SEANERGY MARITIME HOLDINGS CORP.
(Registrant)
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Dated: March 15, 2016
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/s/ Stamatis Tsantanis
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By: Stamatis Tsantanis
Chief Executive Officer
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Vessel Name
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Vessel Class
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Capacity (in DWT)
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Year Built
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Yard
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Leadership
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Capesize
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171,199
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2001
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Koyo – Imabari
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Geniuship
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Capesize
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170,057
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2010
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Sungdong SB
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Gloriuship
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Capesize
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171,314
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2004
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Hyundai HI
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Squireship
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Capesize
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170,018
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2010
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Sungdong SB
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Championship
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Capesize
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179,238
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2011
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Sungdong SB
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Premiership
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Capesize
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170,024
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2010
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Sungdong SB
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Gladiatorship
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Supramax
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56,819
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2010
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CSC Jinling Shipyard
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Guardianship
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Supramax
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56,884
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2011
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CSC Jinling Shipyard
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Total / Average
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1,145,553
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7.3 Years
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Q4 2015
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Q4 2014
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FY 2015
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FY 2014
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Ownership days (1)
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560
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-
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776
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268
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Available days (2)
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508
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-
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724
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268
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Operating days (3)
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409
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-
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598
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142
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Fleet utilization (4)
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73.0%
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N/A
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77.1%
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53.0%
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TCE rate (5)
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$5,034
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N/A
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$6,232
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$5,014
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Daily Vessel Operating Expenses (6)
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$5,011
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N/A
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$5,428
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$3,754
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(1) | Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period. |
(2) | Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the year ended December 31, 2015, the Company incurred 52 off-hire days for vessel surveys. |
(3) | Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire for any reason, including off-hire days between successive voyages, as well as other unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. In the three months ended December 31, 2015, the company incurred 99 off-hire days between voyages and zero off-hires due to other unforeseen circumstances. In the twelve months ended December 31, 2015, the company incurred 126 off-hire days between voyages and zero off-hires due to other unforeseen circumstances. |
(4) | Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period. |
(5) | TCE rate is defined as our net revenue less voyage expenses during a period divided by the number of our operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. We include TCE rate, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with net revenues from vessels, the most directly comparable US GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies. The following table reconciles our net revenues from vessels to TCE rate. |
Q4 2015
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Q4 2014
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FY 2015
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FY 2014
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|||||||||||||
Net revenues from vessels
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6,822
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-
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11,223
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2,010
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||||||||||||
Less: Voyage expenses
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4,763
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-
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7,496
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1,298
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Net operating revenues
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2,059
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-
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3,727
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712
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Operating days
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409
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N/A
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598
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142
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TCE rate
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5,034
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N/A
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6,232
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5,014
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(6) | Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Vessel operating expenses before pre-delivery expenses exclude one-time pre-delivery and pre-joining expenses associated with initial crew manning and supply of stores of Company's vessels upon delivery. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses before pre-delivery expenses by ownership days for the relevant time periods. We include daily vessel operating expenses, a non-GAAP measure, as we believe it provides additional meaningful information in conjunction with vessel operating expenses, the most directly comparable US GAAP measure, because it assists our management in making decisions regarding the assessment of our vessels' operational performance. Our calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles our vessel operating expenses to daily vessel operating expenses. |
Q4 2015
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Q4 2014
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FY 2015
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FY 2014
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Vessel operating expenses
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3,722
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-
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5,639
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1,006
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Less: Pre-delivery expenses
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916
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-
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1,427
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-
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Vessel operating expenses before pre-delivery expenses
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2,806
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-
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4,212
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1,006
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Ownership days
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560
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N/A
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776
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268
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Daily Vessel Operating Expenses
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5,011
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N/A
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5,428
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3,754
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2015
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2014
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ASSETS
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Cash and restricted cash
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3,354
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2,873
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Vessels, net
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199,840
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-
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Other assets
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6,158
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395
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TOTAL ASSETS
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209,352
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3,268
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Bank debt
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177,505
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-
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Convertible promissory note
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134
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-
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Due to related parties
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-
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105
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Other liabilities
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8,429
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487
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Stockholders' equity
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23,284
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2,676
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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209,352
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3,268
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Three months ended
December 31,
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Twelve months ended
December 31,
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2015
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2014
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2015
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2014
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Revenues:
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Vessel revenue, net
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6,822
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-
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11,223
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2,010
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Expenses:
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Voyage expenses
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(4,763
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)
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-
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(7,496
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)
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(1,298
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)
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Vessel operating expenses
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(3,722
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)
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-
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(5,639
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)
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(1,006
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)
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Management fees
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(229
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)
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-
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(336
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)
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(122
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)
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General and administrative expenses
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(917
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)
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(999
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)
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(2,874
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)
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(3,296
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)
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Depreciation and amortization
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(1,561
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)
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(3
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)
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(1,903
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)
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(3
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)
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Gain on restructuring
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-
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-
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-
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85,563
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Loss on bad debts
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(30
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)
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-
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(30
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)
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(38
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)
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Operating (loss) income
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(4,400
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)
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(1,002
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)
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(7,055
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)
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81,810
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Other income (expense):
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Interest and finance costs, net
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(1,433
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)
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(246
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)
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(1,859
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)
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(1,463
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)
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Other, net
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(18
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)
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(8
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)
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(42
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)
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1
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|||||||||
Total other expenses, net:
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(1,451
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)
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(254
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)
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(1,901
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)
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(1,462
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)
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Net (loss) income
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(5,851
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)
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(1,256
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)
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(8,956
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)
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80,348
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|||||||||
Net (loss) income per common share, basic and diluted
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(0.31
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)
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(0.40
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)
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(0.83
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)
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30.06
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|||||||||
Weighted average number of common shares outstanding, basic and diluted
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18,614,657
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3,109,159
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10,773,404
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2,672,950
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