844</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Non-vested equity incentive shares</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">844,725</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">-</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; white-space: nowrap;" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Weighted average common shares outstanding – diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">143,292,880</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom"> </td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">9,588,854</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;" valign="bottom"> </td>
</tr>
<tr>
<td style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom">
<div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Net income/(loss) per common share – diluted</div>
</td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">0.01</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td>
<td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" valign="bottom"> </td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">$</div>
</td>
<td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(2.05</div>
</td>
<td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom">
<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">)</div>
</td>
</tr>
</table>
640000
-19629000
137590311
9588854
0.01
-2.05
640000
-19629000
137590311
9588854
4857844
0
844725
0
143292880
9588854
0.01
-2.05
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">13.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Equity
Incentive Plan:</span></div>
</td>
</tr>
</table>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
</span></div>
<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On January
18, 2021, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 4,000,000 shares. The same date, the Compensation Committee granted an aggregate of 3,600,000
restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 3,600,000 shares issued, 1,400,000 shares were
granted to the non-executive members of the board of directors, 950,000 were granted to the executive officers, 1,100,000 shares were granted to certain of the Company’s non-executive employees and 150,000 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $0.81. All the shares will vest in equal tranches on each of the grant date, October 1, 2021 and October 1, 2022. The related expense for shares granted
to the Company’s board of directors and certain of its employees for the six-month periods ended June 30, 2021 and 2020, amounted to $1,850
and $578, respectively, and is included under general and administration expenses. The related expense for shares granted to
non-employees for the six-month periods ended June 30, 2021 and 2020</span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">, amounted to $81 and
$11, respectively, and is included under voyage expenses</span>.</span> </div>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The unrecognized cost for the non-vested shares granted to the Company’s Board of Directors and certain of its employees as of June 30,
2021 and December 31, 2020 amounted to $1,063 and $119, respectively. On June 30, 2021, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s board of directors and its
other employees not yet recognized is expected to be recognized is 1.5 years.</div>
4000000
3600000
1400000
950000
1100000
150000
0.81
1850000
578000
81000
11000
1063000
119000
P1Y6M
<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
<tr style="vertical-align: top;">
<td style="vertical-align: top; width: 36pt;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">14.</span></div>
</td>
<td style="align: left; vertical-align: top; width: auto;">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Subsequent Events</span></div>
</td>
</tr>
</table>
<div><br/>
</div>
<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In July 2021, the Company obtained a commitment
letter from Alpha Bank S.A. for a loan facility of up to $13,000, in order to finance part of the acquisition cost of the
2009-built Capesize </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Friendship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">. The interest rate
is LIBOR plus 3.25% p.a., and the term of the loan is four years. The facility will be repaid through four quarterly installments of $700
followed by twelve quarterly
installments of $375 and a balloon of $5,700 payable together with the last installment. The new loan facility will be structured as an additional loan tranche in the existing Alpha Bank facility secured by the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lordship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Squireship</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> and the </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leadership</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</span></div>
<div><br/>
</div>
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">In July 2021, the Company took delivery of the 176,952 dwt Capesize bulk carrier, built in 2009 in Japan, which was renamed </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-style: italic; color: rgb(0, 0, 0);">Friendship</span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> (Note 5).</span><span style="font-size: 12pt; font-family: 'Times New Roman',Times,serif;"> </span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The acquisition of the vessel was financed with cash on hand.</span></div>
<div><br/></div>
<div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On August 2, 2021, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common
stock reserved for issuance under the Plan to 3,500,000 shares. The same date, the Compensation Committee granted an aggregate
of 3,100,000 restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 3,100,000 shares issued, 1,300,000
shares were granted to the non-executive members of the board of directors, 885,000 were granted to the executive officers, 790,000 shares were granted to certain of the Company’s non-executive employees and 125,000 shares were granted to the sole director of the Company’s commercial manager, a non-employee and another non-employee. The fair value of each share on the grant date was $1.02. All the shares will vest in equal tranches on each of the grant date, October 1, 2021 and October 1, 2022.</div>
13000000
0.0325
P4Y
4
quarterly
700000
12
quarterly
375000
5700000
176952
3500000
3100000
3100000
1300000
885000
790000
125000
1.02