as of december 31 , 2004 , the company 's fleet included seven liquefied petroleum gas ( `` lpg `` ) carriers , four containerships and two multipurpose seariver vessels . each of the company 's vessels is owned by a separate wholly owned subsidiary of the company . the company generally employs its vessels on time charter , bareboat charter or spot charter . with time charters , the company receives a fixed charterhire per on-hire day and is responsible for meeting all the operating expenses of the vessels , such as crew costs , voyage expenses , insurance , repairs and maintenance . in the case of bareboat charters , the company receives a fixed charterhire per day for the vessel and the charterer is responsible for all the costs associated with the vessel 's operation during the bareboat charter period . in the case of voyage charters , the vessel is contracted only for a voyage between two ports : the company is paid for the cargo transported and pays all voyage costs . in all chartering arrangements , both shipowner and charterer will generally employ the services of one or more brokers , who are paid a commission on the total value of the daily charterhire or a lump sum payable under the charter party or contract . the level of the company 's revenues and expenses will vary from year to year depending on , inter alia , the number of vessels controlled by the company during each year and the charter rates of those vessels . shipping markets in 2004 , the market recovery accelerated in the small pressurised lpg sector . charter rates have increased substantially since december 31 , 2003 and the company is slowly able to take advantage of such better rates as the existing charters come for renewal . management feels that market strength will remain strong for the next twelve months . the company owns six small fully pressurised lpg carriers . the market for vlgc ( very large gas carrier ) was also quite strong in 2004 ; however , the company 's very large lpg carrier is fixed on a long-term charter until september 2006. vessel values of the lpg ships have also increased substantially and are currently as a whole in excess of book value . in january 2005 , the company received appraisals for its gas fleet from leading independent shipbrokers , which estimated the total gas fleet at approximately $ 60.7 million . in 2004 , the market for containerships remained very strong . market rates are substantially in excess of the current charter rates of the company 's container vessels . high freight rates and limited tonnage supply have also significantly driven up the prices of the second-hand containerships . to take advantage of this strong market , the container vessels were sold in january 2005 ( see subsequent events ) . accumulated deficit . as of december 31 , 2004 , the company 's accumulated deficit was $ 20,792,717. this amount consisted of total accumulated losses ( net of accumulated profits ) of $ 12,096,873 since the company 's inception and dividends declared of $ 8,695,844 over the same period . an additional $ 5,477,561 of dividends were paid and accounted for as a reduction of paid-in capital over the same period . the majority of such dividends were paid prior to 1994 when the company was a self-liquidating fund with a dividend policy based on cash flow generation . as a result of the company 's accumulated deficit position , the stock dividend declared and issued in 2004 was accounted for as a reduction in additional paid-in capital . 10 results of operations for the years ended december 31 , 2004 and december 31 , 2003 significant events during 2004 on may 13 , 2004 , the vlasov group sold all of its 4,168,000 shares of common stock of mc shipping ( approximately 47.78 % ) to v. investments and navalmar . as of may 14 , 2004 , v. investments limited , v. ships group ltd. , v holdings limited , greysea limited , close securities limited , close investment partners limited , navalmar ( uk ) limited , bogazzi fimpar spa , and enrico bogazzi filed a joint form 13d to report that they might be deemed to have shared beneficial ownership of 4,308,790 common shares , which represented approximately 49.39 % of the common stock outstanding . following the purchase of additional shares in the open market by navalmar in the later part of 2004 , v. investments and navalmar control now over 50 % of the outstanding stock of the company . as a result of the above , a number of changes took place in management and the board of directors of the company ( see item 10 - directors and executive officers of the registrant ) and the company incurred significant non-recurring general and administrative expenses ( see below : costs and expenses ) . on october 11 , 2004 , the company entered into a $ 45,000,000 long-term debt agreement with fortis bank in order to refinance all of its outstanding debt including its 11.25 % senior notes due 2008. following the prepayment of its debt , the company recorded a net loss on extinguishment of debt of $ 1,107,369 in the 4 th quarter of 2004 ( see note 5. long term debt ) . the refinancing is expected to provide substantial interest expenses savings in the next few years . story_separator_special_tag interest income totalled $ 110,603 in 2003 , a decrease from interest income of $ 127,559 in 2002. the decrease in interest earnings was due to the reduction in the general level of interest rates and lower cash balances . in 2003 , the company repurchased notes having a total face value of $ 7,000,000 and recorded a gain of $ 2,620,477 on the transaction . in 2002 , the company repurchased notes having a total face value of $ 180,000 and recorded a gain of $ 94,598 on the transactions . the repurchased notes have been retired . the company recognised a $ 1,785,253 gain on the sale of four container vessels in july 2003 . 15 net income the net income for the year ended december 31 , 2003 was $ 3,091,155 as compared to a net income of $ 2,241,906 , for the year ended december 31 , 2002. impact of inflation management believes that inflation did not have a material impact upon the company 's business during the year ended december 31 , 2003. critical accounting policies and estimates the preparation of the company 's financial statements in accordance with accounting principles generally accepted in the united states requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . the following is a discussion of the accounting policies applied by the company that are considered to involve a higher degree of judgment in their application . in accordance with sfas 144 `` accounting for the impairment or disposal of long-lived assets `` , the company 's vessels are regularly reviewed for impairment . the company performs the impairment valuations at the individual vessel level pursuant to paragraph 10 of sfas 144. to consider whether there is an impairment indicator , the company compares the book value and the market value of each vessel at the end of each quarterly reporting period . at year end , the market value used by the company is equal to the average of the appraisals provided by two leading independent shipbrokers . appraisals are based on the technical specifications of each vessel , but are not based on a physical inspection of the vessel . at quarter end , the market values are assessed by the president on the basis of market information , shipping newsletters , sale of comparable vessels reported in the press , informal discussions with shipbrokers or unsolicited proposals received from third parties for the vessels . whenever a vessel market value is above its book value , the company considers there is no indication of impairment . whenever a vessel market value is below its book value , the company considers there is a potential impairment and performs a recoverability test . the company estimates the undiscounted future cash flows attributable to the vessel in order to determine if the book value of such vessel is recoverable . the assumptions used to determine whether the sum of undiscounted cash flows expected to result from the use and eventual disposition of the vessel exceeds the carrying value involve a considerable degree of judgment on the part of management . actual results could differ from those estimates , which could have a material effect on the recoverability of the vessels . the most significant assumptions are : - the time of final disposal corresponds to the estimated useful life of the vessel : 25 years for a container vessel or 30 years for a gas vessel . these assumptions are identical to the ones used for depreciation purposes . - the estimated value at time of disposal is the estimated scrapping price , calculated as lightweight of the vessel in tons times a certain price per ton , conservatively estimated by management relative to market price . - the projected increase in costs and in revenues is equal to the current inflation rate . - the charter rates used in such computations are estimated by the president on the basis of past historical rates and modulated by his assessment of current and expected future economic and industry trends . they are subjective as they correspond to the company 's best estimate of an average long term rate . 16 - the maintenance of the vessel is estimated at one dry-dock every 2.5 years , alternating intermediate and special survey dry-docks , - days on hire are estimated at a level consistent with the company 's on-hire statistics ( see - revenues - results of operations - management discussion and analysis section ) . if the book value of the vessel exceeds the estimated undiscounted future cash flows attributable to the vessel , the company recognizes an impairment loss equal to the excess of the book value over the market value as defined above . story_separator_special_tag the company has issued a guarantee in relation to the fortis loan ( see note 5 to the consolidated financial statements in item 8 ) . off-balance sheet financial arrangements the company had no off-balance sheet financial arrangements as of december 31 , 2004. contingencies in june 2001 , the company sold the 1984-built container vessel maersk tampa to a non-affiliated company with the maersk charter attached . the buyer had the option to give the vessel back on charter to the company in november 2004 for 12 months at a daily rate of $ 17,900 , then a second option in november 2005 for a period of 6 months at a daily rate of $ 17,500. the first option was not exercised . the aggregate amount of the company 's commitment under the second option is approximately $ 3,182,000 as follows : 2005 $ 542,000 2006 $ 2,640,000 total $ 3,182,000 these amounts do not take into consideration any revenues the company would earn from chartering out the vessel to

liquidity and sources of capital liquidity the company had $ 11,629,896 in cash available on december 31 , 2004 as compared to $ 16,446,582 at december 31 , 2003. in addition , on december 31 , 2004 , deposits totalling $ 5,000,000 ( december 31 , 2003 - $ 615,455 ) were pledged to guarantee the company 's performance under the fortis loan agreement . this $ 5,000,000 deposit was released by the bank on january 20 , 2005 following the prepayment of $ 15,000,000 under the fortis loan ( see subsequent events ) . it should be noted that $ 1,255,280 were deposited in vessel operating accounts which are directly operated by the vessel technical managers ( $ 2,005,913 in 2003 ) . the ratio of current assets to current liabilities decreased from 1.79 at december 31 , 2003 to 1 . 18 at december 31 , 2004. the decrease is due for the most part to increase in the current portion of long-term debt , following the refinancing of the company 's existing debt in october 2004 ( see note 5. long term debt ) . investing activities the company did not sell or buy any vessels in 2004. operating activities the company generatedcash flows from operations of $ 6,521,090 in 2004 compared to $ 5,086,297 in 2003. in 2004 , the company dry-docked three vessels for a total cost of $ 368,579. in 2003 , the company dry-docked 8 vessels for a total cost of $ 4.8 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and sources of capital liquidity the company had $ 11,629,896 in cash available on december 31 , 2004 as compared to $ 16,446,582 at december 31 , 2003. in addition , on december 31 , 2004 , deposits totalling $ 5,000,000 ( december 31 , 2003 - $ 615,455 ) were pledged to guarantee the company 's performance under the fortis loan agreement . this $ 5,000,000 deposit was released by the bank on january 20 , 2005 following the prepayment of $ 15,000,000 under the fortis loan ( see subsequent events ) . it should be noted that $ 1,255,280 were deposited in vessel operating accounts which are directly operated by the vessel technical managers ( $ 2,005,913 in 2003 ) . the ratio of current assets to current liabilities decreased from 1.79 at december 31 , 2003 to 1 . 18 at december 31 , 2004. the decrease is due for the most part to increase in the current portion of long-term debt , following the refinancing of the company 's existing debt in october 2004 ( see note 5. long term debt ) . investing activities the company did not sell or buy any vessels in 2004. operating activities the company generatedcash flows from operations of $ 6,521,090 in 2004 compared to $ 5,086,297 in 2003. in 2004 , the company dry-docked three vessels for a total cost of $ 368,579. in 2003 , the company dry-docked 8 vessels for a total cost of $ 4.8 million .
```    
 Suspicious Activity Report : as of december 31 , 2004 , the company 's fleet included seven liquefied petroleum gas ( `` lpg `` ) carriers , four containerships and two multipurpose seariver vessels . each of the company 's vessels is owned by a separate wholly owned subsidiary of the company . the company generally employs its vessels on time charter , bareboat charter or spot charter . with time charters , the company receives a fixed charterhire per on-hire day and is responsible for meeting all the operating expenses of the vessels , such as crew costs , voyage expenses , insurance , repairs and maintenance . in the case of bareboat charters , the company receives a fixed charterhire per day for the vessel and the charterer is responsible for all the costs associated with the vessel 's operation during the bareboat charter period . in the case of voyage charters , the vessel is contracted only for a voyage between two ports : the company is paid for the cargo transported and pays all voyage costs . in all chartering arrangements , both shipowner and charterer will generally employ the services of one or more brokers , who are paid a commission on the total value of the daily charterhire or a lump sum payable under the charter party or contract . the level of the company 's revenues and expenses will vary from year to year depending on , inter alia , the number of vessels controlled by the company during each year and the charter rates of those vessels . shipping markets in 2004 , the market recovery accelerated in the small pressurised lpg sector . charter rates have increased substantially since december 31 , 2003 and the company is slowly able to take advantage of such better rates as the existing charters come for renewal . management feels that market strength will remain strong for the next twelve months . the company owns six small fully pressurised lpg carriers . the market for vlgc ( very large gas carrier ) was also quite strong in 2004 ; however , the company 's very large lpg carrier is fixed on a long-term charter until september 2006. vessel values of the lpg ships have also increased substantially and are currently as a whole in excess of book value . in january 2005 , the company received appraisals for its gas fleet from leading independent shipbrokers , which estimated the total gas fleet at approximately $ 60.7 million . in 2004 , the market for containerships remained very strong . market rates are substantially in excess of the current charter rates of the company 's container vessels . high freight rates and limited tonnage supply have also significantly driven up the prices of the second-hand containerships . to take advantage of this strong market , the container vessels were sold in january 2005 ( see subsequent events ) . accumulated deficit . as of december 31 , 2004 , the company 's accumulated deficit was $ 20,792,717. this amount consisted of total accumulated losses ( net of accumulated profits ) of $ 12,096,873 since the company 's inception and dividends declared of $ 8,695,844 over the same period . an additional $ 5,477,561 of dividends were paid and accounted for as a reduction of paid-in capital over the same period . the majority of such dividends were paid prior to 1994 when the company was a self-liquidating fund with a dividend policy based on cash flow generation . as a result of the company 's accumulated deficit position , the stock dividend declared and issued in 2004 was accounted for as a reduction in additional paid-in capital . 10 results of operations for the years ended december 31 , 2004 and december 31 , 2003 significant events during 2004 on may 13 , 2004 , the vlasov group sold all of its 4,168,000 shares of common stock of mc shipping ( approximately 47.78 % ) to v. investments and navalmar . as of may 14 , 2004 , v. investments limited , v. ships group ltd. , v holdings limited , greysea limited , close securities limited , close investment partners limited , navalmar ( uk ) limited , bogazzi fimpar spa , and enrico bogazzi filed a joint form 13d to report that they might be deemed to have shared beneficial ownership of 4,308,790 common shares , which represented approximately 49.39 % of the common stock outstanding . following the purchase of additional shares in the open market by navalmar in the later part of 2004 , v. investments and navalmar control now over 50 % of the outstanding stock of the company . as a result of the above , a number of changes took place in management and the board of directors of the company ( see item 10 - directors and executive officers of the registrant ) and the company incurred significant non-recurring general and administrative expenses ( see below : costs and expenses ) . on october 11 , 2004 , the company entered into a $ 45,000,000 long-term debt agreement with fortis bank in order to refinance all of its outstanding debt including its 11.25 % senior notes due 2008. following the prepayment of its debt , the company recorded a net loss on extinguishment of debt of $ 1,107,369 in the 4 th quarter of 2004 ( see note 5. long term debt ) . the refinancing is expected to provide substantial interest expenses savings in the next few years . story_separator_special_tag interest income totalled $ 110,603 in 2003 , a decrease from interest income of $ 127,559 in 2002. the decrease in interest earnings was due to the reduction in the general level of interest rates and lower cash balances . in 2003 , the company repurchased notes having a total face value of $ 7,000,000 and recorded a gain of $ 2,620,477 on the transaction . in 2002 , the company repurchased notes having a total face value of $ 180,000 and recorded a gain of $ 94,598 on the transactions . the repurchased notes have been retired . the company recognised a $ 1,785,253 gain on the sale of four container vessels in july 2003 . 15 net income the net income for the year ended december 31 , 2003 was $ 3,091,155 as compared to a net income of $ 2,241,906 , for the year ended december 31 , 2002. impact of inflation management believes that inflation did not have a material impact upon the company 's business during the year ended december 31 , 2003. critical accounting policies and estimates the preparation of the company 's financial statements in accordance with accounting principles generally accepted in the united states requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . the following is a discussion of the accounting policies applied by the company that are considered to involve a higher degree of judgment in their application . in accordance with sfas 144 `` accounting for the impairment or disposal of long-lived assets `` , the company 's vessels are regularly reviewed for impairment . the company performs the impairment valuations at the individual vessel level pursuant to paragraph 10 of sfas 144. to consider whether there is an impairment indicator , the company compares the book value and the market value of each vessel at the end of each quarterly reporting period . at year end , the market value used by the company is equal to the average of the appraisals provided by two leading independent shipbrokers . appraisals are based on the technical specifications of each vessel , but are not based on a physical inspection of the vessel . at quarter end , the market values are assessed by the president on the basis of market information , shipping newsletters , sale of comparable vessels reported in the press , informal discussions with shipbrokers or unsolicited proposals received from third parties for the vessels . whenever a vessel market value is above its book value , the company considers there is no indication of impairment . whenever a vessel market value is below its book value , the company considers there is a potential impairment and performs a recoverability test . the company estimates the undiscounted future cash flows attributable to the vessel in order to determine if the book value of such vessel is recoverable . the assumptions used to determine whether the sum of undiscounted cash flows expected to result from the use and eventual disposition of the vessel exceeds the carrying value involve a considerable degree of judgment on the part of management . actual results could differ from those estimates , which could have a material effect on the recoverability of the vessels . the most significant assumptions are : - the time of final disposal corresponds to the estimated useful life of the vessel : 25 years for a container vessel or 30 years for a gas vessel . these assumptions are identical to the ones used for depreciation purposes . - the estimated value at time of disposal is the estimated scrapping price , calculated as lightweight of the vessel in tons times a certain price per ton , conservatively estimated by management relative to market price . - the projected increase in costs and in revenues is equal to the current inflation rate . - the charter rates used in such computations are estimated by the president on the basis of past historical rates and modulated by his assessment of current and expected future economic and industry trends . they are subjective as they correspond to the company 's best estimate of an average long term rate . 16 - the maintenance of the vessel is estimated at one dry-dock every 2.5 years , alternating intermediate and special survey dry-docks , - days on hire are estimated at a level consistent with the company 's on-hire statistics ( see - revenues - results of operations - management discussion and analysis section ) . if the book value of the vessel exceeds the estimated undiscounted future cash flows attributable to the vessel , the company recognizes an impairment loss equal to the excess of the book value over the market value as defined above . story_separator_special_tag the company has issued a guarantee in relation to the fortis loan ( see note 5 to the consolidated financial statements in item 8 ) . off-balance sheet financial arrangements the company had no off-balance sheet financial arrangements as of december 31 , 2004. contingencies in june 2001 , the company sold the 1984-built container vessel maersk tampa to a non-affiliated company with the maersk charter attached . the buyer had the option to give the vessel back on charter to the company in november 2004 for 12 months at a daily rate of $ 17,900 , then a second option in november 2005 for a period of 6 months at a daily rate of $ 17,500. the first option was not exercised . the aggregate amount of the company 's commitment under the second option is approximately $ 3,182,000 as follows : 2005 $ 542,000 2006 $ 2,640,000 total $ 3,182,000 these amounts do not take into consideration any revenues the company would earn from chartering out the vessel to

