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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the quarterly period ended June 30, 2007.
 or
 o
    
    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the transition period from               to               .
 Commission File Number: 001-33690
 Seanergy Maritime Corp.
  Republic of Marshall Islands
    
    98-0529217(State or Other Jurisdiction of 
Incorporation or Organization)
    
    (I.R.S. Employer
Identification No.)
 
  
  
  o þ
  o o þ
 þ o




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Explanatory Note
 This Form 10-Q for the quarterly period ended June 30, 2007 is being timely
filed in accordance with Rule 13a-13 under the Securities Exchange Act of1934, which allows timely filing of a quarterly report within 45 days of effectiveness of a registration statement. The Registration Statement of Seanergy Maritime Corp. with respect to its initial public offering was declared effective by the Securities and Exchange Commission on September 24, 2007.




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Seanergy Maritime Corp. Index to Form 10-Q
 PART I.
    
    Financial InformationItem 1. Condensed Financial Statements (Unaudited)
    
    
    2Condensed Balance Sheets
    
    
    2Condensed Statements of Operations (Unaudited)
    
    
    3Condensed Statement of Stockholders Equity (Unaudited)
    
    
    4Condensed Statements of Cash Flows (Unaudited)
    
    
    5Notes to Condensed Financial Statements (Unaudited)
    
    
    6Item 2. Managements Discussion and Analysis of Financial
Condition and Results of Operations
    
    
    13Item 3. Quantitative and Qualitative Disclosures About
Market Risk
    
    
    17Item 4. Controls and Procedures
    
    
    17PART II.
    
    Other InformationItem 5. Unregistered Sales of Equity Securities and Use
of Proceeds
    
    
    18Item 6. Exhibits
    
    
    19SIGNATURESEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATION




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ITEM 1. CONDENSED FINANCIAL STATEMENTS (Unaudited)
 SEANERGY MARITIME CORP.
 
 CONDENSED BALANCE SHEETS
 June 30,
    
    
    December 31,2007
    
    
    2006(Unaudited)ASSETSCurrent assets:Cash
    
    $
    126,909
    
    
    $
    355,938Prepaid expenses and other current assets
    
    
    5,000
    
    
    
    20,000Total current assets
    
    
    131,909
    
    
    
    375,938Deferred offering costs
    
    
    961,412
    
    
    
    256,253Total assets
    
    $
    1,093,321
    
    
    $
    632,191LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accrued expenses, principally legal fees
    
    $
    615,569
    
    
    $
    184,753Accrued interest payable to shareholders
    
    
    9,637
    
    
    
    824Due to shareholders
    
    
    
    
    
    
    75,986Notes payable to shareholders
    
    
    450,986
    
    
    
    350,000Total current liabilities
    
    
    1,076,192
    
    
    
    611,563Commitments
and contingenciesShareholders equity:Preferred stock, $0.0001 par value; authorized
 1,000,000 shares; issued  none
    
    
    
    
    
    
    Common stock, $0.0001 par value; authorized 
89,000,000 shares; issued and outstanding 
5,500,000 shares at June 30, 2007 and 7,264,893
shares at December 31, 2006
    
    
    550
    
    
    
    726Additional paid-in capital
    
    
    24,450
    
    
    
    24,274Deficit accumulated during the development stage
    
    
    (7,871
    )
    
    
    (4,372
    )Total shareholders equity
    
    
    17,129
    
    
    
    20,628Total liabilities and shareholders equity
    
    $
    1,093,321
    
    
    $
    632,191
 See accompanying notes to condensed financial statements
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SEANERGY MARITIME CORP.
 
 CONDENSED STATEMENTS OF OPERATIONS (Unaudited)
 ThreeMonthsEndedJune  30,2007
    
    

SixMonthsEndedJune 30,2007
    
    
Period
fromAugust 15,2006(Inception)
toJune 30,2007(Cumulative)Operating expenses
    
    $
    (405
    )
    
    $
    (675
    )
    
    $
    (5,251
    )Interest income
    
    
    2,213
    
    
    
    5,989
    
    
    
    7,017Interest expense  shareholders
    
    
    (4,497
    )
    
    
    (8,813
    )
    
    
    (9,637
    )Net loss
    
    $
    (2,689
    )
    
    $
    (3,499
    )
    
    $
    (7,871
    )Net loss per common share  basic and diluted
    
    $
    (0.00
    )
    
    $
    (0.00
    )Weighted average number of common shares
outstanding  basic and diluted
    
    
    5,500,000
    
    
    
    5,997,290
 See accompanying notes to condensed financial statements
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SEANERGY MARITIME CORP.
 
 CONDENSED STATEMENT OF STOCKHOLDERS EQUITY (Unaudited)
 Deficit AccumulatedCommon Stock
    
    
    Additional Paid -
    
    
    During the
    
    
    Total ShareholdersShares
    
    
    Amount
    
    
    in Capital
    
    
    Development Stage
    
    
    EquityBalance, August 15, 2006 (Inception)
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    Sale of shares to founding
shareholders at $0.0034 per share
    
    
    7,264,893
    
    
    
    726
    
    
    
    24,274
    
    
    
    
    
    
    
    25,000Net loss for the period from August
15, 2006 (Inception) to December
31, 2006
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,372
    )
    
    
    (4,372
    )Balance, December 31, 2006
    
    
    7,264,893
    
    
    
    726
    
    
    
    24,274
    
    
    
    (4,372
    )
    
    
    20,628Shares surrendered and cancelled
    
    
    (1,764,893
    )
    
    
    (176
    )
    
    
    176
    
    
    
    
    
    
    
    Net loss for the six months ended
June 30, 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,499
    )
    
    
    (3,499
    )Balance, June 30, 2007 (Unaudited)
    
    
    5,500,000
    
    
    $
    550
    
    
    $
    24,450
    
    
    $
    (7,871
    )
    
    $
    17,129
 See accompanying notes to condensed financial statements
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SEANERGY MARITIME CORP.
 
 CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
 Period fromAugust 15,Six
    
    
    2006Months
    
    
    (Inception) toEnded
    
    
    June 30,June 30,
    
    
    20072007
    
    
        (Cumulative)Cash flows from operating activitiesNet loss
    
    $
    (3,499
    )
    
    $
    (7,871
    )Adjustments to reconcile net loss to net cash provided
by (used in) operating activities:Changes in operating assets and liabilities:(Increase) decrease in Prepaid expenses
    
    
    15,000
    
    
    
    (5,000
    )Increase (decrease) in Accrued expenses
    
    
    (3,500
    )
    
    
    Accrued
interest payable to shareholders
    
    
    8,813
    
    
    
    9,637Net cash provided by (used in) operating activities
    
    
    16,814
    
    
    
    (3,234
    )Cash flows from financing activitiesProceeds from initial sale of common stock
    
    
    
    
    
    
    25,000Payments of offering costs
    
    
    (270,843
    )
    
    
    (345,843
    )Proceeds of loans from shareholders
    
    
    
    
    
    
    350,000Advances from shareholders, net
    
    
    25,000
    
    
    
    100,986Net cash provided by (used in) financing activities
    
    
    (245,843
    )
    
    
    130,143Net increase (decrease) in cash
    
    
    (229,029
    )
    
    
    126,909Cash at beginning of period
    
    
    355,938
    
    
    
    Cash at end of period
    
    $
    126,909
    
    
    $
    126,909Cash paid for:Interest
    
    $
    
    
    
    $
    Income taxes
    
    $
    
    
    
    $
    Supplemental disclosure of non-cash financing activity:Increase in
deferred and accrued offering costs
    
    $
    430,816
    
    
    $
    612,069Shareholder advances converted to notes payable
    
    $
    100,986
    
    
    $
    100,986Par value of common stock surrendered and cancelled
    
    $
    176
    
    
    $
    176
 See accompanying notes to condensed financial statements
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SEANERGY MARITIME CORP.
 
 NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited)
 June 30, 2007 (Unaudited) and December 31, 2006
 1.
    
    Basis of Presentation
   2.
    
    Organization, Proposed Business Operations and Summary of Significant Accounting Policies
 Nature of Operations
    6




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Cash Equivalents and Concentrations of Credit Risk
    Share-Based Payments
  Recent Accounting Pronouncements
  7




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Adoption of New Accounting Policy
  Loss Per Common Share
  Income Taxes
  8




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Use of Estimates
  Fair Value of Financial Instruments
  Foreign Currency Translation
    3.
    
    Private Placement and Public Offering
  9




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10




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11




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4.
    
    Deferred Offering Costs
  5.
    
    Notes Payable and Due to Shareholders
   6.
    
    Common Stock
    7.
    
    Preferred Stock
  12




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8.
    
    Commitments and Contingencies
    
 ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
 Forward Looking Statements
  13




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Overview
  Recent Accounting Pronouncements
    Adoption of New Accounting Policy
  Critical Accounting Policies and Estimates
   14




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Income Taxes
   Use of Estimates
  Results of Operations
 Three
Months Ended June 30, 2007
  Six
Months Ended June 30, 2007
  15




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Liquidity and Capital Resources
    16




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Off-Balance Sheet Arrangements
  
 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 ITEM 4. CONTROLS AND PROCEDURES
  17




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PART II  OTHER INFORMATION
 
 ITEM 5. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
     18




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ITEM 6. EXHIBITS
 Exhibit No.
    
    Description31.1
    
    Certification of the Chief Executive Officer (Principal
Executive Officer) pursuant to Rule 13a-14(a) of the
Securities Exchange Act, as amended31.2
    
    Certification of the Chief Financial Officer and (Principal
Accounting Officer) pursuant to Rule 13a-14(a) of the
Securities Exchange Act, as amended32.1
    
    Certification of the Chief Executive Officer (Principal
Executive Officer) and Chief Financial Officer (Principal
Accounting Officer) pursuant to 18 U.S.C. 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 .
 19




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SIGNATURES
  SEANERGY MARITIME CORP.November 7, 2007
    By:
    /s/ Panagiotis ZafetPanagiotis ZafetChief Executive Officer and Co-Chairman of the Board 20