FORM 6-K/A

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of August 2014

Commission File Number: 000-50859

TOP SHIPS INC.
(Translation of registrant's name into English)

1 VAS. SOFIAS & MEG.
ALEXANDROU STREET
151 24, MAROUSSI
ATHENS, GREECE
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ]     Form 40-F [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.



INFORMATION CONTAINED IN THIS FORM 6-K REPORT

This Amendment No. 1 to the Report on Form 6-K of Top Ships Inc. (the "Company") originally furnished to the U.S. Securities and Exchange Commission on August 7, 2014 (the "Original Form 6-K") is being furnished solely to amend and restate the financial results for the second quarter and first half of 2014 announced in the press release attached to the Original Form 6-K as Exhibit 99.1.

The Company has revised its classification of the warrants issued on June 11, 2014 and outstanding as at June 30, 2014. The Company's preliminary view taken on the presentation of these warrants was to account for the warrants as equity instruments. In connection with issuing the Company's interim condensed financial statements for the period ended June 30, 2014 and the review procedures performed by the Company's auditors, it was deemed appropriate to revisit the preliminary view and to revise the classification of these warrants from equity into a liability that is adjusted to fair value each period through earnings. The effect on the Company's previously announced financial information can be summarized as follows:

Financial position as at June 30, 2014:
• Increase in the non-current liabilities of financial instrument by $7.2 million
• Decrease in additional paid in capital by $6.5 million
• Increase in accumulated deficit by $0.7 million

Result of operations for the three and six months ended June 30, 2014:
• Increase in net loss on financial instruments and net loss by $0.7 million

Earnings per Share for the three and six months ended June 30, 2014:
• Six months ended June 30, 2014:
· Decrease in basic EPS from $0.04/share to ($0.06)/share
· Decrease in diluted EPS from $0.02/share to ($0.06)/share
• Three months ended June 30, 2014:
· Decrease in basic EPS from $0.02/share to ($0.04)/share
· Decrease in diluted EPS from $0.02 /share to ($0.04)/share
As the loss incurred on recognizing the change in fair value of the warrants represent a non-cash item, there is no effect on the previously announced cash flow from operations.



The following table presents the Company's current fleet and employment profile:
 Name Deadweight Exposed Delivery Charterer Charter
Duration		 Gross Rate fixed period/optionss
 
M/T Eships Taweelah
    
50.000
    
Delivered June 2014
  
Stena Weco  A/S
3+1+1 years
$16,200 / $17,200 / $18,000
Hull No S407 (tbn Ecomaxx)
    
50.000
      
Q1 2015
  
Stena Weco A/S
3+1+1 years
$16,200 / $17,200 / $18,000
Hull No S418 (tbn Ecofleet)
    
39.000
      
Q3 2015
  
BP Shipping Ltd UK
3+1+1 years
$15,200 / $16,000 / $16,750
Hull No S419 (tbn Eco Revolution)
    
39.000
      
Q1 2016
  
BP Shipping Ltd UK
3+1+1 years
$15,200 / $16,000 / $16,750
Hull No S414 (tbn Ecotank)
    
50.000
      
Q2 2016
  
Stena Weco  A/S
3+1+1 years
$16,200 / $17,200 / $18,000
Hull No S417 (tbn Ecoship)
    
50.000
      
Q3 2016
  
DS Norden  A/S
5+1+1 years
$16,800 / $17,600 / $18,400

Outstanding Indebtedness
As of June 30, 2014, the Company had total indebtedness under senior secured and unsecured credit facilities with its lenders of $20.1 million maturing in 2024.


The following tables reflect the Company's amended and restated financial results for the second quarter and first half of 2014.



TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thousands of U.S. Dollars - except share and per share data)

 
  
Three Months Ended
    
Six Months Ended
  
 
  
June 30,
    
June 30,
  
 
  
2013
    
2014
    
2013
    
2014
  
REVENUES:
  
   
   
   
 
 
  
   
   
   
 
Revenues
  
$
6,763
    
$
170
    
$
14,237
    
$
619
  
 
                                
EXPENSES:
                                
 
                                
Voyage expenses
    
197
      
5
      
393
      
11
  
Vessel operating expenses
    
41
      
30
      
41
      
30
  
Vessel depreciation
    
2,022
      
39
      
4,043
      
39
  
Management fees-related parties
    
144
      
10
      
302
      
43
  
Other operational income
    
-
      
(361
)
    
-
      
(361
)
General and administrative expenses
    
654
      
191
      
1,085
      
535
  
 
                                
Operating income
    
3,705
      
256
      
8,373
      
322
  
 
                                
OTHER INCOME (EXPENSES):
                                
 
                                
Interest and finance costs
    
(2,127
)
    
(57
)
    
(4,039
)
    
(101
)
Net loss on financial instruments
    
9
      
(680
)
    
(60
)
    
(680
)
Interest income
    
25
      
12
      
54
      
49
  
Other, net
    
148
      
-
      
158
      
(5
)
 
                                
Total other expenses, net
    
(1,945
)
    
(725
)
    
(3,887
)
    
(737
)
 
                                
Net income / (loss) and comprehensive income / (loss)
  
$
1,760
    
$
(469
)
  
$
4,486
    
$
(415
)
 
                                
Earnings / (loss) per common share, basic and diluted
  
$
0.72
    
$
(0.04
)
  
$
1.84
    
$
(0.06
)
 
                                
Weighted average common shares outstanding, basic
    
2,434,683
      
10,463,900
      
2,432,907
      
6,867,971
  
 
                                
Weighted average common shares outstanding, diluted
    
2,435,754
      
10,463,900
      
2,433,978
      
6,867,971
  



TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2013 AND JUNE 30, 2014
 
(Expressed in thousands of U.S. Dollars - except share and per share data)

 
December 31,
June 30,
 
2013
2014
ASSETS
 
 
CURRENT ASSETS:
 
 
Cash and cash equivalents
 
9,706
 
13,643
Due from related parties
 
-
 
239
Inventories
 
-
 
390
Advances to various creditors
 
38
 
41
Prepayments and other
 
518
 
596
      Total current assets
 
10,262
 
14,909
 
 
 
 
 
FIXED ASSETS:
 
 
 
 
Advances for vessels acquisitions / under construction
 
14,400
 
22,301
Vessels, net
 
-
 
38,919
Other fixed assets, net
 
1,467
 
1,403
      Total fixed assets
 
15,867
 
62,623
 
 
 
 
 
OTHER NON CURRENT ASSETS:
 
 
 
 
Restricted cash
 
1,739
 
1,294
      Total assets
 
27,868
 
78,826
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
     Current portion of long-term debt
 
-
 
1,386
Current portion of financial instruments
 
 1,135
 
1,134
Due to related parties
 
807
 
597
Accounts payable
 
 2,082
 
2,007
Accrued liabilities
 
4,581
 
5,272
      Total current liabilities
 
8,605
 
10,396
 
 
 
 
 
NON-CURRENT LIABILITIES:
 
 
 
 
       Long-term debt
 
-
 
18,549
Financial instruments
 
562
 
7,157
Other non-current liabilities
 
3,906
 
3,506
 
 
 
 
 
      Total non-current liabilities
 
4,468
 
29,212
COMMITMENTS AND CONTINGENCIES
 
 
 
 
 
 
 
 
 
      Total liabilities
 
13,073
 
39,608
 
 
 
 
 
STOCKHOLDERS' EQUITY:
 
 
 
 
Preferred stock, $0.01 par value; 20,000,000 shares authorized; none issued
 
-
 
-
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 2,469,648,and 18,969,989  shares issued and outstanding at December 31, 2013 and June 30, 2014
 
25
 
190
Additional paid-in capital
 
293,453
 
318,126
Accumulated deficit
 
 (278,683)
 
(279,098)
      Total stockholders' equity
 
14,795
 
39,218
      Total liabilities and stockholders' equity
 
27,868
 
78,826



TOP SHIPS INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2014
(Expressed in thousands of U.S. Dollars)

 
 
 
 
Six months ended
June 30
 
 
 
 
2013
 
2014
Cash Flows provided by / (used in) Operating Activities:
 
Net income
 
4,486
 
(415)
 
Adjustments to reconcile net  income to net cash
 
 
 
 
 
provided by operating activities:
 
 
 
 
 
 
Depreciation of fixed assets including vessels and amortization of deferred financing fees
 
5,154
 
98
 
 
Translation gain of foreign currency denominated loan and unrealized foreign exchange differences
 
(29)
 
5
 
 
Stock-based compensation expense
 
88
 
-
 
 
Change in fair value of financial instruments
 
(1,387)
 
116
 
 
Loss on sale of other fixed assets
 
2
 
5
 
 
Gain on sale of vessels
 
(14)
 
-
 
(Increase) Decrease in:
 
 
 
 
 
      Trade accounts receivable
 
            (674)
 
-
 
      Inventories
 
-
 
(390)
 
      Due from related parties
 
-
 
(239)
 
      Advances to various creditors
 
                (1)
 
(3)
 
      Prepayments and other
 
                159
 
(78)
 
Increase (Decrease) in:
 
 
 
 
 
      Due to related Parties
 
            (568)
 
(798)
 
      Accounts payable
 
             164
 
(858)
 
      Other non-current liabilities
 
            (400)
 
(400)
 
      Accrued liabilities
 
                94
 
191
 
     Unearned revenue
 
            18
 
-
 
 
 
 
 
 
 
Net Cash provided by / (used in) Operating Activities
 
7,092
 
(2,766)
 
 
 
 
 
Cash Flows provided by / (used in) Investing Activities:
 
Net proceeds from sale of vessels
 
25,214
 
-
 
Advances for vessel acquisitions / under construction
 
-
 
(33,707)
 
Decrease in restricted cash
 
733
 
445
 
Net proceeds from sale of other fixed assets
 
50
 
-
 
 
 
 
 
 
 
Net Cash provided by / (used in) Investing Activities
 
25,997
 
(33,262)
 
 
 
 
 
Cash Flows (used in) / provided by Financing Activities:
 
Principal payments of debt
 
(7,676)
 
-
 
Prepayment of  debt
 
(24,364)
 
-
 
Payment of financing costs
 
(1,049)
 
(151)
 
Proceeds from long-term debt
 
-
 
20,125
 
Proceeds from the issuance of common shares, net
 
-
 
19,991
 
 
 
 
 
 
 
Net Cash (used in) / provided by Financing Activities
 
(33,089)
 
39,965
 
 
 
 
 
 
 
Net  increase in cash and cash equivalents
 
-
 
3,937
 
 
 
 
 
 
 
Cash and cash equivalents at beginning of period
 
-
 
9,706
 
 
 
 
 
 
 
Cash and cash equivalents at end of period
 
-
 
13,643



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


TOP SHIPS INC.
                                    (registrant)


Dated: August 14, 2014
 
By:
/s/ Evangelos J. Pistiolis
 
 
 
 
Evangelos J. Pistiolis
 
 
 
 
Chief Executive Officer