Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 279

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 279
---
:
In

accordance

with

ASC

842-40,

in

a

sale

and

leaseback

transaction

the
Company,

as seller-lessee, determines

whether the transfer

of the

asset is

a sale

under ASC 606.
For a sale

to have occurred, the

control of the asset

would need to be

transferred to the buyer

and
the

buyer

would

need

to

obtain

substantially

all

the

benefits

from

the

use

of

the

asset.

Sale

and
leaseback transactions,

which include

an obligation for

the Company, as seller-lessee,

to repurchase
the

asset,

or

other

situations

where

the

leaseback

would

be

classified

as

a

finance

lease,

are
determined to

be failed

sales under

ASC 842-40.

In these

cases, the

Company does

not derecognize
the asset from its balance sheet and accounts for any amounts

received as financial liability.
k)
Property and equipment:
The Company owns the

land and building where

its offices are

located.
The Company also owns other plots

acquired for office use (Note 7). Land is stated at cost, and it is
not

subject to

depreciation. The

building has

an estimated

useful life

of
55 years
with
no
residual
value. Furniture, office equipment and vehicles have a useful life of
5 years, except for a car owned
by the Company, which has a

useful life of
10 years. Computer software

and hardware have

a useful
life of
three years. Depreciation is calculated on a straight-line basis.
l)
Impairment of

Long-Lived Assets:
Long-lived assets

are reviewed

for impairment

whenever events
or

changes

in

circumstances

(such

as

market

conditions,

obsolescence

or

damage

to

the

asset,
potential sales and

other business plans)

indicate that the

carrying amount of

an asset may

not be
recoverable. When impairment

indicators are identified and

the estimate of

undiscounted projected
net operating

cash flows,

excluding interest

charges, expected

to be

generated by

the use

of an