Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Eagle Bulk Shipping Inc. | |
Entity Central Index Key | 1,322,439 | |
Trading Symbol | egle | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 48,106,827 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
First Lien Facility [Member] | |||
Noncurrent liabilities: | |||
First Lien Facility, net of debt discount and debt issuance costs | $ 198,914,435 | $ 225,577,491 | |
Second Lien Facility [Member] | |||
Noncurrent liabilities: | |||
First Lien Facility, net of debt discount and debt issuance costs | 43,280,278 | ||
Cash and cash equivalents | 98,568,795 | 24,896,161 | |
Accounts receivable | 6,453,806 | 7,076,528 | |
Prepaid expenses | 2,637,907 | 3,232,763 | |
Inventories | 6,995,819 | 5,574,406 | |
Other assets | 151,925 | 245,569 | |
Total current assets | 114,808,252 | 41,025,427 | |
Vessels and vessel improvements, at cost, net of accumulated depreciation of $69,972,688 and $49,148,080, respectively | 688,421,196 | 733,960,731 | |
Other fixed assets, net of accumulated depreciation of $264,201 and $159,827, respectively | 572,261 | 220,509 | |
Restricted cash | 74,917 | 141,161 | |
Deferred drydock costs | 12,529,591 | 11,146,009 | |
Other assets | 54,705 | 109,287 | |
Total noncurrent assets | 701,652,670 | 745,577,697 | |
Total assets | 816,460,922 | 786,603,124 | |
Accounts payable | 6,459,022 | 8,216,473 | |
Accrued interest | 401,232 | ||
Other accrued liabilities | 10,893,665 | 10,827,075 | |
Fair value below contract value of time charters acquired | 820,313 | 1,283,926 | |
Unearned charter hire revenue | 4,827,883 | 1,560,402 | |
Fair value of derivative instruments | 15,150 | ||
Current portion of long-term debt | 15,625,000 | ||
Total current liabilities | 23,016,033 | 37,914,108 | |
Payment-in-kind interest on Second Lien Facility | 4,782,863 | ||
Fair value below contract value of time charters acquired | 4,101,560 | 4,094,122 | |
Other liabilities | 767,106 | 672,941 | |
Total noncurrent liabilities | 251,846,242 | 230,344,554 | |
Total liabilities | 274,862,275 | 268,258,662 | |
Commitments and contingencies | |||
Stockholders' equity: | |||
Common stock, $.01 par value, 700,000,000 shares authorized, 48,106,827 and 1,883,303 shares issued and outstanding, respectively* | [1] | 481,069 | 18,833 |
Additional paid-in capital* | [1] | 782,096,558 | 678,171,322 |
Accumulated deficit | (240,978,980) | (159,845,693) | |
Total stockholders' equity | 541,598,647 | 518,344,462 | |
Total liabilities and stockholders' equity | $ 816,460,922 | $ 786,603,124 | |
[1] | Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated depreciation, vessels | $ 69,972,688 | $ 49,148,080 |
Accumulated depreciation, other fixed assets | $ 264,201 | $ 159,827 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, issued (in shares) | 48,106,827 | 1,883,303 |
Common stock, outstanding (in shares) | 48,106,827 | 1,883,303 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Revenues, net of commissions | $ 35,788,181 | $ 29,127,482 | $ 82,656,903 | $ 78,116,020 | |
Voyage expenses | 11,207,959 | 5,202,219 | 27,902,155 | 13,540,698 | |
Vessel expenses | 17,707,959 | 22,492,616 | 56,783,181 | 63,124,053 | |
Charter hire expenses | 3,822,456 | 1,248,649 | 6,979,213 | 3,697,745 | |
Depreciation and amortization | 9,854,228 | 11,284,454 | 28,905,058 | 32,739,674 | |
General and administrative expenses | 5,223,782 | 5,907,387 | 15,429,844 | 18,186,555 | |
Refinancing expenses | (4,625) | 5,869,025 | |||
Impairment of vessels | 6,167,262 | ||||
Loss on sale of vessels | (299,350) | 101,860 | 5,696,675 | ||
Total operating expenses | 47,512,409 | 46,135,325 | 148,137,598 | 136,985,400 | |
Operating loss | (11,724,228) | (17,007,843) | (65,480,695) | (58,869,380) | |
Interest expense | 7,434,156 | 3,048,180 | 15,154,659 | 9,197,163 | |
Interest income | (88,094) | (91,606) | (2,955) | ||
Other expense | 288,754 | 320,597 | 589,539 | 488,396 | |
Total other expense, net | 7,634,816 | 3,368,777 | 15,652,592 | 9,682,604 | |
Net loss | $ (19,359,044) | $ (20,376,620) | $ (81,133,287) | $ (68,551,984) | |
Weighted average shares outstanding *: | |||||
Basic (in shares) | [1] | 37,031,096 | 1,881,968 | 20,588,612 | 1,880,116 |
Diluted (in shares) | [1] | 37,031,096 | 1,881,968 | 20,588,612 | 1,880,116 |
Per share amounts*: | |||||
Basic net loss (in dollars per share) | [1] | $ (0.52) | $ (10.83) | $ (3.94) | $ (36.46) |
Diluted net loss (in dollars per share) | [1] | $ (0.52) | $ (10.83) | $ (3.94) | $ (36.46) |
[1] | Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net loss | $ (19,359,044) | $ (20,376,620) | $ (81,133,287) | $ (68,551,984) |
Other comprehensive loss: | ||||
Change in unrealized loss on investment | (48,406) | (234,984) | ||
Total other comprehensive loss | (48,406) | (234,984) | ||
Comprehensive loss | $ (19,359,044) | $ (20,425,026) | $ (81,133,287) | $ (68,786,968) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Net Income (Loss) [Member] | Retained Earnings [Member] | Total | ||
Balance (in shares) at Dec. 31, 2015 | [1] | 1,883,303 | |||||
Balance at Dec. 31, 2015 | $ 18,833 | [1] | $ 678,171,322 | $ (159,845,693) | $ 518,344,462 | ||
Net loss | $ (81,133,287) | (81,133,287) | (81,133,287) | ||||
Issuance of shares in connection with the entry into the Second Lien Loan Agreement (in shares) | [1] | 16,889,828 | |||||
Issuance of shares in connection with the entry into the Second Lien Loan Agreement | $ 168,899 | [1] | 17,587,426 | 17,756,325 | |||
Issuance of shares for private placement (in shares) | 29,333,318 | ||||||
Issuance of shares for private placement | $ 293,333 | 85,407,202 | 85,700,535 | ||||
Reverse stock split adjustment (in shares) | (32) | ||||||
Vesting of restricted shares withheld for employee tax (in shares) | [1] | 410 | |||||
Vesting of restricted shares withheld for employee tax | $ 4 | [1] | (2,942) | (2,938) | |||
Non-cash compensation | 933,550 | 933,550 | |||||
Balance (in shares) at Sep. 30, 2016 | [1] | 48,106,827 | |||||
Balance at Sep. 30, 2016 | $ 481,069 | [1] | $ 782,096,558 | $ (240,978,980) | $ 541,598,647 | ||
[1] | Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1. |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayment of loan | $ (21,276,000) | $ (15,718,750) |
Revolver Loan [Member] | ||
Cash flows from financing activities: | ||
Repayment of loan | (30,158,500) | |
Net loss | (81,133,287) | (68,551,984) |
Depreciation | 26,573,461 | 30,783,330 |
Amortization of deferred drydocking costs | 2,331,597 | 1,956,344 |
Amortization of debt discount and debt issuance costs | 3,092,193 | 1,784,062 |
Amortization of fair value below contract value of time charter acquired | (456,175) | (1,240,609) |
Payment-in-kind interest on Second Lien Facility | 4,782,863 | |
Loss on sale of vessels | 101,860 | 5,696,675 |
Impairment of vessels | 6,167,262 | |
Realized loss from investment | 112,589 | |
Non-cash compensation expense | 933,550 | 2,998,382 |
Drydocking expenditures | (3,715,179) | (9,680,582) |
Accounts receivable | 622,722 | 3,637,163 |
Other assets | 148,227 | 4,468,668 |
Prepaid expenses | 594,856 | 1,657,211 |
Inventories | (1,421,413) | (798,193) |
Unrealized loss on derivatives | 15,150 | |
Accounts payable | (1,757,451) | (3,298,897) |
Accrued interest | (401,232) | (189,502) |
Other accrued liabilities | 160,755 | 1,021,773 |
Unearned chartered hire revenue | 3,267,481 | (165,864) |
Net cash used in operating activities | (40,092,760) | (29,809,434) |
Vessels and vessel improvements | (199,675) | (1,508,778) |
Purchase of other fixed assets | (456,125) | (11,201) |
Proceeds from sale of vessels | 13,001,000 | 4,235,542 |
Restricted cash | 66,244 | |
Proceeds from sale of investment | 6,906,190 | |
Net cash provided by investing activities | 12,411,444 | 9,621,753 |
Proceeds from Second Lien Facility | 60,000,000 | |
Proceeds from Revolver Loan Facility under First Lien Facility | 10,158,500 | 23,000,000 |
Proceeds from common stock placement | 85,700,535 | |
Deferred financing costs | (2,467,647) | |
Financing cost paid to lender | (600,000) | (500,000) |
Cash used to settle net share equity awards | (2,938) | (1,285,506) |
Net cash provided by financing activities | 101,353,950 | 5,495,744 |
Net increase /(decrease) in cash and cash equivalents | 73,672,634 | (14,691,937) |
Cash and cash equivalents at beginning of period | 24,896,161 | 39,975,287 |
Cash and cash equivalents at end of period | $ 98,568,795 | $ 25,283,350 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | Note 1. Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment. As of September 30, 2016, the Company owned and operated a modern fleet of 40 oceangoing vessels comprised of 39 Supramax vessels and 1 Handymax vessel with a combined carrying capacity of 2,199,413 dwt and an average age of approximately 8.6 years. The Company chartered in a 38,000 dwt new building beginning October 2, 2015 for a period of seven years, a 63,000 dwt new building vessel that was delivered in May 2016 for a period of nine to fourteen months and a 61,000 dwt new building vessel that was delivered in July 2016 for a period of eleven to thirteen months. The following table represents certain information about the Company's charterers that individually accounted for more than 10% of the Company's revenue during the periods indicated: % of Revenue Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Charterer Charterer A* - 12% - 23% *Charter revenue from a pool in which the Company participated until September, 2015. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2015 Annual Report on Form 10-K, filed with the SEC on March 31, 2016. The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its consolidated financial position and results of operations for the interim periods presented. We have made a reclassification adjustment to conform the prior period amounts to the current period’s presentation in the Condensed Consolidated Statement of Operations. This change in classification had no effect on the previously reported Condensed Consolidated Statement of Operations and on total operating expenses. For the three and nine months ended September 30, 2015, we have reclassified the technical management costs of $1.4 million and $4.5 million respectively, from Vessel expenses to General and administrative expenses to closely align the Company’s presentation to that of many of its peers. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. Effective as of the opening of trading on August 5, 2016, the Company completed a 1 for 20 reverse stock split as previously approved by the Company's board of directors and shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split as well as the applicable exercise price. In addition, proportional adjustments were made to the number of shares of common stock issuable upon exercise of the warrants exercisable and the exercise price of the warrants pursuant to the terms thereof. No fractional shares were issued in connection with the reverse stock split, as shareholders who would otherwise hold a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data for all periods presented in these condensed consolidated financial statements and notes thereto, have been retrospectively adjusted to reflect the reverse stock split. On August 10, 2016, the Company closed its previously announced private placement of its common stock for aggregate proceeds of $86.0 million net of fees and legal expenses. After giving effect to the Company’s previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company’s common stock at $3.00 per share. The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes. On September 7, 2016, the Company and each of the investors named therein (the “Investors”) executed a Termination Agreement, dated September 7, 2016 (the “Termination Agreement ”), terminating certain Preferred Stock Purchase Agreement as amended dated May 26, 2016, by and among the Company and such investors. Pursuant to the Purchase Agreement, the Company had agreed to issue to the Investors in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), shares of 15% Cumulative Nonparticipating Redeemable Series A Preferred Stock, par value $0.01 per share (the “Preferred Shares”). Pursuant to the Termination Agreement, the Company and each Investor exchanged mutual releases of any and all claims or actions against each other in connection with or resulting from the Preferred Stock Purchase Agreement and the transactions contemplated thereby. The Company also agreed to make an aggregate termination payment to the Investors of $125,254.80, with such aggregate amount allocated among the Investors in proportion to the percentage of the Preferred Shares each Investor had previously agreed to purchase. Two of the Investors, Paul Leand and Gary Vogel (the Company’s chief executive officer), are directors of the Company and the other Investors are current shareholders of the Company. The fees paid to the shareholders were recorded as other expense in the condensed consolidated statements of operations for the three-months ended and nine-months ended September 30, 2016. We adopted the provisions of the Accounting Standard Update 2015-03 issued by the FASB (“Financial Accounting Standards Board”) relating to presentation of debt issuance costs. Accordingly, $435,816 previously classified in other assets was retrospectively classified as a reduction of the long-term debt balance as of December 31, 2015. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are useful lives of fixed assets, the period of amortization, the allowances for bad debt, and the fair value of warrants and stock-based compensation. |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update, (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In May 2016, the FASB issued Accounting Standards Update No. 2016-12, Revenue from Contracts with customers. This update provides further guidance on applying collectability criterion to assess whether the contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay the promised consideration. This update also permits an entity as accounting policy election, to exclude amounts collected from customers for all sales taxes. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This ASU establishes specific guidance to an organization's management on their responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern. The provisions of this ASU are effective for interim and annual periods ending after December 15, 2016. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. The new guidance specifies that inventory be measured at the lower of cost and net realizable value. The amendment would apply prospectively and would be effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods within annual reporting periods beginning after December 15, 2017. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases”. ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Stock Compensation”. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” |
Note 3 - Vessels
Note 3 - Vessels | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3. Vessels Vessels and Vessel Improvements At September 30, 2016, the Company’s owned operating fleet consisted of 40 dry bulk vessels. As of December 31, 2015, we determined that the future undiscounted cash flows did not exceed the net book value on six of our vessels. This is a result of our intention to divest six of our older vessels in the short-term period. As a result, we reduced the carrying value of each vessel to its fair market value as of December 31, 2015 and recorded an impairment charge of $50,872,734. As of March 31, 2016, due to further reduction in asset value during the first quarter of 2016, we determined that the future undiscounted cash flows of six of our vessels did not exceed their net book value. As a result, we reduced the carrying value of each vessel to its fair market value as of March 31, 2016 and recorded an impairment charge of $6,167,262. On April 26, 2016, the Company sold the vessel Peregrine for $2.6 million, after brokerage commissions and associated selling expenses, and recorded a net loss of approximately $150,000 in the second quarter of 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility. On June 16, 2016, the Company sold the vessel Falcon for $3.2 million, after brokerage commissions and associated selling expenses, and recorded a net loss of approximately $140,000 in the second quarter of 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility. As of June 30, 2016, the Company determined that all the held for sale criteria were met for the vessel Harrier and reviewed its carrying amount in the books compared to the fair market value less the selling expenses. The review indicated that such carrying amount is in excess of the fair market value less the selling expenses. Therefore, the Company recorded a loss of $115,000 in its condensed consolidated statement of operations and classified the carrying amount of the vessel as a current asset in its condensed consolidated balance Sheet. On July 13, 2016, the Company sold the vessel Harrier for $3.2 million, after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers on the same day. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility. On September 6, 2016, the Company sold the vessel Kittiwake for $4.0 million, after brokerage commission and associated selling expenses and recorded a net gain of approximately $316,000 in the third quarter of 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility. On September 30, 2016, the Company, through a newly formed subsidiary, Eagle Bulk Shipco LLC (‘Eagle Shipco”), signed a memorandum of agreement to acquire a 2016 Nantong COSCO Kawasaki Heavy Industries Engineering Co Ltd (“NACKS) built Ultramax 61,000 dwt. vessel for $18.85 million. The Company is expected to take delivery of the vessel in the fourth quarter of 2016. Vessels and vessel improvements: Vessels and vessel improvements, at December 31, 2015 $ 733,960,731 Purchase of vessel improvements 199,675 Disposal of vessels (13,102,860 ) Depreciation expense (26,469,088 ) Vessel impairment charge (6,167,262 ) Vessels and Vessel Improvements, at September 30, 2016 $ 688,421,196 |
Note 4 - Debt
Note 4 - Debt | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 4. Debt Debt consists of the following: September 30, 2016 December 31, 2015 First Lien Facility / Exit Financing Facility $ 204,099,000 $ 245,375,000 Debt discount and Debt issuance costs First Lien / Exit Financing Facility (5,184,565 ) (4,172,509 ) First Lien Facility / Exit Financing Facility net of debt issuance costs 198,914,435 241,202,491 Second Lien Facility 60,000,000 - Debt discount and Debt issuance costs Second Lien Facility (16,719,722 ) - Second Lien Facility, net of Debt issuance costs 43,280,278 - Less: Current Portion Exit Financing Facility - (15,625,000 ) Total debt $ 242,194,713 $ 225,577,491 Corporate Reorganization and Refinancing On March 30, 2016, we entered into a contribution agreement (the “Contribution Agreement”)pursuant to which the Company transferred, assigned and contributed to Eagle Shipping LLC (a limited liability company organized under the laws of the Marshall Islands and a wholly-owned subsidiary of the Company) (“Eagle Shipping”), and Eagle Shipping received, accepted and assumed, all of the tangible and intangible assets of the Company (other than the membership interests in Eagle Shipping owned by the Company and certain deposit accounts held by the Company, which deposit account balances were transferred) and all of the liabilities of the Company (collectively, the “Contribution”), including all of the Company’s rights and obligations under the senior secured credit facility dated as of October 9, 2014 (the “Exit Financing Facility”). Immediately following the Contribution, Eagle Shipping became the direct parent company of each of the Company’s previously directly-owned subsidiaries. The Contribution was part of the transactions contemplated by the agreements also entered into on March 30, 2016 and described below, which transactions were consummated on March 30, 2016, after the fulfillment of certain conditions precedent. First Lien Facility On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that are guarantors under the Exit Financing Facility, as guarantors, entered into an Amended and Restated First Lien Loan Agreement (the “A&R First Lien Loan Agreement”) with the lenders thereunder (the “First Lien Lenders”) and ABN AMRO Capital USA LLC, as agent and security trustee for the lenders. The A&R First Lien Loan Agreement amended and restated the Exit Financing Facility in its entirety, providing for Eagle Shipping to be the borrower in the place of the Company, and further provided for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure (as defined below under Note 6 “Commitments and Contingencies - Legal Proceedings”). The A&R First Lien Loan Agreement provides for a term loan outstanding as of March 30, 2016, in the amount of $201,468,750 as well as a $50,000,000 revolving credit facility, (the term loan, together with the revolving credit facility, the “First Lien Facility”). The First Lien Facility matures on October 15, 2019. An aggregate fee of $600,000 was paid to the Agent and First Lien Lenders in connection with the First Lien Facility. As of September 30, 2016, our total availability in the revolving credit facility under the First Lien Facility was $30,000,000. Eagle Shipping’s obligations under the First Lien Facility are secured by a first priority mortgage on each of the vessels currently in the Company’s fleet and such other vessels that it may from time to time include with the approval of the First Lien Lenders, a first assignment of its earnings account, its liquidity account and its vessel-owning subsidiaries’ earnings accounts, a first assignment of all charters with terms that may exceed 18 months, freights, earnings, insurances, requisition compensation and management agreements with respect to the vessels and a first priority pledge of the membership interests of each of Eagle Shipping’s vessel-owning subsidiaries. In the future, Eagle Shipping may grant additional security to the lenders from time to time. The First Lien Facility contains financial covenants requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in the Company’s fleet (plus the value of certain additional collateral) at all times on or after July 1, 2017 does not fall below 100% in the third and fourth quarters of 2017, 110% in 2018 and 120% in 2019 of the aggregate principal amount of debt outstanding (subject to certain adjustments) under the First Lien Facility and maintain minimum liquidity of not less than the greater of (i) $8,140,000 and (ii) $185,000 per vessel in the Company’s fleet. In addition, the First Lien Facility also imposes operating restrictions on Eagle Shipping including limiting Eagle Shipping’s ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; acquire and sell capital assets (including vessels); and merge or consolidate with, or transfer all or substantially all of Eagle Shipping’s assets to, another person. The First Lien Facility also includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light of which, in the First Lien Lenders’ judgment, there is significant risk that Eagle Shipping is or would become insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the First Lien Facility may also be accelerated if Eagle Shipping experiences a change of control. Upon entering into the First Lien Facility, Eagle Shipping made a principal payment with respect to the term loan of $11,718,750. For the fiscal quarters ending June 30, 2017 and June 30, 2018 and the fiscal years ending December 31, 2017 and 2018 (each, a “Semi-Annual Determination Date”), Eagle Shipping is obligated to repay the First Lien Facility in an amount equal to 75% of Eagle Shipping’s excess cash flow for the two fiscal quarters ended as of such Semi-Annual Determination Date, subject to a cap of such mandatory prepayments of $15,625,000 in any fiscal year. Thereafter, Eagle Shipping will make payments of $3,906,250 on January 15, 2019, April 15, 2019, and July 15, 2019, and a final balloon payment equal to the remaining amount outstanding under the First Lien Facility on October 15, 2019. The Company has prepaid $5,651,000 of the term loan as of September 30, 2016 pursuant to the terms of the First Lien Facility relating to the mandatory prepayment upon sale of vessels. The repayment schedule mentioned above has been changed to reflect the prepayment made through September 30, 2016, such that the Company is required to make the payments of $3,786,346 on January 15, 2019, April 15, 2019, July 15, 2019, and a final balloon payment equal to the remaining amount outstanding under the First Lien Facility on October 15, 2019. As a result of the mandatory prepayments made through September 30, 2016, the Company is not required to comply with the minimum security covenant until October 2017 pursuant to the terms of the A&R First Lien Loan Agreement. Second Lien Facility On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries, as guarantors, entered into a Second Lien Loan Agreement (the “Second Lien Loan Agreement”) with certain lenders (the “Second Lien Lenders”) and Wilmington Savings Fund Society, FSB as agent for the Second Lien Lenders (the “Second Lien Agent”). The Second Lien Lenders include certain of the Company’s existing shareholders as well as other investors. The Second Lien Loan Agreement provides for a term loan in the amount of $60,000,000 (the “Second Lien Facility”), and matures on January 14, 2020 (91 days after the original stated maturity of the First Lien Facility). The term loan under the Second Lien Facility bears interest at a rate of LIBOR plus 14.00% per annum (with a 1.0% LIBOR floor) or the Base Rate (as defined in the Second Lien Loan Agreement) plus 13.00% per annum, paid in kind quarterly in arrears. The Company used the proceeds from the Second Lien Facility to pay down amounts outstanding in respect of the revolving credit facility under the Exit Financing Facility, pay three quarters of amortization payments under the Exit Financing Facility, pay transaction fees in connection with the entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement, and add cash to the balance sheet, which cash would be deposited in an account subject to the security interest and control of the First Lien Lenders and the Second Lien Lenders. Eagle Shipping’s obligations under the Second Lien Facility are secured by a second priority lien on the same collateral securing Eagle Shipping’s obligations under the First Lien Facility, subject to the terms of the Intercreditor Agreement (as defined below). Eagle Shipping may grant additional security to the Second Lien Lenders from time to time in the future, subject to the terms of the Intercreditor Agreement. The Second Lien Facility contains financial covenants substantially similar to those in the First Lien Facility, subject to standard cushions, requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in the Company’s fleet (plus the value of certain additional collateral) at all times on or after July 1, 2017 does not fall below 100% in the third and fourth quarters of 2017, 110% in 2018 and 120% in 2019 of the aggregate principal amount of debt outstanding (subject to certain adjustments) under the Second Lien Facility (provided that Eagle Shipping will not be required to comply with such covenant until the First Lien Facility has been paid in full) and to maintain a minimum liquidity of not less than the greater of (i) $6,512,000 and (ii) $148,000 per vessel in Eagle Shipping’s fleet. In addition, the Second Lien Facility also imposes operating restrictions on Eagle Shipping including limiting Eagle Shipping’s ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; acquire and sell capital assets (including vessels); and merge or consolidate with, or transfer all or substantially all of Eagle Shipping’s assets to, another person. Eagle Shipping may not prepay the Second Lien Facility while amounts or commitments under the First Lien Facility remain outstanding. The Second Lien Facility also includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light of which, in the Second Lien Lenders’ judgment, there is significant risk that Eagle Shipping is or would become insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the Second Lien Facility may also be accelerated if Eagle Shipping experiences a change of control. In connection with the entry into the Second Lien Loan Agreement, on March 30, 2016, the Company agreed to issue 16,889,828 shares of common stock to the Second Lien Lenders pro rata based on their participation in the Second Lien Facility, which Second Lien Lenders received shares equivalent to approximately 90% of the outstanding common stock of the Company after such issuance. The issuance of the shares of common stock was made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act. In a first step, the Company issued and delivered 371,276 shares of common stock, representing approximately 19.4% of the Company’s pre-transaction outstanding shares of common stock, to the Second Lien Lenders. In a second step, approved by the Company’s shareholders at a special meeting held on August 2, 2016, the Company issued and delivered an additional 16,420,098 shares of common stock, to the Second Lien Lenders and an additional 98,454 shares of common stock, to the Chairman and Chief Executive Officer, both of whom participated as Second Lien Lenders. The Company has allocated the proceeds from the Second Lien Loan Agreement based on the relative fair values of the Second Lien Facility and the common stock issued to the Second Lien Lenders. The difference between the $60 million principal value of the Second Lien Facility and its relative fair value, amounting to approximately $18 million, has been recorded as a discount to the recorded value of the Second Lien Facility and as Additional Paid-in capital. This discount is being amortized using the effective interest method over the term of the Second Lien Facility as a component of interest expense. Intercreditor Agreement Concurrently with Eagle Shipping’s entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement, and in connection with the granting of security interest in the collateral under those agreements, Eagle Shipping entered into an Intercreditor Agreement, dated as of March 30, 2016 (the “Intercreditor Agreement”) among Eagle Shipping, the First Lien Agent and the Second Lien Agent. The Intercreditor Agreement governs the relative rights and priorities of the secured parties in respect of liens on the assets of Eagle Shipping and its subsidiaries securing the First Lien Facility and the Second Lien Facility. For the three months ended September 30, 2016, interest rates on the First Lien Facility ranged from 4.46% to 4.52% including a margin over LIBOR applicable under the terms of the First Lien Facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.65%. For the three months ended September 30, 2015, interest rate on the Exit Financing Facility ranged from 4.06% to 4.08% including a margin over LIBOR applicable under the terms of the Exit Financing Facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.10%. For the nine months ended September 30, 2016, interest rates on the First Lien Facility ranged from 3.86% to 4.53% including a margin over LIBOR applicable under the terms of the First Lien facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.49%. For the nine months ended September 30, 2015, interest rates on the Exit Financing Facility ranged from 4.04% to 4.08%, including a margin over LIBOR applicable under the terms of the Exit Financing Facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.30%. Interest Expense consisted of : Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 First Lien Facility/ Exit Financing Facility Interest $ 2,482,080 $ 2,520,432 $ 7,279,603 $ 7,413,101 Payment in Kind interest on Second Lien Facility 2,659,531 - 4,782,863 - Amortization of Debt issuance costs 2,292,545 527,748 3,092,193 1,784,062 Total Interest Expense $ 7,434,156 $ 3,048,180 $ 15,154,659 $ 9,197,163 Interest paid amounted to $7,627,417 and $7,602,603 for the nine months ended September 30, 2016 and 2015, respectively. |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | Note 5. Derivative Instruments and Fair Value Measurements Forward freight agreements The Company trades in forward freight agreements (“FFAs”), with the objective of utilizing this market as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market. The Company’s FFAs have not qualified for hedge accounting treatment. As such, unrealized and realized gains are recognized as a component of other expense in the Condensed Consolidated Statement of Operations. The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations: Derivatives not designated Location of Amount of Loss Amount of Loss as hedging instruments Loss Recognized Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 FFAs Other expense $ 163,499 $ - $ 464,284 $ - Total $ 163,499 $ - $ 464,284 $ - Cash Collateral Disclosures The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. As of September 30, 2016, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $147,600, which is recorded as other current assets in the Condensed Consolidated Balance Sheet. The fair value of the FFAs recorded in current liabilities as of September 30, 2016 and December 31, 2015 was $15,150 and none, respectively. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash— Debt The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts and restricted cash accounts. Our Level 1 derivatives include FFAs. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account, asset impairment and asset held for sale. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) In the first quarter of 2016, as discussed in Note 3, the Company recorded a vessel impairment of $6,167,262 to its recorded vessel value as a result of a further reduction in asset value since December 31, 2015 coupled with management’s intention to divest of six of its vessels in the short-term period. Prior to the impairment, such vessels had a recorded value of $25,317,262. In the fourth quarter of 2015, the Company recorded an impairment of $50,872,734 on the above noted vessels. Prior to the impairment, such vessels had a recorded value of $76,332,734. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 6. Commitments and Contingencies Legal Proceedings In November 2015, the Company filed a voluntary self-disclosure report with the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) regarding certain apparent violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the transportation of cargo to or from Myanmar (formerly Burma) (the “OFAC Disclosure”). At the time of such apparent violations, the Company had a different senior operational management team. Notwithstanding the fact that the apparent violations took place under a different senior operational management team and although the Company's new board and management have implemented robust remedial measures and significantly enhanced its compliance safeguards, there can be no assurance that OFAC will not conclude that these past actions warrant the imposition of civil penalties and/or referral for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency’s review, consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the Company’s financial condition or results of operations. Other Commitments On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that was delivered in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. On May 9, 2016, the Company entered into an agreement to charter-in a 63,000 dwt newbuilding Chinese vessel that was delivered on May 20, 2016 for a period of nine to fourteen months. The hire rate for the term is $6,000 per day. On July 12, 2016, the Company entered into an agreement to charter-in a 61,000 dwt Japanese vessel that was delivered in July 2016 for a period of eleven to thirteen months. The hire rate for the term is $6,000 per day. On September 30, 2016, the Company, through a newly formed subsidiary, Eagle Bulk Shipco LLC (‘Eagle Shipco”), signed a memorandum of agreement to acquire a 2016 Nantong COSCO Kawasaki Heavy Industries Engineering Co Ltd (“NACKS”) built Ultramax 61,000 dwt for $18.85 million. The Company is expected to take delivery of the vessel in the fourth quarter of 2016. Eagle Shipco, is not one of the guarantors under the First Lien Facility or the Second Lien Facility. The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. |
Note 7 - Loss Per Common Share
Note 7 - Loss Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 7. Loss Per Common Share The computation of basic net loss per share is based on the weighted average number of common shares outstanding for the periods ended September 30, 2016 and September 30, 2015. Diluted net loss per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of September 30, 2016 does not include 26,147 unvested stock awards, and 56,987 stock options as their effect was anti-dilutive. Diluted net loss per share as of September 30, 2015 does not include 28,733 stock awards, 59,266 stock options and 152,266 warrants, as their effect was anti-dilutive. Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Net loss $ (19,359,044 ) $ (20,376,620 ) $ (81,133,287 ) $ (68,551,984 ) Weighted Average Shares – Basic* 37,031,096 1,881,968 20,588,612 1,880,116 Dilutive effect of stock options and restricted stock units - - - - Weighted Average Shares – Diluted* 37,031,096 1,881,968 20,588,612 1,880,116 Basic Loss Per Share* $ (0.52 ) $ (10.83 ) $ (3.94 ) $ (36.46 ) Diluted Loss Per Share* $ (0.52 ) $ (10.83 ) $ (3.94 ) $ (36.46 ) *Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1. |
Note 8 - Stock Incentive Plans
Note 8 - Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 8. Stock Incentive Plans Effective as of the opening of trading on August 5, 2016, the Company completed a 1 for 20 reverse stock split as previously approved by the Company's shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split. No fractional shares were issued in connection with the reverse stock split, as shareholders who would otherwise hold a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data for all periods presented in these condensed consolidated financial statements and notes thereto, have been retrospectively adjusted to reflect the reverse stock split. 2014 Management Incentive Plan On October 15, 2014, the date the Company completed its balance sheet restructuring and emerged from Chapter 11 bankruptcy proceedings (the “Effective Date”), in accordance with the Company’s prepackaged plan of reorganization filed with and approved by the United States Bankruptcy Court for the Southern District of New York, the Company adopted the post-emergence Management Incentive Plan, which provides for the distribution of restricted primary equity in the form of shares of common stock of the Company (“New Eagle MIP Primary Equity”), and options (“New Eagle MIP Options”), to the participating senior management and other employees of the reorganized Company with 2% of the Company’s common stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the Company’s common stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company and a premium to the equity value, each of the foregoing to vest generally over a four year schedule through 25% annual installments commencing on the first anniversary of the Effective Date. The New Eagle MIP Primary Equity is subject to vesting, but the holder thereof is entitled to receive all dividends paid with respect to such shares as if such New Eagle MIP Primary Equity had vested on the grant date (subject to forfeiture by the holder in the event that such grant is terminated prior to vesting unless the administrator of the Management Incentive Program determines otherwise). The New Eagle MIP Options contain adjustment provisions to reflect any transaction involving shares of the Company’s common stock, including as a result of any dividend, recapitalization, or stock split, so as to prevent any diminution or enlargement of the holder’s rights under the award. On September 28, 2016, the Company’s Chief Financial Officer and Secretary resigned from all positions he held or has ever held with the Company and its direct or indirect subsidiaries and affiliates, effective September 30, 2016. In connection with the resignation, the Company entered into a Separation Agreement and General Release with its former Chief Financial Officer on September 29, 2016. The agreement provides among other things, a lump sum payment of $33,000 in respect of the cancellation of 4,125 of unvested New Eagle MIP Primary Equity of the Company previously granted to its former Chief Financial Officer. All other equity awards previously granted by the Company to its former Chief Financial Officer were forfeited without consideration pursuant to such Separation Agreement. For the three-months and nine-months ended September 30, 2016, the Company reversed $1.4 million of previously recognized non-cash compensation expense in General and administrative expenses in relation to the above forfeited awards. On September 30, 2016, the Company announced the appointment of Mr. Frank De Costanzo as Chief Financial Officer of the Company effective as of September 30, 2016. Pursuant to the employment agreement, the Company shall grant Mr. De Costanzo as soon as practicable, a number of restricted shares of common stock of the Company with an aggregate value equal to $1,000,000 based on the average closing price per share of the Common Stock quoted on NASDAQ for the ten trading days immediately preceding the date of the grant. The Company shall grant an option to purchase 280,000 shares of common stock at an exercise price per share equal to the average closing price per share of the Common Stock quoted on NASDAQ for the ten trading days immediately preceding the date of the grant. The restricted shares will generally vest one hundred percent on the third anniversary of the Effective Date , subject to Mr. De Costanzo’s continued employment with the Company on the vesting date. The options shall have a five year term and shall vest ratably on each of the first four anniversaries of the Effective Date, subject to Mr. De Costanzo’s continued employment with the Company on each applicable vesting date. The restricted stock and option will not be granted under, but will be subject to the terms of the 2014 Management Incentive Plan, pursuant to Nasdaq Listing Rule 5635(c)(4) as an inducement material to his accepting employment with the Company. On November 7, 2016, the Company granted Mr.De Costanzo 233,863 shares of restricted common stock with an aggregate fair value of approximately $1,000,000 and an option to purchase 280,000 shares of common stock at an exercise price of $4.28 per share. On November 7, 2016, the Company granted 131,197 shares of restricted common stock to an employee. In general, one hundred percent of the shares will vest on the first anniversary of the effective date. As of September 30, 2016, stock awards covering a total of 26,147 of the Company’s shares are outstanding. The stock awards vest ratably over four years. The Company is amortizing to non-cash compensation expense, included in general and administrative expenses, the fair value of the non-vested stock awards at the grant date. As of September 30, 2016, options covering 56,987 of the Company’s common shares are outstanding with exercise prices ranging from $78.4 to $505 per share (the market prices at the dates of grants). The options granted to members of the Company's management under the Management Incentive Plan vest and become exercisable in four equal annual installments beginning on the grant date. All options expire within seven years from the effective date. For the three months ended September 30, 2016 and 2015, the Company has recorded non-cash compensation charges reversal included in General and administrative expenses of $734,996 and non-cash compensation charge of $790,803, respectively. For the nine months ended September 30, 2016 and 2015, the Company has recorded non-cash compensation charges included in General and administrative expenses of $933,550 and $2,998,382, respectively. The future compensation expense anticipated to be recognized for the aforementioned restricted stock and options for the three months ending December 31, 2016 and for the years ending December 31, 2017, 2018 and 2019 will be $421,618, $1,196,958, $489,063 and $56,524 respectively. |
Note 1 - Basis of Presentatio16
Note 1 - Basis of Presentation and General Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule Of Consolidated Revenue From Major Charters [Table Text Block] | % of Revenue Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Charterer Charterer A* - 12% - 23% |
Note 3 - Vessels (Tables)
Note 3 - Vessels (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule Of Vessel And Vessel Improvements [Table Text Block] | Vessels and vessel improvements, at December 31, 2015 $ 733,960,731 Purchase of vessel improvements 199,675 Disposal of vessels (13,102,860 ) Depreciation expense (26,469,088 ) Vessel impairment charge (6,167,262 ) Vessels and Vessel Improvements, at September 30, 2016 $ 688,421,196 |
Note 4 - Debt (Tables)
Note 4 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Debt consists of the following: September 30, 2016 December 31, 2015 First Lien Facility / Exit Financing Facility $ 204,099,000 $ 245,375,000 Debt discount and Debt issuance costs First Lien / Exit Financing Facility (5,184,565 ) (4,172,509 ) First Lien Facility / Exit Financing Facility net of debt issuance costs 198,914,435 241,202,491 Second Lien Facility 60,000,000 - Debt discount and Debt issuance costs Second Lien Facility (16,719,722 ) - Second Lien Facility, net of Debt issuance costs 43,280,278 - Less: Current Portion Exit Financing Facility - (15,625,000 ) Total debt $ 242,194,713 $ 225,577,491 |
Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 First Lien Facility/ Exit Financing Facility Interest $ 2,482,080 $ 2,520,432 $ 7,279,603 $ 7,413,101 Payment in Kind interest on Second Lien Facility 2,659,531 - 4,782,863 - Amortization of Debt issuance costs 2,292,545 527,748 3,092,193 1,784,062 Total Interest Expense $ 7,434,156 $ 3,048,180 $ 15,154,659 $ 9,197,163 |
Note 5 - Derivative Instrumen19
Note 5 - Derivative Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated Location of Amount of Loss Amount of Loss as hedging instruments Loss Recognized Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 FFAs Other expense $ 163,499 $ - $ 464,284 $ - Total $ 163,499 $ - $ 464,284 $ - |
Note 7 - Loss Per Common Share
Note 7 - Loss Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 Net loss $ (19,359,044 ) $ (20,376,620 ) $ (81,133,287 ) $ (68,551,984 ) Weighted Average Shares – Basic* 37,031,096 1,881,968 20,588,612 1,880,116 Dilutive effect of stock options and restricted stock units - - - - Weighted Average Shares – Diluted* 37,031,096 1,881,968 20,588,612 1,880,116 Basic Loss Per Share* $ (0.52 ) $ (10.83 ) $ (3.94 ) $ (36.46 ) Diluted Loss Per Share* $ (0.52 ) $ (10.83 ) $ (3.94 ) $ (36.46 ) |
Note 1 - Basis of Presentatio21
Note 1 - Basis of Presentation and General Information (Details Textual) | Sep. 07, 2016$ / shares | Aug. 10, 2016USD ($)$ / sharesshares | Aug. 05, 2016 | Mar. 30, 2016 | Oct. 02, 2015t | Jul. 31, 2016t | May 31, 2016t | Sep. 30, 2016USD ($)t | Sep. 30, 2016USD ($)t | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Supramax Vessels [Member] | |||||||||||
Vessels In Operation | 39 | 39 | |||||||||
Handymax Vessels [Member] | |||||||||||
Vessels In Operation | 1 | 1 | |||||||||
Newbulding Vessel [Member] | Minimum [Member] | |||||||||||
Charters Agreement Term | 330 days | 270 days | |||||||||
Newbulding Vessel [Member] | Maximum [Member] | |||||||||||
Charters Agreement Term | 1 year 30 days | 1 year 60 days | |||||||||
Newbulding Vessel [Member] | |||||||||||
Dead Weight Tonnage of Operating Fleet | t | 38,000 | 61,000 | 63,000 | ||||||||
Cost Reclassification from Vessel Expenses to General and Administrative Expenses [Member] | Three Months Ended September 30, 2015 [Member] | |||||||||||
Prior Period Reclassification Adjustment | $ 1,400,000 | ||||||||||
Cost Reclassification from Vessel Expenses to General and Administrative Expenses [Member] | Nine Months Ended September 30, 2015 [Member] | |||||||||||
Prior Period Reclassification Adjustment | $ 4,500,000 | ||||||||||
December 31, 2015 [Member] | Reclassification of Deferred Financing Costs to Reduction of Long-term Debt [Member] | |||||||||||
Prior Period Reclassification Adjustment | $ 435,816 | ||||||||||
Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 15.00% | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||||||
Other Expense [Member] | |||||||||||
Termination Payment, Amount | $ 125,254.80 | $ 125,254.80 | |||||||||
Vessels In Operation | 40 | 40 | |||||||||
Dead Weight Tonnage of Operating Fleet | t | 2,199,413 | 2,199,413 | |||||||||
Average Age in Years of Operating Fleet | 8 years 219 days | ||||||||||
Charters Agreement Term | 1 year 180 days | 7 years | |||||||||
Proceeds from Issuance of Common Stock | $ 86,000,000 | $ 85,700,535 | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 29,333,318 | ||||||||||
Share Price | $ / shares | $ 3 |
Note 1 - Basis of Presentatio22
Note 1 - Basis of Presentation and General Information - Consolidated Revenue from Major Charters (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Charterer A [Member] | Successor [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Percentage of consolidated charter revenue | [1] | 12.00% | 23.00% | ||
[1] | Charter revenue from a pool that the Company participated. |
Note 3 - Vessels (Details Textu
Note 3 - Vessels (Details Textual) | Sep. 30, 2016USD ($)t | Sep. 06, 2016USD ($) | Jul. 13, 2016USD ($) | Jun. 16, 2016USD ($) | Apr. 26, 2016USD ($) | Sep. 30, 2016USD ($)t | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($)t | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Jul. 12, 2016t | May 09, 2016t | Apr. 30, 2016 |
Vessels and Vessel Improvements [Member] | ||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 6,167,262 | $ 50,872,734 | ||||||||||||||
Vessel Peregrine [Member] | ||||||||||||||||
Property, Plant and Equipment, Disposals | $ 2,600,000 | |||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (150,000) | |||||||||||||||
Vessel Falcon [Member] | ||||||||||||||||
Property, Plant and Equipment, Disposals | $ 3,200,000 | |||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (140,000) | |||||||||||||||
Harrier and Falcon [Member] | ||||||||||||||||
Number of Vessels Sold | 2 | |||||||||||||||
Vessel Harrier [Member] | ||||||||||||||||
Property, Plant and Equipment, Disposals | $ 3,200,000 | |||||||||||||||
Vessel Kittiwake [Member] | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 316,000 | |||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 4,000,000 | |||||||||||||||
Chinese Vessel [Member] | ||||||||||||||||
Dead Weight Tonnage of Operating Fleet | t | 61,000 | 61,000 | 61,000 | 61,000 | 63,000 | |||||||||||
Payments to Acquire Property, Plant, and Equipment | $ 18,850,000 | |||||||||||||||
Number Of Vessels | 40 | 40 | 40 | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 6,167,262 | |||||||||||||||
Gain (Loss) on Sale of Vessel Held for Sale | $ (115,000) | |||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 13,001,000 | $ 4,235,542 | ||||||||||||||
Dead Weight Tonnage of Operating Fleet | t | 2,199,413 | 2,199,413 | 2,199,413 |
Note 3 - Vessels - Vessels and
Note 3 - Vessels - Vessels and Vessel Improvements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Vessels and Vessel Improvements [Member] | Successor [Member] | ||||||
Vessels and vessel improvements at beginning of period | $ 733,960,731 | $ 733,960,731 | ||||
Purchase of vessel improvements | 199,675 | |||||
Disposal of vessels | (13,102,860) | |||||
Depreciation expense | (26,469,088) | |||||
Vessel impairment charge | (6,167,262) | |||||
Vessels and vessel improvements at end of period | $ 688,421,196 | 688,421,196 | $ 733,960,731 | |||
Vessels and Vessel Improvements [Member] | ||||||
Vessel impairment charge | (6,167,262) | (50,872,734) | ||||
Vessels and vessel improvements at beginning of period | $ 733,960,731 | 733,960,731 | ||||
Vessel impairment charge | (6,167,262) | |||||
Vessels and vessel improvements at end of period | $ 688,421,196 | $ 688,421,196 | $ 733,960,731 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) | Jul. 15, 2019USD ($) | Apr. 15, 2019USD ($) | Jan. 15, 2019USD ($) | Aug. 02, 2016shares | Mar. 30, 2016USD ($)$ / itemshares | Oct. 02, 2015 | Sep. 30, 2016USD ($) | Sep. 30, 2015 | Dec. 31, 2017 | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
First Lien Facility [Member] | First Lien Lenders [Member] | Scenario, Forecast [Member] | |||||||||||||
Debt Instrument, Periodic Payment | $ 3,786,346 | $ 3,786,346 | $ 3,786,346 | ||||||||||
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold | 100.00% | 120.00% | 110.00% | ||||||||||
First Lien Facility [Member] | First Lien Lenders [Member] | Through December 31, 2018 [Member] | |||||||||||||
Debt Instrument, Covenant, Periodic Payment Amount, Percentage of Excess Cash Flow from Preceding Period | 75.00% | ||||||||||||
Debt Instrument, Maximum Annual Periodic Payment | $ 15,625,000 | ||||||||||||
First Lien Facility [Member] | First Lien Lenders [Member] | After December 31, 2018 [Member] | |||||||||||||
Debt Instrument, Periodic Payment | 3,906,250 | ||||||||||||
First Lien Facility [Member] | First Lien Lenders [Member] | Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 30,000,000 | $ 30,000,000 | |||||||||||
First Lien Facility [Member] | First Lien Lenders [Member] | |||||||||||||
Long-term Debt | 201,468,750 | ||||||||||||
Payments of Debt Issuance Costs | 600,000 | 5,651,000 | |||||||||||
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold | $ 8,140,000 | ||||||||||||
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel | $ / item | 185,000 | ||||||||||||
Repayments of Long-term Debt | $ 11,718,750 | ||||||||||||
Second Lien Facility [Member] | Second Lien Lenders [Member] | Scenario, Forecast [Member] | |||||||||||||
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold | 100.00% | 120.00% | 110.00% | ||||||||||
Second Lien Facility [Member] | Second Lien Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 14.00% | ||||||||||||
Debt Instrument, Reference Rate Floor | 1.00% | ||||||||||||
Second Lien Facility [Member] | Second Lien Lenders [Member] | Base Rate [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 13.00% | ||||||||||||
Second Lien Facility [Member] | Second Lien Lenders [Member] | Chairman and Chief Financial Officer [Member] | |||||||||||||
Debt Instrument, Issuance of Stock to Lenders Pro Rata Based on Participation | shares | 98,454 | ||||||||||||
Second Lien Facility [Member] | Second Lien Lenders [Member] | |||||||||||||
Long-term Debt | $ 60,000,000 | ||||||||||||
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold | $ 6,512,000 | ||||||||||||
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel | $ / item | 148,000 | ||||||||||||
Debt Instrument, Issuance of Stock to Lenders Pro Rata Based on Participation | shares | 16,889,828 | ||||||||||||
Debt Instrument, Issuance of Stock to Lenders Pro Rata Based on Participation, Percentage of Outstanding Stock | 90.00% | ||||||||||||
Debt Instrument, Issuance of Stock to Lenders Based on Participation | shares | 371,276 | ||||||||||||
Debt Instrument, Issuance of Stock to Lenders Based on Participation, Percent of Previous Outstanding Common Stock | 19.40% | ||||||||||||
Debt Instrument Issuance of Stock to Lenders Pro Rata Based on Participation, Additional | shares | 16,420,098 | ||||||||||||
Second Lien Facility [Member] | Second Lien Lenders [Member] | |||||||||||||
Debt Instrument, Unamortized Discount | $ 18,000,000 | $ 18,000,000 | |||||||||||
Minimum [Member] | |||||||||||||
Debt Instrument, Interest Rate During Period | 4.46% | 4.06% | 3.86% | 4.04% | |||||||||
Maximum [Member] | |||||||||||||
Debt Instrument, Interest Rate During Period | 4.52% | 4.08% | 4.53% | 4.08% | |||||||||
Weighted Average [Member] | |||||||||||||
Debt Instrument, Interest Rate During Period | 5.65% | 5.10% | 5.49% | 5.30% | |||||||||
Payments of Debt Issuance Costs | $ 2,467,647 | ||||||||||||
Charters Agreement Term | 1 year 180 days | 7 years | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 40.00% | 40.00% | 40.00% | 40.00% | |||||||||
Interest Paid | $ 7,627,417 | $ 7,602,603 |
Note 4 - Debt - Summary of Debt
Note 4 - Debt - Summary of Debt (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Successor [Member] | First Lien Facility [Member] | Term Loan [Member] | ||
Term Loan | $ 204,099,000 | $ 245,375,000 |
Long-term Debt | 198,914,435 | 241,202,491 |
Successor [Member] | First Lien Facility [Member] | ||
Debt discount and Debt issuance costs First Lien / Exit Financing Facility | (5,184,565) | (4,172,509) |
Less: Current Portion Exit Financing Facility | (15,625,000) | |
Successor [Member] | Second Lien Facility [Member] | Term Loan [Member] | ||
Term Loan | 60,000,000 | |
Debt discount and Debt issuance costs First Lien / Exit Financing Facility | (16,719,722) | |
Long-term Debt | 43,280,278 | |
Successor [Member] | ||
Total debt | 242,194,713 | 225,577,491 |
First Lien Facility [Member] | ||
Total debt | 198,914,435 | 225,577,491 |
Second Lien Facility [Member] | ||
Total debt | $ 43,280,278 |
Note 4 - Debt - Interest Expens
Note 4 - Debt - Interest Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Successor [Member] | ||||
First Lien Facility/ Exit Financing Facility Interest | $ 2,482,080 | $ 2,520,432 | $ 7,279,603 | $ 7,413,101 |
Payment-in-kind interest on Second Lien Facility | 2,659,531 | 4,782,863 | ||
Amortization of debt discount and debt issuance costs | 2,292,545 | 527,748 | 3,092,193 | 1,784,062 |
Total Interest Expense | 7,434,156 | 3,048,180 | 15,154,659 | 9,197,163 |
Payment-in-kind interest on Second Lien Facility | 4,782,863 | |||
Amortization of debt discount and debt issuance costs | 3,092,193 | 1,784,062 | ||
Total Interest Expense | $ 7,434,156 | $ 3,048,180 | $ 15,154,659 | $ 9,197,163 |
Note 5 - Derivative Instrumen28
Note 5 - Derivative Instruments and Fair Value Measurements (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Other Current Assets [Member] | Forward Freight Agreements [Member] | ||||||
Derivative, Collateral, Right to Reclaim Cash | $ 147,600 | $ 147,600 | ||||
Current Liabilities [Member] | Forward Freight Agreements [Member] | ||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 15,150 | 15,150 | $ 0 | |||
Vessels [Member] | Before Divesture [Member] | ||||||
Property, Plant and Equipment, Net | $ 25,317,262 | 76,332,734 | ||||
Vessels [Member] | ||||||
Impairment of Long-Lived Assets Held-for-use | 6,167,262 | |||||
Vessels and Vessel Improvements [Member] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 6,167,262 | 50,872,734 | ||||
To Be Divested [member] | ||||||
Number Of Vessels | 6 | |||||
Impairment of Long-Lived Assets Held-for-use | $ 6,167,262 | |||||
Number Of Vessels | 40 | 40 | ||||
Property, Plant and Equipment, Net | $ 572,261 | $ 572,261 | $ 220,509 |
Note 5 - Derivative Instrumen29
Note 5 - Derivative Instruments and Fair Value Measurments - Forward Freight Agreements (Details) - Other Expense [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Forward Freight Agreements [Member] | ||||
Derivatives not designated as hedging instruments | $ 163,499 | $ 464,284 | ||
Derivatives not designated as hedging instruments | $ 163,499 | $ 464,284 |
Note 6 - Commitments and Cont30
Note 6 - Commitments and Contingencies (Details Textual) | Sep. 30, 2016USD ($)t | Jul. 12, 2016t$ / d | May 09, 2016t$ / d | Mar. 30, 2016 | Oct. 02, 2015 | Oct. 31, 2014t$ / d |
Japanese Vessel [Member] | First Seven Years [Member] | ||||||
Vessel Hiring Rate | 13,500 | |||||
Japanese Vessel [Member] | Eighth Year Option [Member] | ||||||
Vessel Hiring Rate | 13,750 | |||||
Japanese Vessel [Member] | Eleven to Thirteen Month Option [Member] | ||||||
Vessel Hiring Rate | 6,000 | |||||
Japanese Vessel [Member] | ||||||
Dead Weight Tonnage of Operating Fleet | t | 37,000 | |||||
Charters Agreement Term | 7 years | |||||
Charters Agreement Term, Extension Option | 1 year | |||||
Chinese Vessel [Member] | Nine to Fourteen Month Option [Member] | ||||||
Vessel Hiring Rate | 6,000 | |||||
Chinese Vessel [Member] | Minimum [Member] | ||||||
Charters Agreement Term | 330 days | 270 days | ||||
Chinese Vessel [Member] | Maximum [Member] | ||||||
Charters Agreement Term | 1 year 30 days | 1 year 60 days | ||||
Chinese Vessel [Member] | ||||||
Dead Weight Tonnage of Operating Fleet | t | 61,000 | 61,000 | 63,000 | |||
Payments to Acquire Property, Plant, and Equipment | $ | $ 18,850,000 | |||||
Dead Weight Tonnage of Operating Fleet | t | 2,199,413 | |||||
Charters Agreement Term | 1 year 180 days | 7 years |
Note 7 - Loss Per Common Shar31
Note 7 - Loss Per Common Share (Details Textual) | Aug. 05, 2016 | Sep. 30, 2016shares | Sep. 30, 2015shares |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 26,147 | 28,733 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56,987 | 59,266 | |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 152,266 | ||
Reverse Stock Split [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 |
Note 7 - Loss Per Share, Basic
Note 7 - Loss Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Successor [Member] | |||||
Net loss | $ (19,359,044) | $ (20,376,620) | $ (81,133,287) | $ (68,551,984) | |
Weighted Average Shares – Basic* (in shares) | [1] | 37,031,096 | 1,881,968 | 20,588,612 | 1,880,116 |
Weighted Average Shares – Diluted* (in shares) | [1] | 37,031,096 | 1,881,968 | 20,588,612 | 1,880,116 |
Basic Loss Per Share* (in dollars per share) | [1] | $ (0.52) | $ (10.83) | $ (3.94) | $ (36.46) |
Diluted Loss Per Share* (in dollars per share) | [1] | $ (0.52) | $ (10.83) | $ (3.94) | $ (36.46) |
Net loss | $ (19,359,044) | $ (20,376,620) | $ (81,133,287) | $ (68,551,984) | |
Weighted Average Shares – Basic* (in shares) | [2] | 37,031,096 | 1,881,968 | 20,588,612 | 1,880,116 |
Weighted Average Shares – Diluted* (in shares) | [2] | 37,031,096 | 1,881,968 | 20,588,612 | 1,880,116 |
Basic Loss Per Share* (in dollars per share) | [2] | $ (0.52) | $ (10.83) | $ (3.94) | $ (36.46) |
Diluted Loss Per Share* (in dollars per share) | [2] | $ (0.52) | $ (10.83) | $ (3.94) | $ (36.46) |
[1] | Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1. | ||||
[2] | Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1. |
Note 8 - Stock Incentive Plans
Note 8 - Stock Incentive Plans (Details Textual) | Nov. 07, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)shares | Sep. 28, 2016USD ($)shares | Aug. 05, 2016 | Oct. 15, 2014 | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Reverse Stock Split [Member] | |||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | ||||||||||||
Management Incentive Plan 2014 [Member] | With Different Striking Prices [Member] | |||||||||||||
Percent of Common Stock for Distribution | 5.50% | ||||||||||||
Management Incentive Plan 2014 [Member] | Annual Installments [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||
Management Incentive Plan 2014 [Member] | General and Administrative Expense [Member] | |||||||||||||
Allocated Share-based Compensation Expense | $ | $ (734,996) | $ 790,803 | $ 933,550 | $ 2,998,382 | |||||||||
Management Incentive Plan 2014 [Member] | Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||||
Management Incentive Plan 2014 [Member] | |||||||||||||
Percent of Common Stock for Distribution | 2.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 26,147 | 26,147 | 26,147 | ||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 4 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | ||||||||||||
Former Chief Financial Officer [Member] | General and Administrative Expense [Member] | |||||||||||||
Non-cash Compensation Expense, Reversed Recognition | $ | $ 1,400,000 | ||||||||||||
Former Chief Financial Officer [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Lump Sum Payment | $ | $ 33,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 4,125 | ||||||||||||
Chief Financial Officer [Member] | Employee Stock Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||||||||
Chief Financial Officer [Member] | Restricted Stock [Member] | Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 233,863 | ||||||||||||
Chief Financial Officer [Member] | Subsequent Event [Member] | |||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 1,000,000 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 280,000 | ||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 4.28 | ||||||||||||
Chief Financial Officer [Member] | |||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 1,000,000 | ||||||||||||
Average Closing Price Per Share, Number of Trading Days, Proceeding Grant Date | 10 days | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 280,000 | ||||||||||||
Employee [Member] | Restricted Stock [Member] | Subsequent Event [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 131,197 | ||||||||||||
Scenario, Forecast [Member] | |||||||||||||
Allocated Share-based Compensation Expense | $ | $ 421,618 | $ 56,524 | $ 489,063 | $ 1,196,958 | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 56,987 | 56,987 | 56,987 | ||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | $ 78.40 | ||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | $ 505 |