Exhibit 99.1
CAPITALIZATION
The following table sets forth our consolidated capitalization of FreeSeas Inc. as of December 31, 2010:
Dollars in thousands | ||||
Debt: | ||||
Long-term debt, current portion | $ | 23,022 | ||
Long-term debt, net of current portion | 97,437 | |||
Total debt (1) | $ | 120,459 | ||
Shareholders’ equity: | ||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, none issued | — | |||
Common stock, $0.001 par value; 250,000,000 shares authorized, 6,487,852 shares issued and outstanding | 6 | |||
Additional paid-in capital | 127,634 | |||
Retained earnings | (4,450 | ) | ||
Total shareholders’ equity | 123,190 | |||
Total capitalization | $ | 243,649 | ||
(1) | Total debt does not include the fair value of the derivative liabilities, which was $1.1 million as of December 31, 2010. |