Paragon Shipping Inc. Balance Sheet

Balance Sheet FYE: 31-Dec

Assets	12/31/2007
Cash & Short Term Investments	31.33
Receivables - Total	0.64
Inventories - Total	0.80
Total Current Assets	33.43
Net Property, Plant & Equipment	615.11
Total Assets	659.47
Liabilities
Accounts Payable	9.62
Debt in Current Liabilities	9.00
Total Current Liabilities	21.80
Long-Term Debt	310.96
Total Liabilities	383.84
Stockholder's Equity
Minority Interest	NA
Preferred Stock	NA
Common Stock	0.03
Retained Earnings	-28.80
Treasury Stock	NA
Total Stockholders' Equity	275.64
Total Liabilities and Stockholders' Equity	659.47