Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | TOP SHIPS INC. |
Entity Central Index Key | 1,296,484 |
Trading Symbol | tops |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 8,640,174 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,589 | $ 127 |
Trade accounts receivable | 20 | 19 |
Prepayments and other | 364 | 864 |
Due from related parties | 34 | |
Inventories | 658 | 583 |
Prepaid bareboat charter hire | 1,656 | 1,657 |
Restricted cash | 1,270 | 1,257 |
Total current assets | 5,557 | 4,541 |
FIXED ASSETS: | ||
Vessels, net and advances for vessels under construction (Note 4) | 158,007 | 126,170 |
Other fixed assets, net | 1,101 | 1,161 |
Total fixed assets | 159,108 | 127,331 |
OTHER NON CURRENT ASSETS: | ||
Prepaid bareboat charter hire | 6,107 | 6,935 |
Investments in unconsolidated joint ventures (Note 13) | 11,200 | |
Restricted cash | 5,092 | 4,210 |
Derivative financial instruments (Note 11) | 202 | 300 |
Total non-current assets | 22,601 | 11,445 |
Total assets | 187,266 | 143,317 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 7) | 9,648 | 7,995 |
Outstanding amount | 3,776 | |
Debt from related parties (Note 7) | 4,085 | |
Due to related parties (Note 5) | 611 | 1,108 |
Accounts payable | 2,088 | 1,902 |
Accrued liabilities | 2,584 | 2,965 |
Unearned revenue | 852 | 1,978 |
Total current liabilities | 19,559 | 20,033 |
NON-CURRENT LIABILITIES: | ||
Derivative financial instruments (Note 11) | 2,028 | 3,563 |
Non-current portion of long term debt (Note 7) | 89,321 | 72,459 |
Non-current portion of debt from related parties (Note 7) | 2,447 | |
Total non-current liabilities | 93,796 | 76,022 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
Total liabilities | 113,355 | 96,055 |
MEZZANINE EQUITY: | ||
Preferred stock; 2,106 and 446 Series B shares issued and outstanding at December 31, 2016 and June 30, 2017 with $0.01 par value (Note 12) | 369 | 1,741 |
EQUITY: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized;, 0 and 100,000 Series D shares authorized, issued and outstanding at December 31, 2016 and June 30, 2017 | ||
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 18,964 and 8,640,174 shares issued and outstanding at December 31, 2016 and June 30, 2017 (Note 9) | 86 | |
Additional paid-in capital (Note 9) | 361,411 | 328,762 |
Accumulated deficit | (289,088) | (283,241) |
Total stockholders' equity | 73,542 | 45,521 |
Non-controlling Interests | 1,133 | |
Total equity | 73,542 | 45,521 |
Total liabilities and equity | $ 187,266 | $ 143,317 |
Unaudited Interim Condensed Co3
Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 8,640,174 | 18,964 |
Common stock, shares outstanding (in shares) | 8,640,174 | 18,964 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 446 | 2,106 |
Preferred stock, shares outstanding (in shares) | 446 | 2,106 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 100,000 | 0 |
Preferred stock, shares outstanding (in shares) | 100,000 | 0 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Unaudited Interim Condensed Co4
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 18,982 | $ 11,627 |
EXPENSES: | ||
Voyage expenses | 496 | 301 |
Bareboat charter hire expenses | 3,115 | 3,132 |
Amortization of prepaid bareboat charter hire | 829 | 789 |
Other vessel operating expenses | 6,596 | 4,445 |
Vessel depreciation (Note 4) | 2,790 | 1,228 |
Management fees-related parties (Note 5) | 3,126 | 764 |
Other operating gain, net | (914) | |
General and administrative expenses | 3,502 | 1,117 |
Operating loss | (558) | (149) |
OTHER INCOME (EXPENSES): | ||
Interest and finance costs (including $143 and $1,225, respectively to related party) (Note 7) | (7,457) | (774) |
Gain on financial instruments, net (Note 11) | 1,057 | 1,220 |
Debt forgiveness (Note 7) | 1,118 | |
Other, net | 2 | (7) |
Total other income/(loss), net | (5,280) | 439 |
Net income/(loss) and comprehensive income/(loss) | (5,838) | 290 |
Common stock holders | (5,847) | 290 |
Non-controlling interests | $ 9 | |
Earnings/(loss) per common share, basic and diluted (Note 10) (in dollars per share) | $ (17.32) | $ 0.08 |
Weighted average common shares outstanding, basic and diluted (in shares) | 337,138 | 11,422 |
Unaudited Interim Condensed Co5
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/(Loss) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and finance costs, related party | $ 1,225 | $ 143 |
Unaudited Interim Condensed Co6
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member]Series C Convertible Preferred Stock [Member] | Preferred Stock [Member]Series B Convertible Preferred Stock [Member] | Preferred Stock [Member]Series D Convertible Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member]Series C Convertible Preferred Stock [Member] | Common Stock [Member]Series B Convertible Preferred Stock [Member] | Common Stock [Member]Series D Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member]Series C Convertible Preferred Stock [Member] | [1] | Additional Paid-in Capital [Member]Series B Convertible Preferred Stock [Member] | [1] | Additional Paid-in Capital [Member]Series D Convertible Preferred Stock [Member] | [1] | Additional Paid-in Capital [Member] | Retained Earnings [Member]Series C Convertible Preferred Stock [Member] | Retained Earnings [Member]Series B Convertible Preferred Stock [Member] | Retained Earnings [Member]Series D Convertible Preferred Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member]Series C Convertible Preferred Stock [Member] | Noncontrolling Interest [Member]Series B Convertible Preferred Stock [Member] | Noncontrolling Interest [Member]Series D Convertible Preferred Stock [Member] | Noncontrolling Interest [Member] | Series C Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Total | |||||
Balance at Jun. 30, 2016 | [1] | $ 322,591 | $ (284,003) | $ 38,588 | ||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2015 | 6,926,000 | |||||||||||||||||||||||||||||||
Balance at Dec. 31, 2015 | [1] | 318,446 | (284,293) | 34,153 | ||||||||||||||||||||||||||||
Net income | [1] | 290 | 290 | |||||||||||||||||||||||||||||
Stock-based compensation (in shares) | 229,000 | |||||||||||||||||||||||||||||||
Common shares issued in exchange of assumption of Delos Termination Fee (in shares) | 4,519,000 | |||||||||||||||||||||||||||||||
Common shares issued in exchange of assumption of Delos Termination Fee | [1] | 3,796 | 3,796 | |||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants (in shares) | 167,000 | |||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants | [1] | 140 | 140 | |||||||||||||||||||||||||||||
Stock-based compensation | [1] | 209 | 209 | |||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2016 | 11,841,000 | |||||||||||||||||||||||||||||||
Balance at Jun. 30, 2017 | $ 86 | [1] | 361,411 | [1] | (289,088) | $ 1,133 | 73,542 | |||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2016 | 18,964 | |||||||||||||||||||||||||||||||
Balance at Dec. 31, 2016 | [1] | 328,762 | [1] | (283,241) | 45,521 | |||||||||||||||||||||||||||
Net income | [1] | [1] | (5,847) | 9 | (5,838) | |||||||||||||||||||||||||||
Issuance of common stock pursuant to convertible related party loans (Note 7) | [1] | 2,040 | [1] | 2,040 | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to convertible related party loans (Note 7) (in shares) | 2,590 | |||||||||||||||||||||||||||||||
Series C convertible preferred stock's beneficial conversion feature (Note 7) | [1] | $ 7,500 | $ 7,500 | |||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants (in shares) | 1,429 | |||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants | [1] | 487 | [1] | 487 | ||||||||||||||||||||||||||||
Stock-based compensation | [1] | (8) | [1] | (8) | ||||||||||||||||||||||||||||
Excess of consideration over acquired assets | [1] | (9,309) | [1] | (9,309) | ||||||||||||||||||||||||||||
Cancellation of fractional shares due to reverse stock splits (in shares) | (4) | |||||||||||||||||||||||||||||||
Issuance of common stock pursuant to the Common Stock Purchase Agreement (Note 9) (in shares) | 2,090,961 | |||||||||||||||||||||||||||||||
Issuance of common stock pursuant to the Common Stock Purchase Agreement (Note 9) | $ 21 | [1] | 28,602 | [1] | 28,623 | |||||||||||||||||||||||||||
Issuance of common stock pursuant to Series C convertible preferred shares conversions (Note 9) (in shares) | 100,000 | 6,502,903 | 23,331 | |||||||||||||||||||||||||||||
Issuance of common stock pursuant to Series C convertible preferred shares conversions (Note 9) | $ 65 | [1] | [1] | [1] | $ 3,088 | $ 1,372 | $ 1 | $ 3,153 | $ 1,372 | $ 1 | ||||||||||||||||||||||
Additional paid-in capital attributed to non-controlling interests | $ (1,124) | [1] | $ (1,124) | |||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2017 | 100,000 | 8,640,174 | ||||||||||||||||||||||||||||||
[1] | Adjusted to reflect the reverse stock splits effected in May and June (see Note 9) |
Unaudited Interim Condensed Co7
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net Cash provided by/(used in) Operating Activities | $ (1,206) | $ 1,938 |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction | (48,753) | |
Vessel acquisitions (Note 1 and 4) | (43,755) | |
Investments in unconsolidated joint ventures (Note 13) | (11,200) | |
(Increase in restricted cash | (895) | (2,490) |
Sale of other fixed assets, net | 29 | |
Net Cash used in Investing Activities | (55,850) | (51,214) |
Cash Flows from Financing Activities: | ||
Proceeds from debt (Note 7) | 23,350 | 45,385 |
Amount drawn | 34,200 | |
Proceeds from related party debt (Note 7) | 2,958 | 3,200 |
Principal payments of debt (Note 7) | (4,560) | (1,500) |
Prepayment of related party debt (Note 7) | (4,085) | |
Proceeds from issuance of Series C convertible preferred stock (Note 9) | 7,500 | |
Proceeds from warrant exercises (Note 9) | 513 | 140 |
Equity offerings costs | (409) | |
Payment of financing costs | (949) | (63) |
Net Cash provided by Financing Activities | 58,518 | 47,162 |
Net (decrease)/increase in cash and cash equivalents | 1,462 | (2,114) |
Cash and cash equivalents at beginning of year | 127 | 2,668 |
Cash and cash equivalents at end of the period | 1,589 | 554 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Capital expenditures included in Accounts payable/Accrued liabilities | 367 | 787 |
Interest paid net of capitalized interest | 2,303 | 286 |
Finance fees included in Accounts payable/Accrued liabilities | 3 | 78 |
Offering expenses included in liabilities | 719 | 515 |
Shares issued as consideration for the assumption of liabilities | 3,796 | |
Equity Offering of Common Stock to Settle Notes [Member] | ||
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Shares issued as consideration for the assumption of liabilities | 29,306 | |
Stock Issued in Exchange for Converting Debt, Interest & Finance Fees [Member] | ||
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Shares issued as consideration for the assumption of liabilities | $ 4,238 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation and General Information: The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, May 2004 December 2007, As of June 30, 2017, not Companies Date of Incorporation Country of Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Shipowning Companies with vessels in operation during six June 30, 2017 Date of Country of Vessel 1 Monte Carlo 71 June 2014 Marshall Islands M/T Stenaweco Energy (acquired June 2014), January 2015 2 Monte Carlo One Shipping Company Ltd June 2012 Marshall Islands M/T Stenaweco Evolution (acquired March 2014), March 2015 3 Monte Carlo Seven Shipping Company Limited April 2013 Marshall Islands M/T Stenaweco Excellence (acquired March 2014) 4 Monte Carlo Lax Shipping Company Limited May 2013 Marshall Islands M/T Nord Valiant (acquired March 2014) 5 Monte Carlo 37 September 2013 Marshall Islands M/T Eco Fleet (acquired March 2014) 6 Monte Carlo 39 December 2013 Marshall Islands M/T Eco Revolution (acquired March 2014 ) 7 Astarte International Inc April 2017 Marshall Islands Hull No 2648 As of June 30, 2017, 90% Shipowning Company Date of Country of Vessel 1 Eco Seven Inc. February 2017 Marshall Islands M/T Stenaweco Elegance (acquired February 20, 2017) As of June 30, 2017, 50% Shipowning Companies Date of Country of Vessel 1 City of Athens Inc. November 2016 Marshall Islands Hull No 443 2 Eco Nine Inc. March 2015 Marshall Islands Hull No 444 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not 20 December 31, 2016, March 14, 2017. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six June 30, 2017 not December 31, 2017. On February 20, 2017, 40% $6,500, March 30, 2017, 9% $1,500. May 30, 2017, 41% $6,500, 90% 50,118 February 28, 2017. $16,500 first three $17,500 first $18,500 second On April 26, 2017, 100% $6,000. No 2648, 50,000 July 2018. The above transactions were approved by a special committee of the Company's board of directors, or the Transaction Committee, of which the majority of the directors were independent. In the course of its deliberations, the Transaction Committee hired and obtained a fairness opinions from an independent financial advisor. The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the net assets acquired is recognized as a reduction to the Company’s capital and presented as Excess of consideration over acquired assets in the Company’s consolidated statement of stockholders' equity for the six June 30, 2017. Consideration in cash 20,500 Less: Net assets of companies acquired 11,191 Excess of consideration over acquired assets 9,309 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies: A discussion of the Company's significant accounting policies can be found in the Company's annual financial statements for the fiscal year ended December 31, 2016 20 March 14, 2017. no six June 30, 2017, Debt Discount: 7 Investments in unconsolidated joint ventures: may Recent Accounting Pronouncements: In January 2017, 2017 01 not not December 15, 2017, 1 not 2 not No 2648. |
Note 3 - Going Concern
Note 3 - Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Going Concern [Text Block] | 3. Going Concern: As at June 30, 2017, $14,002, $6,282 twelve $11,975 8 twelve a) a $8,993 14 b) drawdowns under its unsecured credit line with Family Trading Inc (“Family Trading”) (see Note 7 June 30, 2017 $12,042, c) proceeds from share issuances from the Company’s Stock purchase agreement with Kalani Investments Inc. (“Kalani”), an unaffiliated company, which as of June 30, 2017 $10,739, d) cash from operations e) other sources such as funds from the Company’s major shareholder if required. Therefore, the unaudited interim condensed consolidated financial statements have been prepared on a going concern basis. |
Note 4 - Vessels, Net and Advan
Note 4 - Vessels, Net and Advances for Vessels Under Construction | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Vessels, net and advances for vessels under construction: The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: Vessel Cost and advances for vessel under construction Accumulated Depreciation Net Book Value Balance, December 31, 2016 130,185 (4,015 ) 126,170 — Acquisitions 34,508 (420 ) 34,088 — Advances for vessels under construction 119 - 119 — Depreciation charge for the period - (2,370 ) (2,370 ) Balance, June 30, 2017 164,812 (6,805 ) 158,007 On February 28, 2017, 50,118 March 5, 2017 $34,508 $33,935 $573 2648 50,000 April 26, 2017 ( 1 $119 July 2018. All of the Company's vessels, except for Hull No S443, No S444 No 2648, 7 |
Note 5 - Transactions With Rela
Note 5 - Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. Transactions with Related Parties: (a) Central Mare– Executive Officers and Other Personnel Agreements: September 1, 2010, The fees charged by Central Mare for the six June 30, 2016 2017 Six Month Period Ended June 30, 2016 2017 Presented in: Executive officers and other personnel expenses 330 1,200 General and administrative expenses - Statement of comprehensive Income/(Loss) Amortization of awarded shares 16 - Management fees - related parties - Statement of comprehensive Income/(Loss) Bonus - 1,500 General and administrative expenses - Statement of comprehensive Income/(Loss) Total 346 2,700 (b) Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements: March 10, 2014, March 10, 2014, June 18, 2014, January 1, 2017 April 24, 2017 The fees charged by and expenses relating to CSM for the periods ended June 30, 2016 2017 Six Months Ended June 30, 2016 2017 Presented in: Management fees 95 34 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 658 1,081 Management fees - related parties -Statement of comprehensive income/(loss) Supervision services fees 34 8 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 40 43 Vessel operating expenses -Statement of comprehensive income/(loss) 45 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 90 87 Management fees - related parties -Statement of comprehensive income/(loss) Financing fees 91 - Current and non-current portion of long-term debt – Balance sheet Commission for sale and purchase of vessels - 707 Management fees - related parties -Statement of comprehensive income/(loss) Commission on charter hire agreements 146 236 Voyage expenses - Statement of comprehensive Income/(Loss) Performance incentive fee - 1,250 Management fees - related parties -Statement of comprehensive income/(loss) Total 1,199 3,570 For periods ended June 30, 2016 2017, $491 $109 not (c) Vessel Acquisitions from affiliated entities: February 20 June 14, 2017 No 2648, 90% 50% No S443 S444 1, 4 13 |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 6. Leases A. Lease arrangements, under which the Company acts as the lessee Future minimum lease payments: The Company's future minimum lease payments required to be made after June 30, 2017, Year ending December 31, Bareboat Charter Lease Payments 2017 (remainder) 3,167 2018 6,282 2019 6,282 2020 6,299 2021 6,282 2022 1,034 Total 29,346 B. Lease arrangements, under which the Company acts as the lessor Charter agreements: In the period ended June 30, 2017, four two one June 30, 2017, Year ending December 31, Time Charter receipts 2017 (remainder) 20,074 2018 38,071 2019 26,514 2020 9,699 2021 3,814 Total 98,172 In arriving at the minimum future charter revenues, an estimated 20 no no |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt: a. Long-term debt ABN Facility On July 9, 2015, The Company drew down $21,000 July 13, 2015 $1,200 September 30, 2015.Furthermore, $22,200 January 15, 2016 $20,000 August 5, 2016 On April 21, 2017, 30% 30% 50% 9 July 28, 2017 30% no 50% As at June 30, 2017, $56,700. The ABN facility bears interest at LIBOR plus a margin of 3.90%, 3.75%. three June 30, 2017 1.30%. NORD/LB Facility On May 11, 2016, $23,185 The Company drew down $23,185 May 13, 2016 On May 16, 2017 December 31, 2017 20% 10%. As at June 30, 2017, $21,139. The NORD/LB facility bears interest at LIBOR plus a margin of 3.43%. three June 30, 2017 1.30%. Alpha Bank Facility On July 20, 2016, $23,350 12 $400 20 $303, May 2017, $12,500 February 2025. The Company drew down $23,350 February 24, 2017 The facility contains various covenants, including an asset cover ratio of 125% The facility is secured as follows: • First priority mortgage over M/T Stenaweco Elegance; • Assignment of insurance and earnings of the mortgaged vessel; • Specific assignment of any time charters with duration of more than 12 • Corporate guarantee of Top Ships Inc.; • Pledge of the shares of the shipowning subsidiary; • Pledge over the earnings account of the vessel. As at June 30, 2017, $22,950. The Alpha facility bears interest at LIBOR plus a margin of 3.50%. three June 30, 2017 1.30%. b. Short-term debt Series C preferred convertible shares On February 17, 2017, 7,500 $7,500 9 $7,500 $2,907 six June 30, 2017, June 30, 2017 $4,593. In the six June 30, 2017 Series C shares conversions into common stock (accounted for as repayments) Amounts June 27, 2017 550 June 29, 2017 1,517 June 30, 2017 748 Amount outstanding under the Series C shares 4,685 As of June 30, 2017 $4,685, $92 $4,593, Unsecured Notes From February 6 June 26, 2017 Agreement Amount Fees Interest Amount Amounts Outstanding Maturity Counterparty February 6, 2017 3,500 210 22 (3,500 ) - - May 15, 2017 Kalani March 22, 2017 5,000 200 7 (5,000 ) - - October 7, 2017 Kalani March 28, 2017 10,000 - 24 (10,000 ) - - August 25, 2017 Kalani April 5, 2017 7,700 - 42 (7,700 ) - - September 4, 2017 Kalani May 15, 2017 5,000 - 28 (3,106 ) (1,118 ) 776 August 23, 2017 Xanthe June 26, 2017 3,000 - 2 - - 3,000 October 24, 2017 Kalani 34,200 410 125 (29,306 ) (1,118 ) 3,776 As of June 30, 2017 $3,776 The proceeds from the sales of the Notes were used for vessel acquisitions. The Notes bear interest at a rate of 6% c. Long-term debt from related parties Amended Family Trading Credit Facility On December 23, 2015, $15,000 no December 31, 2016, December 31, 2017. December 28, 2016 January 31, 2017 January 27, 2017 February 28, 2017 On February 21, 2017, three 10% 9% 2.5% 5% first six no $3,500 80% twenty no $0.60 Further, in the case where the Company raises capital (whether publicly or privately) and the Applicable Price is higher than the lowest of (henceforth the "Issuance Price"): a. the price per share issued upon an equity offering of the Company; b. the exercise price of warrants or options for common shares; c. the conversion price of any convertible security into common shares; or d. the implied exchange price of the common shares pursuant to an asset to equity or liability to equity swap, , then the Applicable Price will be reduced to the Issuance Price. Finally, in case the Applicable Price is higher than the exercise price of the Company’s warrants, the Applicable Price will be reduced to the exercise price of such outstanding warrants. As of June 30, 2017, $2,958, $511, $40 $23 June 30, 2017 5,034,161 During the six June 30, 2017 Date Amount drawn / (repaid) January 2017 (995 ) February 2017 (3,036 ) May 2017 (54 ) June 2017 2,958 Total (1,127 ) The Company during the six June 30, 2017 2,590 $1,198 $842, |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies: Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may not From March 30, 2017 June 14, 2017 50% two No S443 No S444 100% one No 2648 $60,140, $13,708, $14,455 $31,977 No S443, No S444 No 2648 $11,975 2017 $48,165 2018. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not |
Note 9 - Common Stock, Addition
Note 9 - Common Stock, Additional Paid-in Capital and Dividends | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Common Stock, Additional Paid-In Capital and Dividends: A discussion of the Company's common stock, additional paid-in capital and dividends can be found in the Company's annual financial statements for the fiscal year ended December 31, 2016 20 March 14, 2017. Reverse stock split: May 11 June 23, 2017, 1 20 1 15 no Series C preferred convertible shares: February 17, 2017, 7,500 $7,500 two $1,125.00 75% twenty-one 21 no $0.25. may not 4.99% no 120% tenth first may 100% 8% not June 30, 2017 6,502,660 2,815 243 Series D preferred shares: May 8, 2017, 100,000 $1 not 1,000 no not $0.01 Common stock purchase agreement: February 2, 2017, may $40,341 24 no $606 No June 30, 2017, 1% $29,306 2,090,961 3,628 not six June 30, 2017, four Warrants: June 30 2017 1,429 274,265 June 30, 2017 2,399,141 June 6, 2014, 17,081,886 $0.35, may 2 not $1,125.00 75% twenty-one 21 no $0.25. |
Note 10 - (Loss) Earnings Per C
Note 10 - (Loss) Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. (Loss)/Earnings Per Common Share: All shares issued (including non-vested shares issued under the Company’s stock incentive plans) are the Company's common stock and have equal rights to vote and participate in dividends and in undistributed earnings. Non-vested shares do not For purposes of calculating diluted earnings per share the denominator of the diluted earnings per share calculation includes: · any incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding, · the potential dilution that could occur if warrants to issue common stock (see Note 9 · the potential dilution that could occur if Series B convertible preferred shares were converted, using the if-converted method weighted for the period the Series B convertible preferred shares were outstanding, · the potential dilution that could occur if Series C shares were converted (see Note 9 · the potential dilution that could occur if the outstanding balance of principal, interest and fees of the Family Trading facility were converted (see Note 7 · the potential dilution that could occur if the Company completes all sales pursuant to its Common stock purchase agreement, using the if-converted method, and · any shares granted and vested but not The components of the calculation of basic and diluted earnings per share for the periods ended June 30, 2016 2017 Six months ended June 30, 2016 2017 Income: Net income/(loss) 290 (5,838 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 3,426,780 337,138 Earnings/(Loss) per share, basic and diluted 0.08 (17.32 ) For the period ended June 30, 2016, no 5,273,820 June 30, 2016 not June 30, 2017 no |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 11. Financial Instruments: The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of short and long term loans, related party loans, accounts payable due to suppliers, amounts due from/to related parties, accrued liabilities, interest rate swaps, convertible preferred Shares and warrants granted to third a) Interest rate risk: three b) Credit risk: c) Fair value: The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash are considered Level 1 The fair value of bank debt approximates the recorded value due to its variable interest rate, being the LIBOR. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and, hence, bank loans are considered Level 2 The fair value of interest rate swaps is determined using a discounted cash flow method taking into account current and future interest rates and the creditworthiness of both the financial instrument counterparty and the Company and, hence, they are considered Level 2 The fair value of warrants is determined using the Cox, Ross and Rubinstein Binomial methodology and hence are considered Level 3 The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one three Level 1: Level 2: Level 3: not Interest rate swap agreements The Company has entered into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate credit facilities. These interest rate swap transactions fixed the interest rates based on predetermined ranges in LIBOR rates. The Company has entered into the following agreements with ABN Amro Bank and Nord/LB Bank relating to interest rate swaps, the details of which were as follows: Agreement Date Counterparty Effective (start) date: Termination Date: Notional amount on effective date Interest rate payable June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $16,575 1.4425% December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $20,700 2.0800% December 19, 2016 ABN Amro Bank December 21, 2016 August 10, 2022 $19,450 2.1250% March 29, 2017 NORD/LB Bank May 17, 2017 May 17, 2023 $21,139 2.1900% The fair value of the swaps was considered by the Company to be classified as Level 2 2 Warrant liability The Company's warrants outstanding as of December 31, 2016 June 30, 2017, June 30, 2017 2,399,141 June 11, 2014, Warrants Outstanding Warrant Shares Outstanding Term (years) Warrant Exercise Price* Fair Value – Liability 2,673,406 3,381,791 5 $1.97 3,222 * Applying the Variable Exercise Price as applicable at December 31, 2016 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Price Fair Value – Liability 2,399,141 17,081,886 5 $0.35 1,397 * Applying the Variable Exercise Price as applicable at June 30, 2017 Fair value of financial liabilities The following table presents the fair value of those financial assets and liabilities measured at fair value on a recurring basis and their locations on the accompanying consolidated balance sheets, analyzed by fair value measurement hierarchy level: Fair Value Measurement at Reporting Date As of December 31, 2016 Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Non-current asset 300 - 300 - Non-current liability 3,563 - 341 3,222 As of June 30, 2017 Non-current asset 202 - 202 - Non-current liability 2,028 - 631 1,397 The following table sets forth a summary of changes in fair value of the Company’s level 3 six June 30, 2017: Closing balance – December 31, 2016 3,222 Change in fair value of warrants, included in the consolidated statements of comprehensive income/(loss) (1,679 ) Adjustment for cashless exercise of warrants, included in Additional paid-in capital line item of consolidated balance sheets (146 ) Closing balance – June 30, 2017 1,397 Derivative Financial Instruments not The Company's interest rate swaps did not The major unobservable input in connection with the valuation of the Company’s warrants is the volatility used in the valuation model, which is approximated by using 2 2 June 30, 2017 169.16%. 5% 8.2% 3 Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at December 31, 2016 Fair Value at June 30, 2017 Balance Sheet Location Valuation Technique Significant Unobservable Input Value December 31, 2016 Value June 30, 2017 Warrants 3,222 1,397 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 104.70% 169.16% Information on the location and amounts of derivative financial instruments fair values in the balance sheet and derivative financial instrument losses in the statement of comprehensive income/(loss) are presented below: Amount of gain/(loss) recognized in Statement of comprehensive income/(loss) located in gain on Derivate Financial Instruments June 30, 2016 June 30, 2017 Interest rate swaps- change in fair value (156 ) (388 ) Interest rate swaps– realized loss - (234 ) Warrants- change in fair value 1,376 1,679 Total 1,220 1,057 |
Note 12 - Mezzanine Equity
Note 12 - Mezzanine Equity | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Mezzanine Equity [Text Block] | 12. Mezzanine Equity A discussion of the Company's Mezzanine equity can be found in the Company's annual financial statements for the fiscal year ended December 31, 2016 20 March 14, 2017. The following table summarizes the activity in mezzanine equity since December 31, 2016: Series B convertible preferred stock Total Balance December 31, 2016 1,741 Conversions of Series B convertible preferred stock to common stock (1,372) Balance June 30, 2017 369 During the period ended June 30, 2017 23,331 1,660 June 30, 2017 446 February 6 June 30, 2017. |
Note 13 - Investments in Uncons
Note 13 - Investments in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 13. Investments in unconsolidated joint ventures On March 30, 2017, 49% $4,200. No 443, 50,000 January 2018. March 30, 2017, 49% $3,500. No 444, 50,000 April 2018. June 14, 2017 1% $157 50% June 3 May 1, 2017 $1,495 $1,495 $353 On June 30, 2017 50% July 7, 2017 two three two 50% not 50% A condensed summary of the financial information for equity accounted investments 50% 100% June 30, 2017 City of Athens Eco Nine Current assets 37 37 Non-current assets 4,740 3,136 Current liabilities - - Long-term liabilities - - Net operating revenues - - Net loss (2 ) (18 ) |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. Subsequent Events On July 12, 2017, $3,060 $3,000, no November 7, 2017. On July 17, 2017, $23,500 No 2648, third 2017. 20 $325, three $17,000 4% 2% $8,993 No 2648 five five No 2648 August 2017 May 2018 8.5% 4.25% |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Debt Dsicount, Policy [Policy Text Block] | Debt Discount: 7 |
Investments in Unconsolidated Joint Ventures, Policy [Policy Text Block] | Investments in unconsolidated joint ventures: may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: In January 2017, 2017 01 not not December 15, 2017, 1 not 2 not No 2648. |
Note 1 - Basis of Presentatio23
Note 1 - Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration in cash 20,500 Less: Net assets of companies acquired 11,191 Excess of consideration over acquired assets 9,309 |
Note 4 - Vessels, Net and Adv24
Note 4 - Vessels, Net and Advances for Vessels Under Construction (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Vessel Cost and advances for vessel under construction Accumulated Depreciation Net Book Value Balance, December 31, 2016 130,185 (4,015 ) 126,170 — Acquisitions 34,508 (420 ) 34,088 — Advances for vessels under construction 119 - 119 — Depreciation charge for the period - (2,370 ) (2,370 ) Balance, June 30, 2017 164,812 (6,805 ) 158,007 |
Note 5 - Transactions With Re25
Note 5 - Transactions With Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Central Mare [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Six Month Period Ended June 30, 2016 2017 Presented in: Executive officers and other personnel expenses 330 1,200 General and administrative expenses - Statement of comprehensive Income/(Loss) Amortization of awarded shares 16 - Management fees - related parties - Statement of comprehensive Income/(Loss) Bonus - 1,500 General and administrative expenses - Statement of comprehensive Income/(Loss) Total 346 2,700 Six Months Ended June 30, 2016 2017 Presented in: Management fees 95 34 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 658 1,081 Management fees - related parties -Statement of comprehensive income/(loss) Supervision services fees 34 8 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 40 43 Vessel operating expenses -Statement of comprehensive income/(loss) 45 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 90 87 Management fees - related parties -Statement of comprehensive income/(loss) Financing fees 91 - Current and non-current portion of long-term debt – Balance sheet Commission for sale and purchase of vessels - 707 Management fees - related parties -Statement of comprehensive income/(loss) Commission on charter hire agreements 146 236 Voyage expenses - Statement of comprehensive Income/(Loss) Performance incentive fee - 1,250 Management fees - related parties -Statement of comprehensive income/(loss) Total 1,199 3,570 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Bareboat Charter Lease Payments 2017 (remainder) 3,167 2018 6,282 2019 6,282 2020 6,299 2021 6,282 2022 1,034 Total 29,346 |
Schedule of Future Minimum Time-Charter Receipts [Table Text Block] | Year ending December 31, Time Charter receipts 2017 (remainder) 20,074 2018 38,071 2019 26,514 2020 9,699 2021 3,814 Total 98,172 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Repayment of Convertible Debt [Table Text Block] | Series C shares conversions into common stock (accounted for as repayments) Amounts June 27, 2017 550 June 29, 2017 1,517 June 30, 2017 748 Amount outstanding under the Series C shares 4,685 |
Schedule of Increase (Decrease) In Line of Credit Facilities [Table Text Block] | Agreement Amount Fees Interest Amount Amounts Outstanding Maturity Counterparty February 6, 2017 3,500 210 22 (3,500 ) - - May 15, 2017 Kalani March 22, 2017 5,000 200 7 (5,000 ) - - October 7, 2017 Kalani March 28, 2017 10,000 - 24 (10,000 ) - - August 25, 2017 Kalani April 5, 2017 7,700 - 42 (7,700 ) - - September 4, 2017 Kalani May 15, 2017 5,000 - 28 (3,106 ) (1,118 ) 776 August 23, 2017 Xanthe June 26, 2017 3,000 - 2 - - 3,000 October 24, 2017 Kalani 34,200 410 125 (29,306 ) (1,118 ) 3,776 |
Schedule of Short-term Debt [Table Text Block] | Date Amount drawn / (repaid) January 2017 (995 ) February 2017 (3,036 ) May 2017 (54 ) June 2017 2,958 Total (1,127 ) |
Note 10 - (Loss) Earnings Per28
Note 10 - (Loss) Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Six months ended June 30, 2016 2017 Income: Net income/(loss) 290 (5,838 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 3,426,780 337,138 Earnings/(Loss) per share, basic and diluted 0.08 (17.32 ) |
Note 11 - Financial Instrumen29
Note 11 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Agreement Date Counterparty Effective (start) date: Termination Date: Notional amount on effective date Interest rate payable June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $16,575 1.4425% December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $20,700 2.0800% December 19, 2016 ABN Amro Bank December 21, 2016 August 10, 2022 $19,450 2.1250% March 29, 2017 NORD/LB Bank May 17, 2017 May 17, 2023 $21,139 2.1900% |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding Warrant Shares Outstanding Term (years) Warrant Exercise Price* Fair Value – Liability 2,673,406 3,381,791 5 $1.97 3,222 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Price Fair Value – Liability 2,399,141 17,081,886 5 $0.35 1,397 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date As of December 31, 2016 Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Non-current asset 300 - 300 - Non-current liability 3,563 - 341 3,222 As of June 30, 2017 Non-current asset 202 - 202 - Non-current liability 2,028 - 631 1,397 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Closing balance – December 31, 2016 3,222 Change in fair value of warrants, included in the consolidated statements of comprehensive income/(loss) (1,679 ) Adjustment for cashless exercise of warrants, included in Additional paid-in capital line item of consolidated balance sheets (146 ) Closing balance – June 30, 2017 1,397 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at December 31, 2016 Fair Value at June 30, 2017 Balance Sheet Location Valuation Technique Significant Unobservable Input Value December 31, 2016 Value June 30, 2017 Warrants 3,222 1,397 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 104.70% 169.16% |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of gain/(loss) recognized in Statement of comprehensive income/(loss) located in gain on Derivate Financial Instruments June 30, 2016 June 30, 2017 Interest rate swaps- change in fair value (156 ) (388 ) Interest rate swaps– realized loss - (234 ) Warrants- change in fair value 1,376 1,679 Total 1,220 1,057 |
Note 12 - Mezzanine Equity (Tab
Note 12 - Mezzanine Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Temporary Equity [Table Text Block] | Series B convertible preferred stock Total Balance December 31, 2016 1,741 Conversions of Series B convertible preferred stock to common stock (1,372) Balance June 30, 2017 369 |
Note 13 - Investments in Unco31
Note 13 - Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | June 30, 2017 City of Athens Eco Nine Current assets 37 37 Non-current assets 4,740 3,136 Current liabilities - - Long-term liabilities - - Net operating revenues - - Net loss (2 ) (18 ) |
Note 1 - Basis of Presentatio32
Note 1 - Basis of Presentation and General Information (Details Textual) | May 30, 2017USD ($) | Apr. 26, 2017USD ($)T | Mar. 30, 2017USD ($) | Feb. 28, 2017T | Feb. 20, 2017USD ($) | Jun. 30, 2017 |
M/T Stenaweco Elegance [Member] | ||||||
Size of Vessel | T | 50,118 | |||||
Hull 2648 [Member] | ||||||
Size of Vessel | T | 50,000 | |||||
ECO Seven, Inc. [Member] | ||||||
Vessel Delivery Rate, Charterer's First Optional Year | $ 17,500 | |||||
Vessel Delivery Rate, Charterer's Second Optional Year | 18,500 | |||||
Vessel Delivery Rate Per Day in the First Three Years | $ 16,500 | |||||
ECO Seven, Inc. [Member] | M/T Stenaweco Elegance [Member] | ||||||
Size of Vessel | T | 50,118 | |||||
ECO Seven, Inc. [Member] | Malibu [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 41.00% | 9.00% | 40.00% | |||
Business Combination, Consideration Transferred | $ 6,500,000 | $ 1,500,000 | $ 6,500,000 | |||
Astarte [Member] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Combination, Consideration Transferred | $ 6,000,000 | |||||
Astarte [Member] | Hull 2648 [Member] | ||||||
Size of Vessel | T | 50,000 | |||||
ECO Seven, Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 90.00% | |||||
City of Athens [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Eco Nine [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Note 1 - Basis of Presentatio33
Note 1 - Basis of Presentation and General Information - Excess of Consideration Over Acquired Assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Excess of consideration over acquired assets | $ (9,309) |
Astarte [Member] | |
Consideration in cash | 20,500 |
Less: Net assets of companies acquired | 11,191 |
Excess of consideration over acquired assets | $ 9,309 |
Note 3 - Going Concern (Details
Note 3 - Going Concern (Details Textual) $ in Thousands | 5 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Working Capital (Deficit) | $ (14,002) | $ (14,002) |
Commitments for Operating Leases | 6,282 | 6,282 |
Commitments for Vessel Aquisitions | 11,975 | 11,975 |
Kalani Investments Limited [Member] | ||
Proceeds from Issuance of Common Stock | 29,306 | 10,739 |
Family Trading Inc [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 12,042 | 12,042 |
AT Bank [Member] | Funding for Commitments for Vessel Acquisitions [Member] | ||
Proceeds from Lines of Credit | $ 8,993 |
Note 4 - Vessels, Net and Adv35
Note 4 - Vessels, Net and Advances for Vessels Under Construction (Details Textual) | Apr. 26, 2017USD ($)T | Feb. 28, 2017USD ($)T | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Payments to Acquire Productive Assets | $ 48,753,000 | |||
M/T Stenaweco Elegance [Member] | ||||
Property, Plant and Equipment, Gross | $ 34,508,000 | |||
Shipyard Installments, Gross | 33,935,000 | |||
Capitalized Expenses, Gross | $ 573,000 | |||
Size of Vessel | T | 50,118 | |||
Hull 2648 [Member] | ||||
Size of Vessel | T | 50,000 | |||
Payments to Acquire Productive Assets | $ 119 |
Note 4 - Vessels, Net and Adv36
Note 4 - Vessels, Net and Advances for Vessels Under Construction - Summary of Vessels (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance, Net Book Value | $ 127,331 | |
— Depreciation charge for the period | (2,790) | $ (1,228) |
Balance, Net Book Value | 159,108 | |
Vessels [Member] | ||
Balance, cost | 130,185 | |
Balance, Accumulated Depreciation | (4,015) | |
Balance, Net Book Value | 126,170 | |
— Acquisitions | 34,508 | |
— Acquisitions | (420) | |
— Acquisitions | 34,088 | |
— Advances for vessels under construction | 119 | |
— Depreciation charge for the period | (2,370) | |
Balance, cost | 164,812 | |
Balance, Accumulated Depreciation | (6,805) | |
Balance, Net Book Value | $ 158,007 |
Note 5 - Transactions With Re37
Note 5 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 14, 2017 | |
Central Shipping Monaco SAM [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 3,570 | $ 1,199 | |
Affiliated Entity [Member] | M/T Stenaweco Elegance [Member] | |||
Controlling Interest, Ownership Percentage | 90.00% | ||
Affiliated Entity [Member] | Hulls S443 and S444 [Member] | |||
Controlling Interest, Ownership Percentage | 50.00% | ||
Newbuilding Supervision Fee [Member] | Central Shipping Monaco SAM [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 109 | $ 491 |
Note 5 - Transactions With Re38
Note 5 - Transactions With Related Parties - Fees Charged by Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Central Mare [Member] | ||
Fees charged | $ 2,700 | $ 346 |
Central Mare [Member] | Executive Officers and Other Personnel Expenses [Member] | General and Administrative Expense [Member] | ||
Fees charged | 1,200 | 330 |
Central Mare [Member] | Amortization of Awarded Shares [Member] | Management Fees Related Party [Member] | ||
Fees charged | 16 | |
Central Mare [Member] | Bonus [Member] | General and Administrative Expense [Member] | ||
Fees charged | 1,500 | |
Central Shipping Monaco SAM [Member] | ||
Fees charged | 3,570 | 1,199 |
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Fees charged | 34 | 95 |
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Management Fees - Related Parties [Member] | ||
Fees charged | 1,081 | 658 |
Central Shipping Monaco SAM [Member] | Supervision Fee [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Fees charged | 8 | 34 |
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Fees charged | 15 | 45 |
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member] | ||
Fees charged | 43 | 40 |
Central Shipping Monaco SAM [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member] | ||
Fees charged | 87 | 90 |
Central Shipping Monaco SAM [Member] | Financing Fees [Member] | Deferred Charges [Member] | ||
Fees charged | 91 | |
Central Shipping Monaco SAM [Member] | Commission for Sale and Purchase of Vessels [Member] | Vessels, Net [Member] | ||
Fees charged | 707 | |
Central Shipping Monaco SAM [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member] | ||
Fees charged | 236 | 146 |
Central Shipping Monaco SAM [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member] | ||
Fees charged | $ 1,250 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Stena Weco A/S [Member] | M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence, M/T Stenaweco Elegance [Member] | |
Number of Time Charters | 4 |
BP Shipping [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | |
Number of Time Charters | 2 |
Dampskibsselskabet Norden A/S [Member] | M/T Nord Valiant [Member] | |
Number of Time Charters | 1 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2017USD ($) |
2017 (remainder) | $ 3,167 |
2,018 | 6,282 |
2,019 | 6,282 |
2,020 | 6,299 |
2,021 | 6,282 |
2,022 | 1,034 |
Total | $ 29,346 |
Note 6 - Leases - Future Mini41
Note 6 - Leases - Future Minimum Time-charter Receipts (Details) - Time Charter Contracts [Member] $ in Thousands | Jun. 30, 2017USD ($) |
2017 (remainder) | $ 20,074 |
2,018 | 38,071 |
2,019 | 26,514 |
2,020 | 9,699 |
2,021 | 3,814 |
Total | $ 98,172 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) $ / shares in Units, $ in Thousands | May 17, 2017 | May 16, 2017 | Apr. 21, 2017 | Feb. 24, 2017USD ($) | Feb. 21, 2017$ / shares | Feb. 20, 2017 | Feb. 17, 2017USD ($)shares | Aug. 05, 2016USD ($) | Jul. 20, 2016USD ($) | May 13, 2016USD ($) | May 11, 2016USD ($) | Jan. 15, 2016USD ($) | Sep. 30, 2015USD ($) | Jul. 13, 2015USD ($) | Jun. 30, 2017USD ($)shares | Jun. 26, 2017USD ($) | May 15, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 24, 2015USD ($) |
Stock Issued During Period, Value, New Issues | $ 28,623 | ||||||||||||||||||
Short-term Debt | 3,776 | ||||||||||||||||||
Xanthe Holdings Limited [Member] | Series C Convertible Preferred Stock Accounted for as Debt [Member] | |||||||||||||||||||
Amortization of Debt Discount (Premium) | 2,907 | ||||||||||||||||||
Debt Issuance Costs, Net | 92 | ||||||||||||||||||
Debt Instrument, Unamortized Discount | $ 7,500 | 4,593 | |||||||||||||||||
Short-term Debt | 4,685 | ||||||||||||||||||
Xanthe Holdings Limited [Member] | Series C Convertible Preferred Stock [Member] | |||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 7,500 | ||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 7,500 | ||||||||||||||||||
Notes [Member] | |||||||||||||||||||
Short-term Debt | $ 3,776 | $ 3,776 | |||||||||||||||||
Notes [Member] | Unsecured Debt [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||||||||||
Notes [Member] | Xanthe Holdings Limited [Member] | |||||||||||||||||||
Short-term Debt | $ 776 | ||||||||||||||||||
ABN Bank [Member] | |||||||||||||||||||
Debt Instrument, Default Clause, Minimum Retainable Common Shares Outstanding Percentage | 30.00% | ||||||||||||||||||
Debt Instrument, Default Clause Minimum Voting Rights Interest, Percentage | 50.00% | ||||||||||||||||||
Long-term Line of Credit | $ 56,700 | ||||||||||||||||||
ABN Bank [Member] | MT Eco Fleet [Member] | |||||||||||||||||||
Proceeds from Lines of Credit | $ 1,200 | $ 21,000 | |||||||||||||||||
ABN Bank [Member] | M/T Eco Revolution [Member] | |||||||||||||||||||
Proceeds from Lines of Credit | $ 22,200 | ||||||||||||||||||
ABN Bank [Member] | M/T Nord Valiant [Member] | |||||||||||||||||||
Proceeds from Lines of Credit | $ 20,000 | ||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and Hull No S419 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | ||||||||||||||||||
Debt Instrument, LIBOR Rate | 1.30% | ||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and Hull No S419 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Tranche C [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | |||||||||||||||||||
Debt Instrument, Default Clause, Minimum Retainable Common Shares Outstanding Percentage | 10.00% | 20.00% | |||||||||||||||||
Long-term Line of Credit | $ 21,139 | ||||||||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | |||||||||||||||||||
Proceeds from Lines of Credit | $ 23,185 | $ 23,185 | |||||||||||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.43% | ||||||||||||||||||
Debt Instrument, LIBOR Rate | 1.30% | ||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||
Debt Instrument, LIBOR Rate | 1.30% | ||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 12,500 | ||||||||||||||||||
Proceeds from Lines of Credit | $ 23,350 | $ 23,350 | |||||||||||||||||
Debt Instrument, Net Asset Cover Ratio | 125.00% | ||||||||||||||||||
Long-term Line of Credit | $ 22,950 | ||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | First 12 Consecutive Quarterly Installments [Member] | |||||||||||||||||||
Number of Consecutive Quarterly Installments | 12 | ||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 400 | ||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | Final 20 Consecutive Quarterly Installments [Member] | |||||||||||||||||||
Number of Consecutive Quarterly Installments | 20 | ||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 303 | ||||||||||||||||||
Family Trading [Member] | Immediate Family Member of Management or Principal Owner [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Term | 3 years | ||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 2.50% | 5.00% | |||||||||||||||||
Maximum Mandatory Cash Prepayment, Amount | 3,500 | ||||||||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 20 | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.60 | ||||||||||||||||||
Long-term Line of Credit | 2,958 | ||||||||||||||||||
Debt Issuance Costs, Net | 511 | ||||||||||||||||||
Line of Credit Facility, Commitment Fee Amount | 40 | ||||||||||||||||||
Interest Expense, Related Party | $ 23 | ||||||||||||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 5,034,161 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,590 | ||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 9.00% | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | ||||||||||||||||||
Accrued Liabilities | $ 1,198 | ||||||||||||||||||
Amortization of Debt Issuance Costs | $ 842 |
Note 7 - Debt - Repayments (Det
Note 7 - Debt - Repayments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 29, 2017 | Jun. 27, 2017 | Jun. 30, 2017 |
Series C Convertible Preferred Stock [Member] | ||||
Amount outstanding under the Series C shares | $ 748 | $ 1,517 | $ 550 | $ 4,685 |
Note 7 - Debt - Draws (Payments
Note 7 - Debt - Draws (Payments) On Line of Credit (Details) - USD ($) $ in Thousands | Jun. 26, 2017 | May 15, 2017 | Apr. 05, 2017 | Mar. 28, 2017 | Mar. 22, 2017 | Feb. 06, 2017 | Jun. 26, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Outstanding amount | $ 3,776 | |||||||||
Amount drawn | 34,200 | |||||||||
Notes [Member] | ||||||||||
Fees | $ 410 | $ 410 | ||||||||
Interest | 125 | |||||||||
Amounts settled | (29,306) | |||||||||
Amounts forgiven | (1,118) | |||||||||
Outstanding amount | 3,776 | 3,776 | $ 3,776 | |||||||
Amount drawn | 34,200 | |||||||||
Notes [Member] | Kalani Investments Limited [Member] | ||||||||||
Fees | $ 200 | $ 210 | ||||||||
Interest | 2 | 42 | 24 | 7 | 22 | |||||
Amounts settled | (7,700) | (10,000) | (5,000) | (3,500) | ||||||
Amounts forgiven | ||||||||||
Outstanding amount | $ 3,000 | $ 3,000 | ||||||||
Maturity | Oct. 24, 2017 | Sep. 4, 2017 | Aug. 25, 2017 | Oct. 7, 2017 | May 15, 2017 | |||||
Amount drawn | $ 3,000 | $ 7,700 | $ 10,000 | $ 5,000 | $ 3,500 | |||||
Notes [Member] | Xanthe Holdings Limited [Member] | ||||||||||
Fees | ||||||||||
Interest | 28 | |||||||||
Amounts settled | (3,106) | |||||||||
Amounts forgiven | (1,118) | |||||||||
Outstanding amount | $ 776 | |||||||||
Maturity | Aug. 23, 2017 | |||||||||
Amount drawn | $ 5,000 |
Note 7 - Debt - Unsecured Notes
Note 7 - Debt - Unsecured Notes (Details) - USD ($) $ in Thousands | Apr. 05, 2017 | Mar. 28, 2017 | Mar. 21, 2017 | Feb. 06, 2017 | Jun. 30, 2017 |
Notes [Member] | Kalani Investments Limited [Member] | |||||
Amount drawn/repaid | $ 2,958 | $ (54) | $ (995) | $ (3,036) | $ (1,127) |
Note 8 - Commitments and Cont46
Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2017USD ($) |
Contractual Obligation | $ 60,140 |
Contractual Obligation, Due in Next Fiscal Year | 11,975 |
Contractual Obligation, Due in Second Year | 48,165 |
Commitment Pursuant to Newbuilding Agreement for Hull No S443 [Member] | |
Contractual Obligation | 13,708 |
Commitment Pursuant to Newbuilding Agreement for Hull No S444 [Member] | |
Contractual Obligation | 14,455 |
Commitment Pursuant to Newbuilding Agreement for Hull No 2648 [Member] | |
Contractual Obligation | $ 31,977 |
City of Athens [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Astarte [Member] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Eco Nine [Member] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Note 9 - Common Stock, Additi47
Note 9 - Common Stock, Additional Paid-in Capital and Dividends (Details Textual) $ / shares in Units, $ in Thousands | Jun. 23, 2017 | May 11, 2017 | May 08, 2017USD ($)$ / sharesshares | Feb. 17, 2017USD ($)$ / sharesshares | Feb. 02, 2017USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($)shares | Dec. 31, 2016$ / sharesshares | ||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 7,500 | ||||||||||||
Stock Issued During Period, Shares, Warrants Exercised | 1,429 | ||||||||||||
Class of Warrant or Right, Exercised During Period | 274,265 | ||||||||||||
Class of Warrant or Right, Outstanding | 2,399,141 | 2,399,141 | 5,273,820 | 2,673,406 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 17,081,886 | 17,081,886 | 3,381,791 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.35 | [1] | $ 0.35 | [1] | $ 1.97 | [2] | |||||||
Stock Issued During Period, Value, New Issues | $ | $ 28,623 | ||||||||||||
Warrants Issued in Connection with Follow-on Offering of June 6, 2014 [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 17,081,886 | 17,081,886 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.35 | $ 0.35 | |||||||||||
Common Stock [Member] | |||||||||||||
Stock Issued During Period, Shares, Payment for Commitment Fee | 243 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 2,090,961 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ | [3] | $ 21 | |||||||||||
Conversion of Series C Convertible Preferred Stock to Common Stock [Member] | |||||||||||||
Conversion of Stock, Shares Issued | 6,502,660 | ||||||||||||
Conversion of Stock, Shares Converted | 2,815 | ||||||||||||
Series C Convertible Preferred Stock [Member] | |||||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of VWAP | 75.00% | 75.00% | |||||||||||
Series C Convertible Preferred Stock [Member] | Maximum [Member] | |||||||||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 1,125 | $ 1,125 | |||||||||||
Series C Convertible Preferred Stock [Member] | Minimum [Member] | |||||||||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 0.25 | $ 0.25 | |||||||||||
Xanthe Holdings Limited [Member] | Series C Convertible Preferred Stock [Member] | |||||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ | $ 7,500 | ||||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of VWAP | 75.00% | ||||||||||||
Convertible Preferred Stock, Maximum Related Party Ownership Percentage Allowed for Conversion | 4.99% | ||||||||||||
Convertible Preferred Stock, Redemption Percentage at Reporting Entity Request | 120.00% | ||||||||||||
Convertible Preferred Stock, Redemption Percentage at Shareholder Request | 100.00% | ||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.00% | ||||||||||||
Stock Issued During Period, Shares, New Issues | 7,500 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 7,500 | ||||||||||||
Xanthe Holdings Limited [Member] | Series C Convertible Preferred Stock [Member] | Maximum [Member] | |||||||||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 1,125 | ||||||||||||
Xanthe Holdings Limited [Member] | Series C Convertible Preferred Stock [Member] | Minimum [Member] | |||||||||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 0.25 | ||||||||||||
Tankers Family Inc. [Member] | Series D Preferred Stock [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | 100,000 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 1 | ||||||||||||
Preferred Stock, Voting Rights Equivalent to Common Shares Per Share | 1,000 | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 0.01 | ||||||||||||
Kalani Investments Limited [Member] | |||||||||||||
Common Stock Purchase Agreement, Shares Authorized for Issuance, Value | $ | $ 40,341 | ||||||||||||
Common Stock Purchase Agreement, Period of Shares Authorized for Issuance | 2 years | ||||||||||||
Common Stock Purchase Agreement, Fee Percentage | 1.00% | ||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 29,306 | $ 10,739 | |||||||||||
Kalani Investments Limited [Member] | Common Stock [Member] | |||||||||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 606 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 2,090,961 | ||||||||||||
Kalani Investments Limited [Member] | Common Stock [Member] | Issued for Commitment Fee [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | 3,628 | ||||||||||||
Reverse Stock Split [Member] | |||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 20 | |||||||||||
[1] | Applying the Variable Exercise Price as applicable at June 30, 2017 | ||||||||||||
[2] | Applying the Variable Exercise Price as applicable at December 31, 2016 | ||||||||||||
[3] | Adjusted to reflect the reverse stock splits effected in May and June (see Note 9) |
Note 10 - (Loss) Earnings Per48
Note 10 - (Loss) Earnings Per Common Share (Details Textual) - shares | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Class of Warrant or Right, Outstanding | 2,399,141 | 2,673,406 | 5,273,820 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 |
Note 10 - (Loss) Earnings Per49
Note 10 - (Loss) Earnings Per Common Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net loss | $ (5,838) | $ 290 |
Earnings per share: | ||
Weighted average common shares outstanding, basic and diluted (in shares) | 337,138 | 11,422 |
Earnings/(Loss) per share, basic and diluted (in dollars per share) | $ (17.32) | $ 0.08 |
Note 11 - Financial Instrumen50
Note 11 - Financial Instruments (Details Textual) | 6 Months Ended | ||
Jun. 30, 2017shares | Dec. 31, 2016shares | Jun. 30, 2016shares | |
Class of Warrant or Right, Outstanding | 2,399,141 | 2,673,406 | 5,273,820 |
Fair Value Assumptions Expected Volatility Rate Calculation Basis | 2 years | ||
Fair Value Assumptions, Expected Volatility Rate | 169.16% | ||
Increase (Decrease) in Volatility Rate Applied | 5.00% | ||
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value | 8.20% | ||
Interest Rate Swap [Member] | ABN Armo Bank of Holland [Member] | |||
Derivative, Number of Instruments Held | 3 |
Note 11 - Financial Instrumen51
Note 11 - Financial Instruments - Derivative Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
ABN Bank [Member] | Interest Rate Swap June 3, 2016 [Member] | |
Effective Date | Apr. 13, 2018 |
Derivative, Notional Amount | $ 16,575 |
Interest Rate Payable | 1.4425% |
ABN Bank [Member] | Interest Rate Swap December 19, 2016 [Member] | |
Effective Date | Dec. 21, 2016 |
Derivative, Notional Amount | $ 20,700 |
Interest Rate Payable | 2.08% |
ABN Bank [Member] | Interest Rate Swap December 19, 2016 Second [Member] | |
Effective Date | Dec. 21, 2016 |
Derivative, Notional Amount | $ 19,450 |
Interest Rate Payable | 2.125% |
Norddeutsche Landesbank Girozentrale Bank of Germany [Member] | Interest Rate Swap May 17, 2017 [Member] | |
Effective Date | May 17, 2017 |
Derivative, Notional Amount | $ 21,139 |
Interest Rate Payable | 2.19% |
Note 11 - Financial Instrumen52
Note 11 - Financial Instruments - Estimated Fair Value of Outstanding Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |||
Term (Year) | 5 years | 5 years | |||
Warrant exercise price (in dollars per share) | $ 0.35 | [1] | $ 1.97 | [2] | |
Warrant fair value liability | $ 1,397 | $ 3,222 | |||
Warrants outstanding (in shares) | 2,399,141 | 2,673,406 | 5,273,820 | ||
Warrant shares outstanding (in shares) | 17,081,886 | 3,381,791 | |||
[1] | Applying the Variable Exercise Price as applicable at June 30, 2017 | ||||
[2] | Applying the Variable Exercise Price as applicable at December 31, 2016 |
Note 11 - Financial Instrumen53
Note 11 - Financial Instruments - Valuation of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets measured at fair value on a recurring basis | $ 202 | $ 300 |
Liabilities measured at fair value on a recurring basis | 2,028 | 3,563 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Liabilities measured at fair value on a recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 202 | 300 |
Liabilities measured at fair value on a recurring basis | 631 | 341 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Liabilities measured at fair value on a recurring basis | $ 1,397 | $ 3,222 |
Note 11 - Financial Instrumen54
Note 11 - Financial Instruments- Changes in Fair Value of Level 3 Measurements (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Closing balance | $ 3,222 |
Closing balance | 1,397 |
Warrant [Member] | |
Change in fair value of derivative instruments | (1,679) |
Adjustment for cashless exercise of warrants, included in Additional paid-in capital line item of consolidated balance sheets | $ (146) |
Note 11 - Financial Instrumen55
Note 11 - Financial Instruments - Summary of Derivative Fair Values (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Warrants, fair value | $ 1,397 | $ 3,222 |
Warrants, volatility | 169.16% | |
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrants, fair value | $ 1,397 | $ 3,222 |
Warrants, volatility | 169.16% | 104.70% |
Note 11 - Financial Instrumen56
Note 11 - Financial Instruments - Amount Recognized in Statement of Comprehensive (Loss)/Income Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Total | $ 1,057 | $ 1,220 |
Interest Rate Swap [Member] | ||
Interest rate swaps– realized loss | (234) | |
Derivative instruments, changes in fair value | (388) | (156) |
Financial Instrument Warrants [Member] | ||
Derivative instruments, changes in fair value | $ 1,679 | $ 1,376 |
Note 12 - Mezzanine Equity (Det
Note 12 - Mezzanine Equity (Details Textual) | 6 Months Ended |
Jun. 30, 2017shares | |
Series B Convertible Preferred Stock [Member] | |
Preferred Stock, Shares Outstanding | 446 |
Conversion of Series B Convertible Preferred Stock to Common Stock [Member] | |
Conversion of Stock, Shares Issued | 23,331 |
Conversion of Stock, Shares Converted | 1,660 |
Note 12 - Mezzanine Equity - Me
Note 12 - Mezzanine Equity - Mezzanine Equity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Temporary Equity, Beginning Balance | $ 1,741 |
Conversions of Series B convertible preferred stock to common stock | (1,372) |
Temporary Equity, Ending Balance | $ 369 |
Note 13 - Investments in Unco59
Note 13 - Investments in Unconsolidated Joint Ventures (Details Textual) $ in Thousands | Jun. 14, 2017USD ($) | Mar. 30, 2017USD ($)T | Jun. 30, 2017USD ($) | Jun. 03, 2017USD ($) | May 01, 2017USD ($) |
Business Combination, Acquisition Related Costs | $ 353 | ||||
City of Athens [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Eco Nine [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
City of Athens [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Lax Trust [Member] | City of Athens [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Lax Trust [Member] | Eco Nine [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Eco Nine [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
City of Athens [Member] | |||||
Business Combination, Consideration Transferred | $ 157 | $ 4,200 | |||
Size of Vessel | T | 50,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 1.00% | 49.00% | |||
Advances to Affiliate | $ 1,495 | ||||
Eco Nine [Member] | |||||
Business Combination, Consideration Transferred | $ 157 | $ 3,500 | |||
Size of Vessel | T | 50,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 1.00% | 49.00% | |||
Advances to Affiliate | $ 1,495 |
Note 13 - Investments in Unco60
Note 13 - Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Current assets | $ 5,557 | $ 4,541 | |
Non-current assets | 22,601 | 11,445 | |
Current liabilities | 19,559 | 20,033 | |
Long-term liabilities | 93,796 | $ 76,022 | |
Net operating revenues | 18,982 | $ 11,627 | |
Net loss | (5,838) | $ 290 | |
City of Athens [Member] | |||
Current assets | 37 | ||
Non-current assets | 4,740 | ||
Current liabilities | |||
Long-term liabilities | |||
Net operating revenues | |||
Net loss | (2) | ||
Eco Nine [Member] | |||
Current assets | 37 | ||
Non-current assets | 3,136 | ||
Current liabilities | |||
Long-term liabilities | |||
Net operating revenues | |||
Net loss | $ (18) |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Thousands | Jul. 17, 2017USD ($) | Jul. 12, 2017USD ($) |
Xanthe Holdings Limited [Member] | ||
Notes Payable, Current | $ 3,060 | |
Proceeds from Notes Payable | $ 3,000 | |
AT Bank [Member] | Senior Facility to Fund Hull No 2648 [Member] | ||
Debt Instrument, Number of Periodic Payments | 20 | |
Debt Instrument, Periodic Payment, Principal | $ 325 | |
Debt Instrument, Period Following Initial Draw Down before First Required Payment | 90 days | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 17,000 | |
Line of Credit Facility, Commitment Fee Percentage | 2.00% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,500 | |
AT Bank [Member] | Senior Facility to Fund Hull No 2648 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |
AT Bank [Member] | Predelivery Facility to Fund Hull No 2648 [Member] | ||
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds | 5 | |
Line of Credit Facility, Commitment Fee Percentage | 4.25% | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,993 | |
Debt Instrument, Number of Available Tranches | 5 | |
AT Bank [Member] | Predelivery Facility to Fund Hull No 2648 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 8.50% |